Money & Banking

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Money & Banking

The official currency in Germany is the Euro (€). In Germany, it is particularly common to pay in cash and it is often not possible to pay small amounts with a credit card.

For MBS participants who intend on staying in Germany for a longer period of time, opening a bank account in Germany is a convenient option. Several bills can often only be paid by bank transfer, e.g. the monthly rent, internet, or telephone bill.

In some cases, a special bank account – called a 'Sperrkonto' – is required when applying for a visa to prove adequate funds are available for the whole intended stay in Germany.

More information on money and banking in Germany is abailable here.

Good to know

  • …that monthly or annual fees usually apply to bank accounts. Some banks, however, offer special deals for students younger than 30 years, e.g. a special account ("Junges Konto") that is free of charge
  • …that MBS participants may have their mail sent to the MBS address in light of possible frequent changes of a dorm or student residence address.
  • …that it may be necessary to open a "Sperrkonto" – a secured bank account with German bank providers, e.g Deutsche Bank for visa application purposes
  • …that "cash is still king" for most daily life transactions in Germany

MANNHEIM BUSINESS SCHOOL (MBS)

Located in the heart of the German and European economy, Mannheim Business School (MBS), the umbrella organization for management education at the University of Mannheim, is considered to be one of the leading institutions of its kind in Germany and is continuously ranked as Germany’s #1.

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