Expats, Financial, Moving to Germany

Get your finances up to speed when you move to Germany

Germany is a vibrant country that is becoming one of the most popular destination in Europe for expats. Being one of Europe’s healthier economy, Germany provides a range of interesting life style and job opportunities across the country.

Moving to Germany is relatively easy, but before integrating with the local way of doing things and understanding the new laws and bureaucracy and systems, there are certain things you should know before you go.

Managing your financial status

Relocating alone or with your family, it is essential to put in order your finances in order to support your move to the new country. This ranges from finding options to get any short-term money for the early needs as well as long-term needs such as banking, insurance and credit cards.

A simple way to cover your immediate financial needs is to transfer money from your home country quickly and easily. Another way is to receive credit that you can use during the early days, before the first salary kicks-in.

Photo by Jonas Tebbe on Unsplash

Getting a Bank account in Germany

Opening a bank account in Germany is essential for almost every service interaction; from arranging your utilities for your new home, getting mobile and broadband services, or even getting a German insurance coverage as required by law.

There are many categories in Germany for their banking system; private, public and cooperative banks, as also international, online, and mobile banks. Mobile and Online or Digital banks (direktbanken) can be your easiest and quickest options to apply for, though none of them are expected to have local branches but it should be easy to use the cash machines of other banks.

What to consider before Renting in Germany

Renting is another important thing to consider, while Germany is the paradise for dreaming castles, still, has many other available housing options to find affordable accomodation.

From having your own place, to flat-sharing or even subletting options, a deposit (Kaution) it is often to be required by the landlord to complete the renting contract, and is commonly equal to three months’ rent.

Sort out your finances in Germany easily

For the fast moving population between countries. Ocyan is providing an easy and quick way to get your first bank account, insurance, credit and mobile phone contract. With Ocyan you can:

  • Compare your banking options and apply via one click
  • Get the best insurance provider for your tailored needs
  • Get insurance and credit help for your renting deposit
  • Find the best contract for your mobile phone needs
  • Prove your credit score from your home country to German financial businesses
  • Notify the businesses in Germany and in your home country for changes in your address, mobile phone number and employment details

Visit ocyan.com to get started now.

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