The currency chart below is based on August 2008 exchange rates between local currency and Australian dollars (AUS$), Canadian dollars (CDN$), European Union euro (EUR€), New Zealand dollars (NZ$), British pounds (UK£), and US dollars (US$). Check the currency converter on websites like www.xe.com or www.bloomberg.com for the latest exchange rates.
As a general rule, it’s cheaper to convert money in Germany than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for at least a few days.
When changing money abroad, try to go only to banks or Geldwechsel (money exchange) locations that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, it makes sense to convert large sums at one time (unless the currency is depreciating rapidly).
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) for times when you are forced to exchange money at poor rates, but bring a range of denominations since charges may be applied per check cashed. Store your money in a variety of forms: ideally, some cash, some traveler’s checks, and an ATM and/or credit card.
Traveler’s checks are one of the safest and most convenient means of carrying funds. American Express and Visa are the most-recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and assistance with lost and stolen credit cards or passports. Traveler’s checks are readily accepted in major touristed areas of the country. ATMs are accessible as well and provide better exchange rates and, arguably, greater convenience. Ask about toll-free refund hotlines and the location of refund centers when purchasing checks, and always carry emergency cash.
Where they are accepted, credit cards often offer superior exchange rates, up to 5% better than the retail rate used by banks and other currency exchange establishments. Credit card companies may also offer services like insurance or emergency help and are sometimes required to reserve hotel rooms or rental cars. MasterCard (a.k.a. EuroCard in Europe) and Visa are the most frequently accepted, and American Express cards work at some ATMs and at AmEx offices and major airports.
The use of ATM cards is widespread in Germany. Depending on the system that your home bank uses, you can likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (usually around US$500). There is also typically a surcharge of US$1-5 per withdrawal. These fees vary and escalate as you move away from urban centers. In smaller villages, you will have limited options for withdrawls.
Debit cards are as convenient as credit cards but withdraw money directly from the holder’s checking account. A debit card can be used wherever its associated credit card company (usually MasterCard or Visa) is accepted. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout Germany.
The two major international money networks are MasterCard/Maestro/Cirrus (for ATM locations ☎+1-800-424-7787 or www.mastercard.com) and Visa/PLUS (for ATM locations ☎+1-800-847-2911 or www.visa.com). American Express and Diners Club cards are not as prevalent in Germany as elsewhere, but may be accepted in upscale restaurants and hotels, or in heavily touristed areas.
Most ATMs charge a transaction fee paid to the bank that owns the ATM.
If you run out of money while traveling, the easiest and cheapest solution is to have someone back home make a deposit to your bank account. Otherwise, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in Germany. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in local currency, potentially sticking you with a poor exchange rate; inquire about this in advance. German banks do not issue personal checks to their customers, and therefore won’t cash a traveler’s personal check unless that individual has an account with the bank. Other options include online banking and PayPal. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide. To find one, visit www.westernunion.com, or call: in Australia ☎1800 173 833, in Canada and the US 800-325-6000, in the UK 0800 833 833, or in Germany +49 180 18 18 123. To wire money using a credit card (Discover, MasterCard, Visa), call in Canada and the US ☎800-CALL-CASH/225-5227, in the UK +44 0800 833 833. Money transfer services are also available to American Express cardholders and at selected Thomas Cook offices.
In emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a fee of US$30. If you wish to use this service, you must contact the Overseas Citizens Services division of the US State Department (☎+1-202-501-4444, from US ☎888-407-4747).
The cost of your trip will vary considerably, depending on where you go, how you travel, and where you stay. The most significant expenses will probably be your round-trip (return) airfare to Germany (see Getting to Germany: By Plane) and a railpass or bus pass (see Getting Around Germany). Before you go, spend some time calculating a reasonable daily budget.
To give you a general idea, a bare-bones day in Germany (camping or sleeping in hostels/guesthouses, buying food at supermarkets) would cost about US$42 (€27); a slightly more comfortable day (sleeping in hostels/guesthouses and the occasional budget hotel, eating one meal per day at a restaurant, going out at night) would cost US$71 (€46); and, for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least US$200) when planning your budget.
Some simpler ways include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in supermarkets rather than eating out. Bring a sleepsack to save on sheet charges in hostels and do your laundry in the sink when possible. Museums often have certain days once a month or once a week when admission is free, so plan accordingly. If you are eligible, consider getting an ISIC or an IYTC to take advantage of reduced admission at museums and sights. For getting around quickly, bikes are the most economical option. Renting a bike is cheaper than renting a moped or scooter. Don’t forget about walking: you can learn a lot about a city by seeing it on foot. Drinking at bars and clubs quickly becomes expensive. It’s cheaper to buy alcohol at a supermarket and imbibe before going out. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or a great travel experience.
Tipping is practiced less liberally in Germany than it is elsewhere. Most Germans only round up a euro or two in restaurants and bars as tip, no matter the bill, and may give a small tip when getting a service, like a taxi ride. Tips in Germany are not left on the table, but handed directly to the server. If you don’t want any change, say “Das steht so” (dahs SHTAYT zo) or “Das stimmt so” (dahs SHTIMT zo). Germans rarely bargain except at flea markets.
Mehrwertsteuer
 |
 |
 |
 |
For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
Facebook
Twitter
You Tube
Foursquare
Newsletter
RSS Feed
Overview