Best English Speaking Banks in Germany [2024]

Being an expat, you must be worried about your financial needs and so you need to know about the English speaking banks.

Importance of bank account in germany

When you are new in Germany and do not have a registered address, or a residence permit, you must have a bank account on the basis of your passport. You need a bank account to:

• Pay your rent
• Receive your salary
• Register for electricity and other utilities
• Register for internet
• Register for a phone plan
• Get your liability insurance
• Shop online

Comparison Between English Speaking Banks

Charges

People might expect a few services for free but everyone must look and read the bank’s policy and terms and conditions carefully to know about the additional or hidden charges.

Cards

Bank staff might offer you different types of cards as;

Debit Cards (GiroKarte/EC Karte): These cards are directly to your current bank account and work for both online and offline payments.

Credit Cards:  These cards have a monthly limit for spending which is directly detracted from your bank account. If there are insufficient funds (overdraft), you would pay high interest.

Communication

Language barrier is the major issue for expats so foreigners prefer to choose banks where English support or website is available.

Online or Physical

Technological advancement have made offline banking very interesting. People prefer to make transactions while staying at home or office.

Sign-up

Sign up process should be very easy, simple, and straightforward. No one want to submit a long list of documents with the application. Other factors include minimum deposit limit, minimum balance limit, citizenship restriction, residency requirements and etc.

Withdrawal

Cash is very important to meet the daily needs because not all restaurants and cafes accept bank cards. Cash withdrawal require separate ATM fees if you are using another bank’s machine. There is also a limit to withdraw cash for free.

Services

Being expat, open a bank account where international fund transfers are available at cheap rates.

Beware !! Not all Country’s Passport is accepted by German Fintech Banks.

Bank management doesn’t accept all Passports for opening German Fintech Bank accounts. They do not accept Pakistani passports, so confirm before selecting your bank. If an application is rejected, it will have a negative impact on your schufa score. After rejection by Fintech banks, choose traditional banks or banks account from Wise and Revolut

Best English Speaking Banks in Germany

N26

Number26 was founded in 2013 and known as the best mobile bank across Europe because of the complete English language support. It is the first virtual bank (no offline branches) from video chat verification to international fund transfer. You can open an account with N26 only if you have an official German residential address. It doesn’t charge any hidden costs, so sign up online within a few minutes! Its mobile application is easy to navigate.

Pros

✅ 100% English support ✅ Easy verification process ✅ Official German address to open an account ✅ No Monthly fee or Exchange fee ✅ Quick and reasonable international transfers ✅ Three free ATM cash withdrawals ✅ Free Maestro card and credit card ✅ 24/7 customer support

Cons

⛔️ No GiroCard ⛔️ Limited free withdrawals with Mastercard ⛔️ No offline branches ⛔️ One-time fee for physical debit Mastercard ⛔️  1.7% cash withdrawals charges outside Germany ⛔️ No acceptance for passports by few countries

Vivid Money

Vivid money, based in Berlin, is struggling to become the best bank just like N26. It offers the best banking, investing, and organizing services for your financial transactions and savings for free. Another amazing feature is to create investment portfolios along with your bank account and opening multiple sub-accounts to help yourself organize your expenses efficiently.

Pros ✅ 24/7 availability of real representative to support customers
✅ Efficient mobile application
✅ Quick sign-up process
✅ 100% free account set up
✅ Trading and investment functionality
✅ Extensive cashback program
✅ Trade of over 50 Crypto coins
✅ Tax return 

Cons ⛔️ No branches
⛔️ No real credit card
⛔️ Limited free cash withdrawals per month
⛔️ Fee for premium services
⛔️ No customer support via phone
⛔️ No cashbacks from foreign countries

Commerzbank

Commerzbank is the second-largest bank which is rated #1 in Germany. It offers both branch banking and online services in English too. If you are in Germany for the long term, open a conventional bank account, and get other options such as a securities account, loans, and investments.

Pros ✅ 500+ branches ✅ Free virtual mastercard and girocard ✅ Easy to use mobile application ✅ Apple and Google pay ✅ Available for all nationalities ✅ No Monthly fee for students under 27 years old ✅ Free withdrawals from Cash Group ATMs

Cons ⛔️ Sign-up process in German ⛔️ 9.90 Euro monthly fee if your deposit < 700 Euro per month ⛔️ Credit cards annual fee of 39.90 Euro ⛔️ Withdrawal from other ATMs fee 1.95% ⛔️ Registered German address required ⛔️ Limited functionality of the EC card

Bunq

It is a mobile banking service provider offering services in more than five languages including English and a complete support system known as “Bunq Together”. The sign-up process is very simple and requires a travel card to pay a one-off setup fee. They offer a free debit and credit card to make all expenditures and international transfers quickly and easily.

Pros ✅ 7 languages ✅ Best mobile application ✅ Free mastercard, travel card, and maestro ✅ 10 free ATM withdrawals per month ✅ Quick sign-up process ✅ Multi currency accounts with local IBAN numbers ✅ No German address required 

Cons ⛔️ No physical branches ⛔️ No customer support via phone ⛔️ Minimum 3 Euros per month

Tomorrow Bank

Tomorrow Bank, founded in 2017, uses the customer’s deposits for sustainable projects and protecting the forests. They invested over 44,000,000 Euros into renewable energies and 11,000,000 Euros into social housing. You don’t need to have a German residential address to sign up. Conventional features include a fully recyclable and free visa debit card to make global payments. Manage your daily financial transactions through its user friendly mobile application.

Pros

✅ Services in English ✅ Free visa debit card ✅ Apple and Google pay ✅ Multiple sub-accounts ✅ Efficient sign-up process ✅ Does not require German address

Cons ⛔️ No branches ⛔️ No free accounts ⛔️ 2 Euros per ATM cash withdrawal ⛔️ No real credit card ⛔️ No GiroCard ⛔️ Not available in certain nationalities

Deutsche Bank

Deutsche Bank is among top 7 expat friendly banks in Germany which follows a conventional banking system at its 1,680 branches in Germany. Their documents are in German but they offer services in English. You can find your nearest branch through its online tool.

Pros ✅ Online and offline banking ✅ Excellent features ✅ Free ATM cash withdrawals from cash groups ✅ Free EC card

Cons ⛔️ Inconvenient sign-up process ⛔️ 5.90 Euros per month ⛔️ Fee for cash withdrawal from other ATMs ⛔️ 39 Euros for debit visa or mastercard annually ⛔️ Requires registered German address

Banks for Expat Students

If you are a student, trainee, or job seeker, having a blocked account (Sperrkonto) will secure your German visa. When you apply for a German visa, you must have a blocked account that is required by the German embassy or immigration office. It is the financial proof that you can afford living in germany. It is a bank account in which your funds are blocked and a monthly stipend is transferred to your standard German bank account by the German authorities so you can manage your finances throughout your stay in Germany. Since 1st January 2021, you must have at least 11,208 Euros in your blocked account when applying for the visa and you will receive over 934 Euros per month.

The blocked account in Fintiba bank is an online, highly secure, and approved bank by German embassies and immigration offices across the world. Their sign up process is very quick and easy. The set up fee for a blocked account with Fintiba is 89 Euros with a monthly fee of 4.90 Euros.

Always Compare!

It is good if you have shortlisted a few banks and want to make a comparison to find the best option to cater your needs. Tarif Check and Verivox are two good comparison platforms.

Final Words

Consider the fees and services while choosing a bank. There are a lot of banks in Germany but select one that offers English speaking services and is expat friendly. Have a good time in Germany!