American banks in Germany: branches and more

If you're planning a trip to Germany or moving there to live, you might hope to find some familiar banking names to make the transition easier. So, what American banks are in Germany?

You'll spot major institutions like JP Morgan Chase and Bank of America, but they don't offer the everyday banking services you're used to back home. These branches specialize in corporate banking and serving institutional clients.

In other words, you won't be able to open a checking account or get a debit card through them. You'll need to look at other options for your day-to-day banking needs. Here’s what to know.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Which US banks have branches in Germany?

There are a few major American banks with branches in Germany, including:

• JP Morgan Chase
• Citigroup
• Bank of America
• Morgan Stanley
• Bank of New York Mellon

However, none of them provide consumer banking services.

You can't walk in and open a standard bank account, set up direct deposit for your salary, or get help with everyday transactions.

If you're a corporate client or a high-net-worth individual, you may find it helpful to visit the banks' branches:

If you're a regular consumer, you'll need a different solution for banking in Germany. Opening a German bank account as a foreigner is possible, but it comes with its own set of challenges.

That's where Wise comes in as a practical alternative.

Wise: a low-cost, flexible international bank alternative

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

Can Americans open a bank account in Germany?

Opening a German bank account as an American can be difficult, especially if you don't live in Germany.

Many German financial institutions hesitate to open accounts for foreigners, and Americans face extra scrutiny due to FATCA (Foreign Account Tax Compliance Act) reporting requirements that create additional paperwork and compliance burdens for banks.

That said, it becomes easier if you're already living in Germany.

Requirements may vary between banks.

You should expect to handle the entire process in person at a branch. Most German banks don't allow foreigners to open accounts online, so you'll need to visit during business hours with all your documents ready.

Which bank in Germany is best for Americans?

If you're determined to open a traditional German bank account, some institutions are more welcoming to non-residents and foreigners than others:

• Deutsche Bank
• N26
• Commerzbank

However, even these banks typically require you to live in Germany with proper documentation.

Tips on banking in Germany

Banking in Germany comes with its own set of quirks. Here are a few of the most important things you should know:

• Learn common German banking terms like girokonto (checking account), "BLZ" or "IBAN" (account numbers), and überweisung (bank transfer)

• German banks typically charge monthly account maintenance fees, plus additional fees for ATM withdrawals outside your bank's network

• Banks typically add markups to currency exchange rates when converting between USD and EUR, even if they claim "no fees"

• Americans must report all foreign bank accounts to the IRS if the combined total exceeds 10,000 USD at any point during the year through FBAR filing⁶

It's also helpful to know that cash is often used in Germany, so you may need to carry more of it than you're used to in the US.

Overall, you'll see some US banks in Germany, but they won't help you with everyday banking. Their services are corporate and institutional.

You can also try opening an account at a German bank, but without German residency and proper documentation, your chances are slim. Even if you succeed, you'll face transfer fees and currency exchange rate markups every time you move money internationally.

There's an easier solution — a Wise multi-currency account.

*Eligibility is subject to verification of customers' identity.

🚀 Get started with Wise

Sources

1. J.P. Morgan - J.P. Morgan in Germany
2. Citi - Germany
3. Citi - Germany
4. Bank of America - Bank of America in Germany
5. Morgan Stanley - Offices in Germany
6. BNY - Germany
7. IRS - Report of Foreign Bank and Financial Accounts