There’s no escaping the fact that banking is a major business in Germany. There are no end of banks available – the large ones like Deutsche Bank, the consumer-orientated ones like Postbank, regional Volksbanken and Sparkassen, and even a number of private banks.
Some of them are interested in the normal current-account type of customer, others are more into mortgages, and others still into investment banking. Many even sell each other’s products.
So it’s not unusual for someone to have accounts at more than one bank, and if these are in some way interlinked, keeping tabs on everything gets really complicated – to the point where there is a big market for personal finance software.
As a small business, such software becomes even more important for tracking outstanding payments, planning expenses and setting budgets.
And getting an account at a German bank isn’t always easy – I went to at least 3 when I first arrived, to find one that was prepared to open one for a placement student that didn’t even have an address yet!
Here are some of the most important words and phrases that you might need to know when dealing with a German bank:
Girokonto – current account
Sparbuch – savings account, traditionally a pass book but often just another plastic card these days
Bausparvertrag - a contract which allows you to save a certain amount with a bank in order to borrow a larger amount later to buy property
ec-Karte – the normal type of plastic card, similar to a debit card
Kundenkarte – similar to an ec-Karte, but usually just for the bank’s own cashpoints
Kontoauszug – bank statement
Überweisung – the method of transferring money from one account to another
Lastschrift – direct debit
Einzugsermächtigung – permission to use direct debit
Sparschwein – piggy bank
Filiale - the branch of a bank
Filialleiter/-in - bank manager
Kundenberater – customer adviser
Freistellungsbetrag – the amount that you can earn on savings, before the bank deducts tax
Vermögenswirksameleistung – a special type of savings payment made by employers for their employees
Vollmacht – power of attorney
Einkommensnachweis – proof of income
Can you think of any more?
There's no escaping the fact that banking is a major business in Germany. There are no end of banks available - the large ones like Deutsche Bank, the consumer-orientated ones like Postbank, regional Volksbanken and Sparkassen, and even a number of private banks.
Some of them are interested in the normal current-account type of customer, others are more into mortgages, and others still into investment banking. Many even sell each other's products.
So it's not unusual for someone to have accounts at more than one bank, and if these are in some way interlinked, keeping tabs on everything gets really complicated - to the point where there is a big market for personal finance software.
As a small business, such software becomes even more important for tracking outstanding payments, planning expenses and setting budgets.
And getting an account at a German bank isn't always easy - I went to at least 3 when I first arrived, to find one that was prepared to open one for a placement student that didn't even have an address yet!
Here are some of the most important words and phrases that you might need to know when dealing with a German bank:
Girokonto - current account
Sparbuch - savings account, traditionally a pass book but often just another plastic card these days
Bausparvertrag - a contract which allows you to save a certain amount with a bank in order to borrow a larger amount later to buy property
ec-Karte - the normal type of plastic card, similar to a debit card
Kundenkarte - similar to an ec-Karte, but usually just for the bank's own cashpoints
Kontoauszug - bank statement
Überweisung - the method of transferring money from one account to another
Lastschrift - direct debit
Einzugsermächtigung - permission to use direct debit
Sparschwein - piggy bank
Filiale - the branch of a bank
Filialleiter/-in - bank manager
Kundenberater - customer adviser
Freistellungsbetrag - the amount that you can earn on savings, before the bank deducts tax
Vermögenswirksameleistung - a special type of savings payment made by employers for their employees
Vollmacht - power of attorney
Einkommensnachweis - proof of income
Can you think of any more?
Tags: Finance, Software
Some other posts on this topic that you might like to read:
This entry was posted
on Wednesday, February 16th, 2011 at 11:57 pm and is filed under Finance.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
