Accessing Funds In Germany

NewApproach

Hi,

What is the cheapest way to access funds in Germany? I dont want to carry too much cash around with me.

I have a Visa Debit card and a Visa Credit Card. Are there many charges involved in using either of these cards abroad, over what I would pay here?

undo

If you use your card to pay at shops/restaurants, there is no extra charge. By virtue of EU regulations, your bank cannot charge you extra for using your card abroad as long as you remain within the euro zone.

If you get money out from an ATM, there will be a charge. So it makes sense to take out larger sums at a time and carry some cash with you. You will find that Germans are very fond of carrying large amounts of cash. It is just a habit. Carrying several hundred euro on you all the time is not unusual.

Ponster

NewApproach wrote: »

Are there many charges involved in using either of these cards abroad, over what I would pay here?

That depends on your bank which should have information available on their website.

BuffyBot

If you get money out from an ATM, there will be a charge.

Not unless the machine itself charges (some privately operated ATM's do charge). ATM withdrawals with your debit card within the Eurozone are subject to the same rules as paying by card so your bank can't levy any extra charges for taking money out via an ATM themselves.

Using the credit card to pay within the Eurozone is also free of additional fees - but ATM withdrawals are subject to the same rules (cash advance fees etc). Check with your card issuer

munchkin_utd

my strategy for visiting other eurozone countries is to take out a wedge of cash beforehand and supppliment that with charge free payments by the credit card.
The cash machine can normally be avoided, along with its punitive charges.

That would work in germany BUT be warned many small businesses will only accept maestro and not creditcards.
That said, major department stores and the likes are fine for plastic.

(and before anyone thinks this is awful primitive, Marks and Spencer only recently enough allowed the use of credit cards IIRC!!!!!)

undo

The rules are different in Germany. ATM withdrawals are only free at your own bank (and any other banks affiliated with it via some kind of agreement). Unless such an arrangement is in place, there is a charge - and it is quite hefty.

PeterKelly!

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cailinoBAC

I haven't paid any fees on accessing money with my BOI card from eurozone ATMs since I was on Erasmus in Germany in 2000. Maybe I've just been lucky, but I don't think so. I've been living in Spain 7 months now and have had to open a Spanish bank account for practical purposes. I thought I would start using that more and more instead of the BOI, but it turns out that with BOI I can use all ATMs for free, whereas with my Spanish card I have to pay charges unless I use a branch of that bank.

undo

Ah, it may well be that the fee system really follows the issuing bank only. I only ever tried my German card in Germany - and that always attracts a fee unless it is your bank. If Irish ATM cards behave differently, I stand corrected.

Stinicker

I have used my Bank of Ireland Laser card to withdraw money in a Deutsch Bank ATM and there is no fees, I withdraw say €200 and that is what is debited from my account. Have never been charged to withdraw at an ATM in Germany with my Laser card.

munchkin_utd

ok,
i checked the bank last night on taking out money from a german bank machine.

It said that the charge is entirely dependent on YOUR bank.
They themselves dont levy a fee (or at least what you pay isnt anything to do with them)

so
check your bank and see if they charge you in the EU eurozone!!