Munich · Banking

Banking in Munich for newcomers

N26, Revolut, DKB, Commerzbank, Deutsche Bank, Sparkasse — which Girokonto to open and when.

You'll need a Girokonto (current account) for salary, rent, the Deutschlandticket subscription, SEPA direct debits, and about a hundred smaller things. Most newcomers open two accounts — one digital-first for daily use, one German-bank for employer comfort.

The honest shortlist

Which to pick first

• If you want the fastest sign-up → N26. Sign-up in 15 minutes from your phone; EU-standard chat support in English.
• If you want branch presence → Commerzbank or Deutsche Bank. Matters if you'll deposit cash often or need notarised signatures.
• If you want free international ATMs → DKB (they refund most ATM fees on its Visa Debit).
• If you want the most "German" experience → Stadtsparkasse München (Sparkasse). Every landlord, Finanzamt, and employer recognises the IBAN instantly. German-first UI, more paperwork.

Opening an account — the happy path

N26 / Revolut

1. Install the app.
2. Scan your passport + a selfie.
3. Enter your German address (or provisional — you can update it after Anmeldung).
4. Receive IBAN in ~15 minutes; physical card by post in 5–10 days.

Deutsche Bank / Commerzbank

1. Book an in-branch appointment (most central branches have English speakers).
2. Bring: passport, Anmeldebescheinigung, job contract or admission letter, current address proof.
3. Sign PostIdent or VideoIdent for identity verification.
4. IBAN same day; card 7–10 days later.

Sparkasse München

Similar to Deutsche Bank but the process is more paperwork-heavy and less English-friendly. Plan on 30–45 minutes at the branch and be prepared to answer "Warum in Deutschland?" in German.

Money transfers to / from home countries

• Wise (formerly TransferWise) — best rates Germany ↔ India / Pakistan / Bangladesh for most amounts.
• Remitly / Western Union — useful for cash pickup on the recipient side.
• Revolut international transfers — competitive within their currencies; watch weekend markup.

Common first-month money mistakes

• Waiting for the Girokonto before subscribing to health insurance. TK/Barmer can start your membership against your IBAN once issued; don't delay the insurance.
• Using your Indian / Pakistani debit card for 3 months. ATM fees
  • conversion rates stack up. Switch to a German Girokonto in your first 2 weeks.
• Signing up for the wrong "free" account. Many German banks' free accounts have a minimum monthly income (e.g., €700/month deposit) — read the small print.