International students studying abroad must consider opening a bank account in whichever country they plan to study. This helps them manage their finances effectively and avoid international transaction fees. Students can also build a credit history and begin their financial journey in a foreign country. A student pursuing higher education can open a bank account in some of the best banks like Commerzbank, N26, Deutsche Bank, Comdirect, Sparkese, and many more.
These banks offer several benefits to international students like dedicated student support in different languages, no additional expenses for students up to a certain age, and many ATMs at accessible locations. They have a good mobile application with a friendly user interface to ensure easy transactions and a better experience. Let’s have a look at some of the best bank accounts for students in Germany.
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Also Read: If you are still planning to study abroad, check our blog on How to get Education loans without collateral for UG in Germany.
Top Banks in Germany
When embarking on a new academic journey in Germany, having a reliable and student-friendly bank by your side is crucial. The top banks mentioned in this blog – Deutsche Bank, Commerzbank, Sparkasse, DKB, N26, Postbank, and HypoVereinsbank – offer a range of services that cater specifically to students’ needs. Whether you prefer traditional banking with a local touch or embrace the digital revolution with online banks, there’s an option to suit every student’s preference.
Commerzbank is one of the top international commercial banks headquartered in Frankfurt, Germany. The bank provides popular services like Commerzbank International Money Transfer, student savings accounts, premium accounts and others. It is a popular choice among international students as it offers good services for free. Students can open a ‘StartKonto’ account that allows them to save money and manage finances with ease.
The best features of having this student account in one of the top banks in Germany are that it has no monthly fees, no foreign currency fees, no ATM withdrawal fee, and excellent customer support in English and Deutsche. The bank also provides free debit and credit cards that allow international students to make payments easily. However, students must keep a minimum incoming deposit of EUR 700 (INR 63,000). The minimum balance account is negotiable if an international student has a blocked account and receives monthly instalments in the account.
Another popular bank and the best bank in Germany for international students is the Deutsche Bank. Its ‘Das Junge Konto’ offers special bank account service to all the students. Some of the advantages of an account with the bank include paying no bank account opening charges, free-of-cost savings accounts for students, customer support in English, free cash withdrawals at CashGroup ATMs, and easy Internet banking facilities.
Note: The bank account is FREE as long as you are a student. It starts charging and the lowest bank plan available is approximately EUR 6 per month (INR 500).
With a vast network of regional branches, Sparkasse Bank Account is a reliable choice for students seeking localized banking services. Each Sparkasse branch operates independently, which means they may have unique offerings for students in different regions. Generally, Sparkasse provides student accounts with low fees, free online banking, and opportunities to connect with financial advisors for personalized guidance.
Also Read: Check all about Germany Blocked Accounts for International Students and successfully secure a visa to Germany.
DKB (Deutsche Kreditbank)
DKB is a popular online bank that caters to a broad audience, including students. It offers a free student account with numerous perks, such as a free Visa credit card, fee-free cash withdrawals worldwide, and attractive interest rates on savings accounts. DKB’s digital-first approach and English-language services are particularly beneficial for international students looking for a hassle-free banking experience.
All international students should consider opening an account with N26 Bank. It is a 100% digital bank based in Berlin, Germany and is one of the best savings accounts for students. There are no opening charges or minimum required deposits for a student account in Germany. The N26 account allows its students to withdraw cash for free from more than 55,000 ATMs. Several N26 ATMs in Germany and other non-European countries allow students to manage their finances from non-EU/ non-EEA countries. There are no currency conversion fees and it is the only bank in Germany that operates complete English.
Postbank, a subsidiary of Deutsche Bank, offers a range of student-friendly services. They provide low-fee student accounts with benefits like a free debit card and access to a wide network of ATMs. Postbank’s online banking platform is user-friendly, and its branches are conveniently located across Germany, making it easy for students to access their finances.
HypoVereinsbank (UniCredit Bank)
HypoVereinsbank (HVB) is a member of the UniCredit Group and provides tailored banking solutions for students. Their student accounts offer benefits such as a free debit card, no account maintenance fees, and a dedicated mobile app for easy account management. HVB’s partnership with various universities also grants students access to exclusive offers and discounts.
Comdirect Bank Aktiengesellschaft is the third-largest bank in Germany and one of the best banks for international students in Germany. The bank provides complete online services to its customers. International students can make cash deposits without any charges and the free Visa card allows them to make unlimited withdrawals worldwide. The good part is that just like other banks, this bank also allows students to open a Comdirect bank account without paying any management fees. Students can also apply for free securities deposit accounts if they are interested in investment opportunities.
However, unlike other banks discussed above, Comdirect offers customer support services in the German language.
Also Read: Check out our blog on why students should choose the Central Bank of Germany for your Student Account to seek a solid foundation in central banking and financial leadership.
FAQs on Best Banks in Germany for International Students
Among these 200 private banks, one of the top banks in Germany is Deutsche Bank, at rank 1. Second-tier: The second tier of banks is publicly owned savings banks. There are 400 publicly owned savings banks.
But is it legal to have more than one? The answer is, yes. Not only this but often it’s a good idea – for example, holding money in a specialized savings account can earn you higher interest than you would on your regular bank account. It’s also completely legal to have accounts with different banks if you want to.
A student pursuing higher education can open a bank account in some of the best banks like Commerzbank, N26, Deutsche Bank, Comdirect, Sparkasse, and many more.
The most secure bank in Europe is KfW bank in Germany which was voted number one of the top 50 safest banks in Europe by the US finance magazine Global Finance.
The best features of having this student account in one of the top banks in Germany are that it has no monthly fees, no foreign currency fees, no ATM withdrawal fee, and excellent customer support in English and Deutsche.
This was all about the best banks in Germany for international students. So, take the time to research and choose the bank that aligns with your financial goals, helping you focus on what truly matters – your education and experiences in this remarkable country. To know more about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.