Germany – Banking

What are the main banks in Germany?

The German banking system rests on three foundational pillars: privately owned commercial banks, state-backed savings institutions (Sparkassen and Landesbanken), and member-governed cooperative banks (Genossenschaftsbanken). Familiarising yourself with these three groups is a useful first step when deciding where to bank as a newcomer.

Deutsche Bank, with its headquarters in Frankfurt, is Germany’s largest bank and commands a prominent position on the world stage. It provides retail, private, and investment banking services, and its customer support and online banking platforms are available in both German and English. Full details can be found at db.com.

Also based in Frankfurt, Commerzbank has built a reputation for putting customers first. It offers a range of account options, including fee-free solutions for customers who maintain a monthly deposit of at least €700. The bank has invested considerably in expanding its digital capabilities, appealing to younger customers while continuing to serve those who prefer conventional banking. See commerzbank.de.

Germany stands apart for the remarkable depth of its public banking tradition, whose roots stretch back to the late eighteenth century and gained much of its present form during the savings bank movement of the nineteenth century. Sparkassen-Finanzgruppe is recognised as Europe’s largest financial services group, encompassing more than 500 regionally operated public-sector institutions and serving upward of 50 million customers through deposit management and universal banking. Each Sparkasse functions independently at the local level; visit sparkasse.de to locate your nearest branch.

The Volksbanken Raiffeisenbanken Cooperative Financial Group occupies a substantial position in the German financial landscape, offering a broad spectrum of services from everyday retail banking to corporate lending. With assets under management totalling €1.64 trillion, the Group operates as a decentralised network of roughly 670 independent cooperative banks. Further information is available at volksbanken-raiffeisenbanken.de.

Other notable institutions include LBBW, headquartered in Stuttgart, which ranks among Germany’s largest regional banks and plays a central role in funding local infrastructure and supporting small enterprises, and HypoVereinsbank, based in Munich, which operates as part of the wider UniCredit group. Postbank, a subsidiary of Deutsche Bank, and DKB (Deutsche Kreditbank, a subsidiary of BayernLB) are also popular choices among retail customers. For the most current contact details and product information, consult each institution’s official website directly or refer to the register maintained by BaFin, Germany’s Federal Financial Supervisory Authority.

Do any major international banks operate in Germany?

Germany’s integration within the European single market and banking union means its financial sector is considerably more open to cross-border operations than many countries outside the EU. As a result, a number of prominent international banks have established a foothold in the country.

Among the major international institutions with a presence in Germany are ING, Santander, Citibank, BNP Paribas, Barclays, and HSBC. The range of services available to retail customers varies widely between these institutions, so it is worth researching what each one actually offers before assuming a standard personal account is available.

In 2023, HSBC Trinkaus & Burkhardt was absorbed into HSBC Continental Europe, the Paris-based subsidiary of HSBC, and its German activities now operate as a branch of that entity. The bank maintains its registered office in Düsseldorf and additional offices in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, and several other cities. Within Continental Europe, HSBC concentrates on corporate and institutional clients, with a focus on facilitating access to international markets. Expats seeking a personal current account will generally find HSBC an unsuitable option in Germany. Visit hsbc.de for current service details.

Further international groups active in Germany include Santander through its Santander Consumer Bank Germany operation, Crédit Mutuel through Targobank, and ABN AMRO, BPCE, Crédit Agricole, and Société Générale. BNP Paribas runs the German retail brands Consorsbank and DAB BNP Paribas through a branch structure. Consorsbank is an online direct bank accessible to retail customers at consorsbank.de.

ING-DiBa AG is the German retail arm of the Netherlands-based ING Group. As a direct bank without a branch network, it passes the cost savings from that leaner model on to its customers. Accounts, savings products, and loans can all be opened and managed online, by telephone, or by post. Visit ing.de. Because international banking arrangements are subject to change, always confirm current product availability and contact information directly with any institution you are considering.

Do banks in Germany offer accounts or services specifically for expats?

Germany does not have a well-established culture of dedicated expat banking packages in the manner of some offshore financial centres, but a growing number of banks — digital providers in particular — have adapted their offering to make account access straightforward for international residents.

Larger multinational private banks are generally better positioned to support international residents, frequently offering services in multiple languages and a wider selection of products. Among traditional high-street banks, Commerzbank and Deutsche Bank are widely regarded as the most accessible for expats. Deutsche Bank provides online banking and customer service in both German and English, with selected documents available in English as well. Commerzbank offers a basic level of online banking functionality in English.

For those who need a German bank account before arriving or immediately upon landing, digital banks provide the most accessible routes. N26 enables you to obtain a local IBAN with no paperwork and no requirement to navigate German. The N26 Standard account carries no opening or monthly maintenance fee. N26 Smart is priced at €4.90 per month, N26 Go at €9.90 per month, and N26 Metal at €16.90 per month (as of 2025). No minimum deposit or income threshold is required to apply.

A particularly important account type to be aware of is the Basiskonto (basic account). Any individual who is lawfully resident within the EU has the right to open a Basiskonto, and German banks may not refuse such applications without providing a valid justification. This represents a meaningful safety net for newcomers who encounter difficulties opening a standard current account.

For students and visa applicants from outside the EU who need to demonstrate available financial resources, a blocked account (Sperrkonto) restricts monthly withdrawals and follows a slightly different application process. Providers such as Expatrio and Fintiba have built their services around helping applicants establish these accounts quickly. Always verify current eligibility criteria and fee structures directly with your chosen bank or provider, and refer to BaFin for regulatory guidance.

What are typical bank opening hours in Germany?

Branch hours in Germany tend to be more restricted than in many other countries, which frequently catches newcomers by surprise. Unlike banking systems where branches stay open six days a week or well into the evening, German branches generally observe considerably shorter schedules.

Standard hours at major high-street banks such as Deutsche Bank, Commerzbank, and Sparkasse are broadly Monday to Friday, 9:00 am to 4:00 pm or 5:00 pm, with some branches offering a later closing time on select days — often Thursday — until around 6:00 pm. The overwhelming majority of branches are closed on Saturdays and Sundays, and all branches shut on German public holidays.

Regional variation is considerable. Branches in major urban centres such as Berlin, Hamburg, Munich, and Frankfurt may maintain more flexible schedules, whereas rural Sparkasse and Volksbank outlets may open only a few days per week or operate by appointment. It is always sensible to verify a specific branch’s hours on its website or by calling ahead before making the journey.

Germany’s banking system operates under robust regulatory oversight by BaFin, with a strong emphasis on security and consumer protection. To offset the constraints of limited branch access, all major German banks provide comprehensive online and telephone banking services available around the clock. The number of physical branches has been shrinking — declining by 8.4% in 2024 — reflecting a clear and accelerating shift towards digital channels. For the great majority of customers, online banking and mobile apps have become the primary means of managing their finances day to day.

What do expats need to know about the banking system in Germany?

Several distinctive features of German banking differ meaningfully from what expats may be accustomed to in other countries. Knowing about these in advance will help you navigate the system with confidence and avoid unnecessary frustration.

Cash remains widely used. While Germans make frequent use of direct debit (Lastschrift) and bank transfers (Überweisung), credit cards are far from universal. A significant number of smaller shops, restaurants, and markets continue to accept cash only, making it more important to carry notes here than in many comparable economies.

The Girocard, rather than Visa or Mastercard, is the standard debit card. Current accounts typically come with a Girocard, online banking access, and mobile payment functionality. The Girocard — formerly referred to as the EC card — is accepted throughout Germany but may not function abroad the way an internationally issued Visa or Mastercard debit card would. Many banks now offer accounts that include both a Girocard and an international debit card, but it is worth confirming this before you assume it is included.

SCHUFA credit checks. SCHUFA is a credit reference agency that assesses the financial trustworthiness of private individuals and companies. For expats newly arrived in Germany, an absence of SCHUFA history can create complications when opening a bank account, applying for a loan, or requesting a credit card — the agency simply holds no information about you. Digital banks frequently bypass SCHUFA checks entirely, making them the most practical choice for recent arrivals.

Deposit protection. Under German law, funds held in your account are protected up to €100,000 through the German Deposit Protection Scheme (as of 2025). This is broadly analogous to the FDIC protection limit of $250,000 per depositor in the US or the FSCS protection of £85,000 per institution in the UK, though the precise mechanisms differ. Germany’s statutory scheme is administered at the European level under the EU Deposit Guarantee Schemes Directive. Many large private banks also participate in voluntary supplementary schemes that extend coverage well beyond the statutory floor. Check with your specific bank for details, and refer to Deutsche Bundesbank or BaFin for authoritative, current information.

Language barriers. Despite Germany’s status as a leading economy, fee schedules and terms and conditions at many established banks are published exclusively in German. Multilingual support is far more prevalent among neobanks. If you are not comfortable reading German, digital banks or larger private institutions such as Deutsche Bank and Commerzbank represent a more accessible starting point.

Instant payments. From January 2025, EU banks began supporting instant euro payments, and by October 2025 they were also required to enable outgoing instant transfers. Payments are processed every day of the year around the clock and settle in approximately ten seconds. This represents a major enhancement to Germany’s payment infrastructure, bringing it into alignment with faster payment systems found in other countries.

How Do I Open a Bank Account in Germany as an Expat?

Opening a bank account in Germany as a newcomer involves a series of well-defined steps. The exact process varies depending on whether you opt for a traditional branch-based bank or a digital provider, and whether you hold EU or non-EU nationality. The following is a step-by-step guide to the typical procedure:

1. Choose your bank type. If you want a conventional bank with face-to-face service, an extensive ATM network, and access to products such as loans and credit cards, institutions like Sparkasse, Commerzbank, or Volksbank are worth considering. If you prefer a streamlined digital experience, lower fees on international card transactions, and a smoother account setup process, online banks such as N26, Wise, or DKB may be more suitable.
2. Register your address in Germany (Anmeldung). For traditional banks, this step is indispensable. Once you move into a home in Germany, obtain your registration certificate (Meldebescheinigung) as promptly as possible — it is not merely a formality but the single most important document for unlocking full banking access. Your landlord’s signed Wohnungsgeberbestätigung (landlord’s confirmation of tenancy) is required to complete the Anmeldung.
3. Gather the required documents. You will generally need your passport, a residence permit or visa, proof of your German address (Anmeldung/Meldebescheinigung), and your German tax identification number (Steuer-ID). Depending on the bank and the account type, a SCHUFA report or proof of income may also be requested. EU nationals need their ID and a Meldebescheinigung; non-EU nationals additionally require a valid residence permit.
4. Apply online or in person. Many banks now support a fully online application, particularly digital providers such as N26, Wise, or services like Expatrio. This is especially convenient for international students and expats who want to have an account in place before or shortly after arriving. Some accounts — particularly at traditional institutions — may still necessitate a branch visit to complete the process.
5. Complete identity verification. You will typically be required to verify your identity via VideoIdent (a live, encrypted video call that meets BaFin standards) or through PostIdent at a Deutsche Post branch. eID and eIDAS-compliant verification processes are also expanding in line with 2025 anti-money-laundering regulatory updates. This identity check is a regulatory requirement applicable to all German banks.
6. Wait for your card and account details. Most banks dispatch a Girocard (debit card) by post within a few business days. Some providers, including N26, grant immediate access to a virtual card once the account is approved. Your IBAN — your German account number, beginning with “DE” — will be issued at or shortly following account activation.
7. Set up online banking and direct debits. Once your account is live, configure your online banking portal and arrange any recurring payments such as rent or utility bills. This allows you to receive your salary, pay rent by standing order, and settle utility bills through Germany’s well-established banking infrastructure from the outset.

Practical tip for new arrivals: A sensible approach is to open a mobile bank first — such as N26 or a similar provider — so that you have a German IBAN from day one. Use your landlord’s signed Wohnungsgeberbestätigung to complete Anmeldung without delay, then switch or add a traditional bank account if you later require in-person services or want to start building a credit history. This way you can receive your salary and pay rent immediately, without having to wait for every administrative step to fall into place.

If your application for a standard account is turned down, bear in mind that German banks are legally prohibited from rejecting a basic account (Basiskonto) application without providing a valid reason, and this right extends to all individuals lawfully resident in the EU. For current and authoritative requirements, always consult your individual bank’s official guidance or BaFin.

What banking and payment apps are widely used in Germany?

Germany’s digital banking environment has developed rapidly in recent years, and expats will find a wide variety of apps and platforms at their disposal.

N26 is one of the most popular digital banks among international residents. Billing itself as Europe’s first fully mobile bank, N26 offers a choice between one free account tier and three paid plans. Within the N26 app, customers can access a Wise module to make low-cost international transfers. N26 operates under a German banking licence and is regulated by BaFin. See n26.com.

bunq, the Dutch digital bank, is a well-regarded alternative. bunq provides customers with a choice of current account tiers, an extensive suite of additional services, and a strong commitment to sustainability. Both N26 and bunq are licensed banks that benefit from €100,000 statutory deposit insurance under the relevant national deposit guarantee scheme (as of 2025).

Revolut and Wise are also widely used, especially for cross-border transactions. Both are recommended options for expats in Germany needing cost-effective international payments. However, Wise is not a bank — funds held with Wise are protected through cash and low-risk assets rather than a deposit guarantee scheme. This is an important distinction: while Wise is a practical tool for transfers and spending abroad, it does not provide the same statutory protection as a licensed bank. This should be factored into any financial planning.

Wero is a newer payment platform worth knowing about. Launched in Germany in 2024, Wero was developed by a consortium of major European banks as a successor to the now-defunct Giropay service, which was discontinued at the end of 2024. Wero supports person-to-person and merchant payments via mobile, operating on a concept similar to Zelle in the US or PayM in the UK.

PayPal is broadly accepted by online retailers across Germany, though its acceptance at physical stores is more limited. Klarna, Ratepay, and Afterpay are popular buy-now-pay-later services that allow purchases to be split into instalments. Apple Pay and Google Pay are increasingly accepted, particularly at larger retailers and supermarket chains. All digital banking services operating in Germany must be regulated by BaFin or an equivalent EU regulator. You can confirm whether a bank holds a valid German banking licence through BaFin’s official register at bafin.de.

How can expats manage money between Germany and their home country?

Handling finances across national borders is a familiar challenge for expats, and Germany provides several well-regulated avenues for international transfers — though there are some important points to keep in mind.

SEPA transfers are both free and fast within the eurozone. At most banks, SEPA transfers for personal customers carry no charge. Outside the SEPA area, however, both outgoing and incoming international transfers can attract significant fees. If you regularly send or receive money from countries outside the EU, it is well worth selecting an account specifically designed for that purpose.

Dedicated transfer services such as Wise, Revolut, and comparable platforms offer favourable exchange rates and low fees for international transfers — often substantially cheaper than conventional bank wire (SWIFT) transfers. If cross-border payments are a regular requirement, an account from a provider such as N26, Revolut, or Wise that supports these services on competitive terms will serve you well. Always compare the mid-market exchange rate against the rate being offered to gauge the true cost of any transaction. Check current fees directly with each provider, as pricing can change frequently.

Large transfers and reporting requirements. Germany does not impose general currency controls, and residents may transfer money abroad freely. That said, transfers of €12,500 or more to or from countries outside the EU must be reported to the Deutsche Bundesbank under Germany’s Foreign Trade and Payments Regulation (Außenwirtschaftsverordnung, AWV). This is a statistical reporting requirement rather than a restriction on the movement of funds. Your bank will typically handle or notify you of this obligation. Always consult Deutsche Bundesbank or a qualified tax adviser for up-to-date guidance, as thresholds and requirements are subject to change.

Tax implications. If you hold foreign bank accounts while tax-resident in Germany, you are generally obliged to declare worldwide income — including interest accrued abroad — on your German tax return. The relevant authority is the Bundeszentralamt für Steuern (BZSt). Professional tax advice is strongly recommended if you maintain accounts in more than one country, as the rules are complex and outcomes depend heavily on individual circumstances.

Practical tip: Avoid presenting your bank with a large incoming international transfer on the very first day your account is open. Banks are legally required to apply anti-money-laundering checks, and an unusually large payment arriving in a brand-new account can trigger temporary holds or requests for supporting documentation. Establishing a track record of regular, smaller transactions first will make subsequent large transfers far smoother.

Frequently Asked Questions

Can I open a German bank account before I arrive in Germany?

It is possible to open a German bank account before arriving, but only through an online banking service such as Expatrio, N26, or Wise. Digital banks like N26 and Wise do not require proof of a German address to set up an account, whereas traditional banks insist on evidence of registered residence in Germany before proceeding. Non-EU nationals located outside Germany will generally need to wait until they have both a registered German address and a valid residence permit before a traditional account can be opened.

What is a Meldebescheinigung and why do I need it?

The Meldebescheinigung is an official certificate confirming that you are registered as a resident at a specific address in Germany. Opening an account at a traditional bank can be challenging without it, as the document serves as the primary proof of address required for the application. You obtain it by visiting your local Bürgeramt (citizens’ office) — typically within two weeks of moving into a new property. Beyond banking, it is also a prerequisite for numerous other administrative matters in Germany, including obtaining a tax identification number and registering a vehicle.

What is a Girokonto?

A Girokonto is a German current account and the cornerstone of day-to-day financial life in Germany. Functionally equivalent to a standard checking or current account, it is used to receive your salary, pay rent by direct debit, and cover everyday expenses. It comes with a Girocard (debit card) and access to online banking. For the vast majority of expats, opening a Girokonto will be among their first priorities on arrival.

How does deposit protection work in Germany?

Germany’s statutory deposit guarantee scheme protects funds up to €100,000 per bank per depositor (as of 2025). This protection applies to all licensed German banks. In addition, certain private banks participate in voluntary supplementary schemes that extend coverage considerably beyond this statutory threshold. For authoritative and up-to-date information on deposit protection, consult BaFin or Deutsche Bundesbank.

Do I need a SCHUFA credit record to open a bank account?

Many banks carry out a SCHUFA credit check as part of their account opening process, and such checks are mandatory when an overdraft facility or a traditional credit card is requested. For newly arrived expats, the absence of any SCHUFA history can be a real obstacle — the agency simply has no record of you. In these circumstances, a current account with a neobank is the recommended route, since many neobanks offer accounts without requiring a SCHUFA check.

Are international money transfer services like Wise and Revolut regulated in Germany?

Germany’s banking system operates under close BaFin supervision. Both Wise and Revolut are authorised to provide services in Germany — Revolut holds a European banking licence, and Wise operates as a licensed payment institution. However, Wise is not a bank in the conventional sense; money held with Wise is protected through cash and low-risk assets and does not benefit from statutory deposit guarantee coverage. This means funds there are not covered by the €100,000 deposit guarantee. Always verify the current regulatory status of any provider through BaFin.

Do I need a German bank account to receive a salary in Germany?

Yes — German employers nearly always pay salaries directly into a German bank account. A German IBAN (an account number beginning with “DE”) is the standard requirement for payroll. A digital bank account opened prior to or shortly after arrival — with N26, for example — can provide you with a valid German IBAN from day one.

What should I do if a German bank refuses to open an account for me?

You are legally entitled to open a basic account (Basiskonto) in Germany, and banks are not permitted to reject such applications without citing a valid reason. This right extends to anyone who is lawfully resident in the EU. If a Basiskonto application is turned down without proper justification, you have the right to submit a formal complaint to BaFin. As an alternative, digital banks such as N26 or Revolut typically offer more flexible onboarding for new arrivals and may be easier to access. Contact details and complaint procedures are available at bafin.de.