Choosing a bank in Germany for foreigners

Choosing a bank in Germany for foreigners

A reliable banking system is very important in daily life activities and work. But how do you choose a good bank when you are a foreigner in Germany? Read this Genome article to find out which factors to compare and which financial services we recommend for personal needs and business.

How to open a bank account in Germany for foreigners without a German address?

Choosing a bank when you are a foreigner in Germany is the same as choosing a bank anywhere, except it depends on your registered address. And we are here to take the most inclusive option. If you do not have an address in Germany, but you want to open an account that would function in Germany, we know what to do.

You should go for online banking. Thanks to the European Economic Area or EEA, all the EU IBANs are treated the same way in each state member country. It means that, for example, an account and card issued in Spain would work absolutely normally and without extra fees in Italy. It would work in the same way as it would be used in the country of its origin.

So basically, there is no necessity to have a German IBAN account when you can have any EU country account that functions well. That is why online banking is the most flexible option for foreigners, especially at the beginning of living in another country or even before coming to settle.


Open an account

in Genome online

Get Started

How do you choose a bank account in Germany for foreigners?

Okay, now that we know how to have an online account in Germany without a German address, let’s focus on choosing a reliable online bank or payment service provider. To do so, simply clarify what your goals are in having one and which financial services you need the most.

Another thing to decide is the account type: personal or business. A personal account allows you to perform all the daily financial actions and basically is a ‘normal’ bank account. A business account has all the same functions along with business financial services that support companies and freelancers in their money activities. Below we list some of the key features each account should have.

Key features of an online personal accountKey features of an online business account
Having an account and a digital walletAll the online personal account features
Receiving and transferring money onlineHaving business transfers and payment templates
Having a credit or debit physical cardHaving shared account access
Having a virtual cardAccessing statements and analytics
Making online and retail payments with virtual and physical cardsBeing able to advance to a merchant account to accept payments from customers
Being fraud protectedBeing fraud protected

Which bank in Germany for foreigners is the best option?

For personal purposes, we recommend Genome. Genome offers the EU IBAN with no need for a German registered address; the card can be delivered to any state in the EU.

Benefits for foreigners of Genome personal account

  • All the online personal account key features;
  • Opportunity to have many accounts within one digital wallet;
  • Multi-currency wallets with EUR, GBP, and USD;
  • Currency exchange between accounts;
  • Instant transfers between Genome users;
  • Bonus program for inviting friends and family to Genome;
  • A special initiative for Ukrainians – they can start accounts and order cards as well! 

How to open an online business German account?

To have an online business German account, Genome offers a good deal as well. It allows users to benefit from all the personal account features along with additional financial services such as multiple IBAN opening, account roles assignment and shared access, advanced fraud protection, statements, and analytics.

Steps to open a Genome online business German account

  1. Sign up to Genome to open a personal wallet
  2. To do so, provide personal information, verify your identity and documents
  3. Apply for a business wallet – select the business wallet type
  4. Input the information about your company

Open an account

in Genome online

Get Started


Which bank is good for foreigners in Germany?

We recommend Genome – a payment service provider. It does not require you to have a registered address in Germany; you can input any European Union address to receive the card and issue an account. Besides all the standard banking features, Genome offers multi-currency accounts with an inner currency exchange between EUR, GBP, and USD.

Can I open a bank account in Germany as a foreigner?

Yes, you definitely can, but some banks would require you to have a registered address in Germany. We propose a more inclusive option – to go with online banking. You can open an EU bank account with a suitable IBAN that will function well in any European country, including Germany. Check out Genome for personal and business digital wallets.

Which bank is the best bank in Germany?

There are a lot of decent baking service providers that offer accounts for Germany. We recommend Genome EMI; it does not require you to have a registered German address. Also which is a benefit for foreigners; Genome has a multi-currency option within one account.

Which bank is safest in Germany?

Honestly, almost all EU banks are very safe due to the international regulations and compliances. We can recommend Genome. It has an advanced fraud protection system and two-factor authentication.