As with vast numbers of things in Germany, opening a bank account generally incorporates enough paper work to cause you to lament on how you thought it’d be “fun” to move to Germany. In any case, a German financial balance can be essential to lease a level or house, get a telephone, or get a check. It is unavoidable. This walkthrough on the most proficient method to open a financial balance in Germany will enable you to make this possibly strenuous procedure simple.
Easiest solution for a bank account in Germany
If you don’t particularly enjoy paperwork we can suggest the quickest, easiest solution: Open a German bank account with N26.
German Bank Account for Non-Residents
N26 is by a wide margin the ideal approach to get a bank account in Germany without an official registration: Asides from offering translation services to clients in English, French, Spanish and Italian, their bank stand outs among the present-day financial banks in the world.
Bank account in Germany without Schufa
One of the main challenges you face when opening a bank account in Germany is the Schufa, the German credit score. You can only get the German credit score if you have lived in Germany before or had a German bank account. Thankfully, there are ways around this, for example by opening a bank account in Germany without Schufa with Nuri, formerly Bitwala, and N26 Flex account.
Whenever you make a transaction, you get notified on your phone – you can disable this. And it’s not just an app. Your bank card is also a MasterCard. The card is prepaid, and it’s also all free. One condition: you need a smartphone running Android or iPhone.
To sign up, you fill in the form, install an app to verify your ID, and they send you the bank card to your address in Germany, Austria or any other EU country that uses the Euro currency. As of July 2019 N26 is already about to open services in the United States and Brazil, many more countries will follow. However, you do need an address in Germany or any of the other countries that N26 is active, but this can be an address of your friends or your hotel or hostel even, as long as the letter with the card gets to you.
With the card, you can take out money from all ATMs in Germany – for free. This applies to all Euro ATMs all over EU countries. Possibly even all over the world, but we have to check that. The card is also a MasterCard, so you can also use it for most of your online purchases, as long as you have enough money in the account. And it comes with an IBAN, so free incoming and outgoing SEPA transfers.
As of July 2019 you will get a German IBAN if you open an N26 account with an address in Europe.
There are also other alternatives. In all EU countries banks are required to provide services to people living in other EU countries under the condition that you can show the need for a bank account in the bank’s country. For example, if you reside in Poland and you work in Germany, you can easily claim the need for a EUR dominated account with a German IBAN. For this to work you need to physically enter a bank’s branch office in Germany though and they can have their specific requirements for paperwork.
DKB bank offers clients a free checking bank account for foreigners in the Euro currency with a free Visa Credit Card to make cash withdrawals accessible from anyplace in the world. DKB also provides reasonable interest rates on cash deposits. As a foreigner moving to Europe, you should consider stashing your money in a safe DKB account as it allows for excellent interest rates for non-residents. However, DKB also has its flaws; first of all, it is mandatory to have an Anmeldung, and secondly, they do not offer translation services for non-residents who do not speak German. So unless you reside in Germany or have registered your residence at the registration office(Buergeramt), applying with a DKB bank might not be a pleasant choice.