When one thinks of banking in Europe, who cannot stray from imaging the spy of all spies — Bond, James Bond — casually walking into Switzerland’s “fortress” banks to deposit a million Pounds and precious jewels as a front in order to infiltrate the accounts of the bad guys and bring their empire down.  Meanwhile, the bad guys, living large somewhere in the Caribbean, pull their millions of Dollars out of the Swiss banks in order to buy more deadly weapons aimed at bringing the world to their knees!  In turn, these colossal banks seem powerful and untouchable, only accessible to the rich, devious, and international heroes bent on saving us poor mortals from sinister disasters.  In essence, Swiss banks seem too far flung a place to open up a modest checking account, or set up a CD for one’s child’s college education, and this aura around Swiss banks can encompass its European neighbors’ banks, including the efficient banking system of Germany.

In reality, German banks are quite accessible to us Americans living for an extended period overseas, and do not expect us to walk into their modern environs donning a tuxedo with a martini in one hand and a suitcase full of precious jewels in the other to deposit in their deep, dark vaults.  German banks have become quite useful for military members and their families to use while living overseas paying bills such as rent, phone, electricity and what not.  In addition, by using a German bank one can bypass the U.S. banks on military installations for paying German bills, who act as middle men and can elongate the process of getting the paid bills to the appropriate German billing institution.  The great thing about German banks surrounding military installations is that the majority of the staff speak English and are accustomed to working with American military members, which takes out the “language barrier” equation.

Aside from the German banks being easily accessible to the American military in regards to opening up accounts and paying bills, German banks feature a multitude of widespread financial services beyond deposit taking and lending.  As a consumer of a German bank, American military members are pleasantly surprised to find out they can not only exchange currencies, purchase stocks, bonds, insurance, travelers checks and precious metals at these banks, but can also take advantage of portfolio and asset management, take out mortgage, buy real estate and make electronic transfers around the world.

Setting up an account (a standard checking account is called a Girokonto) in a German bank is “as easy as 1, 2, 3” as the age-old cliché goes, much like banking in the States.  Step 1: bring passport and money for initial deposit into a new account.  Step 2: when cash in hand is supplied to the German bank (this could be in dollars or Euros) a new account is opened at once.  Step 3: If transferring funds from a Stateside bank, it could take a few weeks for the amount transferred to be credited to the new account.

Opening an account with a German bank entitles an American military member to an important purchasing tool resembling a credit card called a Eurocard (EC), which is recognized by many merchants in Germany over certain credit cards.  Once a new account is opened, the bank’s new customer is issued the Eurocard, which can be used to receive cash or account statements from ATM’s, used as a common means of payment for supermarkets, hotels, department stores, ticket offices, and more.  Having mentioned ATM’s above, these machines that have epitomized convenience the world over, are just as abundant in Germany as they are in the States.  As in the States, these ATM’s are interconnected and allows a bank customer with a Eurocard to pull money from almost all the ATM’s in Germany and other European countries.  For the most part, withdrawals are free of charge for a customer when using an ATM of the same bank they have an account with, whereas a nominal fee may be charged for a withdrawal from a different banking organization.  A pin number is given to a customer to utilize the ATM’s with their Eurocard.

Conveniences don’t stop with the Eurocard and the ATM, but German bank customers now enjoy home banking more than ever before checking their account balance or placing a fund transfer from the home telephone or computer.  Accessing this method of home banking is accomplished through a pin number given to a bank customer when an account is opened.

German banks offer several efficient methods to pay one’s bills through them.  Three such methods are called a direct debit, transfer and standing order.  A direct debit is called Lastschrift and is a practical means to pay bills of varying sizes such as gas, telephone and electric bills.  A direct debit entails giving consent to a service such as a gas company to deduct the respective amount owed from one’s account, a procedure accomplished with a direct debit authorization, called Einzugsermächtigung.  Canceling the authorization for a direct debit is an option a customer can utilize at any time.  To protect one’s account from withdrawal abuses, customers are afforded the unrestricted right within a 90-day timeframe to recall any sum that was deducted through direct debit.  A transfer is called a Überweisung and, as the name suggests, is utilized to transfer funds from one account to another.  Employing this method is similar to writing a check: a customer fills in a transfer form called a Überweisungsformular, which they supply to the bank.  A standing order is called a Dauerauftrag that is used to pay recurring bills of a set sum such as insurance premiums, television fees and rent.  This sum is deducted automatically from one’s account on an agreed date and transferred to the account of the company or person(s) to whom the funds are owed, such as a landlord.  A customer’s bank provides the necessary forms for the standing order.

German banks operate on a regular basis, with some smaller branches shutting down for lunch.  Large or small, banks are open 8:30 a.m. to 4:30 p.m. weekdays with the exception of Thursdays when they are open until 5:30 or 6:30 p.m.

Americans will find that banking in Germany is an easy and efficient alternative to taking care of local national bills, and taking advantage of an array of financial services.  It’s yet another adventure into the German cultural experience that fosters that feeling of living in the international world of James Bond; tuxedo, martini and suitcase laden with precious jewels, optional.