They also commonly sell insurance. You can establish a line of credit at a German bank, usually two or three times your monthly pay. Once you have done this you may overdraw your account to the agreed amount, but be warned that these overdrafts will cost you some heavy interest, generally 10 to 12 percent per annum. German banks, like those in other European Union countries, are now in a period of transition to the common European currency, the Euro. For now business is usually transacted in the Deutsche Mark with only a few subtle changes.
Bank statements show balances in Euros as well as marks.
Bills usually give the amount due in both currencies and even the cash register slips at stores make the conversion. Conversion to Euro bills and coins is scheduled for the first six months of 2002. You fill in a transfer form and hand it in at your bank. During the transition period to the new currency transfers can be written in either Deutsche Marks or Euros. The bank will provide you with the necessary form.