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Germany Where Cash is King.

Around the world, Germany is perceived as a very modern and leading country when it comes to technology, sustainability, and education.

Around the world, Germany is perceived as a very modern and leading country when it comes to technology, sustainability, and education.  Even though it’s one of the biggest industrial nations in the world, foreigners should have in mind that the Germans mainly use cash as a payment method.  This is quite bizarre considering today’s modern payment methods and some of the world’s most famous fintech start-ups having their headquarters in Germany. Obviously, Germans don’t live in the stone age, especially in bigger cities you’ll be able to pay for a lot of things by card.  This is especially true in big supermarkets, shopping malls and so on, but as soon as it comes to markets, nightlife, and restaurants, you will be better off carrying some of those fine Euros with you.

“Germans mainly use cash as a payment method.”

Beware, it can be a problem to have a foreign bank account, maybe even containing your money in a different currency.  Why is that a problem?  In order to carry cash around, you will need to pick it up at an ATM somewhere, and as a student with a limited budget, the fees and currency exchange rates can get quite annoying (and hurtful for your wallet).  Therefore we suggest two main solutions:

  1. You get yourself a bank account in your home country that has good partnerships, including free cash withdrawals with German banks.  If you do that, bear in mind that the German partner bank should have as many ATMs as possible.  Just because you can withdraw money without fees from one bank does not mean that this will work for all of them.
  2. The second option is to get a German or, even better, an international bank account, for example N26 or Revolut.  The German bank account option is slightly more complicated because you need to provide a lot of documents (see here).  Getting one of the fintech start-up banks is the best option, especially because they are targeting students that travel often.  This means there’s the frequent need to convert currencies and use different banks to get cash.  That being said, make sure you have an EU phone number otherwise you will not be able to access your account (we learned that the hard way!)

 

“Getting one of the fintech start-up banks is the best option, especially because they are targeting students that travel often.”

If you have any other questions, worries or whatsoever, we’re here to support you!  Explore our site and don’t hesitate to contact us

 

All views expressed by individuals authors do not represent The EIS Project in any capacity. We are a simply a platform to amplify student voices and opinions.

 

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Recommended For You:

Focus

We have evolved as a society over time. With that, our standard of living has been improving all along

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Explore Indian Food

It’s no secret that India is a uniquely diverse country. Just like language and culture, the cuisine and food preferences also vary from one state to another.

Read More »

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