Germany is known to be a bureaucracy country and involves a lot of paperwork. Compared to Italy, Germany has a lot of paperwork even when you want to open a bank account in Germany it requires a lot of paperwork. However, new banks are making the lives of foreigners easier with virtual bank account, where you do not have to go through a lot of or, indeed, any paperwork to open a German bank account for foreigners.
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.
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Benefits of Non Resident Account in Germany
Having a German bank account for non resident comes with a number of benefits. They include the following:
- Ability to receive and make payments in Euro. This is useful if you regularly make payments or get paid in Euros.
- Deposit guarantee from the German government.
- Ability to make SEPA transfers.
- Euro IBAN number.
- Ability to use ATMs in Germany for free if you travel to Germany for business or pleasure.
Best German Banks for Non Residents
1. N26
N26 is so far the best bank in Germany for foreigners where they can open an account without official registration or Schufa with N26 Flex account. N26 Flex is a bank account without the minimum credit requirements usually needed for current accounts in Germany.
N26 Flex account is not an N26 Standard account, nor is it a premium membership account. We will offer you the Flex account if your credit score is not enough for you to open an N26 Standard account. You cannot select the N26 Flex account yourself; it will be shown to you before you open your account.
The N26 Flex for a bank account in Germany without Schufa has a monthly fee of €6. The first fee will be debited ten days after opening the account. The account cannot be combined with an N26 Business, N26 Business You, N26 Business Metal, N26 Smart, N26 You or N26 Metal account.
The bank provides customer services in multiple languages such as French, Spanish, English and Italian. They have one of the most modern banks worldwide. The bank has an app that will help you execute all banking services through the app. The bank integrates other services such money transfer services with TransferWise, rebranded as Wise, with their app.
Apart from Germany, it is also available in many of the European Union countries such as the Netherlands, Belgium, Estonia, Latvia, Lithuania, France, Portugal, Spain, Italy, Slovakia, Finland and Luxembourg.
Anytime you make a transaction; you receive a confirmation on your phone. When you open an account, you get N26 MasterCard bank card. The card is prepaid, ensuring that you do not get into debts. To sign up, you only need to install the app and then verify your ID. They will then send you the bank card through the address you indicated.
Once you have the card, you can withdraw money from ATMs and Euro Cash machines for free while in Germany. Since you are provided with a MasterCard, it is possible to make online purchases from all over the world. The account comes with an IBAN, meaning that you enjoy free incoming and outgoing SEPA transfers. For every transaction you make, it is free. The bank makes money from the fees it charges the merchants. This makes N26 arguably the best bank for non-residents.
What is IBAN discrimination?: IBAN discrimination is when a bank or company doesn’t accept your IBAN because it’s not from the same country in which the bank or company is based.
2. DKB Non Resident Account
DKB Bank has previously been known to offer quality services to foreigners. It was easy to open an online account for non-residents. However, that era came to an end. The bank has become bureaucratic and they rarely speak English to their customers. They refuse to speak in English to their customers. You must speak in German and you must be expecting an official registration statement.
With DKB, one can withdraw cash from stores such as REWE, Penny, Real, and Rossmann. To withdraw, you need to use a barcode. You can get a barcode from the online banking app on your Smartphone. You can withdraw cash from an ATM, which is free when you use their Visa credit card. DKB is an excellent choice for frequent travelers because of the free withdrawals using their Visa credit card.
3. Comdirect Bank
Comdirect Bank is similar to DKB Bank. This is an online bank that has a free Visa credit card. The bank does not have branches around Germany, but this is never a problem since you can still withdraw money from ATMs while abroad and in Germany for free. Signing up for Comdirect is free and easy. Once you have applied for Comdirect Visa Card online, they then mail it to you by post. The bank has few requirements for potential clients willing to join the bank.
They have a user-friendly website while their application is straight forward. However, both the website and the app are all in German; you can do ID verification through Postldent on your Smartphone.
4. ING
It is free to open an account with ING. You get the freedom to make payment and cash withdrawals. The bank has the best checking account. It is among the largest direct banks in Germany. The bank offers savings products, installment loans, checking accounts, framework loan and real estate financing.
It operates more than 1200 ATMs with some located in shopping malls. Besides, it has a free customer support 24 hours a day, ensuring that in case of a problem, you get help immediately. You can transact through online banking, telephone banking and letter banking and get bank statements via online mailbox or by post.
