Opening a bank account in Europe as a migrant shouldn't be this complicated. But it is. Choosing well saves you weeks of delays, unnecessary fees and headaches.
When I arrived in Germany, I tried to open an account at a traditional bank. They asked for the Anmeldung, which I didn't have. They asked for a rental contract, which I also didn't have. They told me to come back when I was more settled.
The European banking system doesn't think about someone arriving without local history or complete documentation. But flexible options exist. Choose according to your moment.
In this article I explain the real differences between traditional banks and neobanks, tell you when to use each one, and guide you to open your first account even if you just arrived.
First, the basics
Traditional bank vs. neobank: practical differences
The key distinction is flexibility for migrants and opening requirements. Here is the honest summary:
Option A
Traditional bank
- —Requires Anmeldung in most cases
- —In-person or online process, often in German
- —More documents needed: work contract, visa
- —Opening takes days or weeks
- —German IBAN recognized everywhere
- —Access to loans, mortgages and complex products
- —Branches and personal advice available
Ideal once you have your Anmeldung
Option B
Neobank (N26, Bunq, Revolut)
- —Needs valid passport or ID and identity verification
- —100% digital, app and online support
- —Usually opens without Anmeldung or work contract
- —Opening in minutes
- —SEPA IBAN valid for salary and payments (some employers prefer German IBAN)
- —Low or zero fees on basic plans
- —Support only via app or chat
Your first option as a newly arrived migrant
You don't have to choose one forever. Many migrants use both. They complement each other perfectly.
Step by step
How to open your first account even if you just arrived
-
1
Choose a neobank as your starting point
N26 is a good option in Germany: it's German, regulated by BaFin (with active oversight in 2025), and gives a German IBAN. Bunq offers German IBAN to new residents. Revolut works, but its IBAN is Lithuanian — some employers or landlords may prefer a German IBAN. Check current conditions for each before choosing.
For N26 you need: valid passport or ID, a phone number and email address. The process takes less than 10 minutes from your phone.
-
2
Use that account for salary and basic payments
Give the IBAN to your employer. Set up direct debits for health insurance and urgent payments. A SEPA IBAN works for most daily transactions. Some employers or landlords specifically request a German IBAN — try yours first and see.
-
3
Do your Anmeldung when you have a registrable address
The Anmeldung (residence registration) opens doors: traditional bank accounts, credit cards, internet contracts. Go to the Bürgeramt with a stable address, even temporary (with the landlord's permission).
Tip: Book your appointment online as soon as you arrive. Waiting lists last weeks — booking early is key.
-
4
Open a traditional bank account with your Anmeldung
Try DKB (fully online, free if you receive a minimum of €700/month or are under 28; requires Anmeldung and verification by video or PostIdent), ING or Commerzbank. English support varies by bank.
Practical strategy: Keep the neobank for daily spending and international payments. Use the traditional bank for formal payroll and building credit history. Both accounts together cover everything.
One last thing: for remittances, avoid traditional banks. Their exchange rates are notably worse. Use Wise or Remitly instead. I explain this in detail in article 5 of this series.
Your bank account opens the German financial system. Choose well from the start.
The system doesn't think about you. You now know the entry points.
Act in order. If you want to review your banking situation or plan the next step, that is exactly what we do together at BFF.