Is it possible to open a bank account in Germany without a residence? This question is raised by many immigrants who plan to move to Germany. Such an account is indeed possible, but only few banks allow to open such an account. Applicants must provide proof of identification due to the German money laundering legislation and this is considerably more difficult from abroad. How the opening of a bank account from abroad nevertheless can succeed, I’ll explain in the following article:
Why many banks refuse to open an account without residence
Whether a bank account without a residence in Germany can be opened depends on the conditions of the bank. Classic branch banks such as Sparkasse, Volksbank, Postbank etc. in most cases refuse such an account opening. Only wealthy customers may be eligible to open an account as non-residents represent a greater bureaucratic burden for banks due to reporting guidelines (e.g. automatic exchange of information with other countries). Branch banks are usually restricted to customers in their own business area. The correspondence is often still postal and with a foreign residence this is of course problematic. The situation is different with direct banks (bank without any branch network), where there are various providers who offer free accounts (often including free debit cards) even without residence in Germany. Direct banks have the clear advantage that the account management (for example transfers, communication with bank employees) is already happening online and account statements are made available via e-mail or as a download. Therefore, the direct banks are more flexible when it comes to residence.
Comparison of possible bank accounts (free of charge)
A free bank account can be opened at DKB without domicile in Germany. Another supplier is Comdirect. With N26 I would also like to include a third provider in the comparison; the bank is now active in 23 European countries. The most important tariff details I have summarized in the following table:
Note for mobile phone users: this table can be moved sideways. Individual accounts can also be hidden/shown.
| Bank |
DKB Girokonto |
N26 Standard Konto |
Comdirect Girokonto Aktiv |
| Who is allowed to open a bank account? | |||
| German Citizens living in Germany |
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| German Citizens living abroad |
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| Foreign Citizens |
with residence in Germany, Austria and Switzerland (regardless of nationality) | with residence in Germany, Austria, Irland, France, Spain, Italy, Netherlands, Belgium, Portugal, Finland, Luxemburg, Slovenia, Estonia, Greece, Slovakia, Switzerland, Poland, Sweden, Denmark, Norway, Lichtenstein, Iceland (regardless of nationality) | with residence in Germany, Austria and Switzerland (regardless of nationality) |
Important Account Details |
|||
| Account Management fee / monthly fee | free | free | free |
| Monthly minimum deposit | at least 700 Euro per month. Otherwise, an account maintenance fee of €4.50 per month will be charged | not required | at least 700 Euro per month. Otherwise, an account maintenance fee of €4.90 per month will be charged |
| Debit Card | Visa Debit Card (free) |
Mastercard Debit Card (virtual card: free of charge, physical card: one-time 10 Euro)  |
Girocard and Visa Debit Card (both free) |
| Credit Card | Visa Credit Card (can be booked optionally – 2,49 € per month) |
– | Visa Credit Card (can be booked optionally – 1,90 € per month) |
| Withdraw money in Germany | free with Visa Debit Card on all ATMs with Visa sign | free 3 times per month on all ATMs, above this 2 € for each withdrawal. Cash can be withdrawn free of charge in over 9,000 retail stores in Germany (e.g. REWE, Penny, dm). | free with Girocard – only Cash Group ATMs* |
| withdraw money outside Germany in EU-countries |
free with Visa Debit Card on all ATMs with Visa sign | All withdrawal in Euro currency are free | free with Visa Debit Card on all ATMs with Visa sign (3 times per month) |
| withdraw money outside Germany no EU-countries |
free with Visa Debit Card on all ATMs with Visa sign | Withdrawal in non Euro currency, fee of 1,7 % | free with Visa Debit Card on all ATMs with Visa sign (3 times per month) |
| Interest rate | 3,5 % | 0 % | 3,25 % |
| interest paid on overdraft | 9,29 % | 8,9 % | 7,75 % |
| Open bank account | |||
| Account opening possible | online | online | online |
| proof of identification in Germany |
PostIdent, VideoIdent (Webcam) | PostIdent, VideoIdent (Webcam) | PostIdent, VideoIdent (Webcam) |
| proof of identification abroad |
Local Bank / Lawyer | Photo identification | Notary |
| Open Bank Account (DKB) | Open Bank Account (N26) | Open Bank Account (Comdirect) |
* 9,000 domestic ATMs of the cash group banks Deutsche Bank, Commerzbank, Hypovereinsbank and Postbank.
Summary
DKB (top recommendation)
With over 4.5 million customers, DKB is the second largest direct bank in Germany. There are no monthly account fees, if 700 euro per month is received on the account. At DKB, cash can be withdrawn free of charge from all Visa ATMs (over 1 million worldwide) in Germany and abroad. Usually, foreign banks demand a high fee of up to 5 Euros per cash withdrawal. Moreover, wherever the Visa card is accepted, payments can be made free of charge. Therefore, the DKB is very popular with German holidaymakers.
When opening a bank account with DKB, customers automatically receive an overdraft facility (overdraft credit). Therefore DKB requires customers to have a good credit rating when opening the account. Unfortunately the rejection rate at DKB is high, with around 30 to 40 percent of account applications being rejected.
Go to DKBN26 (easy account opening / possible for many EU citizens)
Founded in 2013, Bank N26 is one of the fastest growing banks in Europe with over 7 million customers. By default, N26 is a credit-based account. The account cannot slip into the negative as you have only the money available, which was previously paid into the account. Therfore the account opening is easier compared to the other providers. Once the account has been opened, an overdraft facility can be applied for retrospectively, only then a credit check will be carried out.
With the standard account from N26, customers initially only receive a “digital debit card” from Mastercard. This can be used for online shopping. In addition, the virtual card can be integrated into Apple or Google Pay, so that payment is possible in many stores in Germany and abroad. A physical card (plastic card) for paying in stores / withdrawing money from ATMs is not included by default, but can be ordered for a one-time fee of 10 euros.
In addition to German nationals, EU citizens from 23 countries are allowed to open an account with N26. Monthly account fees do not apply. Debit card payments in Germany (and abroad) are free of charge. Cash can be deducted free of charge in Germany 3 times per month at local ATMs. In addition, the withdrawal at ATMs costs 2 € each. UPDATE: N26 now offers free withdrawals for customers from 9,000 retail partners in Germany. In other EU countries, withdrawals in EUR currency are always free of charge. For withdrawals in non-euro currencies, a fee of 1.7 percent of the amount must be paid. The registration process is available in different European languages. For customers abroad, N26 offers a particularly simple procedure for legitmation using photo identification. For those living in the EU, the N26 account is a very good choice. However, third countries outside the EU are unfortunately not supported by N26.
Go to N26 (English) Go to N26 (French) Go to N26 (Italian) Go to N26 (Spanish)comdirect
At Comdirect Bank in the first 6 months after opening the bank account, there are no monthly account management fees. After that, a minimum monthly cash inflow of 700 euros per month (salary, pension, etc…) is required for the account to remain free. Without a minimum deposit, Comdirect charges a monthly account fee of 4,90 Euro per month.
Within Germany, however, customers can only use the approx. 9,000 ATMs of the Cash Group banks to withdraw cash free of charge. In foreign countries, Comdirect customers can use all Visa machines for free cash.
Go to ComdirectAlternative: open a basic account (Basiskonto) in Germany
Opening a free bank account at a German bank is not always possible for non-residents. The rejection rate is high and there can be various reasons, which are (unfortunately) not publicly communicated by the bank. Fortunately there is one more possability to open a bank account in Germany, which is not free of charge:
All banks in Germany and the EU have been required to offer customers a so-called basic account (Basiskonto) since 2016 (Payment Accounts Act). Any consumer legally residing in the European Union (this does include homeless people without a residence, asylum seekers…) is entitled to it. Also, no residence is required for opening, a postal address (e.g. family or friends) is sufficient. However, banks do not have to offer the basic account free of charge. In addition, a basic account has only basic banking services (pay by card, deposit and withdraw money) and does not contain an overdraft facility.
Example: The digital bank N26 offers the “N26 Flex Account”, an account with minimum requirements. It includes all the important features for online banking (SEPA and online transfers), a Mastercard debit card and costs 6 euros per month.
Go to N26 Flex AccountAlternative: open a bank account in another EU Country
If you have been rejected by German banks, think about opening a bank account in another European country. Most European Countries are a member of SEPA (Single European Payments Area) and Euro payments between SEPA countries are harmonized since 2014. Cross border Euro bank transfers within the SEPA area are as quick and cheap as within a single country. A German employer also cannot insist you open a German bank account for euro transfer, by SEPA regulation (Article 9) they are obliged to accept IBANs (International Bank Account Numbers) from other SEPA countries. Two very well-known EU bank account providers are Wise and Revolut.
Wise Multi Currency Account
| Bank | Wise Multi Currency Account |
|---|---|
| Who is allowed to open a bank account? | Persons residing in approx. 175 countries |
| Bank details | Euro bank account (Belgian IBAN) + local bank accounts in 10 other countries/currencies (USA, UK, Australia, New Zealand, Singapore, Canada, Hungary, Romania, Turkey) |
| Account Management fee / monthly fee | free |
| Debit Card | Physical card (plastic card) costs one-time 8 euros, virtual card for Apple and Google Pay free of charge. |
| Withdraw money worldwide | 2 cash withdrawals up to 200 British pounds (equivalent to approx. 240 euros) per month are free of charge, beyond that 1.75% of the transfer amount |
| proof of identification | Photo identity card or passport + selfie, if necessary utility bill (electricity, telephone..) |
| Go to Wise |
The British online bank Wise offers a free Euro IBAN account, which is very easy to open. Customers of Wise receive a Belgian and not a German IBAN number upon opening, but this is considered equivalent in the SEPA area. The account with Wise can be opened with a residence in over 100 countries.
Go to WiseRevolut
| Bank | Revolut Standard Account |
|---|---|
| Who is allowed to open a bank account? | Persons residing in Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States. |
| Bank details | Euro bank account (Lithuanian IBAN) |
| Account Management fee / monthly fee | free |
| Debit Card | Physical card (plastic card) costs one-time 7.99 euros, virtual card for Apple and Google Pay free of charge. |
| Withdraw money worldwide | Cash withdrawals up to 200 euros per month are free of charge, above that 2% of the transfer amount |
| proof of identification | Photo identity card or passport + selfie, if necessary utility bill (electricity, telephone..) |
| Go to Revolut |
Also from the UK is the digital bank Revolut, which offers a similar bank account to Wise. Customers receive a Lithuanian IBAN (starts with LT) at Revolut, which is also equivalent to a DE IBAN in the SEPA area. Legitimation is easily possible online; an identification document (passport or ID card) and proof of address are required. A smartphone is required to register and use Revolut, because the smartphone bank does not have a classic web interface.
Go to RevolutFAQ – opening a bank account in Germany
How long does the account opening take?
It can take up to one week until the banks carried out the checks (e.g. credit score) and confirm the opening of the account. After this, another week may pass before you hold the bank cards and all other documents in your hands. The reason for this is that the cards/documents are sent separately for security reasons. Particularly fast is N26: Due to the missing credit score check, the Mastercard and the corresponding online access data may already arrive at the customer after 3-4 days (abroad +6 days).
Proof of identification
For the account opening, a proof of identity has to be provided. Such proof is necessary due to the German money laundering legislation. There are three possible methods for legitimation which take a different amount of time. So you have a little influence on how long the account opening takes.
VideoIdent (fast)
The fastest way to prove identity is using the VideoIdent method. The method of legitimation has been possible in Germany since 2014. This requires a Smartphone or an Internet-enabled PC / Tablet computer with webcam as well as the ID card / passport. For legitimation, a video chat with a bank employee takes place. The passport must be held into the camera so that the safety features can be checked. In addition, a photo of the applicant’s face is made. The VideoIdent procedure is free of charge for the applicant.
| DKB | The video chat is possible daily (also on weekends) between 7am and 10pm German local time. For applicants residing in Germany, Austria or Switzerland, the VideoIdent procedure is possible (regardless of nationality). |
| N26 | The video chat at N26 is possible daily (also on weekends) between 7am and 11pm German local time. The VideoIdent procedure is possible for persons with residency in Germany. German citizens require an identity card or passport. For foreigners, only the passport is sometimes accepted. Not all nationalities can use the VideoIdent procedure. In some cases, a residence permit is also required (see list of countries). Country List for VideoIdent |
| Comdirect | The VideoIdent procedure is possible at Comdirect for German citizens with an identity card or passport. An Austrian passport issued after 05.09.2014 can also be used for video legitimation. |
PostIdent
Anyone living in Germany can use the PostIdent procedure to verify their identity at any of the 8,500 German post offices. You will need your identity card or passport, the relevant account application form and the PostIdent coupon, which you will receive from the bank following the account application. A member of staff at the post office will complete the PostIdent coupon, check your identification data and send the signed PostIdent coupon to the bank. If your place of residence is in Germany, this will be noted on your identity card and you do not need to prove this separately. In addition to German citizens, legitimation via PostIdent can also be used by foreigners whose identity card or passport contains a photograph and a machine-readable zone (MRZ).
The PostIdent procedure can also be used by persons who are not resident in Germany. If you live abroad and would like to open the account during a holiday in Germany, you can also do this (tip: it is best to apply for the account shortly before travelling to Germany). If you live abroad, however, you must present the postal employee with a valid confirmation of your residence. For example, a local tax assessment or a current electricity, gas or water bill is a good idea.
From Aboad
N26: Customers outside Germany can use the photo identification procedure. N26 works together with SafeNed, a payment service provider licensed in the UK. As part of the procedure, a selfie and a photo of the ID must be uploaded, which is then checked by SafeNed. As soon as the documents have been checked and accepted by SafeNed will, N26 will open the account. Country list for photo identification
DKB: Foreigners can also open a bank account. Identity verification is possible at a local bank or a lawyer abroad. The lawyer or bank must complete the registration form and send it directly to the bank. The costs incurred for this are not covered by the DKB. The possibility of legitimation by a bank / attorney is not possible in all countries.
Comdirect: Identity verification is possible with a notary. The costs incurred for this are not covered by the Comdirect. The possibility of legitimation by a notary is not possible in all countries.
