Germany has a sophisticated and technically advanced banking system. The main banks provide a wide range of facilities in addition to normal financial transactions, such as real estate sales, mortgage services and investment management. Telephone and internet banking services are offered by most of the major banks, and there is an extensive inter-linked ATM network which allows you to draw out money and make other automatic transactions. A small fee is payable for the use of another bank's ATM to access your own account.

The major German banks include Deutsche Bank, Dresdner Bank, Westdeutsche Landesbank, Commerzbank, and the Bayerische Vereinsbank. These generally have facilities specifically for English-speaking expatriates and other foreign residents.

To open a bank account in Germany, you need to show your passport and provide the initial deposit. You can then apply for a Eurocard which functions as a debit card (i.e. when you use it, the funds will be deducted from your bank account immediately). Eurocheque cards are accepted almost everywhere, but credit cards such as Visa and Mastercard are still not universally accepted.

Overdraft facilities are usually available once a sound credit record has been established, but interest rates are high, typically up to 18% per annum.

Instead of cheques made out in a person's name, the banking system in Germany generally uses money transfers made out to an account number. Regular payments can also be made by direct debit or standing order.

Normal banking hours are from 8.30 a.m. to 4 p.m. on weekdays, with extended opening until 5.30 p.m. or 6.30 p.m. on Thursdays. Small banks sometimes close for lunch.