Best Bank in Germany Especially for Expats

Best Bank in Germany Especially for Expats

the German Banking System: Top Picks for Foreigners

Germany enjoys a sound, reliable, and efficient banking systems which is widely known among international investors. In case you are an alien residing in Germany, it is important to learn this process before making a financial decision. Today, we will talk of what needs to be taken into account when choosing a bank in Germany and which are, in my opinion, best banks for the expats.

7 Factors to Consider When Choosing a Bank in Germany

1. Types of Accounts and Services

Choosing a bank is crucial as the banking products and the services provided for consideration. These include different types of accounts including current accounts (Girokonto), savings accounts (Sparbuch) and investment accounts (Sparbuch). Additionally, some banks provide customized services such as foreign currency account and business account. Examine the services your bank offers on deposit along with what other bank can do for you better.

2. Fees and Charges

However, bear in mind that fees and charges are crucial in banking in Germany. It is also important for one to carefully review the amount of fees charged by different banks. Some of these initial costs also need checking out. These fees include monthly account maintenance fee, ATM withdrawal fee, foreign transaction fee, and overdraft fees among others. Choose a fair banking system, which should have transparent fee structures and reasonable fees to ensure your budget management is not limited.

3. Interest Rates

The rate at which you maximize the growth of your savings is determined by the interest rate. Selecting a bank in Germany should involve making comparison of interest rates on savings account and investment. In German context, a low interest rate bank should also be considered while ensuring that it gives competitive rate with international banks. Look for good paying banks such as those that offer high interest rates for deposit accounts and profitable investments.

4. Customer Service and Branch Availability

The services that are offered by banks should be reliable, while the branches should be easily accessible and make you feel comfortable for the best possible customer experience. Check out reviews about various banks and ask other expats what their experiences are regarding customer care. Also look for location of a nearby branch to home or work place. Choosing a financial institution with a good customer service history plus conveniently located offices will provide access to assistance at any time you desire.

5. Online and Mobile Banking Capabilities

Nowadays, it is necessary to have online and mobile banking functionalities as banks’ offerings in this digital era. Confirm whether the bank you want has user oriented internet and mobile banking access. The best platforms to use must enable you to do basic banking activities including checking of balances, sending money, and bill payment. Try finding banks which offer safe, easy-to-use online banking services to make your daily banking tasks less frustrating.

6. Financial Strength and Stability

It is important to protect your money by looking for a bank that has great financial strength to last long and remain steady. Go online on reliable sources and financial houses for ratings and stability check of different banks. Aim at working with financially sound banks that report minimal cases of defaults and history of survival in times of recession. However, you can have this peace of mind if you select an economically sound bank for your funds.

7. Additional Perks and Benefits

Sometimes, banks try to increase the number of customers by providing some extra perks. There are things that can be done including offering cashback programmes, providing travel insurance, low interest rate loan offers and special events/promotions. Furthermore, think of what other bonuses could be meaningful for your way of living and financial expectations. These benefits should not be considered as the main grounds for choosing a bank but certainly increase your overall banking experience.

Top Picks: Best Banks in Germany for Foreigners

After careful evaluation, we have selected the following banks as the top picks for foreigners in Germany:

1. N26

It is an online bank headquartered in Berlin, Germany. Established in 2013 it’s one of the biggest European neobanks counting 7 million customers across 24 countries. N26 provides all kinds of banking products like checking accounts, savings accounts, credit cards, debit cards, etc. Its easy-to-use mobile app and emphasis on transparency and simplicity are well known.

Types of Accounts and Services: N26 presents diverse forms of accounts like current accounts and saving accounts. Additionally, they also offer extra services such as investment and life insurance products.

Fees and Charges: N26 has no monthly maintaining and transactional account charges.

Interest Rates: N26 has very good interest rates for its saving accounts.

Customer Service and Branch Availability: The N26 essentially runs as an online bank with only a small number of branches. Nonetheless, they can contact them via phone, email, and even on the mobile application’s chat option.

Online and Mobile Banking Capabilities: It is convenient since it offers a mobile banking application that can send real-time alerts, budgeting options, and rapid cash transfers.

Financial Strength and Stability: N26 is licensed by BaFin as a bank and deposit insurance of up to €100 000 per account holder holder.

Additional Perks and Benefits: Therein lies the perks available in N26 like cashback rewards and partner discounts.

2. DKB

This is one of the German banks which was established in 1998 known as DKB. Danske Markets is a part of Danske Bank, the biggest financial institution in the country. The bank (DKB) covers all areas of banking whereby the banking services offered include checking accounts, savings accounts, credit cards, as well as various forms of investments.

Types of Accounts and Services: These include a DKB account, DKB deposits, and DKB investments.

Fees and Charges: DKB gives all free of charge accounts without monthly and transaction charges.

Interest Rates: Savings accounts are offered with competitive interest rates by DKB.

Customer Service and Branch Availability: DKB is largely an online bank though it has few branches mostly located in big towns such as Berlin, Munich, and Frankfurt. It is possible to reach their customer service by phone or email.

Online and Mobile Banking Capabilities: The DKB has a fully developed web-banking system in addition to a mobile banking application with features such as fund transfer and bill payments.

Financial Strength and Stability: DKB is also a regulated bank which provides for deposit guarantee of up to € 100,000 per beneficiary.

Additional Perks and Benefits: It also provides additional advantages such as free foreign currency withdraws globally and bonus system on credit cards.

3. Comdirect

It is a German direct bank providing all kinds of banking products such as checking accounts, savings accounts, credit card and investment products. The bank is famed for offering mobile banking services as well as having reasonable charges.

Types of Accounts and Services: Currently, Comdirect has banking services such as current accounts, saving accounts and investments.

Fees and Charges: There are no monthly charges for maintaining a free account and no transaction fees on Comdirect.

Interest Rates: Comdirect also provides competitive interest rates in saving accounts.

Customer Service and Branch Availability: Comdirect mainly runs as an internet bank with few offices in large centers. The company provides client services via phones and e-mails.

Online and Mobile Banking Capabilities: Comdirect provides an easily accessible online banking solution that incorporates a mobile phone banking application such as instant alerts and money transfers.

Financial Strength and Stability: Comdirect is a regulated bank that affords deposit protection up to €100,000 per account holder.

Additional Perks and Benefits: For example, Comdirect provides for free cash withdrawals throughout the world and partner discounts.

4. Hypovereinsbank

HypoVereinsbank is one of the banks from Germany located in Munich. It is one of UniCredit Group’s subsidiaries in Italy. HVB provides extensive banking services which includes checking accounts, credit, bonds, shares, and investment portfolios.

HVB is great for people who seek more conventional banks where they can do everything regarding their finances. This is a nice pick for people who either stay or work in Germany but still need a branch-based bank with private guidance.

Types of Accounts and Services: Hypovereinsbank has a wide range of accounts, including current accounts, saving accounts, and investments.

Fees and Charges: Hypovereinsbank provides various account options with different rates. A number of transactions may also incur monthly maintenance fees, or other charges.

Interest Rates: avings accounts at Hypovereinsbank are also attractive in terms of interest rates.

Customer Service and Branch Availability: Germany is where Hypovereinsbank has large number of branches. They provide customers with telephone and email support.

Online and Mobile Banking Capabilities: Online banking and mobile banking app from Hypovereinsbank can be used to transfer funds across the accounts and perform other activities.

Financial Strength and Stability: Hypovereinsbank is a regulated bank and guarantees deposit security to cover the amount of not more than €100,000 per account holder.

Additional Perks and Benefits: Cashback rewards and partner discounts are offered by hypovereinsbank.

5. Commerzbank

The universal bank Commerzbank headquartered in Frankfurt, Germany. It is one of the biggest credit companies in Germany having about €534 billion worth of assets as at the end of September 2022. The German government holds approximately 15% stake in it and is therefore, its biggest shareholder.

Types of Accounts and Services: Some of the products commercial bank provides include current accounts, saving accounts, as well as investments.

Fees and Charges:  However, Commerzbank provides different accounts with various charges. There might be some monthly maintenance fees or transaction charges in other accounts.

Interest Rates: Savings can be at lower interest rates as compared with Commerzbank.

Customer Service and Branch Availability: The bank is popular in Germany and has many affiliates stationed within the country. They provide customer service via telephone and email.

Online and Mobile Banking Capabilities: Commerzbank offers online based banking through an app that has alerts, balances and direct payments.

Financial Strength and Stability: The bank is a licensed organization, which insures the deposits of its customers’ accounts up to 100,000 euros per person.

Additional Perks and Benefits: Cashback rewards and partner discounts are offered by Commerzbank.

6. Sparkasse

Sparkasse stands out as one of the best banks in Germany for foreigners, offering a compelling combination of accessibility, support, and international services. With over 15,000 branches and ATMs nationwide, Sparkasse provides a vast network for convenient banking access. 

Types of Accounts and Services: Current accounts, savings accounts, investment accounts, loans, mortgages, insurance, online banking, mobile banking.

Fees and Charges: Account fees vary depending on type and features. Some offer free accounts with basic services. Transaction fees, card fees, and foreign exchange fees may apply.

Customer Service and Branch Availability: Extensive network of over 23,000 branches and ATMs across Germany. Online and phone banking available 24/7.

Financial Strength and Stability: Largest financial services group in Germany and Europe. Publicly owned with strong regional roots, ensuring stability and security.

7. Volksbank 

Volksbank is a top contender for foreigners seeking a German bank, renowned for its exceptional customer service and dedication to providing a seamless experience. Their extensive range of products and services, including online and mobile banking, international money transfers, and English-speaking support, caters specifically to the needs of foreign residents.

Types of Accounts and Services: Current accounts, savings accounts, credit cards, loans, insurance, investment products. Focus on regional and personal services through local branches and online banking.

Fees and Charges: Varies depending on specific account and service, but generally considered competitive. Monthly account fees, transaction fees, overdraft fees may apply.

Customer Service and Branch Availability: Extensive network of local branches for personalized service. 24/7 online banking and mobile app for convenient access.

Financial Strength and Stability: Part of the larger “Volksbanken und Raiffeisenbanken” cooperative network, one of Germany’s largest banking groups.


Foreigners must pick the right bank in Germany to effectively control financial matters. You should weigh in on issues including the nature of your account, fees charged, interest rates offered, customer support, digital capabilities, financial strength, among others, so that you settle for what is best.

Some of the banks that we recommend are N26, DKB, Comdirect, ING DiBa, Hypovereinsbank, and Commerzbank who provide top-notch services for expats. Armed with these tips and advice, you can comfortably explore the German banking sector and derive maximum returns out of your financial adventure.

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