Tips on how to save money

You won't get far in Germany if you don't have your own bank account. Depending on the country in question, these may have different names. The most common are: Girokonto = Germany, Current Account = United Kingdom or Checking Account = United States. For example, you will need your account to transfer your semester fees or to let your employer transfer the wages you have earned in your secondary job direct to your account. You also need a bank account to obtain an EC Card. Because paying by Electronic Cash = EC Card is very popular in Germany.

Geld sparen, Bild: DAAD

Girokonto and EC Card

People in the United States and many other countries usually pay by credit card. In Germany, this is not the case. Although many Germans do have a credit card, the EC Card (a debit card) is much more popular and is meanwhile recognised almost everywhere as a means of payment. You will be issued with your own EC Card when you have opened a bank account. (Girokonto). Many banks offer students such an account for free or at least at very favourable rates. Make sure you inform yourself about all the options by contacting the International Office (Akademisches Auslandsamt) at your German university or by searching the internet, so that you don't unnecessarily pay for something that you could have got for free. You can also save yourself from unneeded stress by asking what documents and papers the bank needs from you before you can open an account.

You can either go straight to the local bank or branch or to a savings bank (Sparkasse). Alternatively, you can open an account via your chosen bank's website.

In the video, Max will tell you how much it costs to live in Germany and will go with Xenia to open a bank account.

Saving money with a Student ID Card

Your Student ID Card officially identifies you as a student from your university. At the same time, however, your card can also help you save a lot of money. Whether theatre, cinema, swimming pool, computer software manufacturers, they will all give you a discount. All you have to do to benefit from this is to always have the card with you and to show it when asked.
The German news magazine Spiegel Online has created a online Bargain Guide called "Schnäppchenführer" for students which lists where you can get the best discounts.

Customer Loyalty Cards

The last ten years have seen the wallets of many people become much thicker, because supermarkets , retail shops, and fast food chains discovered the Customer Loyalty Card. It's principle is as easy as it is successful: Holders of a loyalty card for a specific shop can collect points with every purchase they make. Later, they can swap (redeem) the points for a present. The "Payback-Karte" is the widest spread scheme in Germany. According to market researchers Gesellschaft für Konsumforschung (GfK), two out of three German households meanwhile use "Payback" and enthusiastically collect points from the participating shops, even through the saving they make is not that big.
More info at: www.payback.de

Card4students

While "Payback" is open to all, the "Card4students" has been specially created for students. Holders of one of these cards automatically get discounted prices from more than 7000 partners Germany wide (for example, at fast food chains, bars, pubs, clubs, etc.). And the internet has a further 250 partners who also participate in the scheme. However, the Card4students is not just a loyalty card. Rather, it is only issued together with a Girokonto from the DKB Bank. Both are free of charge for you and are particularly useful if you do not yet have an account in Germany. The account can be used as an EC Card or a Visa Credit Card with which you can also draw money from cash dispensers or ATMs worldwide. By the way: The "Card4students" project was developed at the University of Augsburg, Faculty of Business Administration and Business Informatics, in 2001.
More info at: www.card4students.de

Compare prices online

Before you go out and buy something new, it's worth comparing prices on the internet. In fact, there are even websites that specialise in free-of-charge offers:
www.vergleich.de/studentenkonto - compares various banks and what they offer you as a student and tells you which is the best deal for you
www.studentenpreise.de – was developed by students and lists prices in areas such as mobile phones, internet, and credit cards
www.geizkragen.de – popular internet-based price comparison site
www.kostenlos.de – collection of free-of-charge products which users can assess.

You can find detailed information on the topic of banking and financial transactions on the DAAD website.