After arriving in Germany, international students need to apply for a bank card of their own. So do you know how to apply for a bank card in Germany? Let’s take a look at the 2019 Guide to Applying for a Bank Card for Studying in Germany.
First, let’s take a look at the process of applying for a bank card.
German banks generally have two types of accounts. One is the Spar account, which can only deposit and withdraw funds, but cannot transfer funds. One is a Giro account, which is a transfer account. There is no limit on the amount of deposits and withdrawals (but there is a maximum withdrawal amount every month). Many things in Germany need to be transferred. Such as rent, shopping, utility bills, etc. If you do not have a transfer account and use cash to transfer, you will have to pay an additional transfer fee of 3 euros each time. Therefore, it is almost necessary to open a transfer account so that you can transfer money for free (can cross banks and locations).
Go to a German bank to open a new Giro account (opening an account is usually free). You can usually get an EC card (electronic cash card) for free, and you can directly swipe the card for consumption (stores with EC logo). You can withdraw money from most cash machines in Europe (those with the EC mark), or you can ask for a Master or Visa credit card (there is no difference between these two credit cards, except that you can overdraft, and if you do not repay it in time, the interest will be very high, so be careful) , these credit cards have more services, so the fees are also higher, generally a fixed fee service fee of 5-20 euros per year. In fact, some Giro accounts also charge monthly service fees. Fortunately, most banks have discounts for students (including foreign students in language schools) and do not charge service fees. Be sure to ask clearly when opening transfer accounts and credit cards! For example, Postbank only offers free discounts for people under 26 years old (or those with a monthly payment of more than 1,000 euros). If you are a German college student over 26 years old, you also need to pay a monthly service fee of 5.9 euros for the transfer account! Its VISA credit card has an annual service fee of 26 euros or 20 euros, and other banks have similar conditions for this.
If you don’t make a request, some German banks will only give you an ATM card, which means that you can only withdraw money from the ATMs in the bank’s branches, not even ordinary ATMs on the street, and the scope of use is limited. There are many, please note that at least one EC card is required. So everyone should carefully inquire about any possibilities when going through the procedures.
Opening transfer accounts and credit cards at Dresden and Deutsche Bank are free for students (including language schools).
After completing the account opening procedures, the bank will mail the credit card you applied for directly to you within one week, and the password will be mailed to you within two weeks. Therefore, if you do not receive the credit card in time, you must go to the bank immediately. Apply for cancellation and see if the address is wrong (if the mailbox of a German house has the name of the owner, be sure to write the name of the German owner: c/o XXX to avoid misdirection and loss). If you do not cancel in time and an accident occurs, such as the card being used fraudulently, the bank will not be responsible.
If you open an account at a bank in City A, you can go directly to the bank in City B to enjoy the same services for free, such as deposits, withdrawals, billing, etc. If you move or move to another city, you only need to register with the bank. Just a new contact address. German banks will send information and bills to your home in a timely manner, so you must change your mailing address in time to ensure effective contact.
Try not to open an account at a less well-known small bank, because there are few branches and it will be very inconvenient to handle procedures and transfer money in the future. The largest ones are Deutsche Bank and Dresden Bank (the two have merged some projects and are the largest banking institutions in Germany). Sparkasse bank has many stores. There is also Postbank, which is actually a banking service launched by Deutsche Post. Any post office in Germany can handle relevant procedures and services, which is also very convenient.
When withdrawing money from an ATM, try to use one of the bank's ATMs, otherwise the handling fee will be very high (2 Euros or more). Most cards have withdrawal restrictions (they vary, depending on the terms of the contract), such as no more than 500 euros a day, no more than 1,500 or 2,000 euros a week, etc. This is not only for safety, but also to reduce the amount of deposits in bank ATMs. Therefore, you must understand the withdrawal restrictions and terms of your card. Try to withdraw large amounts over several days, with no more than 500 euros each time.
Credit cards issued in China are of little use in Germany.
Applying for a credit card in Germany is very convenient and there are no fees. As long as you open a transfer account, you can ask the bank to give you a credit card.
Each account will be deducted a social fund tax Kapitalertragsteuer of 15-30 euros at the end of the year. Students can be exempted from paying, but the bank defaults to voluntary payment. You must go to the bank to fill out the exemption application - Freistellungsauftrag fuer Kapitalertraege. This tax will be exempted in the future. It is recommended to open an account or fill out this application on a regular basis to avoid having money deducted at the end of the year, apply again, and then go to the Finance Bureau to get the money back.
Next, let’s take a look at the things to note when applying for a bank card.
The DB bank current account only has an interest rate of 0.5%. Putting the money here will make you lose your mind, so leaving a few hundred in the DB card is enough. Since there is a monthly withdrawal limit when I first came to Germany, I tried to withdraw as much as possible every month, which was about 600 euros, and then deposited it in a bank with high interest rates. It’s not troublesome, it only takes 1 minute to transfer money online, but it will add a little interest every month. It costs nothing to transfer funds between banks in Germany! There will be rewards for opening a German bank account, ranging from about 50 euros to 100 euros. High-interest banks generally have 2.2%, which is much higher than 0.5%. Students have no monthly or annual fees in almost all banks, and they can cancel at any time, so for new students, Dear friends, you can ask the elderly or read the forums. Many banks will have discounts. Choose an account close to your home or one with high interest rates. These bank cards can be used in daily life, such as shopping, mobile phones, the Internet, houses, etc.
For credit cards, students in Germany can apply for many types, the recommended ones are DKB and Barclays.
DKB: Free for life, no handling fee for withdrawing cash from any VISA ATM machine around the world, the exchange rate is slightly higher than the current exchange rate, the initial overdraft limit is slightly lower, 500 euros, but the deposit balance on the Visa card is 2,55 % (annual interest rate) interest! ! !
Barclays: There is an annual fee, about 12 euros. If you encounter an event, you can be exempted for life. Others are the same as DKB. The overdraft limit is large, starting with 1,000, and with good credit it will quickly reach 10,000 euros.