Usually, as a student you should be able to cover your living costs independently. Compared with other European countries Germany is not overly expensive. Compared to the Scandinavian countries, the cost of living could even be said to be low. However, as everywhere, the cost of living depends on what you do and where you live in Germany. The largest expense is usually the rent which can be around 250 to 350€ a month for a single room. Another 150 to 250€ should be budgeted for food.
Some average example prices can be found here http://www.numbeo.com/cost-of-living/country_result.jsp?country=Germany and here http://www.internationale-studierende.de/en/prepare_your_studies/financing/costs_of_living/.
Money and Banking
Germany has the Euro as its currency. As in most countries, payments in Germany are made with cash or cash cards (EC cards). However, credit cards are not that common and you can only use them in certain places.
If staying in Germany for a longer time, it is recommended to open a bank account. The most widespread type of account in Germany is the current account. Once you’ve opened a current account, you can apply for a credit card. To do this you need to have sufficient financial means, which is often proven in the form of regular incoming payments. Normally, you have a choice between Master Card and Visa. Today you can also find some internet banks where you can open your bank account online.
Major Banks in Germany include:
- Deutsche Bank
- Landesbank Berlin
Usually, students need to pay and organise their travel to their destination country and to the company itself. The infrastructure in Germany is generally good and most businesses will be reachable using public transportation.