Germany bank account
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Location: Central Europe
Population (2017): 82,790,000
Status: founding member of the EU; co-founder of the Eurozone in 1999; member of the United Nations, NATO, the G7, the G20, and the OECD.
Currency: EUR (Euro)
Official language: German
Deposit guarantee: 100,000 EUR
Germany is located in northern central Europe,sharing its borders with nine other European countries.
It has the largest population in the EU and it is the EU’s largest economy. And according to the World Economic Forum, it has the world’s fourth largest economy with 4,2 trilllion USD.
The history of banking in Germany dates back to the 15th century and the oldest bank, founded in 1590, is still operating in Germany. The system is made up of private commercial banks, public saving banks and cooperative banks, known today as the „three-pillar” banking system. Altogether there are more than 1,800 banks in Germany (including foreign banks) with more than 35,000 branches.
The Germany central bank, which is headquartered in Frankfurt, is the country’s main financial centre and also the base of the European Central Bank. The most powerful national central bank has the role to implement the EU’s central banks monetary policies and to maintain the euro’s stability.
Most banks offer a wide range of financial services, including current accounts, savings accounts, insurances, currency exchange, internet banking services and English speaking staff.