Best Banks In Germany For International Students (2024)

Finding the best bank account for students in Germany, especially for international students, is essential to effectively manage finances while studying. Germany provides a range of tailored options, each with unique benefits. Noteworthy banks in Germany for international students include Deutsche Bank, Commerzbank, Sparkasse, and N26. However, it’s vital to meticulously research and compare offerings across multiple banks to identify the one that aligns with your specific needs and preferences. Always thoroughly review terms and conditions before finalising your choice, ensuring the selected bank account suits your student life in Germany.

Given the financial constraints often faced by students, prudent budgeting remains critical. Even if you’re employed part-time, mindful spending is key. Within this article, we’ll delve into diverse possibilities for selecting the most suitable bank account, particularly focusing on banks in Germany for international students.

List Of Best Bank Account For Students In Germany

Students must consider all factors before opening their account. Thus, here is a table summarising the best bank accounts for students in Germany. Know bank name, account type, monthly fee and any additional information: 

Note:

• The Monthly Fee is indicated as “None” for banks that do not charge a monthly fee for their student accounts.
• Additional Information includes details such as age eligibility for student accounts and any specific conditions mentioned for EU or non-EU students.
• Consideration factors for choosing a bank account are mentioned as customer support, monthly fees, and additional benefits like free withdrawals or student discounts.

In-depth Details On Best Bank Accounts for Students in Germany

Renowned for low fees, overdraft facilities, and student discounts, German banks offer specialised accounts designed to empower students to manage their finances. Discover the blend of traditional and digital solutions catering to both local and international student needs. Here are the top 5 German banks for international students:

1. Commerzbank

Commerzbank stands out as the top choice for students among banks in Germany for international students due to its exceptional cost-free services. This major German commercial bank operates both domestically and internationally, headquartered in Frankfurt am Main and boasting a global presence. It held the position of the second-largest bank in Germany by balance sheet value as of 2019. Commerzbank offers a range of services to choose from:

• Free Current Account (Kostenloses Girokonto) – no charge
• Free Current Account Student Version (Startkonto) – no charge
• Classic Account (Klassik Konto) – €4.90 per month
• Premium Account (Premium Konto) – €12.90 per month

Opening an account with Commerzbank brings several advantages:

• No-cost Current Account
• Unlimited ATM withdrawals
• Free foreign exchange transactions
• Wide accessibility with 1200+ branches
• Excellent English and German customer support via mobile app and online banking
• Easy account initiation process

Commerzbank emerges as a smart choice, especially for its user-friendly services and top-notch customer support. The main downside is the €700 monthly minimum inbound deposit.

2. N26

Among the top choices for a bank in Germany, a standout option is N26. This German “Neobank” headquartered in Berlin has gained popularity for several reasons, making it an excellent choice for students. Let’s explore its attributes:

Considered one of the finest options, N26 competes closely with Commerzbank for the title of the best bank account for students in Germany.

3. Comdirect

Comdirect Bank AG, the third-largest German online bank and a subsidiary of Commerzbank, offers fee-free online services. Founded in 1994 by Commerzbank, it became publicly traded in 2000 and was fully integrated into Commerzbank on November 1, 2020.

Comdirect exclusively operates online, making it advantageous for expats seeking online banking in Germany. Key benefits include:

• No account management fees.
• Free securities deposit account for investing in stocks, ETFs, and more.
• Free Visa Card for unlimited global cash withdrawals.
• Charge-free cash deposits.

While Comdirect is an appealing choice for student accounts in Germany, note that customer support is only available in Germany.

4. Deutsche Bank

Deutsche Bank, a leading bank in Germany, offers a specialised student account called “Das Junge Konto.” With over 27 million customers globally and 1,680 branches in Germany, it provides benefits such as:

• No-cost savings account for students.
• English-language customer support.
• Wide accessibility through Internet banking and branches.
• Free cash withdrawals from CashGroup ATMs.

However, remember that this account is free only for students. Once studies are completed, the account might incur a monthly fee of around 6.00€.

5. Wise Borderless Account

The Wise Borderless Account, tailored for international students moving abroad, offers a free Euro Bank account with an IBAN. This account is ideal for students seeking to manage payments during their relocation. Specifically designed for international students, the Wise Borderless Account offers:

• Cost-free international and domestic money transfers.
• Completely online registration without the need for a German residential address.
• A Mastercard Debit Card with free cash withdrawals up to €200, once you establish a home address in Germany.

This option stands out, particularly for newcomers to Germany, allowing easy account opening without a local address requirement. It’s a noteworthy choice of banks in Germany for international students.

Banking System In Germany

The banking system in Germany is renowned for its stability, efficiency, and comprehensive range of financial services, including a specialised focus on student bank accounts. It operates within a well-regulated framework overseen by the Bundesbank (the central bank of Germany) and various regulatory authorities. The system comprises a diverse array of financial institutions, including public, private, cooperative, and online banks.  Check some of the collective feature of best bank account for students In Germany in this list: 

Diverse Financial Services:

• Offers savings and checking accounts, loans, mortgages, investments, and insurance.
• Special focus on tailored student bank accounts.
• Features include low fees, overdraft facilities, and student discounts.

Student Bank Accounts in Germany:

• Designed to support effective financial management during studies.
• Typically includes no or minimal monthly fees, debit cards, online banking, and mobile apps.
• Collaborations with local businesses for student discounts and special deals.

Adaptation to Digital Banking:

• Rise of online banking and digital services.
• Online banks like N26 provide intuitive apps for convenient financial management.
• Aligns with the preferences of tech-savvy local and international students.

Data Security and Privacy:

• Emphasis on data security and privacy in line with German regulations.
• Stringent measures to safeguard personal and financial data of student account holders.
• Particularly crucial as more students embrace digital banking methods.

Specialised Accounts for International Students:

• Reflects Germany’s commitment to inclusive and secure financial solutions.
• Availability of specialised bank accounts for international students.
• Demonstrates a dedication to offering diverse and secure financial options for the student community.

Best Bank Account For Students in Germany – What Factors to Consider?

Understanding that the banking system in Germany varies significantly from what you might be accustomed to, it’s crucial to acquaint yourself with its nuances when considering a bank account for students in Germany. To navigate this transition effectively, take the time to assess the following attributes of a prospective bank account before finalising your decision.

• Account Management Fees: This is the charge imposed by banks for maintaining your deposited funds within an account with them. These fees typically range from 4€ to 8€ per month, but regional factors might cause them to be higher. For instance, my Volksbank account incurred a 13€ fee in Hamburg.
• Negative to Zero Interest: Most German banks do not offer any additional earnings on the money you deposit. This contrasted starkly with my prior experience in India, where positive interest is common. Yet, across much of Europe, it’s standard to encounter zero or even negative interest rates when placing funds in a bank account.
• Cards: When acquiring a debit or credit card, it’s important to confirm whether your chosen bank issues a Mastercard or VISA. Some German banks furnish Vpay cards (domestic issuers), which may not be usable when travelling to other European countries.
• Customer Service: As an expatriate, ensuring access to excellent customer service from your chosen bank is paramount. Particularly if you’re new to Germany, having the option of assistance in English is invaluable. The proliferation of Fintech companies has spurred many banks to offer robust online banking services.

What Should ‘Best German Bank Account For Students’ Look Like?

The best bank account for international students in Germany should be tailored to meet their unique financial needs and challenges during their academic journey in a new country. Here’s a comprehensive look at the features that make up an ideal bank account for international students, especially when considering banks in Germany for international students:

Requirements To Open A Bank Account In Germany

Typically, when considering opening a bank account in Germany, two fundamental prerequisites remain consistent among various banks. These foundational criteria are vital for all potential applicants, including international students seeking services from banks in Germany for international students.

• German Residential Address: One of the central requirements for opening a bank account in Germany is the provision of a German residential address. This address serves as a key factor in establishing your local presence and enables the bank to communicate effectively with you. Having a valid and verifiable local address demonstrates your connection to the country and ensures that you can be reached for correspondence related to your banking activities.
• Personal Identity Proof: Another fundamental requirement is your personal identity proof. This is typically established through your passport and visa, which not only confirm your identity but also your legal status within Germany. These documents serve as a foundation for the bank’s verification process, assuring them of your authenticity and eligibility to engage in financial transactions within the country.
• Exceptions and Additional Considerations: While the aforementioned requirements generally apply, there could be exceptions and additional considerations, particularly when dealing with banks in Germany for international students.
• Financial History: Some bank accounts might stipulate the necessity of having a financial history in Germany. This could potentially impact foreign applicants who are new to the country’s financial landscape. It’s advisable to inquire about this requirement and explore options that cater to individuals with limited or no financial history in Germany.
• FATCA Requirements: For citizens of the United States applying to open a bank account in Germany, there might be additional requirements due to the Foreign Account Tax Compliance Act (FATCA). This is an important legal consideration, and banks might ask for extra documentation to ensure compliance with international tax regulations.

When searching for banks in Germany for international students, it’s crucial to consider these nuances and potential variations in requirements. Thoroughly researching and communicating with your chosen bank will help ensure that you fulfil all the necessary criteria for a smooth and successful bank account opening process.

FAQs

1. Which banks are best for students in Germany?

The best bank accounts for students in Germany are Commerzbank, N26, Comdirect, Deutsche Bank, Wise Borderless Account, and DKB (Deutsche Kreditbank AG).

2. Can I open a bank account in Germany as a student?

International students have the option to choose between opening a bank account with a conventional bank or opting for an online bank.

3. Which Indian bank is available in Germany?

SBI Frankfurt holds the designation of being an autonomous bank in Germany. It provides a range of deposit products for individuals, institutions, and businesses, all features with appealing interest rates.

4. Which German bank is free?

German banks without monthly charges include DKB, which doesn’t impose monthly fees but doesn’t allow new immigrants to open accounts. Similarly, N26 doesn’t have monthly fees as long as your balance remains below 50,000€.

5. What is the ATM fee in Germany?

Withdrawals from your bank’s ATMs or affiliated branches within Germany are fee-free. However, using ATMs from other banks in the country usually incurs a minor fee, typically around 1%. When withdrawing cash abroad, this fee can rise to approximately 2.5%. Your bank will provide information regarding withdrawal costs in different countries.