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Universität Osnabrück | Uwe Bumann

Opening a bank account / Methods of payment

If you plan to stay in Osnabrück or Germany for a longer period, we recommend that you open a bank account. The recommended type of account is a Girokonto (current account), which you can open at a bank, Sparkasse or Postbank. A current account will enable you to pay your monthly rent, insurance, etc. by direct debit. It can also be used to receive salary or scholarship payments.

When you open an account, you will receive a debit or EC card, which can be used to withdraw cash at ATMs. You must bring your passport or national ID card in order to open a current account. Often also your confirmation of registration or your residence permit is required. Banking fees vary from bank to bank, so it pays to shop around.

If you need to deposit or withdraw money from an account in your home country, it is advisable to ask your home bank whether they cooperate with a certain German bank, which could make transactions between bank accounts easier and cheaper. Since the introduction of the SEPA scheme many  payments are now free of charge.

In addition to cash you may also bring credit cards or traveler’s checks to Germany. Although it is becoming increasingly common for credit cards to be accepted in Germany, it is still customary to pay in cash or with an EC card for everyday shopping or when small amounts are involved.