Planning your Expenses
Leipzig, when compared to other German cities such as Berlin, Munich, or Frankfurt, is much more affordable when it comes to cost of living (accommodation, food shopping, going out etc.). You can enjoy your student life here without having to miss out on any of the buzz or culture. Find more information on estimated student expenses.
Paying by Card or in Cash?
While you can pay by card in various shops, restaurants and coffee shops, you will need cash when visiting places like Farmer’s Market, buying a famous ‘bratwurst’ on the street or a coffee in the park. It is always good to have some cash on you. There is a cash machine on the ground floor in Strohsack Passage.
Opening a Bank Account
Once you have arrived in Leipzig and registered with the City of Leipzig, we would advise you to open a German bank account (Girokonto). In Germany, it is common to use your debit card as not all stores or companies will accept a Visa or Master card. Once you have opened a German bank account, you will be able to withdraw money from your banks’ ATMs (Geldautomat) without being charged. You can also perform other monetary transactions after you have opened your account. Especially in small restaurants or for daily purchases (bakeries, supermarkets etc.) only cash and on occasion debit cards are accepted in Germany. Transportation tickets can be purchased using cash or your debit card. A German bank account will also be needed as some health insurance companies or landlords may insist on the direct withdrawal of payments from your German bank account.
Opening a bank account in Leipzig can be done either online or in person (usually by appointment). There are many different banks in Leipzig to choose from among them Deutsche Bank, Sparkasse, Commerzbank and many more. There are also online bank providers such as DKB, comdirect, N26 and ING DiBa which usually offer phone support only. One advantage is that they offer free cash withdrawals from other banks’ ATMs as well.
If you have only limited knowledge of German or an English description is not available, it might be advisable to open an account in person. While not all bank employees will be comfortable conversing in English, bigger banks usually have at least some employees fluent in English, so asking for an English-speaking employee is recommendable.
Documents you will need include:
- passport/ visa
- city registration document
- Lancaster University Acceptance Letter
As a Lancaster University Leipzig student, you might qualify for a student bank account, so make sure you will bring your Lancaster University Acceptance Letter with you when opening a bank account. Two aspects you should pay attention to before signing a contract is whether there is a minimum amount that needs to be deposited into your account every month and whether the bank allows overdrafts.
In case you misplace your bank card, or it gets stolen, make sure you call your bank immediately and report your loss. Every bank also has a 24-hour emergency number for an incident like this.