In Germany, cash payments still play a large role in public life. However, many of your regular payments, such as payments for rent or utilities, can be automatically deducted from your bank giro account by direct debit. Sometimes this is a requirement for rent or other payments.

For this reason, among others, opening a giro account (i.e. a current account which money can be transferred to and from – also from abroad) with a German bank is quite convenient. There are numerous banks and saving banks ('Sparkassen') in Germany. A 'Sparkasse' falls under the jurisdiction of the local community and, in the past, its business has been restricted to this community. Nowadays the German 'Sparkassen' form a network and therefore appear to their customers as a nation-wide enterprise, like other banks. The Sparkasse Göttingen runs a service desk on campus for students.
As conditions vary, checking with different banks or a financial advisor is often advisable.

Prior to your departure from Germany, please close the German bank account. That way you will be able to get all funds that are in your account.

EC-Card and Cash Group
The EC-Card which comes with a giro account makes cash withdrawals possible at virtually any cash-point (of any bank) in Germany and cash-points abroad displaying the Maestro Logo. Cash withdrawals from the bank at which you have your account or at their bank group are generally free. If you have a giro account with a 'Sparkasse' branch, then cash withdrawals at cashpoints of any other 'Sparkasse' in Germany are also free of charge. If you have a giro account at Commerzbank, Deutsche Bank, Dresdner Bank, Postbank or HypoVereinsbank, then cash withdrawals at any cash-point (in Germany) of any of these five banks or at any other cash-point showing the Cash Group Logo are free of charge. These five banks are the main partners of the 'Cash Group'.

At present, a service fee of some 5 Euros (or more) is typically charged for withdrawals from other banks' cash-points, unless they are within the same bank group. Please note that an even higher service fee is frequently charged for cash withdrawals at cash-points abroad.

Credit Cards
The use and acceptance of credit cards is becoming more common in Germany but not alway the cards of all the big four (Visa, Master-Card, American Express and Diners Club) are not always accepted. Some shops, restaurants or enterprises will only accept cash or 'EC-Cards' (look out for the Maestro Logo) as a means of payment.

Cheques
Cheques are uncommon in Germany and are used only for special occasions. Travellers cheques can be cashed at many (but not all) shops, restaurants and banks – however often with a surcharge. Cashing or lodging cheques or bank drafts at a bank generally involve a similar surcharge. Please note that Travellers Cheque Cards will be introduced in the near future and that traveller’s cheques may then become obsolete.