Cost of living

Germany-flag-140As a student you should be able to cover your living costs independently. Compared to other European countries, Germany is not overly expensive. In comparision to the Scandinavian countries, the cost of living in Germany 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 in the country is usually the rent which can range around 250 to 350€ a month for a single room. An added cost of 150 to 250€ should be budgeted for food.

Some average example prices can be found here:

Money and Banking

Germany has the Euro as its currency. Payments in Germany are made with cash or cash cards (EC cards). However, credit cards are not that common and one can only use them at certain places.

Futhermore, it is recommended to open a bank account in Germany of staying for a longer time. The most widespread type of account in Germany is the current account. Once one has started a current account, one can apply for a credit card. In order to do this, one needs to have sufficient financial means, which is often proven in the form of regular incoming payments. Normally, one has a choice between a Master Card and Visa. Today, one can also find some internet banks where they can open a bank account online.

Some major banks in Germany include:

  • Commerzbank
  • Deutsche Bank
  • Dresdenerbank
  • Landesbank Berlin

Travelling costs

Students need to pay and organise their travel to their destination country and to the company themselves. The infrastructure in Germany is generally good and most businesses are reachable using public transportation.

Do you want to learn more about business culture in Germany?