Frankfurt

1. Currency Used in Frankfurt

• Currency Name: The official currency in Frankfurt, as in the rest of Germany, is the Euro (EUR).
• Denominations:
  • Coins: 1, 2, 5, 10, 20, and 50 cents, as well as €1 and €2 coins.
  • Banknotes: €5, €10, €20, €50, €100, €200, and €500 (though €200 and €500 notes are less commonly used in daily transactions).
• Symbol: The Euro is represented by the symbol € and the ISO code EUR.

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2. Exchange Rates

• Exchange rates fluctuate daily, so it’s best to check the current rate before exchanging money. As of October 2023, €1 is approximately equivalent to 1.05 USD or 0.87 GBP, but this can vary.
• Where to Check Rates: Use reliable sources like XE.com, OANDA, or your bank’s website for up-to-date rates.

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3. Where to Exchange Money

• Banks: Most banks in Frankfurt offer currency exchange services, but they may charge a commission or fee. Look for major banks like Deutsche Bank, Commerzbank, or Sparkasse.
• Currency Exchange Offices: Specialized exchange offices (e.g., at Frankfurt Airport or in the city center) are convenient but may have higher fees or less favorable rates.
• ATMs: Withdrawing Euros directly from an ATM using your debit or credit card often provides a better exchange rate than currency exchange offices. However, check with your bank for international withdrawal fees.
• Avoid: Avoid exchanging money at hotels or tourist-heavy areas, as they often have poor rates and high fees.

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4. ATM Usage

• Availability: ATMs (called Geldautomaten in German) are widely available throughout Frankfurt, including at the airport, train stations, shopping areas, and banks.
• Languages: Most ATMs offer instructions in multiple languages, including English.
• Fees:
  • German banks typically do not charge fees for domestic withdrawals, but international cards may incur fees.
  • Your home bank may also charge a foreign transaction fee, so check with them before traveling.
• Tips for Use:
  • Use ATMs located at banks for added security.
  • Avoid standalone ATMs in tourist areas, as they may charge higher fees.
  • Always choose to be charged in Euros rather than your home currency to avoid unfavorable exchange rates (this is called Dynamic Currency Conversion, and it’s best to decline it).

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5. Banking Hours

• Typical Hours: Banks in Frankfurt are generally open from 9:00 AM to 4:00 PM, Monday to Friday. Some branches may close earlier on Fridays.
• Extended Hours: Larger branches, especially those in busy areas like Frankfurt Hauptbahnhof (main train station), may have extended hours or be open on Saturdays.
• Online Banking: Many banks offer online and mobile banking services, which can be useful for managing your finances while in Germany.

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6. Cash vs. Card Usage

• Cash Culture: Germany is still a predominantly cash-oriented society compared to some other European countries. Many small businesses, cafes, and restaurants prefer cash, especially for transactions under €20.
• Card Payments:
  • Credit and debit cards (Visa, Mastercard, and increasingly American Express) are widely accepted in larger stores, hotels, and restaurants.
  • Contactless payments (via card or smartphone) are becoming more common, but not universally available.
  • Some places may only accept EC cards (German debit cards), so always carry some cash as a backup.
• Tip: Always ask if cards are accepted before making a purchase, especially in smaller establishments.

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7. Tipping Culture

• Restaurants: Tipping is customary but not obligatory. A tip of 5-10% of the bill is standard, or you can round up to the nearest Euro. For example, if your bill is €18.50, you might round up to €20.
• Bars and Cafes: Rounding up the bill by €1-2 is common.
• Taxis: It’s polite to round up the fare to the nearest Euro or add 5-10%.
• Hotels: Tip porters €1-2 per bag and housekeeping €2-5 per day.
• How to Tip: Hand the tip directly to the service provider or tell them the total amount you’d like to pay when handing over cash (e.g., if your bill is €18.50, you can say “€20, bitte”).

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8. Other Local Considerations

• Small Change: Always carry small denominations and coins, as some places (e.g., public restrooms, parking meters, or small shops) may not accept large bills.
• Public Restrooms: Many public restrooms in Frankfurt charge a small fee (usually €0.50-€1), so keep coins handy.
• Tax-Free Shopping: If you’re a non-EU resident, you can claim a VAT refund on purchases over €50. Ask for a Tax-Free Form at the store and present it at the airport when leaving the EU.
• Scams: Be cautious of anyone offering to exchange money on the street, as this is often a scam.

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9. Emergency Numbers for Financial Issues

• Lost or Stolen Cards: If your card is lost or stolen, immediately contact your bank or card provider. You can also call the German emergency card blocking hotline at 116 116 (toll-free within Germany).
• Police Assistance: For financial fraud or theft, contact the local police at 110.

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10. Useful Phrases in German

• "Wo ist der nächste Geldautomat?" – Where is the nearest ATM?
• "Akzeptieren Sie Kreditkarten?" – Do you accept credit cards?
• "Können Sie das wechseln?" – Can you change this (money)?
• "Ich möchte in Euro bezahlen." – I would like to pay in Euros.

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By keeping these tips in mind, you’ll be well-prepared to handle cash and payments during your time in Frankfurt. Let me know if you need further assistance!