Frankfurt

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Currency Overview

An introduction to the Euro (€), the currency used in Frankfurt and throughout Germany, including its denominations and basic features.

Sections

1. Local Currency

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

2. Exchange Rates

  • Exchange rates fluctuate daily, so it’s important to check the current rate before exchanging money. As of October 2023, €1 is approximately:
    • 1.05 USD
    • 0.87 GBP
    • 1.45 CAD
    • 7.80 CNY (Note: These rates are approximate and subject to change.)

3. Where to Exchange Money

  • Banks: Most banks in Frankfurt offer currency exchange services. They typically have fair rates but may charge a small commission or fee.
  • Currency Exchange Offices: Found in major areas like Frankfurt Airport, Hauptbahnhof (Central Train Station), and tourist hotspots. These may have higher fees or less favorable rates compared to banks.
  • ATMs: A convenient option for withdrawing Euros directly using your debit or credit card. ATMs are widely available throughout Frankfurt, including at the airport, train stations, and shopping areas. Be aware of potential foreign transaction fees from your home bank.
  • Avoid: Avoid exchanging money at hotels or tourist-heavy areas, as they often have poor exchange rates and high fees.

4. Use of Credit and Debit Cards

  • Card Acceptance: Credit and debit cards (Visa, Mastercard, and increasingly American Express) are widely accepted in Frankfurt, especially in hotels, restaurants, and larger stores. However, smaller shops, cafes, and some local markets may only accept cash or EC cards (Germany’s domestic debit card system).
  • Contactless Payments: Contactless payments via cards or mobile wallets (e.g., Apple Pay, Google Pay) are becoming more common, especially in urban areas like Frankfurt.
  • PIN Requirement: When using a card, you may be asked to enter your PIN rather than signing a receipt.
  • Foreign Transaction Fees: Check with your bank for any fees associated with using your card abroad. Some cards offer no foreign transaction fees, which can save money.

5. Typical Costs for Everyday Items

Here’s a breakdown of average costs in Frankfurt to help you budget:

  • Public Transport: A single ticket for local transport (bus, tram, or train) costs around €2.75–€3.50. A day pass is approximately €7–€10.
  • Coffee: A cup of coffee at a café costs around €2.50–€4.
  • Meal at a Mid-Range Restaurant: €12–€20 per person.
  • Fast Food: A meal at McDonald’s or similar costs around €8–€10.
  • Bottle of Water (0.5L): €1–€2 at a supermarket or kiosk.
  • Beer (0.5L): €3–€5 at a bar or restaurant.
  • Groceries: A loaf of bread costs around €1.50–€3, and a liter of milk is about €1.20.

6. Tipping Culture

  • Restaurants: Tipping is customary but not obligatory. A tip of 5–10% of the bill is appreciated, or you can round up to the nearest Euro. For example, if your bill is €18.50, you might round up to €20.
  • Bars: It’s common to round up the bill or leave €1–€2 per drink.
  • Taxis: Round up the fare to the nearest Euro or tip 5–10%.
  • Hotels: Tip €1–€2 per bag for porters and €1–€2 per day for housekeeping.
  • Other Services: For hairdressers or spa services, a tip of 5–10% is standard.

7. Cash vs. Card

  • Cash is King: While card payments are widely accepted in Frankfurt, cash is still preferred in many smaller establishments, local markets, and for tipping. It’s a good idea to carry some Euros in small denominations for such situations.
  • ATMs: Use ATMs to withdraw cash as needed. Look for ATMs affiliated with major banks (e.g., Deutsche Bank, Commerzbank, or Sparkasse) to avoid excessive fees.

8. VAT Refund for Tourists

  • Value-Added Tax (VAT): Most goods and services in Germany include a VAT of 19% (or 7% for certain items like food and books).
  • Tax-Free Shopping: Non-EU visitors can claim a VAT refund for purchases over €50 if they take the goods out of the EU within three months. To do this:
    1. Request a tax-free form at the store.
    2. Have the form stamped by customs when leaving the EU.
    3. Submit the form to a refund service (e.g., Global Blue or Planet) at the airport or online.

9. Banking for Immigrants

If you’re moving to Frankfurt, you’ll likely need a local bank account. Here’s what you need to know:

  • Popular Banks: Deutsche Bank, Commerzbank, Sparkasse, and N26 (a digital bank).
  • Requirements: To open an account, you’ll need proof of identity (passport), proof of address, and sometimes proof of employment or a residence permit.
  • Banking Hours: Most banks are open Monday to Friday, 9:00 AM to 4:00 PM, with some branches offering extended hours.

10. Financial and Cultural Considerations

  • Language: Most ATMs and card terminals offer English as a language option, but it’s helpful to know basic German phrases like "Bargeld" (cash) or "Karte" (card).
  • Emergency Numbers: If your card is lost or stolen, contact your bank immediately. Germany also has a centralized card-blocking hotline: 116 116.
  • Cultural Note: Germans value precision and efficiency, so ensure you have the exact amount or close to it when paying in cash. It’s also polite to hand cash directly to the cashier rather than placing it on the counter.

By understanding these financial and cultural aspects, you’ll be well-prepared to navigate Frankfurt with ease. Let me know if you need further assistance!