Money and banks

Cent und Euro / Donald_Townsend@flickr.de

Germany has been using the Euro since 2002. EUR 1 is made up of 100 cents (ct). The smallest coin is the 1 cent coin. Notes are used for denominations of EUR 5 or more. The largest bank note is the EUR 500 note, but it is seldom used.

Bank account

Everyone who wishes to live and work in Germany for a longer period needs a bank account. For example, you need an account in order to rent an apartment or have your salary paid.

When choosing your bank, it is worth comparing, as many banks charge different fees, for example for managing your account or for every money transfer.

In order to open a bank account in Germany, you need:

  • your passport

  • the certificate of registration for your place of residence

  • depending on the type of account, wage confirmation from your employer

  • for some banks: your work permit

With these documents you can apply to the bank of your choice for a current account and a bank card. With the card and your PIN, you can withdraw cash free of charge from your bank's cash machines. You can also use the card to pay in most shops and petrol stations.

It is still advisable to always carry some cash, as small amounts are generally paid in cash in restaurants and shops.

You can find further information on the Make it in Germany welcome portal.

    The Stuttgart Region Welcome Service is an offering by Stuttgart Region Economic Development Corporation (Wirtschaftsförderung Region Stuttgart GmbH) for Stuttgart Region Skilled Specialists Alliance (Fachkräfteallianz Region Stuttgart), funded by Baden-Württemberg’s Ministry of Finance.