Top 4 Bank Accounts for Foreigners in Germany [2024 Update]

Summary

In this video, the presenters break down the top four bank accounts for foreigners in Germany in 2024, evaluating each based on English friendliness, product quality, user-friendliness, digital features, and customer service. They discuss Kads Bank, N26, Tomorrow Bank, and Vivid Money, providing an in-depth look at their pros and cons. For newcomers without a residence permit, they recommend interim banking solutions like Wise, Revolut, and Bankk. The video also highlights why some popular banks like Deutsche Bank and ING didn't make the cut due to language barriers or restrictive policies for foreigners.

Takeaways

• 😀 Takeaway 1: The video presents the top 4 bank accounts for foreigners in Germany in 2024, ranked according to the Simple Germany score system, which assesses factors like English-friendliness, product quality, user experience, and customer service.
• 😀 Takeaway 2: Kads Bank (Commerzbank) is ranked first with a score of 9.0, praised for its free account with English banking options, no monthly maintenance fee (with €700 incoming monthly), and excellent customer service.
• 😀 Takeaway 3: Commerzbank offers unlimited free withdrawals at ATMs in its cash group (Deutsche Bank, Postbank, and others), and the ability to deposit cash for free at its ATMs, which is advantageous for those handling physical cash.
• 😀 Takeaway 4: Commerzbank provides a unique 'Zuro Card' debit card, widely accepted in Germany, but with limited international use. It also offers a free virtual Mastercard for online purchases.
• 😀 Takeaway 5: N26, a mobile bank, is ranked second with a score of 8.9. It is completely English-friendly and offers a free standard account with no maintenance fee, but limits cash withdrawals to 3 free per month. They also offer two sub-accounts for free.
• 😀 Takeaway 6: N26's main advantage over Commerzbank is its lack of foreign currency fees for card payments abroad, though there is a 1.75% fee for ATM withdrawals abroad.
• 😀 Takeaway 7: Tomorrow Bank, an ethical mobile bank, ranks third with a score of 7.4. They focus on sustainability but charge a €3 monthly fee (rising to €4 in 2024). The bank does not offer free cash withdrawals, but a Visa card is included with no foreign currency fees.
• 😀 Takeaway 8: Vivid Money, founded in 2019, is ranked fourth with a score of 7.3. It offers 15 free sub-accounts, but it charges a 3% fee for cash withdrawals after €200 per month. The service is fully in English, but customer support is limited to an in-app chat.
• 😀 Takeaway 9: Banks such as Deab, ING, and Comir were excluded from the list due to lack of English support or restrictive policies for foreigners, despite being established and well-regarded in Germany.
• 😀 Takeaway 10: For newcomers to Germany, Wise, Revolut, and Bankk provide interim banking solutions, with low fees for international money transfers and EU IBAN numbers. However, they are not full-service bank accounts and may have limited functionality.

Q & A

Which four banks are considered the best for foreigners in Germany in 2024?

The four best banks for foreigners in Germany in 2024 are Commerzbank (Kads Bank), N26, Tomorrow Bank, and Vivid Money.

How does Commerzbank support English speakers?

Commerzbank offers an English-friendly environment with an English website, mobile app, and customer service. However, the signup process and terms and conditions are currently only available in German, which affects its overall English-friendliness score.

What are the fees associated with Commerzbank accounts?

Commerzbank offers a free account as long as you deposit at least €700 monthly. If you don't meet this requirement, a €9.99 monthly fee is charged. There are also no fees for cash withdrawals at specific ATMs from partner banks, but international transactions incur a foreign currency fee of 1.75%.

What is the main disadvantage of Commerzbank for international travelers?

The main disadvantage for international travelers is that Commerzbank’s debit card, the Zero Card, has limited acceptance abroad and charges a foreign currency fee of 1.75% on international transactions.

How does N26 compare to Commerzbank in terms of customer service?

N26 offers excellent customer service in English with 24/7 access through its app and online channels. However, phone support is limited to premium accounts, and the chat feature initially involves a bot, which may lead to mixed customer service experiences.

What is the monthly fee for an N26 standard account?

The N26 standard account is free of charge, with no monthly maintenance fee. However, cash withdrawals are limited to three per month; after that, a fee applies.

What benefits does N26 offer for international travelers?

N26 offers free foreign currency payments with no transaction fees for up to 40 currencies, making it a good option for international travelers. However, withdrawing cash abroad incurs a 1.75% fee, plus any local ATM fees.

Why does Tomorrow Bank score lower in product quality compared to other banks?

Tomorrow Bank scores lower in product quality due to its paid account fees, which start at €3 per month, and the lack of free cash withdrawals or deposits. These factors make it less attractive compared to free accounts offered by other banks.

What makes Vivid Money unique among the banks discussed?

Vivid Money stands out for offering 15 free sub-accounts, which is significantly higher than other banks. It also provides a Visa debit card, though it charges fees for cash withdrawals and deposits beyond certain limits.

Which banks can foreigners use temporarily in Germany if they don't have a residence permit?

Foreigners without a residence permit can use services like Wise, Revolut, and Bankk as interim banking solutions. These services offer European IBANs and facilitate international transfers with relatively low fees, though they are not full-fledged bank accounts.

What is the biggest advantage of N26 for users in Germany?

The biggest advantage of N26 is its fully digital nature, making it incredibly convenient for users. It is also 100% English-friendly, offers free sub-accounts, and integrates with Wise for easy international transfers.

Why were some traditional banks like Deutsche Bank and Sparkasse not included in the list?

Deutsche Bank and Sparkasse were not included due to their limited English support, high fees, and inflexible banking systems. These banks also typically reject foreigners unless they are permanent residents or German citizens, making them less ideal for newcomers.