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Best Bank Accounts for Students in Germany [2023]

Best bank accounts for students in germany titlecard

Are you looking for the best bank accounts for students in Germany? As you embark on this exciting academic journey, having the right financial partner can make all the difference. 

Picture a free bank account offering seamless online banking, free cash withdrawals, and easy access to your funds across the country. Look no further! 

This article will explore the top-notch options,, including student-friendly accounts and other standout choices. Say goodbye to worries about managing your finances abroad – our list of the finest German bank accounts ensures you stay focused on your studies. 

So, let’s dive in and discover the ideal account to cater to your needs as a student in Germany.

Best bank accounts for students in Germany:

  1. Bunq
  2. Revolut
  3. Wise
  4. Vivid Money
  5. Monese

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Top pick

Bunq

Bunq logo

Customizable accounts and budgeting tools. Limited student-specific features.

Global Access

Revolut

Revolut logo

Global multi-currency support. High ATM limits. Lacks specialized student benefits.

Best for savings

Wise

Wise logo

Low-cost international transfers. Multi-currency account. No specific student perks.

Youthful Finances

Vivid Money

Vivid logo

Cashback rewards. Tailored for young users, but lacks student-specific advantages.

Student Essentials

Monese

Monese logo

Quick mobile setup. Simple and basic features. Limited student-focused benefits.

Finding The Best Bank Accounts For Students in Germany

Woman inserting card in ATM machine

Choosing the right bank account is crucial for students in Germany. With various options available, it’s vital to find one that suits your needs. Look for a free account with online banking and free cash withdrawals for convenience. 

A good bank will save you money and provide security. It can also help you build a strong financial future. Take your time, compare features, and make a wise decision for a successful financial journey while studying in Germany. Here are the best banks for students in Germany. 

1. Bunq

Bunq is a Dutch fintech company offering online banking services and has been operating as a mobile bank since 2012.

Based in Amsterdam, Netherlands, it provides personal and business accounts, payment cards, money transfers, and financial management tools accessible through its user-friendly mobile app and web interface.

Highlights of This Online Bank

  • Innovative Banking: Bunq emphasizes innovation and user experience, granting customers more financial control with real-time payments and instant spending insights.
  • Wide Range of Services: Bunq offers diverse banking services, including personal and business accounts, payment cards, and money transfers.
  • Mobile Convenience: Access your Bunq account anytime, anywhere through its mobile app, simplifying banking on the go.
  • Free Euro Bank Account: Bunq provides a free Euro bank account, making it a cost-effective option for international transactions.
  • Transparent Account Management: Bunq aims to be fee-transparent, with potential benefits like free account management.

Bunq Pros

  • Bunq’s offerings make it suitable for students seeking convenient and free bank account services.
  • With a focus on innovation, Bunq caters to diverse banking needs, like easy free cash withdrawal, especially for a student account.
  • Easy way to withdraw cash with its free bank account.
  • Simplified checking of credit card balance.
  • The free euro account is advantageous for handling transactions in the currency.

Bunq Cons

  • As a Dutch bank, Bunq’s services might have limited availability compared to larger international banks.
  • While Bunq aims for transparency, some services may still involve account management fees.

My Take on Bunq Bank Account for Students

Bunq’s emphasis on innovation, free euro bank account, and mobile convenience make it an appealing choice for students and those seeking flexible banking solutions. 

However, potential users should remember that, despite the transparency efforts, some account management fees may apply. 

Bunq is worth considering for those looking for a modern banking experience with added control over their finances.

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2. Revolut

Revolut is a British neobank and financial technology company founded in 2015, offering a mobile app for digital banking services and products.

Highlights of This Bank

  • Multi-Currency Account: Revolut’s primary offering is a multi-currency account, enabling users to manage money in multiple currencies, ideal for international travelers.
  • Fee-Free Transactions: With Revolut, users can make domestic and international transactions without incurring traditional banking fees or unfavorable exchange rates.
  • Competitive Currency Exchange: Users can exchange between various currencies at interbank rates within the app.
  • Cryptocurrency Support: Revolut allows users to buy, sell, and hold popular cryptocurrencies, making them accessible to crypto enthusiasts.
  • Budgeting and Insights: Like other bank accounts, the app offers budgeting tools, spending categorization, and real-time transaction notifications for effective financial management.

Revolut Pros

  • Revolut provides favorable exchange rates for international users, saving money on foreign transactions.
  • The inclusion of cryptocurrency support and budgeting tools makes Revolut a versatile banking option.
  • Users can get totally free VISA credit cards and Mastercard debit cards, similar to major banks.
  • Users can get a free account online with minimal requirements.
  • Premium plans offer additional benefits, such as travel insurance and airport lounge access.

Revolut Cons

  • Revolut’s offerings and financial regulations may vary depending on the user’s country of operation.
  • While Revolut offers various services, users should be mindful of cash withdrawal limitations.
  • Expect some bank account issues.
  • While the standard account is free, premium plans may involve subscription fees.

My Take on Revolut Bank Account for Students: Is It The Best Bank?

Revolut is an excellent choice for those seeking a user-friendly digital banking experience with cost-effective currency exchange and diverse financial services. However, users should be aware of potential country-specific limitations and consider premium plans based on their individual needs. 

Overall, Revolut is an attractive option for international travelers and individuals interested in cryptocurrency, making it one of the best bank accounts for students and users across European countries.

3. Wise

Wise, formerly known as TransferWise, is a British fintech company offering online money transfer services, providing a cost-effective way to send and receive money across borders.

Highlights

  • Low Transaction Fees: Wise charges transparent upfront fees for international money transfers, often lower than traditional banks and other transfer services.
  • Fair Exchange Rates: Users benefit from the mid-market exchange rate without hidden markups, ensuring competitive rates for their money.
  • Multi-Currency Account: With Wise’s multi-currency account, users can conveniently manage funds in different currencies. This is ideal for frequent travelers and international business dealings.
  • Borderless Account: The Wise Borderless Account enables users to hold money in various currencies and receive payments in different countries, streamlining global financial management.
  • Business Solutions: Wise offers tailored services for businesses, simplifying international payments and cross-border transactions.

Wise Pros

  • Wise’s low transaction fees and fair exchange rates make it an attractive choice for those seeking budget-friendly international money transfers.
  • The Borderless Account is a valuable tool for travelers and individuals conducting business globally.
  • Easy registration for free accounts.
  • Businesses can benefit from Wise’s efficient solutions for managing expenses and international payments.
  • Users can get a free bank account service and debit card to withdraw money without monthly fees. 
  • One of the best banks because of free cash withdrawals with your current account.

Wise Cons

  • Wise does not provide a debit card or access to cash machines, which might limit some users’ convenience.
  • While Wise operates internationally, its customer service may not fully support German-speaking users.
  • Wise is not a full-fledged bank, so users looking for a complete German bank account may need additional services.

My Take On Wise Bank Account for Students: Is It The Best Bank?

Wise offers an excellent option for international money transfers with its transparent fees and fair exchange rates, making it a valuable tool for students in Germany and individuals managing finances across borders. 

However, users should be aware that Wise is not a traditional German bank account, and its services might have limitations for German-speaking users. For cost-effective global transactions, Wise remains a top choice for students in Germany and beyond.

4. Vivid Money

Vivid Money is a German fintech company that offers a mobile banking app and a range of financial services, providing users with a convenient way to manage their finances on the go.

Highlights of Vivid Standard Bank Account

  • Mobile Banking: Vivid Money’s mobile app provides a user-friendly platform for managing finances directly from smartphones.
  • Multi-Currency Accounts: Like Wise, Vivid Money’s multi-currency account is beneficial for international travelers and those dealing with foreign currencies.
  • Cashback Rewards: Vivid Money’s card offers cashback rewards on purchases made at selected partner merchants, providing added value to users.
  • Investment Opportunities: Users can access stocks and exchange-traded funds (ETFs) through Vivid Money’s app, offering investment options for growing wealth.
  • Savings Tools: Vivid Money includes savings features and tools to help users achieve financial goals and save effectively.
  • Vivid Money’s mobile app enables easy financial management on-the-go.
  • The multi-currency account suits the needs of students in Germany dealing with various currencies.
  • Easy registration for free bank accounts.
  • Cashback on purchases adds value to users’ spending.
  • Easy way to contact customer support. There’s no need to speak German.
  • Vivid Money might lack the convenience of physical debit cards or cash machine access.
  • Users seeking German language support might find limitations.
  • Standard users are only eligible for a free VISA card.
  • Vivid Money might not offer a complete traditional German bank account experience.

My Take on Vivid Bank Account for Students

Vivid Money offers a compelling mobile banking experience with its multi-currency account, investment options, and cashback rewards, making it an attractive choice for students in Germany and those who prefer online banking.

Potential users should consider additional banking needs, such as debit cards or cash machine access, depending on their preferences and priorities. 

For an online bank account catering to students in Germany, Vivid Money presents a viable option with its diverse financial services.

5. Monese

Monese is a UK-based fintech company offering mobile banking services, providing a convenient solution for individuals who face challenges in opening traditional bank accounts.

Highlights

  • Accessible Banking: Monese’s mobile bank account is designed for expats, international students, and those with limited credit history, offering easy access without a local address or credit check.
  • Multi-Currency Accounts: With Monese’s multi-currency accounts, users can efficiently manage money in multiple currencies, perfect for international transactions and travel.
  • Competitive Money Transfers: Monese enables domestic and international money transfers with competitive exchange rates and lower fees compared to traditional banks.
  • Contactless Debit Cards: Users receive a contactless debit card linked to their Monese account for purchases and ATM withdrawals.
  • Business Banking: Monese extends its services to entrepreneurs and small businesses with tailored business accounts.

Monese Pros

  • Accessibility for international students. Monese offers an accessible solution for students in Germany or abroad who face challenges in opening German bank accounts.
  • Convenient mobile banking. The app’s mobile-centric approach allows users to manage finances effortlessly on the go.
  • Free withdrawals, no monthly deposit,and zero fees makes the ideal bank account for students.
  • Multi-currency convenience. Multi-currency accounts cater to users dealing with various currencies and frequent travelers.

Monese Cons

  • Limited cash machine access. Users should be mindful of cash machine availability for withdrawals.
  • Some users aren’t eligible for a free VISA card. 
  • Language support. While Monese operates internationally, users might encounter limitations in German language support.
  • No mention of free credit cards. Monese’s debit card might not offer free credit card features.
  • It’s free to open a bank account, but it requires certain documents to get a free VISA card and Mastercard debit card for the current account.

My Take on Monese Bank Account for Students

Monese is a great alternative to traditional German banks. Its free account management, mobile banking services, and multi-currency accounts make it an excellent choice for students in Germany or anyone seeking accessible and flexible banking solutions. 

However, users should consider the availability of cash machines and German language support when deciding. For those looking to open a bank account with convenience and multi-currency benefits, Monese presents a suitable option for managing finances seamlessly.

Are you a student in Germany and looking for the best credit card? Check out this article – we made a choice easier for you.

Looking for the cheapest health insurance in Germany? Yes, I know how tight the budget of the student can be! That’s why I made a full in-depth article about the most affordable insurance in Germany!

Also, read whether a foreigner can open a bank account in Germany and how to do it.

Things To Know Before You Open a Bank Account in Germany

Woman looking stressed while checking over bank documents

German banks have attractive terms for students. Some have tailored products beneficial to students such as:

  • Zero monthly fee
  • free securities deposit account
  • Zero withdrawal fees
  • Handling a blocked account
  • Free VISA credit card
  • Free savings account

All these friendly terms are aimed at giving you the best services. However, you need to carry out due diligence and settle on the best account that will serve your needs.

Your Age

Some banks provide a standard bank account for students only under a certain age; most of them won’t register a person over 30 years old. Therefore, make sure you qualify as a student for the bank.

Also, note that you will be considered a trainee student if you are doing an internship or under training but still registered with a university. Most banks provide the same benefits as students.

If you are looking just for an option to pay online in Germany, we recommend having a look at virtual cards that everyone can get.

Benefits

Some traditional and online banks provided added benefits for students, such as free withdrawals, special conditions for credit of a credit card, free securities depot account, or joining bonuses such as cash benefits. Keep a lookout for joining bonus offers.

Free bank account

Visa and master card

Although most banks provide free German bank accounts for students and trainees, some banks may have hidden costs such as transaction charges or withdrawal fees.

Always read the fine print or look out for such charges and ask. Additionally, some banks will charge you Deutsche bank account fees once you are no longer a student.

Therefore, make sure you cancel the bank account once you finish your studies or see if they have other conditions for a free account (e.g. deposit a regular monthly salary).

Cards

Which card do you actually get with the registration of the student account? All the banks provide an EC/Maestro Card, which is valid only within the EU.

Sometimes, you can’t even purchase stuff online on international websites because they don’t have the option to pay with SEPA (Single Euro Payments Area), which the EU does.

Therefore, I would recommend a bank account in Germany that offers an international debit VISA card or Mastercard in addition to the standard Maestro. It is also helpful for international travel.

Free Cash Withdrawals

calculating the cost of withdrawals

As a student, you’re always looking for ways to save money and having a bank account that doesn’t charge you fees every time you withdraw is a plus.

Furthermore, all international students need health insurance in Germany. We made the selection of health insurance in Germany easier for students. As an international student, you have a wide range of insurance providers to pick from, but we compared the best of them in this article.

Also read: Best virtual cards for online payments in Germany and best credit cards for students in Germany.

Final Thoughts About The Best Bank Account for Students in Germany

In conclusion, as an international student in Germany, finding the right bank account is essential for seamless financial management. The best bank accounts for students in Germany offer free account options with online banking, free cash withdrawals, and attractive benefits.

Among the top choices are Bunq, Revolut, Wise, Vivid Money, and Monese. Each offers unique features to cater to diverse needs.

Don’t forget to explore other informative articles on our blog. Discover the best credit cards and the most affordable health insurance options for students in Germany. Also, find out how to open a bank account in Germany as a foreigner.

Click the links throughout the article and make your financial journey in Germany stress-free. Your support keeps our blog running!

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