Germany has one of the most powerful economies in the world. Its banking and financial industries have set the standards in management and monetary policy-making. If you are traveling to Germany, read our article and learn more about their currency and financial systems.




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Up until 2002, the Deutschmark was the official currency of Germany. When the country joined the Eurozone, the Euro became its official currency.

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Travellers Cheques are hardly used in Germany. Because this form of payment is falling behind in popularity and usage, the majority of banks in Germany do not process Traveller’s Cheques anymore.

Likewise, if you do find a center that will process your Travellers Cheques, chances are you will not get the best exchange rate.

Are Debit Cards And Credit Cards Popular In Germany?

In a country that is economically powerful as Germany with more than 200 multinational banks and in excess of 60 foreign investment banks, one would think that debit and credit cards would be widely used and accepted.

On the contrary, not many business establishments honor credit card transactions. The reason for this is ingrained in the culture of Germany which has traditionally frowned upon acquiring debt.

Germans believe that you should not buy something if you cannot pay for it. Cash is the most accepted form of payment in Germany.

Thus, the best thing to do is to research the establishments that accept credit and debit cards as payment. Doing a little research on the hotels, restaurants, and shops will go a long way in making your visit to Germany more relaxing.

To be sure, use Mastercard or Visa which are accepted worldwide. You might find yourself in a bind if you have American Express or Discover.

Conclusion

Germany is a wonderful country to visit. It is rich in history and there are many activities you can do.

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To get the most out of your time in Germany, make sure you know everything about the country’s money and the systems of payment.