Hello everyone,
With rapid technological advancements, banking services are digitizing at lightning speed. Expats are thus propelled into a new era of options and payment methods, disrupting the traditional banking services of local establishments in Germany. An evolution that presents a range of opportunities and challenges on a local scale.
Share your experiences regarding the evolution of bankings services in Germany:
To what extent are the latest banking technologies being adopted and utilized in Germany? (contactless payments, phone-based payment systems, QR codes, etc.)
What are the advantages and disadvantages?
Are new payment methods emerging in Germany? Which ones, and what does it change in your daily life?
What are the advantages of using local bank services versus an international online banking service as an expat?
Are there specific features in banking apps that you find particularly helpful as an expat in Germany?
By sharing your experiences and insights, you contribute to a broader understanding of the evolving banking landscape for expats in Germany.
Thank you for your contribution.
Cheryl
Expat.com Team
Evolution of banking services in Germany
Banks in Germany are, in general, very conservative. Do not expect innovation or any other surprize!
That said, they do work well and offer useful services, both over the counter and by online banking.
A very good aspect are the possibility, due to EU integration, to transfer money cheaply to and from any EU bank account at minimal fees (often even free), and the issuance of EC-cards, which allow cash withdrawals and (free-of-charge) payments anywhere in the EU.
I generally agree with Beppi that one cannot expect lots of innovation at German banks. What has developed in the last decade or so is the implementation of online banking. There are banks that exist exclusively online and most banks have online services. There is also more automation with machines to check one's account, make payments, withdraws or deposits. I find them useful, when they are not out of order. Banks here haven't added them to make things more convenient rather to downsize the number of employees and replace tellers with machines and close many branches. If the machines are working and can do the service then fine, otherwise it is more difficult to get live service.
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