Banking Location Germany (2024)

FAQs

Can I open a bank account in Germany without a German address? ›

"Yes, non-residents can open a bank account in Germany. However, requirements vary from one bank to another. Banks in Germany typically require non-residents to show their passport or national ID card, proof of address in their home country, and proof of income or documentation of the source of the funds.

The banking system in Germany

Germany has a three-pillar banking system. This is made up of private commercial banks (the largest sector, making up around 40% of banking assets), public savings banks (Sparkassen and Landesbanken), and co-operative banks (Genossenschaftsbanken).

The best banks for foreigners are N26 and bunq. I use N26 since 2016, and I recommend them. Revolut and Wise are also good options, but they have a low free withdrawal limit, and no German IBAN. None of these banks give you a Girocard.

Frankfurt is Germany's largest financial center because it is home to the European Central Bank and the Frankfurt Stock Exchange, as well as many other international banks and financial institutions.

Even though opening a bank account in Germany as a non-resident is much easier than it used to be, it can still sometimes be a headache. But there is an easier way to get set up to send and receive money before you even touch down in Germany. You don't need to have a German address, only a valid ID.

Savings accounts can usually be opened by both residents of Germany and non-residents from abroad. Non-resident Account Standard settlement accounts are usually available only to residents of Germany. As a rule, in order to open an account, it is necessary to have permanent residence in Germany.

Under FATCA, both expats and their foreign financial institutions are required to report accounts held by US citizens to the IRS.

To open a bank account, you usually require the following documents: a valid passport, a residence permit, a certificate of registration, and a wage statement (depending on the type of account).

Yes, foreigners can open German bank accounts. However, you'll often be asked for a German proof of address, or at the very least an address from another Eurozone or EEA country. If you're still based in the US a flexible multi-currency account from a specialist provider like Wise or Revolut may be a better option.

What is the safest bank in Germany? ›

The best bank in Europe is KfW in Germany, which was voted number one in the list of the 50 safest banks in Europe 2024. KfW's rank as the most secure bank goes beyond Europe, too–being ranked number one for twelve years in a row for the World's Safest Banks by the US finance magazine Global Finance.

Can I have two bank accounts in Germany? Germans aren't restricted to a single bank account. While it's advisable to set up a Girokonto to handle income and savings, this account often functions alongside a Sperrkonto (blocked account).

The city of Frankfurt is the most important financial hub in continental Europe and a key center of financial market stability. It features a unique concentration of European and national supervisory bodies, international banks, insurance companies and legal practitioners.

Germany's central bank, the Deutsche Bundesbank, is headquartered in Frankfurt am Main, which is the country's main financial centre and also the base of the European Central Bank, the EU's chief financial institution.

Frankfurt is the largest financial hub in continental Europe. It is home to the European Central Bank, Deutsche Bundesbank, Frankfurt Stock Exchange and several large commercial banks.

Every person with residence in Germany has to be registered there (general compulsory registration). This includes the obligation to register change of residence within a week after the move to the registration office in Germany. Not doing so constitutes a misdemeanour and carries an automatic financial penalty.

Yes, a foreigner can open a bank account in the US without needing a US address. However, not all banking institutions allow for it. Even traditional banks that do offer accounts to non-residents often have requirements – like opening the account in person – that make it difficult for non-residents to apply.

To apply for a bank account in Germany, you need the following documents: Your ID card or passport. Proof of address registration or Meldebescheinigung (a registration certificate you must get within 14 days of living at your new address in Germany) German tax ID number.

If you will be staying in Germany for longer than three months, you will need to register your home address with the local citizens' office in the city where you live within 14 days of moving in. This process must be completed before you can apply for your residence permit.