Banking for Expats in Germany: Bank Account Types 2026

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Banking in Germany for Expats: How It Works

Banking in Germany can feel unfamiliar when you first arrive. The system includes traditional banks, online banks, savings banks, cooperative banks, neobanks, blocked account providers, and international money services. Each type of provider serves a slightly different purpose.

For most expats, the first priority is a current account, called a Girokonto. This is the account you use for salary, rent, insurance, utilities, subscriptions, direct debits, and everyday spending.

Over time, you may need other financial products too, such as a savings account, blocked account, business account, credit card, or broker account. The right setup depends on your residence status, documents, income, language needs, and whether you are a student, employee, freelancer, or long-term resident.

This guide explains the main types of bank accounts in Germany, the different types of banks, eligibility rules for expats, and which banking option usually fits each situation.

Types of Bank Accounts in Germany

Germany has several types of bank accounts. Some are used for everyday payments, while others are designed for saving, visa proof, business income, investing, or credit access.

Current Account / Girokonto

A current account, or Girokonto, is the main bank account used in Germany. It is used for everyday payments and is the first account most expats should open after moving to Germany.

You usually need a current account to:

• Receive your salary.
• Pay rent.
• Set up direct debits for health insurance, utilities, phone contracts, and subscriptions.
• Send and receive SEPA transfers.
• Use a debit card or Girocard.
• Withdraw cash.

For a detailed comparison of providers, see our guide to the best bank accounts in Germany.

Basic Account / Basiskonto

A basic account, or Basiskonto, is a simplified payment account. It is designed for people who need access to basic banking services but may not qualify for a standard current account.

A basic account usually allows you to:

• Receive money.
• Make transfers.
• Set up direct debits.
• Withdraw cash.
• Use a payment card.

However, it may not include overdraft, credit cards, or premium banking services.

Blocked Account / Sperrkonto

A blocked account, or Sperrkonto, is used to prove that you have enough money to support yourself in Germany. It is most common for international students, language students, job seekers, and some visa applicants.

A blocked account is not the same as a normal current account. You deposit a required amount, but only a limited monthly amount can be withdrawn.

Most people who need a blocked account will also need a current account after arriving in Germany, because the blocked account is mainly for visa proof and monthly payouts.

Savings Account / Tagesgeldkonto

A savings account is used to keep money separate from everyday spending. In Germany, a common type is the Tagesgeldkonto, or instant-access savings account.

A Tagesgeld account can be useful for:

• Emergency savings.
• Short-term savings goals.
• Money you do not want to keep in your current account.
• Receiving interest while keeping access to your money.

You usually need a current account as a reference account for transfers in and out.

Fixed-Term Deposit / Festgeldkonto

A fixed-term deposit, or Festgeldkonto, is used for savings that you do not need immediately. You lock your money for a fixed period and usually receive a fixed interest rate.

Festgeld can be useful if you know you will not need the money during the term. It is less flexible than a Tagesgeld account because access before the end of the term may be limited or impossible.

Business Bank Account / Geschäftskonto

A business account, or Geschäftskonto, is used for business income and expenses. It is especially relevant for freelancers, self-employed people, and company owners.

Some business types must use a separate business account. Even when it is not legally required, separating personal and business transactions can make accounting, tax returns, and invoice tracking much easier.

A business account may be useful if you:

• Work as a freelancer in Germany.
• Are self-employed.
• Run a company.
• Send invoices to clients.
• Need to separate business expenses from personal expenses.

Broker Account / Depot

A broker account, called a Depot, is used to buy and hold securities such as ETFs, stocks, funds, and bonds.

A broker account is not used for daily banking. You normally connect it to a current account, transfer money to the broker, and then use it to invest.

If you want to invest in Germany, compare broker fees, ETF savings plan costs, available products, tax handling, English support, and whether you can keep the account if you leave Germany later.

For more details, see our guide to online brokers in Germany.

Credit Cards in Germany

Credit cards are available in Germany, but they are not always used in the same way as in other countries. Many German bank cards are debit cards, not true credit cards.

A credit card can be useful for:

• Travel bookings.
• Hotel deposits.
• Car rentals.
• Online payments.
• Emergency spending.

However, true credit cards and overdraft products often depend on creditworthiness and SCHUFA history.

For card comparisons, see our guide to credit cards in Germany.

Types of Banks in Germany

Germany has many types of banks. Some are fully digital, while others have local branches. Some are designed for everyday residents, while others focus on students, freelancers, investors, or international transfers.

Online Banks in Germany

Online banks usually offer banking through a website or app instead of a branch network. They often have lower fees than traditional banks and may include current accounts, savings accounts, cards, broker accounts, and loans.

Online banks can be a good fit if you are comfortable managing your finances digitally. However, they may be harder for new arrivals if they require a German address, tax ID, income, or SCHUFA history.

Neobanks in Germany

Neobanks are digital-first banks or financial providers that focus on app-based banking. They are often popular with expats because they tend to offer modern apps, simple card controls, lower fees, and better English-language interfaces.

Neobanks can be useful for new arrivals, but they may not offer the same branch services, cash deposit options, or long-term credit products as traditional banks.

Traditional Banks in Germany

Traditional banks include large private banks such as Commerzbank, Deutsche Bank, and Postbank. They usually offer current accounts, cards, loans, mortgages, investment products, and branch services.

They may be a better fit if you want in-person support, cash deposits, or a long-term banking relationship. They may be less attractive if you want the cheapest account or a fully English digital experience.

Sparkasse and Savings Banks

Sparkasse is a network of regional savings banks. Each local Sparkasse operates separately, so fees, account models, and customer service can vary by city or region.

Sparkasse can be useful if you want local branches and cash services. However, it may not be the best fit if you want low fees, English-language banking, or an online-first experience.

Volksbank and Raiffeisenbank

Volksbanken and Raiffeisenbanken are cooperative banks. They operate regionally and often focus on local customer relationships.

They can be suitable for people who prefer a local bank and in-person advice. For expats, the main limitations can be German-language service, regional variation, and less flexible digital onboarding.

International Banking Providers

International providers such as Wise and Revolut can be useful for expats who transfer money between countries, hold multiple currencies, travel often, or need an account before they have a full German setup.

These providers can be very helpful as secondary accounts. However, they may not always replace a German current account for salary, rent, direct debits, or long-term financial products.

Specialized Banking Providers

Specialized providers focus on specific needs. For example, blocked account providers help visa applicants prove funds, while freelancer banks help self-employed people manage business income.

These providers can solve a specific problem, but they are not always meant to replace a normal current account.

Bank Account Eligibility in Germany

Eligibility is one of the biggest banking issues for expats in Germany. Two people may apply for the same account and have different results depending on their address, documents, residence status, income, nationality, or credit history.

Opening a Bank Account Without Anmeldung

Opening a German bank account without Anmeldung can be difficult because many banks want proof of a registered German address.

Some digital or international providers may accept alternative address information, especially if you are not yet fully settled in Germany. However, once you complete Anmeldung, you usually have more banking options.

If you do not have Anmeldung yet, you may need to start with an international account, a temporary account, or a provider with more flexible onboarding.

Opening a Bank Account Without a Residence Permit

Some expats can open a bank account without a residence permit, especially EU citizens or people whose bank accepts their visa or passport as sufficient proof.

For non-EU citizens, some banks may ask for a visa, residence permit, or proof of legal stay. Requirements vary, so it is important to check before applying.

Opening a Bank Account Without a Tax ID

Some banks allow you to start the application before you have your German tax ID, but may ask you to submit it later. Other banks may require it during account opening.

Your tax ID can also be important for savings accounts, broker accounts, and tax reporting.

Opening a Bank Account Without SCHUFA

Yes, it is possible to open some bank accounts without strong SCHUFA history. This is especially common for debit-based accounts, basic accounts, and accounts without overdraft or credit cards.

SCHUFA becomes more important if you want:

• An overdraft facility.
• A true credit card.
• A personal loan.
• A mortgage.
• Some premium account products.

Opening a Bank Account Before Moving to Germany

Sometimes, but options are limited. Many German banks require a German address or Anmeldung before opening a full current account.

Before moving to Germany, some expats use international providers, multi-currency accounts, or blocked account providers. After arriving and registering, they can open a regular German current account if needed.

German Bank Accounts for Non-Residents

A German bank account for non-residents can be difficult to open. Most banks prefer customers who live in Germany and can provide a German address.

If you do not live in Germany, you may have better options with international digital providers or banks in your current country that support euro transfers. If you need the account for a visa, a blocked account provider may be more relevant than a normal bank.

Best Type of Bank Account by Situation

The best bank account in Germany depends on what you need the account to do. Most expats should start with a current account, but some situations require an additional account.

Best Online Banks in Germany for Expats

Online banks are often attractive for expats because they usually offer digital applications, app-based banking, lower fees, and easier account management.

The best online bank in Germany for you depends on what you need from the account. Instead of choosing only by brand name, compare the features that matter for everyday life.

A good online bank for expats should offer:

• A simple account opening process.
• Clear document requirements.
• English-language app or support, if needed.
• A debit card for everyday payments.
• SEPA transfers and direct debits.
• Fair cash withdrawal rules.
• Transparent fees.
• Support for your passport or nationality during identity verification.

Online banks can be ideal if you mostly use card payments and online transfers. They may be less suitable if you often deposit cash, need personal advice, or want a mortgage soon.

For provider rankings and current offers, see our guide to the best bank accounts in Germany.

Free Bank Accounts in Germany

Free bank accounts are available in Germany, but “free” does not always mean that every service is included. Some accounts have no monthly fee. Others are free only if you receive a minimum monthly incoming payment.

Before choosing a free account, compare the full fee structure.

A free online account may be enough if you mostly use card payments, SEPA transfers, and online banking. A paid branch account may be better if you need regular cash services or in-person help.

Documents Needed for German Bank Accounts

The documents needed to open a German bank account depend on the bank and account type. A basic current account may have different requirements from a broker account, business account, blocked account, or credit card.

German Banking Terms Expats Should Know

German banking vocabulary can be confusing at first. These terms appear often in bank applications, account conditions, cards, transfers, and fee lists.

Conclusion

Banking in Germany is easier once you understand the different account types and provider types. Most expats need a current account first, but your full setup may also include a blocked account, savings account, business account, broker account, or credit card.

If you are new to Germany, focus on eligibility first. Check whether you have the documents the bank requires, such as Anmeldung, a German address, residence permit, tax ID, income, or SCHUFA history. After that, compare fees, English support, cards, cash access, and online banking features.

For many expats, the best setup is a German current account for daily life, plus additional accounts only when needed for saving, investing, freelancing, or visa requirements.

Frequently Asked Questions