Discovering Germany

Money and Banking Banks

The European Central Bank (ECB) has taken the place of the German Federal Bank ( Bundesbank ) as safeguard for the currency and manager of currency reserves. The ECB is not only responsible for Germany but all countries belonging to the European Union. Although there will be many banking options in your area, some banks have more experience servicing international assignees. If your employer does not already have a preferred banker, your consultant will be happy to set up a meeting with banking personnel to establish your accounts and provide an orientation to the banking system. Banking in Germany is not free of charge. Monthly packages are available and can include certain combinations of services. These packages differ in price and service from bank to bank. Most of the major European commercial banks have associated banks, branches, or representative offices throughout Germany. Most banks also offer telephone or internet banking services. Private customers may also use the full-service savings banks ( Sparkassen ) , which are found in most cities and the credit-co-operatives (Kreditgenossenschaften ). Direct Banks ( Direktbanken ) are becoming more and more popular as they offer lower costs on accounts by avoiding retail branch offices.

Bank Accounts The procedure to open a bank account is relatively straightforward, however differs from bank to bank. Some form of identification will be necessary: normally a passport and the local registration documents indicating the German address, with some banks requiring a valid residence permit.

Exchange Exchanges are offered at airports and banks. When travelling with a credit or debit card, you can use an automated teller machine to withdraw funds, although check with your bank for any additional fees and limitations. Exchange rates can be found at the following link: www.oanda.com/lang/de/currency/converter .

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Discovering Germany