Banking in Germany for Expats (2026 Guide)
Opening a bank account in Germany is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Germany
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Germany
Foreigners can open bank accounts in Germany. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Germany. While you may be able to send money to Germany, full local account features may not be available. Check their website for the latest on Germany-specific services.
N26
N26 is not currently available in Germany. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Germany, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Germany is approximately €4,320 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
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Frequently Asked Questions
Can I open a bank account in Germany as a foreigner?
Yes, foreigners can open bank accounts in Germany. The difficulty level is rated as medium. N26 fully digital. DKB also good. Cash culture strong. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Does Wise (TransferWise) work in Germany?
Wise has limited functionality in Germany. You may need to rely on traditional banks for transfers.
Can I open a bank account remotely before moving to Germany?
Remote account opening is generally not available in Germany. You will likely need to visit a branch in person with your documents.
What is the local currency in Germany?
The local currency in Germany is euro (EUR), represented by the symbol €. Most payments can be made by card, though cash may still be important in some contexts.
What are the best banks for expats in Germany?
For expats in Germany, options depend on your needs. N26 fully digital. DKB also good. Cash culture strong. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
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