How to open a bank account in Germany
A simple step-by-step guide on how to open a bank account in Germany. Open an online Germany bank account and documents required to open a German Bank account
Read MoreEnglish Information about Banking in Germany
Click here – Step by step English instruction on how to open a DKB bank account
DKB bank is one of the best bank accounts in Germany. Here is a comprehensive English review on DKB-Cash bank account and hopefully also answer all your questions on how to make the best use the bank.
DKB stands for Deutsche Kredit Bank- a subsidiary of the Bavarian bank headquartered in the German capital Berlin. DKB was founded in 1990 and emerged from the State Bank of the GDR. Today this prestigious bank employs more than 1,000 people who serve more than 3 million customers and thereby endeavour to provide the perfect service and full customer satisfaction. The focus of the performance of the DKB is currently the DKB Cash checking account that is managed for private and freelance clients. For further product portfolio of the Bank is also financing of real estate and the granting of personal loans.
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Terms at glance
Standard Customer | Active Customer (deposit of €700 p.m) |
|
---|---|---|
Account Management Charges | Free | Free |
EC-/Maestro: | Free VPay Card | Free VPay Card |
Credit Cards | Free Visa Card | Free Visa Card |
Interest | - | 0.2% in Visa Account |
Overdraft Credit rate | 7.5% | 6.9% |
Cash Withdrawal (Germany) | Free in any ATM with Visa Card | Free in any ATM with Visa Card |
Cash Withdrawal (Euro) | Free in any ATM with Visa Card | Free in any ATM with Visa Card |
Cash Withdrawal (outside Euro) | 1.75% | Free in any ATM Worldwide with Visa Card |
Credit Card Transaction charges for non-Euro | 1.75% | Zero transaction charges using Visa Card in any currency |
Cash Deposit (at select supermarkets) | 1.5% | 1.5% |
Depot (Securities Custody Account) | Free | Free |
Other Advantages | Free Emergency replacement Card Cashback Free tickets for events (DKB-live) |
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A free VISA credit card is provided along with the DKB Cash account. Most importantly, any cash withdrawal any VISA ATM’s is free, irrespective of the country or the currency for Active Customers. Therefore, DKB provides a free VISA credit card with free cash withdrawals worldwide* for Active Customers. Even if any ATM charges such as transaction fees, DKB will reverse these charges and issue a refund of these costs to your account. The currency exchange rate when withdrawing from a non-Euro currency is also very fair, so you do not have to be worried about exchange rate eating up on your withdrawals.
In case the Visa card is used for purchases, it is also Zero foreign currency transaction charges* for Active Customers when a transaction in a currency other than Euros is made.
The Visa Credit card account is a credit account where an interest is provided on your credit card balance. The interest provided on the account is currently at 0.20% interest rate, which is above the national average interest rate provided by banks in Germany. DKB provides you interest on the balance maintained on your credit card account* for Active Customers. Therefore, this account can be used as an overnight deposit account (Tagesgeldkonto).
As noted above, the benefits in green are for DKB-Cash Aktivkunden (Active Account holders). So how to remain a DKB Active account holder?
For the first year after opening a DKB Cash bank account, you will be an Active member.
After the first year, to maintain the DKB Active status, your account should have a monthly deposit of €700. This could be any type of deposit, not just Salary or Pension, but also transfers from your own other non-DKB bank accounts.
If you fail to deposit of €700 in one of the month, you lose your Active account status. Unfortunately, if you lose the Active status, you cannot immediately achieve the active account status by depositing €700 next month. To achieve your active status again, you should have a € 700 deposit for three consecutive months. So be sure not to lose the status otherwise you will have to wait for three months before you become an Active member again.
If you already invest or are considering investing, DKB Broker is one of the good brokers especially if you invest in Funds. You can create a savings plan with Funds and invest in them without transaction charges free of cost from a large selection of funds (ETF). There is also no commission charged by DKB, which can be sometimes as high as 5%. Get into the practice of regular investment using the savings plan without any costs.
Even normal trading is reasonably priced with a flat fee of per transaction instead of a percentage of the trasaction . Transaction costs for order upto €10,000 are €10, and for order above €10000, a transaction cost of €20 is applicable. So you know what it will cost for the transaction using the brokerage.
Click here for DKB Bank Account
With the slogan “The bank that speaks their language” DKB bank also provides service outside Germany and for non-residents. They have become stricter in opening a new bank account recent, it is still possible to have a DKB bank account from outside Germany if you are a German citizen living outside Germany, or you are a resident of one of the German-speaking countries (Germany, Austria, Switzerland).
But if you are already a DKB bank account holder, you can still maintain the account once you move out of Germany and become a non-resident. So you can maintain a Euro currency bank account with a worldwide free cash withdrawal and a Euro credit card. Advantages and having a DKB account when living abroad can be found here.
The DKB Cash checking account is the best leading online checking account, which is currently available on the German market. A free checking account with no ifs and no buts. No monthly minimum deposits or hidden costs, like some other providers, characterize the account. The large current account test from n-tv and the FMH financial advice has named the checking account of the Winners. Also, the Stiftung Warentest once again award DKB the winner in the cost comparison when it comes to withdrawing money with the credit card in Germany and abroad.
For all modern customers who want to do their banking via the Internet and can largely do without any instructions, the Cash Account of the DKB is thoroughly recommended. The DKB Cash Account leaves nothing to be desired and is the most innovative and attractive product and at the same time a German bank for the German market.
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Step by step instruction on how to open a DKB bank account in Germany for German residents
English translation of DKB account opening form
Although this bank account is one of the best banks in Germany, for an objective review of DKB bank account it is also important to point out some problems and issues you may have with the account.
You can deposit cash either in the few DKB cash machines or using Cash in Shop option in one of the branches of REWE, Penny, Real, dm, Rossmann, or other partners (https://www.barzahlen.de).
1. Generate a barcode: Log in to Internet banking app and create a barcode. This is available under the Cash in the shop option. Select the desired deposit or withdrawal amount.
2. Visit a partner store: Visit one of over 12,000 Cash partner shops throughout Germany. You can easily find a partner near you using our map. (https://www.barzahlen.de).
3. Withdraw cash or deposit: Get your barcode scanned at the checkout. You can then either deposit (or receive) cash.
For cash in the shop, no purchase in the shop is necessary.
DKB charges a deposit fee for deposits made with cash in the shop.
This amounts to 1.5% of the deposit amount,
A simple step-by-step guide on how to open a bank account in Germany. Open an online Germany bank account and documents required to open a German Bank account
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