Bank account and finances

Frequently-asked questions – Bank account and finances

There are many different banks in my town. Where should I open my account?

Ask what accounts are available. How much do you have to pay for an account, and for a transaction? Do you have to pay money into the account every month? How many ATMs does the bank have in your town? What does the bank do with your money? How quickly can you transfer money abroad? The answers could help you with your decision.

Can I withdraw money from all ATMs with my EC card?

If you withdraw money from your bank’s ATM, you do not have to pay anything. Sometimes you have to pay a fee if you use other banks’ ATMs. Ask at the banks or read the information on the ATMs.

Can I pay in a shop with the EC card?

In many shops you can pay with the EC card but not in all of them. To do this you normally need your PIN number. You often have to sign the till receipt as well.

Can I transfer money abroad from my account?

Yes. Normally it takes a few days for money to be transferred abroad though. You can find information about transferring money abroad at Geldtransfair.

Additional information for asylum seekers

Would you like to transfer money home? You can get assistance at Migration advice. If you have a bank account you can transfer money abroad. Otherwise, you can transfer the money via various other institutions.

I want to buy a car, but I don’t have any money. Can I get the money from my bank?

You can ask at the bank. You might get credit. But you will have to pay a fee and interest on this loan. Ask at different banks.

I have a loan from a bank. But I can’t pay back the money. What can I do?

First of all make sure you get good advice. For further information look under the heading “Getting help”.

More questions? Contact the advisors at the Youth Migration Services.