MBA Germany

Money & Finance in Germany


 

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If you want to stay in Germany for more than three months or a significant period, you should think about opening a German bank account to make regular payment of rent and bills. It's a very swift and direct procedure. You should bring your valid passport and the initial deposit with you when ready to go to the bank. Almost all the banks open their doors from 9 am to 4 pm.

German banks
There are many banks and Sparkassen in Germany. Banks are private institutions. Sparkassen are operated by local public authorities, which explains their names: Berliner Sparkasse, Hamburger Sparkasse and Sparkasse Dresden.

Transferring money
In Germany there is a special way to make a money transfer (Überweisung formular).

Taxes in Germany
In Germany the taxation system is similar to others in Europe western countries. You pay income taxes throughout the year, generally with an employer deducting tax from each paycheck.

Mortgages in Germany
A mortgage is a loan you obtain in order to buy a property. The mortgage banks finance loans by issuing the mortgage bonds. The Government regulates both, the mortgage banks and the mortgage bond markets.



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