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.