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Payment transactions
Money tranfer is very common in Germany. Cheques on the other hand are no longer of general use. In
order to transfer money a current account is needed. Internetbanking has also become more popular in
recent years and is now a common commodity.When you open a current account you are usually issued
an EC card with which you can pay in many shops without cash. Credit cards are not frequently used due
to the large employment of the EC card. In additon cash free of charge can be obtained at the ATM
(automatic teller machine) of your bank with your EC card and personal pin number. At an ATM of a
forgein bank you have to pay fees for removing money.
In Germany salaries are usually transferred monthly to a current account. Rent or other fees (e.g. for
electricity, water, garbage, telephone) are paid for in exactly the same way.
A standing order is the most convinient means of transfer for regular same-sum payments.
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