When moving to Germany, handing your money is one of the first things that needs to be sorted. Opening a bank account in Germany is a quite straight forward process. Besides this, knowing about money transfers and shopping opportunities in Germany are things that will help you get settled fast.
In today's interconnected world, Germany stands tall as an attractive destination for digital nomads globally. A blend of rich history, vibrant culture, and robust digital infrastructure make it an appealing choice. Yet, managing finances can be a daunting task for digital nomads in Germany without the right guide. This article serves as your compass, guiding you through the essential banking knowledge you'll need as a digital nomad in Germany.
The VAT number in Germany is used to identify you when making payments to the VAT department in Germany (Finanzamt). The VAT number is referred to with different names, but they all mean the same: Umsatzsteuernummer, Umsatzsteuer-Identifikationsnummer or USt-IdNr.
If you’ve just moved to Germany for long term or only temporarily, you will need at least some basic knowledge about bank accounts, online banking, debit cards and loans, just to mention a few. How long will you have to wait for an international or national bank transfer?
A specific form (Überweisungformular) is required to transfer money directly from one bank account to another. If you receive bills with a preprinted Überweisungsauftrag containing the billing amount and the bank details of the recipient, it is advisable to keep a copy for your own reference.
In Germany there are a big number of banks and Sparkassen (savings banks). Banks are private institutions. The local public authorities regulates the Sparkassen, such as Berliner Sparkasse, Hamburger Sparkasse and Sparkasse Dresden, which explains their names.