Best German banks for Expats in 2023

As an expat choosing a bank account is very important if you planning to stay in Germany for longer tenure (like Study or work). There are several banking services and institutions available in Europe’s biggest economy and each one of them has their own pros and cons. Some banking services are tailored to match some specific needs and it’s crucial to choose a bank that offers the services that you need as an expat. However, choosing the right bank may seem tricky – especially if you’re new in Germany, you can hardly speak German, and you’re not sure about what your banking needs might be as an expat. Stay tuned, as we are going to jot down the best banks for expats. 

Revolut

I would suggest that if you just arrived in Germany then open a Revolut account. Account opening process is completely online and has full English language support. Revolut’s free plan is more than sufficient but if you are into crypto and international money transfer then opting their one of the paid plans is worthwhile. The app is user friendly and has features like creating vaults, spend analytics and investing in commodities. The application process is also quick and easy. You need a Smartphone and your Passport. They also have a referral system in place and if your friends and family members set up their account with your referral link, you will get 70 Euros (might change in future). Revolut is based in Lithuania, so you get an IBAN that will start with “LT”.

Pros:

• Can hold multiple currencies.
• Automatic savings through vaults.
• Trade cryptocurrencies, Commodities and currencies.
• Send money internationally.
• Deposits held with Revolut are insured by the Lithuanian State company “Deposit & Investment Insurance”.
• Cashback offers on several brands.
• Expense analytics.
• Single disposable card and virtual card available.

Cons:

• No physical branches.
• Lithuanian IBAN.
• Trading fees are very high for free tier accounts.
• Free ATM withdrawal is limited to 200 Euro a month.

Open Revolut account

 

Klarna

If you need a German IBAN (starts with DE) with English support then you need Klarna Bank account. Klarna basically provides “Buy now, pay later” scheme and you can use this facility while shopping for various brands on their app. There is no charge to use Girokonto and you can also add different bank accounts to track all the expenses at a single place. Klarna lets you create pools to save money for some specific needs. They also have a savings scheme where you can earn upto 3% interest on the amount you deposit and maintain for a certain period. The application process easy but the catch is that you should have a German bank account already to proof your identity. For example, if you have a Deutsche Bank account then opening an account with Klarna would be a breeze.

Pros:

• No monthly costs. Free banking services. 
• International transactions at no extra costs. 
• Can add multiple bank accounts to see all the transactions at a single place. 
• Unique experience of banking and shopping. Great way to utilize “shop now, pay later”. 
• Automatic savings through pools. 
• Fixed deposit scheme available with interest rates ranging from 1.95% to 3%. 

Cons:

• Slow customer support. 
• App’s home page is always set to shopping. 
• 2 free ATM withdrawals after that 2 Euros will be charged per transaction. 
• No Physical branches.

Open Klarna account

 

Deutsche Bank

Another bank that offers quick account opening service, several banking and credit facilities. They accept most Passport types. They also offer blocking accounts for foreign students. Entire online banking is not in English. Some services are only available in German. Same goes for customer support and documentation. However, there is an option to book your appointment with English speaking person. 

Pros:

• Easy and hassle-free account opening procedure for expats.
• Overdraft facility on checking account.
• Free of charge Girocard. 
• Withdrawals are free at CashGroups ATM. 
• Investment options available.
• Physical branches.
• Online account closure process.

Cons:

• Monthly charges of 6 Euros applicable to checking accounts. 
• Account opening is only possible at physical branches.
• Limited English support for online banking and customer support.

 

N26

It is one of the oldest digital banks based in Berlin. If you are in the Eurozone and wish to move away from incumbent banks but prefer the safety of a banking license, N26 is the way to go. In the EU, all deposits up protected up to €100,000. App has easy to understand interface and all your expenses will be categorized. You can send money to other N26 users instantly and for free using MoneyBeam. Account opening process is smooth and straight forward. But they need your passport and Residence permit. App and customer support has full English Language support.

Pros:

• English language support. 
• Overdrat and Personal loan facilities.
• Insurance for electronic devices.
• Automatic savings through Income sorter. 
• Cashback offers on multiple brands. 
• International transfers with integrated Wise platform. 
• 24/7 in-app chat support.
• Deposit and withdraw cash in stores through Cash26.

Cons:

• Can not hold multiple currency types.
• 3 Free ATM withdrawals.
• Free tier account has limited features.
• Phone support is only available for paid accounts. 

Open N26 account

 

ING

If you don’t mind German website and limited English-speaking customer support then ING has lot to offer. ING launched its digital banking app in early 2019. It has a global presence and operates in more than 40 countries in Asia, Europe and America. It is possible to open an account online, but verification must be done through Postident. You will get a German IBAN.

Pros:

• English speaking Customer service with 24/7 chat feature.
• Loan and overdraft facility.
• Girocard at 0.99 Euro a month.
• Free Visa debit card.
• Physical Branches.
• Online account opening process.
• Free ATM withdrawals at CashGroups. 

Cons:

• App and website are only available in German.
• No international transfer.
• Minimum balance of 700 Euros must be maintained to avoid penalty charges.

Wise

Although Wise is known for its international money transfer, one can also leverage free multiple-currency accounts. The account opening process is completely online. All you need is your passport, residence permit and smartphone. You can track your favorite currency conversion on the homepage everytime you open the app. The app interface is very simple and easy to understand. Wise also offers a cashback rate of 1.12% which is variable. It means you will get an interest on the amount you have in your Wise account. 

Pros:

• Full English language support throughout App, customer support and documentation.
• Can hold and transfer multiple currencies.
• Get interest of 1.12% on maintaining a minimum of 116 Euros (might change in future).
• Digital and physical both cards are available to choose from.
• Receive money from another Wise account with account details.
• Save in another with automatic currency conversion.

Cons:

• 2 free ATM withdrawals upto 200 Euro a month.
• Belgium IBAN.
• No physical branches. 

Open Wise account

 

All the above banks I have mentioned are the result of our usage and experience. There are other options available as well that you can consider – 

• Sparkasse Bank.
• Commerzbank.
• Openbank.
• 1822direct Bank