Going abroad means going to another country, where a lot of new and different places, people
and customs will expect you. This, of course, includes different money, as well.
Money in Germany
Throughout much of Europe, including Germany, the currency is the Euro (€ or EUR).
1 Euro is divided into 100 cents and coins and paper bills come in many different denominations.
You can find further information on the European Central Bank's website
Exchange Rates
Exchange rates are constantly changing, so please make sure, you check the current rates frequently if you want to exchange larger amounts of cash or charge items to your credit card.
www.xe.com is a commonly used website where you can check exchange rates.
How to Change Your Money from Home to €
Most students find it easiest to use a Visa or MasterCard debit or credit card from home to get cash
from an ATM which can be found in most banks and big shopping malls. You will want to make sure you let your bank know that you will be traveling internationally so that they don’t put holds on your account(s) while they verify that your card has not been stolen. If you plan to use a debit card and a credit card, you will likely need to talk to both your bank and the credit card company. You will also want to check and see what fees will be charged each time you use your card while abroad, find out what exchange rates they use and make sure your PIN codes are valid for withdrawing cash from overseas ATMs.
It is important to be aware of what your maximum withdrawal amount per day is, as well.
Because of the time difference, if you take out the maximum amount allowed in the evening, you will not be
able to take anything out of your account the next morning because it is still the previous day in the U.S.
Travelers’ checks are another way to obtain local currency. However, these can only be cashed in a bank with your passport and you will be charged a fee for doing so.
If you would like to exchange cash, the best place for you to exchange your money is at a bank or at the airport, because they use official exchange rates. Here you should again expect to pay a fee. You should never exchange money with someone on the street. This method of getting Euros is ok for, but we do not recommend traveling with large amounts of cash in any currency.
German Bank Accounts for Study Abroad Students
In general, it is not necessary to open a German Bank account. For students staying over a period of several months (generally more than one semester) or completing an internship, it may be necessary to open a non-resident account at a local bank. Information about such accounts is best obtained directly at the bank.
Can I Pay by Card?
As a traveler in Germany, you should also be aware that although more and more places are accepting debit and credit cards, there are still many places that only accept cash or that require a minimum purchase before accepting cards. It is thus wise to get used to carrying a bit of cash with you at all times. You will find that this can be a good way to stay within budget. If you only buy as much as you have cash on hand to pay for, there is no way for you to exceed your account limits.
