Guide to German Euro Currency

Since 2002, Germany has adopted the Euro (EUR, €) as its official currency and rolled out euro banknotes and coins. If you are planning to visit Germany, you must be familiar with the fundamental workings of the currency and plan your travel accordingly. While the process may seem simple, managing finances in a foreign nation can be challenging.

In this blog, we’ll discuss the step-by-step process that will help you easily navigate the German Euro currency.

List of currency notes in Germany

In comparison to the Indian currency, a Euro is equivalent to approximately INR 94. For example, with 9,400 Indian rupees, you can exchange it for 100 euros. In Germany, euro banknotes come in 5, 10, 20, 50, 100, 200, and 500 denominations. While the 200 and 500 euro banknotes are valid legal tender, they are not widely circulated. Therefore, for big purchases, you can use the higher denominations. Additionally, you will find German euro coins, including 1 and 2 euro and cent coins in 1, 2, 5, 10, 20 and 50 values, that are useful to pay smaller bills.

Using Indian currency

The Indian currency in Germany has not been accepted. You must refer to the German exchange rate for getting euros in exchange for rupees. The facility for exchanging the currency is available both before and after landing in Germany. The most frequent ways to do so are:

1. Currency Exchange Counters: These counters can be found at airports, banks, hotels or dedicated exchange counters. Although, the exchange fee might be higher at airports.
2. ATMs in Germany: If you have an international debit/credit card, you can withdraw cash from ATMs in Germany from 9 AM to 4 PM.
3. Forex Cards: Banks in India also offer Forex Cards which are quite convenient. You can load them up with euros and sometimes avoid cross-currency conversion fees, making them a secure and cost-effective payment option. 
4. Online Money Transfer Services: Wise, Remitly, WorldRemit, OFX, MoneyGram, and PayPal are some of the most used platforms. They are safe and reliable options for managing finances abroad.

Methods of payment in Germany

While digital payments are widely accepted, it is advisable to carry cash. However, there are a variety of Germany payment methods you can opt from:

1. <h3>Cash: Preferred in small businesses, bakeries, restaurants, and public transport
2. <h3>Debit & Credit Cards: MasterCard, American Express, and Visa are accepted. Additionally, Germany has Girocard, which has replaced cash as the most common payment method.
3. <h3>Contactless Payments: Apple Pay and Google Pay are available for seamless transactions.
4. <h3>Bank Transfers: Commonly used for rent, utility bills, and other large transactions.
5. <h3>PayPal: Popular for online shopping and international transactions.

Tips to save money when travelling in Germany

Here are a few tips to stay financially prudent:

1. Buy a daily or weekly pass for buses and trains to save on travel costs.
2. Shop at discount supermarkets such as Aldi, Lidl, and Netto.
3. Avoid airport currency exchange.
4. Look for discounts that can be availed by students and young travellers.
5. Instead of expensive restaurants, try dining at local bakeries and food stalls.
6. Some cities provide tourist passes with free or discounted entry to attractions and transport. Example: Deutschland-Ticket, Berlin WelcomeCard, Munich Guest Cards.

FAQs

• Can I use Indian rupees in Germany?

      INR is not accepted. You must exchange it for Euros.

• Are credit cards widely accepted?

      Yes, but some places prefer cash or Girocard.

• What is the best way to carry money in Germany?

      A mix of cash, debit/credit cards, and a Forex card is ideal.

• Can I withdraw money using my Indian debit card?

     Yes, but check with your bank about international transaction fees.

• Is tipping mandatory in Germany?

     No, but rounding up the bill or leaving 5-10% is customary in restaurants.

Conclusion

The euro currency Germany is one of the most essential factors while visiting Germany. Understanding how currency works will help you manage your finances better. Additionally, as you prepare for your journey, don’t forget to consider travel insurance for Germany. Securing travel insurance online can provide peace of mind, covering unforeseen circumstances like medical emergencies or travel disruptions. With the right preparation and knowledge, your experience in Germany can be both financially manageable and stress-free.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.