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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.
Advantages of DKB account:
- Free account with no monthly minimum input (for Active Status €700 deposit)
- Free VISA credit card
- V PAY card ( Visa powered Cash Card)
- Interest paid on credit card balance (for active users)
- Free worldwide cash withdrawals (for active users)
- Zero Foreign transaction costs (for active users)
- Free securities account
- Monthly credit card and bank statements online
- Learn more
Disadvantages of DKB account:
- Higher entry requirement because of Visa Credit Card, so higher application refusal than other banks. But if you are living in Germany for some time, are a student and/or have a job then it is easier.
- Hard/ expensive to Deposit Cash – very few ATM machines for a free deposit, otherwise 1.5% fees for Cash deposit in Shops.
About DKB – Deutsche Kredit 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.
DKB Cash checking account
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|
Free tickets for events (DKB-live)
Advantages and features of DKB bank account
Free VISA credit card with free worldwide withdrawals
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.
Earn interest on VISA account
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).
DKB Active Customer
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.
Free DKB Broker – Securities Brokerage account
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.
DKB Cash – International (For non-Residents)
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.
DKB winner of various awards
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.
DKB – Online Banking
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.
The advantages at a glance:
- Free account with no monthly minimum input
- Free VISA credit card
- 0.20% Interest paid on credit card balance
- V PAY card from VISA and Visa charge card
- Free cash withdrawals with Visa Card (available worldwide)
- Credit facility with only 7.90 per cent interest on debt
- Monthly credit card and bank statements online
- Free Brokerage with Free savings plan
Why is it a perfect bank account for foreigners and expats living in Germany?
- Free Credit Card: You do not have to get a separate credit card.
- Free Cash withdrawals worldwide: It is a perfect account for travels and expats. Imagine going on a vacation and not having to worry about taking different currencies. Just look for an ATM when you land from the plane and withdraw cash in the foreign currency. For expats and foreigners, it is also a perfect account, you can use your German bank account even in your home country on holidays without having to worry about transferring funds to your home bank account.
- Ability to still maintain a German Bank account once you move back home: Since DKB also allows non-residents to maintain an account, you can still used it when you move back home. Just inform the bank of the change of address and residence, and fill the form informing them of the change in your tax residency. So the interest earned will not be taxed in Germany.
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.
- Higher entry requirement: DKB is infamous for having high requirement standards for opening an account. Especially if you are a foreigner living in Germany, they will require some convincing before you are able to get an account. Since, they provide a credit card, they will check your credit score, and sometime also and your source of income. So, if you are new to Germany, it is recommended that you do not apply for your first account there is a high chance to be rejected due to lack of credit score. If you were rejected the first time, you can still apply or provide more documents. Be polite and provide additional documents to prove your creditworthiness. Documents which can help include employment contract stating you have an unlimited contract and having a residence permit with a longer time duration also helps. If you are looking for an alternative option with a easier requirement, check N26 account or comdirect.
- International Transaction costs (not Active member): Standard members are charged 1.75% as transaction charge for non-euro purchases. Although this is normal, there are other credit cards which do not charge these costs (e.g. Free Advanzia Mastercard Gold Credit Card). So if you travel or use online in other currency and you should consider becoming an Active member or apply for another card.
- Cash Deposit difficult: Since DKB is an online bank, they have very few branches, mainly in the former East Germany. In fact, they do not even advertise the location of those branches on their website. So if deal with cash and are looking to depositing cash, then you are out of luck unless you live near an DKB bank ATM.
FAQ on DKB
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,
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- Money Transfer
- Internet Banking