Manage Your Finances Like a Pro: A Guide for International Students

“Planning is important, but the most important part of every plan is to plan on the plan not going according to plan.” – Morgan Housel, The Psychology of Money

Being an international student in Germany can be challenging—especially when it comes to dealing with banks, taxes, and other financial matters. These things are already complicated, but navigating them in German, particularly if your language skills aren’t up to par, can make it even tougher.

When I first arrived in Germany as an international student, it took me some time to understand the systems, laws, and services. It can be overwhelming! Over time, I tried different banks, credit cards, and other financial tools to find out which ones were the easiest to use and provided the most value. Here, I’ll share some of my favorite financial tools that I used as a student and still use today. They’ll save you time and money, and most of them are available in English, so you won’t need to keep switching between translation apps.

Banking

N26 Bank

My first bank account in Germany was with Deutsche Bank. It worked for a while, but as I started to use more features and understand the system better, I noticed some issues. That’s when I began looking for alternatives, and thank goodness I found N26. It’s been a lifesaver ever since.

N26 was voted the world’s number one bank in Forbes’ 2021 list of the best banks. It’s an online bank that offers a host of benefits compared to traditional banks, such as no hidden fees, easy cash deposits at partner stores (like REWE and dm), and helpful features like N26 Spaces—which are like mini-accounts to help you manage your money better. The app is entirely in English, and the sign-up process is incredibly easy. If you’re not satisfied with your current bank or are just opening a new account, I highly recommend N26. As a student, I found it incredibly convenient because of its low fees and the ability to manage everything online.

Commerzbank Student Account

Another great option for international students in Germany is the Commerzbank Student Account. Commerzbank offers a free student bank account with several benefits, making it a solid choice for managing your finances. The account comes with:

• No Monthly Fees: As long as you are a student, you won’t pay any monthly account management fees.
• Free Debit Card: The account includes a free Girocard (debit card) that you can use for payments and cash withdrawals.
• Wide Network of ATMs: Commerzbank is part of the Cash Group, which means you have access to thousands of ATMs across Germany without any withdrawal fees.
• In-Person Support: If you prefer in-person banking or need assistance, Commerzbank has numerous branches across Germany where you can get help in English.

Credit Cards

Credit cards can be risky if not used responsibly. However, if you need extra credit and have good self-control, a credit card can be beneficial—especially for building a good credit score, which can help you in the future. Here are some tips if you’re considering getting a credit card:

• Use it Smartly: Avoid overspending.
• Pay in Full Every Month: Always pay back the entire amount to avoid interest.
• Look for Low Fees: Choose a card with minimal yearly fees and interest rates.
• Make the Most of Rewards: Use it for cashback, travel miles, or other benefits.

Gebührenfrei Mastercard

The Gebührenfrei Mastercard is a great first card for international students and expats. The name literally means “fee-free Mastercard,” and it has no annual fees. You also don’t need to show a large bank balance or meet strict credit requirements, which makes it an accessible choice for newcomers in Germany. As a student, this card was perfect for me because it offered flexibility without the burden of annual fees.

International Money Transfer

Wise (formerly TransferWise)

Sending money internationally can be expensive, especially if you use traditional banks. Wise is an excellent solution for sending money abroad at low cost, with transparent fees and mid-market exchange rates. It’s user-friendly and helps you save significantly compared to bank fees. I used Wise multiple times to send money back home, and it was always fast, affordable, and straightforward. You can also add different currencies directly in your wallet and pay with the Wise card when you are traveling.

Taptap Send

Taptap Send specializes in sending money to Africa, Asia, and Latin America. It offers competitive exchange rates and low fees, with transfers often completed within minutes. The service is accessible via a mobile app, providing convenience for users on the go.

ACE Money Transfer

ACE Money Transfer allows you to send money to over 100 countries worldwide. It offers multiple payout options, including bank deposits and cash pickups, catering to diverse recipient needs. The service is known for its reliability and speed, ensuring your funds reach their destination promptly.

Investment Tools

Trade Republic

Trade Republic is a fantastic app for anyone interested in investing. It allows you to invest in stocks and ETFs with minimal fees, making it a beginner-friendly way to start building wealth. The app is available in English, and it’s straightforward to use. As a student, I found Trade Republic to be a great way to learn about investing without needing a large amount of money to get started.

Crypto.com & Binance

If you’re interested in crypto, Crypto.com and Binance are popular options for buying, selling, and managing cryptocurrency. Be cautious with crypto investments, as they can be volatile, but if you’re curious about this world, these platforms are easy to use and come with a range of features.

Tax Tools

Steuerbot

The tax process in Germany is notoriously complicated, especially if you’re an international student unfamiliar with the system. Steuerbot is an app that makes filing your taxes easy, guiding you step-by-step in English and simplifying the entire process. It’s specifically designed to help students and employees complete their tax returns quickly, often in under 30 minutes. If you’d like a deeper dive into the German tax system, feel free to mention it in the comments!

Other Tools

Too Good To Go

Too Good To Go is a great app for saving money while also doing something for sustainability. The concept is simple: restaurants, bakeries, and cafes often have leftover food at the end of the day that would otherwise go to waste. Instead, you can pick up this food at a much lower cost—sometimes even for free. It’s a win-win for both your wallet and the environment. The app shows you participating locations nearby, and you can reserve and pick up meals, surprise bags, and more. As a student, this was a great way to save on food expenses while trying new things. If you use your bike to pick up the food, you’re also doing something for your health!

Finanzguru

The developers describe Finanzguru as a “digital financial assistant,” and it truly lives up to this name. You can link multiple accounts—current, savings, etc.—to get a complete overview of your finances. Finanzguru helps you manage contracts (like insurance policies), calculate disposable income, analyze spending habits, and even predict upcoming transactions. The app’s servers are based in Germany, ensuring your sensitive financial data is kept secure. Finanzguru gained recognition on the TV show Die Höhle der Löwen (The Lion’s Den), where it won a big deal. It’s an all-in-one solution for managing your money effectively—especially useful as a student trying to keep track of various accounts and subscriptions.

PayPal

PayPal is another must-have for managing money in Germany. It’s widely used for online shopping and payments, offering security and convenience. If you need to send money to friends or make purchases online, PayPal is a safe and trusted tool to have in your financial toolkit.

Final Thoughts

Managing your money in a new country as an international student can be challenging, especially with language barriers and unfamiliar systems. But the right financial tools can make a big difference. Banks like N26, Commerzbank, and credit options like the Gebührenfrei Mastercard, along with investment apps like Trade Republic, can help you navigate the financial landscape in Germany more smoothly.

Take it step by step, start with the basics, and over time you’ll get the hang of managing your money efficiently—saving time, effort, and even money along the way. If you have any questions or need more details on any of these tools, feel free to drop a comment below. Good luck, and happy financial planning!

There are affiliate links in this post. But no one is paying me to promote them. I am recommending these because I have used them in my day-to-day life and found them useful. If you use my links, you and I both get BONUS and DISCOUNTS from all these services.