Overview Banking
Since 2002, the only valid currency in Germany has been the euro (€). Travelers or immigrants with the same currency therefore do not have to be prepared for any particularities in payment transactions.
Everyone else should find out about the cheapest way to exchange currency in their country of origin. If this is not possible, you can also withdraw or exchange money at branches or ATMs of German financial institutions.
Cashless payment by credit or debit card is very common in Germany and possible almost everywhere. As a rule, a Giro card belonging to a German bank account is sufficient to pay free of charge and withdraw cash from the associated ATMs.
In some everyday situations, however, cash is essential, such as for purchases at the bakery, in small stores or at the weekly market.
You can determine the actual value of the euro using current exchange rates.
Money transfer
Some companies offer money transfer services to receive money from abroad or to send money abroad. These so-called quick transfers are often associated with high costs, which is why it is highly advisable to compare providers and individual offers.
Anyone who has already opened a current account has a cost-effective alternative.
Financial institutions
If you want to open an account in Germany, you must first decide on a financial institution. There are a large number of banks with different pricing models and service offerings.
Some banks charge a flat rate for account management, others offer free account management or a basic fee and may charge costs for individual transactions.
When choosing your financial institution, you should be guided by your personal usage behavior. Direct banks offer their services exclusively by telephone, fax and computer. The decisive factor for you may be whether the bank has a branch or ATM near you.
If individual financial institutions form an association, you can also use the ATMs of other member banks free of charge. The use of ATMs from other banks is otherwise subject to high charges.
Some banks offer special conditions for students, trainees, pensioners or trade union members.