The moment you arrive, you will need cash, either to store luggage, pay taxis, or buy bus tickets.
You can bring any amount of German or foreign currency into Germany - but remember to check on your own country's foreign exchange regulation. You can change large-denomination Euro notes acquired in your home country into coinage or you can cash traveller's cheques. There are some currency exchange offices at the airports and main railway stations, usually open in the evening and at the weekends. The other way to change money is at a bank.
The opening hours of the banks vary, but most are open from Monday to Friday from 9 a.m. to 12.30 p.m. and in the afternoon from 2 p.m. to 4 p.m.
To open a bank account, you need to show your national identification document and usually a proof of your German address (copy of registration). The most widespread banks are Sparkasse, Postbank, Deutsche Bank and Commerzbank.
Certain banks do have a close co-operation with the International office of the CBG and offer special rates and good conditions (e.g. exemption from the usual account charges - Kontoführungsgebühren).
The most common form of account in Germany is a Girokonto (checking or current account). Most financial transactions are completed using this type of account, such as receiving your payment, paying bills, etc.
This card allows you to withdraw cash from the majority of cash machines in Germany and Europe. This is normally free of charge at your own bank's ATMs or at the ATMs of the associated cash group, while cash machines from other institutions will charge you a fee. Many shops, grocery stores and petrol stations also allow you to pay for goods and services using the EC card in conjunction with your PIN or signature. Just look for the EC/Maestro sign on the cash register. Since credit cards are not accepted in certain stores (like Media Markt) and small restaurants in Dresden, you may end up using your EC Card quite often.
Almost every bank in Germany offers their customers the possibility of conducting financial transactions from the comfort of their own home over the Internet. You can pay your invoices (Rechnungen) and transfer money within all EU countries without paying a cent extra. For every transaction, you will need to use a TAN number. You will get the TAN numbers either as a printed list of TANs or as little machine that generates new TANs. Some banks like Postbank also offer mobile TAN: you get this special number on your mobile phone.
Mostly you pay bills by transferring funds online from your bank account to the vendors' bank account (a transfer is called an Überweisung). Often there is a transfer form included with your bill. If there is no form with your bill, the bank provides them or you will find them on the Internet. You send the form to your bank rather than sending a check to the company/person to whom you owe money.
A standing order is used for regular payments of the same amount. It allows a fixed amount of money to be drawn out of your account at regular intervals to pay non-varying bills, such as the monthly rent.
This is a practical method of payment if you have recurring payments, which vary in size, such as the telephone bill. You give the recipient a direct debit authorization (Einzugsermächtigung), which allows them to deduct varying sums of money directly from your account.
Private Health Insurance, telephone bills or electricity bills are often paid by this method.
An overdraft facility allows you to overdraw your account up to a certain limit set by the bank. The amount of this credit is normally related to your monthly income. Overdraft interest rates are high, so you are recommended to only use them for emergencies.
SWIFT transfers: A common and safe way to transfer money from Germany to another country is via the system of the Society of Worldwide Interbank Financial Telecommunication (SWIFT). The transfer should normally be completed in a few hours and the funds should be available within 24 hours, although in practice, this might take longer. Transfer costs vary in terms of commission, exchange rates, and transfer charges.
Paypal system: Although originally designed for international internet transactions, this system also provides a convenient way to make US Dollar/Euro or Sterling/Euro transfers. Have a look at the Paypal system - www.paypal.com (especially if you're American or British).