Best Bank Account Munich – Overview
Signing up for a bank account in Munich should be on top of your to do list.
Only with a German bank account will you be able to take care of all the other important tasks, like renting an apartment and getting a German mobile contract.
Online banking has become more and more popular in Munich and Germany, and most online banks offer far better conditions than traditional banks.
This is why we only recommend signing up with some of the following online banks and not with any of the traditional banks in Munich.
Bank Account in Munich for Foreigners
What most people don’t know is that you can already sign up for a bank account from abroad.
Imagine how much time and trouble you are spared if you already have a German bank account when you move to Munich.
Unfortunately most banks in Munich still want proof of German residency.
But luckily DKB, which is our top pick anyway, is way more customer friendly and offers the incredible option of signing up for a bank account in Munich with your address from abroad.
Comparison of Best Bank Accounts in Munich and Germany
|Sign up process in English||No||No|
|Sign up from abroad||Yes||No|
|Bank account fees||0€||0€|
|Free cash withdrawal Germany||Yes, unlimited|
For Aktivkunden with more than 700€ monthly income
|Yes with Girocard|
|Free cash withdrawal worldwide||Yes, unlimited||Yes, ATM with Visa sign|
|Includes Credit Card||Yes Visa Credit Card 0€/month||Yes 0€/month|
|Overdraft fees||6,74% interest p.a.||6,5% - 11,0% interest p.a.|
|Additional services||DKB Live|
Free tickets for football, icehockey & much more
|Sign up bonus of up to 150€ (certain conditions apply)|
DKB – Deutsche Kreditbank
Our No.1 pick and also rated best direct bank by many consumer magazines in Germany: DKB – Deutsche Kredit Bank.
If you sign up with DKB you can be sure that you have the best bank account in Munich, especially as a bank account with DKB is 100% free of charge.
- Sign up with DKB from abroad already: We can’t stress enough the importance of having a bank account in Munich the moment you arrive here.
DKB is still the only German bank that lets you sign up without a German address.
- Free money withdrawal worldwide: When you sign up with DKB you get an EC-card as well as a VISA credit card.
The VISA credit card will let you withdraw cash without any fees from any ATM globally. Other banks in Munich charge ridiculous fees if you want to withdraw money from an ATM that is not affiliated with the bank.
- Free of charge Visa credit card: Not only can you withdraw money for free from any ATM around the world, the VISA credit card is even free of monthly charges.
- Free EC-card: Germans love to pay for everything with EC-card, from 5€ for groceries at the supermarket, to the bill in the restaurant.
Payments done via EC-card are free of charge, unlike paying by credit card, which usually involves a fee of around 2% (depending on the credit card company).
These are all reasons why you should definitely sign up for a bank account with DKB and no other bank in Munich.
On top of all these advantages DKB even has the cleanest and most simple to use online banking interface.
Everything you used to run to your local bank branch for is now within reach with one click.
No matter if you want to transfer money or do anything else, DKB offers all the banking services that traditional banks offer.
You might be wondering what the catch with DKB is. Unfortunately in the past DKB rejected some applications for a bank account with them.
Our best guess would be that DKB is trying to minimize the risk of customers not being able to pay back their debts.
But even if you don’t have proof of a steady income it is still more than worth trying to sign up with DKB.
If you are one of the few unlucky ones to get rejected, our next recommendation would be Comdirect.
Comdirect is less restrictive when it comes to accepting potential clients than DKB. Similar to DKB, you will get a free of charge Visa credit card.
Free money withdrawal worldwide: Get out cash free of any charges at any ATM worldwide with the Comdirect Visa Card.
Free EC-card: With your current account at Comdirect you get an EC-card free of charge.
Remember that Germans love to pay with EC-card. EC-cards are generally more widely accepted than credit cards.
As mentioned before, if for any reason you are be declined at DKB, our next tip is to sign up with Comdirect.
Also, make sure to keep your eyes open for promotions when signing up.
Comdirect sometimes offers a 50€ bonus if you are happy with them and even 100€ in case you are not happy with the service they offer.
Sounds like they are pretty confident that the service they offer is good.
Netbank is one of the smaller and less known online banks in Munich.
This is very surprising as Netbank started back in 1999 and is one of the pioneers when it comes to online banking in Germany.
With Netbank you will also be able to get cash out of any ATM worldwide free of any charge.
But as Netbank is purely online, you will not have the chance to walk into any of their branches; you need to do everything strictly online.
Commerzbank is less restrictive when it comes to accepting applications for a bank account.
This is a huge plus, especially if you don’t have a steady income. On top of this, Commerzbank usually has great deals and pays new customers a €50 signup bonus.
Make sure you check their website to see if they currently have such an offer available.
Similar to DKB, Commerzbank has been rated one of the best banks in Munich and Germany for years.
Unlike DKB though, Commerzbank is not purely online, but also has physical branches throughout Munich and Germany, if you prefer the old way rather than online.
When signing up with Commerzbank you will also get the choice of having a credit card as well as an EC-card for your current account.
The only thing you need to be aware of is that a bank account with Commerzbank is only free of monthly charges if you have a minimum monthly income (doesn’t have to be a salary) of €1.200.
EC-card or credit card – Which one do I need in Munich?
Why should you carry an EC-card in your wallet as well as a credit card?
To be honest there are several reasons.
Credit cards are not as widely accepted in Germany as they are in the US, for example.
Restaurants and supermarkets usually do not accept credit card payments.
The reason is quite simple: they have to pay a charge of around 2% for any payment accepted by credit card.
Always remember to either carry enough cash or your EC-card for these kinds of payments. Usually EC-cards are accepted at most restaurants and shops.
If not accepted, you will usually be told about this beforehand.
The way credit cards work, as the word ‚credit‘ already kind of implies, you can pay with your credit card without having the money on your bank account.
Usually at the end of each month you need to pay off all the debts you have, which usually happens automatically through the current account affiliated with the credit card account.
Why is finding the Best Bank Account in Munich that important?
It is really important to find the best bank account in Munich because you might need to pay more fees for less service than you have to, if you don’t do your homework and compare different bank accounts (or if you don’t listen to our tips).
Some banks, especially traditional banks, charge way too much if you need an overdraft. Make sure to compare these fees if you don’t sign up with any of our recommended banks.
Also not all banks offer a free of charge credit card, which can come in quite handy at some point. Many banks charge for money withdrawals outside Germany or even withdrawals from ATMs from other banks.
So make finding the best bank in Munich your No.1 priority!
It will save you a lot of time and stress. If you’ve already signed up for a bank account in Munich, you might also want to know about the best internet providers in Munich or about the best mobile phone providers in Munich.