Commerzbank in Germany: Everything You Need to Know

Commerzbank in Germany

Commerzbank in Germany is one of the largest German banks. It is a branch bank, and there are many locations throughout Germany. This guide has all the information you need on Commerzbank in Germany!

Table of Contents:

1. Account Models and Fees
2. Commerzbank Credit Cards
3. DebitCard Fees vs. MasterCard® ATM & Transaction Fees
4. FAQ
5. Open a Commerzbank Bank Account Online!

(1) Account Models and Fees

Before January 2020, if you did not deposit at least €1,200 into your Commerzbank bank account every month then you would have to pay a €9.90 monthly account management fee. Therefore, a lot of expats chose to open banks accounts with N26, DKB and ING.

Commerzbank, however, realized there was a lot of competition because a lot of online banks offer completely fee-free bank accounts in Germany. It decided to make a change. So, as of January 2020, the Commerzbank current account is free as long as it is for private use and you manage the account online. In other words, it is only if you do not use the account for business purposes (e.g. freelancing) and if you keep your account paperless.

Commerzbank offers three different accounts. The chart below shows the main differences in prices and fees for the free account, classic account, and premium account.

(2) Commerzbank Credit Cards

Commerzbank in Germany also has three different credit cards: The MasterCard® Classic, MasterCard® Gold, and Premium Credit Card.

The MasterCard® Classic is a low-cost credit card. It’s a good card for your day-to-day purchases. You’ll receive a monthly statement so you can keep track of your payments. Your transactions are listed in the monthly statement and deducted once a month from your account. If you have the Commerzbank free current account then you can apply for a free card. Otherwise, it is €39.90 per year. Each additional card is €29.90 per year.

The MasterCard® Gold is good if you want more of a premium credit card. It includes global travel insurance, access to over 600 airport lounges and special services in over 2,300 Accor hotels around the world. It is €90.90 per year. Each additional card is €79.90 per year.

Commerzbank’s Premium credit card is marketed for frequent travelers and families. Two Premium credit cards are included with a Premium bank account (PremiumKonto) without any added fees. If you open a joint account then you can get four Premium credit cards. It includes travel insurance. Additionally, you can withdraw cash for free 12 times domestically and 25 times abroad. Apart from the 2-4 that are already included with a Premium account, it costs €59.90 for each additional card. In other words, if you want a 5th card then you will have to pay €59.90 per year.

(3) DebitCard Fees vs. MasterCard® ATM & Transaction Fees

It’s better to use the Commerzbank debit card for withdrawing money. This is because with the Commerzbank debit card you can withdraw euros for free from over 9,000 Cash Group ATMs. The Cash Group banks are Deutsche Bank, Commerzbank, HypoVereinsbank, Postbank and their subsidiaries. You can withdraw money from ATMs using your Commerzbank MasterCard®. However, the fees range from 1.95% to 3.50% depending on two factors. First, the fee depends if you’re withdrawing money at the ATM or at a bank counter. Secondly, the fee depends on if you’re in Germany or abroad.

(4) Frequently Asked Questions

(5) Open a Commerzbank Bank Account Online

More Info for Expats in Germany…

To learn more about German banks, our article, “Opening a Bank Account in Germany,” has a lot of really helpful information!