Opening a German Bank Account as an Expat: N26, Wise, & More

One of the first things you'll need when moving to Germany is a German bank account with a German IBAN. Fortunately, it's much easier than it used to be; you can now open a bank account online in minutes, without stepping into a physical branch or submitting stacks of paperwork.

Here's how to do it and which banks are best for expats.

Why you need a German bank account

• ✓ Salary payments: German employers require a German IBAN for direct deposit
• ✓ Rent and utilities: Landlords and utility companies expect German account numbers
• ✓ Tax residency: Required for registering with the Finanzamt
• ✓ Local transfers: German SEPA transfers are instant and free
• ✓ Government benefits: Unemployment, child allowance, and refunds are paid to German accounts

The 3 types of banks

Neobanks (fastest, online-only)

N26, Wise, Bunq: modern digital banks with no physical branches. Open an account entirely on your phone.

• Speed: 15 minutes to account opening
• Requirements: Smartphone, ID, proof of address
• Fees: Usually free or €5–15/month for premium features
• Best for: Getting started quickly

Direct banks (online + occasionally physical)

Wise, DKB, ING-DiBa: primarily online but with some physical branches.

• Speed: 30 minutes to 2 hours
• Requirements: Video verification or in-person at a branch
• Fees: Usually free, some with minimum monthly salary
• Best for: Balance between digital and traditional banking

Traditional banks (classic)

Deutsche Bank, Commerzbank, Sparkasse: full-service banks with physical branches everywhere.

• Speed: 1–3 business days
• Requirements: In-person visit with ID and proof of address
• Fees: €5–15/month typically
• Best for: Those who prefer in-person banking

Comparing the best banks for expats

Bank	Speed	Monthly fee	Card	Best for
N26	15 min	Free	Debit card free	Speed, simplicity
Wise	30 min	Free	Free (multi-currency)	International transfers
Bunq	30 min	€2/month+	Free	Multi-country expats
DKB	2 hours	Free	Free (visa)	No-fee banking
ING-DiBa	2 hours	Free (with salary)	Free	Salary accounts
Deutsche Bank	1–3 days	€10+/month	Free/€50	Full-service banking

N26: fastest for expats

N26 is the most popular choice for new expats to Germany.

Why N26?

• ✓ Account opens in 15 minutes via app
• ✓ Debit card arrives in 3–5 days
• ✓ Completely free (N26 Standard)
• ✓ No minimum salary requirement
• ✓ English-language app and support
• ✓ Works with online salary verification

The catch

• ❌ Limited ATM network (though improving)
• ❌ No overdraft facility in basic version
• ❌ Customer service is online-only

How to open

1. Download the N26 app
2. Verify your identity via selfie + passport
3. Confirm your phone number
4. IBAN issued within minutes
5. Physical card arrives in 3–5 business days

Wise: best for international transfers

Wise is particularly valuable if you frequently send money internationally or hold multiple currencies.

Why Wise?

• ✓ Multi-currency account (hold EUR, GBP, USD, etc.)
• ✓ Real exchange rates, no markup
• ✓ International transfers at true mid-market rates
• ✓ Completely free account
• ✓ Debit card free (uses local rates)

How to open

1. Download Wise app or go to wise.com
2. Complete identity verification
3. IBAN issued immediately
4. Wise card can be ordered (arrives 2 weeks)

Traditional banks (Sparkasse, Deutsche Bank)

If you prefer traditional banking with a physical branch:

Sparkasse (most local branches)

• Availability: One branch in nearly every German city
• Fee: ~€5/month (varies by location)
• Speed: Same-day if you visit in person
• Requirements: ID + proof of address (Meldebestätigung)

Deutsche Bank

• Fee: €10–15/month
• Speed: 1–3 business days online, immediate in-person
• Upside: 24/7 customer support, comprehensive banking

What you need to open an account

For neobanks (N26, Wise, Bunq)

• ✓ Passport or national ID
• ✓ Smartphone (for video verification)
• ✓ Proof of address (optional, but may be needed later)

For traditional banks

• ✓ Passport or national ID
• ✓ Meldebestätigung (proof of address from Anmeldung)
• ✓ Sometimes: proof of income or employment letter

Getting your Meldebestätigung (proof of address)

This is required by most traditional banks but not neobanks.

1. Register at the local registration office (Anmeldung) in your city with proof of rental agreement
2. You receive a Meldebestätigung (registration confirmation)
3. Use this as proof of address for your bank

Timeline: Anmeldung can be done in 30 minutes; the certificate is instant.

Salary account features

Some banks offer special "salary accounts" (Gehaltskonto) with perks:

• Free overdraft facility (sometimes)
• Free card + no fees if salary is paid in
• Reduced fees overall

Ask your employer which bank they prefer; many have preferred partner banks with special rates.

Avoiding common mistakes

• ❌ Opening too many accounts: Stick with one main account; closing accounts later can be complicated
• ❌ Ignoring fees: Some traditional banks charge €15+/month; compare!
• ❌ Missing salary verification: Your employer will ask for IBAN; provide it promptly
• ❌ Forgetting the Meldebestätigung: Get your registration done before visiting a traditional bank

Key takeaways

• N26 is the fastest option: 15 minutes, completely free, and perfect for expats.
• Wise is ideal if you send money internationally or hold multiple currencies.
• Traditional banks offer more features but require in-person visits and proof of address.
• You need an IBAN before your employer pays your salary.
• Get your Meldebestätigung from the registration office if using a traditional bank.
• Neobanks are fastest; traditional banks are more full-service.

Open your account today and have your German IBAN ready when you start work!