Making the best of your money

The currency used in Germany is the Euro (€), which is divided into 100 cents and available in denominations ranging from 1 cent coins to €500 notes.¹

If your bank has branches or affiliations in Germany, inquire about using your existing account abroad, as this can help maintain your credit rating—useful if you decide to move back home.¹ If you choose to open an account in Germany, reputable banks such as Deutsche Bank, Commerzbank, and Postbank offer suitable accounts for expats.² To open an account, you'll typically need an initial deposit, your passport, residence card, and proof of address.²

Everyday Tips for Saving Money

Haggling is not common in Germany. Unless you shop at discount supermarkets like Lidl or Aldi, you may feel like you're always paying full price or waiting for sales.¹ Many expat forums note that furniture and cars can be more expensive in Germany than elsewhere, which can be surprising given that many well-known brands originate there.¹ In the early days, consider hiring a car when needed and visiting IKEA for furniture. Exploring pre-owned or second-hand stores and online marketplaces is a good way to find quality items at lower prices.¹ You can always upgrade once you're settled and have a better understanding of your spending habits.

Since some items can be expensive in Germany, consider importing certain goods from other countries. Gas, tobacco, coffee, tea, and alcohol are some basics that Germans are willing to cross borders to purchase.¹

Saving money in Germany involves making sensible routine choices, just as it would in your home country. Limit luxury activities like dining at expensive restaurants or buying goods with surcharges. Try to think like a tourist until you settle in. In the early days, explore your city on foot to discover free activities, cheaper attraction times, and happy hours at bars.¹

Consult websites like TripAdvisor for money-saving tips and affordable dining options.¹ Seek local advice before making significant decisions like renting, buying property, or hiring a car. If you want to secure a spot at an inexpensive bilingual school in your area, do your research in advance.¹

Ensure your job offer aligns with your desired lifestyle in Germany. Calculate your necessary expenses and consider how you'd like to spend your free time. Research your destination to see how your sporting, artistic, or cultural preferences fit into your new life.¹

Living economically in Germany is similar to doing so in your home country. Take time to research, allow yourself time to hunt for bargains, and explore online deals.¹

1. Expat Arrivals. "Banking, Money & Taxes in Germany." Accessed December 19, 2025. https://www.expatarrivals.com/europe/germany/banking-money-taxes-germany
2. Deutsche Bank. "Banking Services for Expats." Accessed December 19, 2025. https://www.deutsche-bank.de/pk/konto-und-karte/international-expats.html