Discovering Germany

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© 2016 Dwellworks Page 17 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: