Top Banks in Germany for International Students: Complete Guide

December 24, 2024

Germany is one of the most sought-after countries for international students, with high-quality education, affordable tuition fees, and a vibrant cultural scene. If you are planning to study in Germany, opening a bank account is one of the first and most important steps. This topic provides a detailed overview of banks in Germany for international students, focusing on the best options, the process of opening an account, and the benefits of each bank.

Why International Students Need a German Bank Account

Having a German bank account makes it easy to take care of finances while on campus. The following are some of the reasons international students need to have a German bank account:

Rent and Utility Bills Payment: The majority of the landlords in Germany and the utility firms require direct debit payment that requires a local bank account.

Receiving Scholarship or part-time wages: scholarship grant money and salaries for part-time jobs are often received via a German account.

Convenience: Using a German account, you can easily access online banking services and make transactions without having to pay hefty international transfer fees.

Required for Visa Requirements: Many students require opening a blocked account (“Sperrkonto”) in order to demonstrate financial stability as part of the visa application process.

Types of Bank Accounts in Germany for International Students

Current Account (“Girokonto”): Mostly used for day-to-day accounts for receiving salary, clearing of bills, and other transactions.

Blocked Account (“Sperrkonto”): Special account for visa purposes, where a certain sum of money is deposited with restrictions on withdrawals up to a certain amount every month.

Savings Account (“Sparkonto”): Maintaining savings for earning minimal interest.

Top 5 Banks in Germany for International Students

Here’s a list of the best banks for international students in Germany, depending on factors like fees, accessibility, and student-friendly services:

1. Deutsche Bank

Founded in 1870 in Berlin, Deutsche Bank is one of Germany’s oldest and most prestigious financial institutions. It has a strong international presence and is well-known for its reliability and comprehensive banking solutions. Deutsche Bank is one of the biggest and most prestigious banks in Germany. Their blocked account process is straightforward and widely recognized by German embassies.

Features:

International accessibility with branches all over the world.
Easy online and mobile banking.
Support for opening blocked accounts.

Fees:

Free for students on specific conditions.

Benefits:

High security and reliability.
Complete customer service in English.

2. Commerzbank

Established in 1870 and headquartered in Frankfurt, Commerzbank has a long-standing reputation for excellent customer service and financial innovation.

Features:

Free Girokonto for students.
No account maintenance fees, if the conditions are met.
Multilingual support.
User-friendly online and mobile banking platforms.

Benefits:

Wide ATM network.
Mobile app integrated to perform easy transactions.

3. N26

Launched in 2015, N26 is a modern, fully digital bank, targeting mostly tech-savvy individuals. N26’s modern approach to banking, coupled with its intuitive app and no hidden fees, makes it a favorite among tech-savvy students.

Features:

The account setup is fully digital.
Basic account is free with competitive foreign exchange rates.
Multilingual app support, including English.

Benefits:

No need to visit a branch; everything is online.
Good for international students constantly traveling around Europe.

4. Sparkasse

Sparkasse, a network of public savings banks, dates back to the 18th century and is deeply rooted in Germany’s local communities. Sparkasse is ideal for students living in smaller towns or those seeking a traditional banking experience with a local touch.

Features:

Wide network of branches and ATMs.
Simplistic student accounts at low costs.
Localized banking experience.

Benefits:

Accessible in almost every town in Germany.
Community-friendly banking services.

5. DKB (Deutsche Kreditbank)

Established in 1990 and headquartered in Berlin, DKB is one of Germany’s leading online banks. It is favored for its customer-centric approach and cost-efficient solutions. DKB’s combination of digital convenience and minimal fees makes it an attractive option for students who value flexibility and global access.

Features:

Free current accounts for students.
Free Visa card for international transactions.
High ATM coverage.

Benefits:

Free withdrawals worldwide.
Excellent online and mobile banking services.

Bank Comparison

Bank Name	Monthly fees (€)	ATM Network Size	Language Support	Account Opening Time (Days)	Special Features
N26	0	Unlimited	English, German	1	Fully Digital Banking multi-currency support
Deutsche Bank	6.90	40,000+	English, German	5 – 10 days	Embassy-Approved Blocked Account
Sparkasse	3 – 5	23,000+	German	2 – 5	Accessible in Smaller Towns, Branch Services
Commerzbank	0	9,000+	German, English	3 – 7	Free Student Account, Mobile Banking App
DKB	0	Unlimited	German, English	3 – 7	Free International Withdrawls

Best Bank for International Students in Germany

All the banks mentioned above are excellent choices, but N26 stands out as the best bank for international students in Germany due to its:

Fully digital services, making account setup hassle-free.
Competitive foreign exchange rates, saving money for international transactions.
No hidden fees, ensuring transparency.

Blocked Account Providers in Germany

When studying in Germany, opening a Blocked Account is a crucial step to secure your visa. This account acts as proof of sufficient funds to cover your living expenses, ensuring you meet the financial requirements set by the German Authorities. Below down are the top Blocked Account Providers and their features:

Provider Name	Minimum Deposit( in euros)	Setup Fee	Monthly Maintenance Fees	Special Services
Deutsche Bank	11,208	150	0	Traditional Blocked Account
Fintiba	11,208	89	4.90	Embassy coordination included
Expatrio	11,208	49	5	Health Insurance, Travel Insurance
Coracle	11,208	99	4.50	Low Monthly Fees, Student Support

At Successcribe, we are committed to simplifying your journey to study abroad. As a leading German Education Consultancy, we have partnered with Fintiba, one of the most trusted Blocked Account Providers in Germany.

Why Choose Us?

Smooth application process: Our team guides you through opening your Blocked Account easily via Fintiba.
Professional Consultation: From the preparation of documents to approval of account, we ensure you comply with all the conditions.
Faster Processing Time: With our collaboration, you are able to enjoy a quicker processing time
Other Services: Health and travel insurance are also available through Fintiba for different aspects of your study abroad

How We Assist You

Step-by-Step Guidance: We support you at every step while opening a Blocked Account.
Exclusive Access: As our partner, Fintiba offers specific solutions to Successcribe students.
Complete Visa Assistance: We prepare all the documents related to your Blocked Account as well.

How to Open a Bank Account in Germany

Opening a bank account in Germany is not complicated and can be done by following a few simple steps:

Select the Right Bank: Compare banks on the basis of fees, services, and your specific needs.

Prepare Documents: Generally, you will require:

Passport or valid ID.
Proof of residence (“Meldebescheinigung”).
Student ID or university admission letter.
Tax Identification Number if applicable.

Visit the Bank or Register Online

Traditional Banks: Just visit the branch with all the documents.

Digital Banks like N26: All can be done online.

Complete Verification: It depends on the bank. Verification can be done by in-person visit, video call, or postal service.

Deposit Money: For Blocked Accounts, Deposit the money required according to the regulations of your visa.

Activate the Account: After verification, you will get the account details and bank cards.

Factors to Consider When Choosing a Bank in Germany

Factors to consider when choosing Bank in Germany

Here are some factors to consider when choosing Banks in Germany for International Students:

Monthly Maintenance Fees: Some banks charge maintenance fees, while others offer free accounts for students.
ATM Accessibility: Ensure the bank has a wide ATM network to avoid withdrawal fees.
Online Banking Options: Look for banks with robust online and mobile banking platforms.
Customer Support: Check if the bank offers multilingual customer support.
Reputation and Reviews: Research the bank’s reputation among international students.

Banking Fees for German International Students

Account Administration: Usually 0 to 10 euros monthly for student accounts.
Withdrawing from ATM: usually free at Partner ATMs but costs from 3 to 5 euros on the rest
Withdrawing overseas: varies on bank policies; some accounts have unlimited transactions with the right type of card.
Opening a blocked account: a fee charged by the banks to open; usually between €50 and €150.

Managing Your German Bank Account the Right Way

Track your Transactions: Use online banking to keep tabs on your spending and account balance.
Avoid Overdrafts: Many accounts permit overdrafts, but this comes with high interest rates.
Use Partner ATMs: Withdraw your cash without facing withdrawal fees at the bank’s partner ATMs.
Save with a Student Account: Enjoy perks like no maintenance fees and discounts on certain services.

Tips for Students Planning Long-Term in Germany

If you intend to stay in Germany after your studies, here’s what you can do:

Build Credit History:

You should open a bank account and make it active with frequent transactions, and you might also obtain a credit card. Credit history is important when renting apartments or when applying for loans.

Upgrade to Premium Accounts:

After completing your studies, some banks offer premium accounts with greater transaction limits, better interest rates, and added services such as travel insurance.

Explore Investment Options:

Banks such as DKB and Commerzbank offer investment services, which can help you increase your savings through mutual funds or stock trading.

Conclusion

Opening a bank account in Germany is one of the crucial steps international students must undertake to manage their finances properly. There are so many options; therefore, the right choice depends on your specific requirements, such as low fees, easy access, and student-friendly services. Out of the top 5 banks in Germany for international students, N26 and DKB stand out due to their digital-first approach and cost-effectiveness. With this information, you can have a relatively smooth banking experience while you are studying in Germany.