Opening a bank account
Having a bank account with a German bank or a bank with branches in Germany will make your life much easier during your stay and will help you avoid unnecessary banking fees.
Due to Bucerius Law School's special agreement with Deutsche Bank, Bucerius students can open a bank account immediately upon arrival. The bank account is free of charge and includes an EC card (debit card), a Master or Visa credit card (optional) and online banking. Once your bank account has been activated, you or others can transfer money into it.
You can withdraw up to € 300 per day free of charge when using the ATMs of the Deutsche Bank or Cash Group member (Commerzbank, Hypo Vereinsbank, Postbank, Dresdner Bank) in Germany as well as abroad. You can also use your German EC card to put cash on your student card at Bucerius.
We strongly recommend you open a bank account in Germany. Student accounts are free of charge and landlords usually want to receive the rent via direct debit from a German account. Paying rent in cash or by credit card is uncommon.
If you intend to use your home bank account, please make sure that your credit card company or financial institution gives you access to ATMs in Germany. In any case, as all procedures take time, bring enough cash or your credit card to cover the expenses of the first couple of weeks in Hamburg.
Blocked Bank Account
Some German missions require students from non-EU countries to open a blocked bank account before applying for an entry visa. You will be asked to transfer a specific amount of money into the account, which is meant to cover your living expenses for your 12 months in Germany. Please calculate around 10,000 Euro for the duration of your studies.
If required by the German mission in your home country, the staff at Bucerius Law School may be allowed to open a German bank account in your name before your arrival. Note that approval of an application for a blocked bank account takes approx. 10 working days.
Money Matters in Germany
What is the best way to handle your money during your studies in Germany? Can you stick with your international credit and debit cards or do you need to open a German bank account? What are the financial requirements to get a visa? Our Head of Recruiting and Admissions sheds some light on these questions.