Did anyone of you open an account with one the biggest german banks?

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"We regret that we cannot assist you as far as the opening of an account with us is concerned.

We are offering investment solutions to our customers only and no standard banking. Account opening with us is possible from amounts of EUR 100,000 only.

We kindly ask you for your understanding in this matter and regret being unable to give you a more favourable reply.

Kind regards,
Simone Wilhelm"


Simone Wilhelm
Teamleiterin Private Banking

Deutsche Bank Privat- und Geschäftskunden AG
Roßmarkt 18, 60311 Frankfurt am Main, Germany
Tel. +49(69)910-22339
Fax +49(69)910-22487
Email [email protected]

FYI everyone,
i posted this email i received from DB a few months ago, i've re-posted it in case its of any use to anyone
cw
 
FYI everyone,
i posted this email i received from DB a few months ago, i've re-posted it in case its of any use to anyone
cw

As I have already pointed out else where, the address shown on this letter indicates that you are dealing with DB's Private Banking group. In Europe Private Banking is the name given to the services provided to high net worth clients and there is always a high minimum deposit required. In fact this limit is actually very low, most Swiss banks have limits of between 3 and 4 million! The reason that DB's limit is so low is because they have not been very successful at attracting private clients.

As far as I can see, the people who have opened accounts, were dealing with their Retail Banking group, which offers the normal banking services to clients who walk in of the street.

Jim (Switzerland)
 
Opening a German Bank account speaking no German

At this stage there is so much information about the various problems encountered.
Could anybody do a summing up to help these of us less informed.

1. Is it possible to open DKB account speaking no German?
2. If it is possible how does one manage the account not speaking the language.
3. Is there a minimum amount one must invest.
4. Is it necessary to open a current account too.
4. How does one make withdrawals
5. What rate of interest do they pay.
6. Is travel to Germany necessary.
Would be very grateful if somebody would help Regards Browtal
 
Last edited:
1. Is it possible to open DKB account speaking no German?
No
2. If it is possible how does one manage the account not speaking the language.
n/a
3. Is there a minimum amount one must invest.
no
4. Is it necessary to open a current account too.
yes for transfers, I believe
4. How does one make withdrawals
online I believe
5. What rate of interest do they pay.
1.65% on current account, less on savings account
6. Is travel to Germany necessary.
no
Answers in Italics above. Godfather or anyone else who has opened a DKB account remotely (I couldn't) should be able to confirm if I'm right.
 
I had no problem opening a savings account in euro with Deutsche Bank, Frankfurt this month.

I rang the Dublin office of DB, said what I wanted to do and the receptionist gave me the phone number of the bank assistant at the Frankfurt branch who deals with non-resident applicants for personal accounts. They emailed me the application form and related forms the next day. I got my signature witnessed and passport copied at DB Dublin, and 10 days later the account was opened.

It was as straightforward as dealing with a local bank. No need to travel or to speak German!!

The account I'm opening is a term deposit for 1 year a 2%. Max deposit is €100,000, don't know if there is a minimum, but if so it may be low.

PM sent requesting contact details of the person you spoke to in Frankfurt because I just phoned DB Dublin today, got the contact details also of a bank assistant at the Frankfurt branch who deals with non-resident applicants for personal accounts, phoned the contact and was told that the minimum deposit is €100,000, accounts must be opened in person & that they changed their policy a few weeks ago so that accounts cannot be opened remotely.

I asked if these details were reflected somewhere on their website and the response was a no. They did say however that this is not a company-wide policy & different terms & conditions as regards minimum deposit & account opening procedure may differ per German DB branch (which reflects the experience of those who've opened accounts successfully with Berlin's branch). DB Dublin's staff didn't sound too impressed with this inconsistency of service/terms/conditions/procedures either.

They initially stated that all of their products are equity based (i.e. with no guaranteed return of the principle) but eventuallly confirmed that they offer a 6 month fixed term deposit at 1% and a 12 month fixed term deposit at 2%, €100,000 minimum deposit for both with anything over €100,000 earning 1.25%. No instant access accounts. They want long term business relationships.

DB Dublin don't have contact details of an equivalent contact for non-resident applications in any of the other German DB branches though I managed to get a number elsewhere of an agent in DB in Under Den Linden who deals with new accounts & will give them a call tomorrow.

Tbh based on what I've read about DB on this thread & my experience with their Frankfurt agent so far I don't even know if i would want my money with them. Nevertheless I'd like the option for diversification at least. I'll let you know if I get any further with it.
 
Thanks for your kindness in making it very clear georged 3rd and Godfather. I am very clear now and will start making tracks.
I still believe that it is worth opening a Germany Bank account, as Germany will come out smiling in the end.
Thanks to all for information. Browtal
 
Hi george3rd and browtal. I hope you're well. Here are my answers to browtal's questions.

1. Is it possible to open DKB account speaking no German?
---> I heard of a couple of cases of account openings from english speaking only people but knowing some German raises a lot likelyhood of getting an account opened
2. If it is possible how does one manage the account not speaking the language.
---> a couple of times I asked to be called back by an operator speaking in English and they helped me (but don't rely on this because I was showing efforts with my mini-dictionary)
3. Is there a minimum amount one must invest.
---> I agree with george3rd: No
4. Is it necessary to open a current account too.
---> I agree with george3rd: yes for transfers
4. How does one make withdrawals
---> I agree with george3rd: online
5. What rate of interest do they pay.
---> My version is different than george3rd: 0.5% on c/a, 1.65% on positive credit card balances
6. Is travel to Germany necessary.
---> I agree with george3rd: No

But for DKB you need a German address right otherwise the online application is rejected.
 
But for DKB you need a German address right otherwise the online application is rejected.
Others here will be better positioned to clarify for you - but that's not my understanding. I have the application form - but have failed to act on it just yet.

One question re. the current account.

How much more messing about is involved in getting this opened? Can they both not be opened in the one hit? Also, presumably there are fees attached to their current account? A little bit off-putting that this is necessary - as really, there is no reason why it should be a necessity.
 
But for DKB you need a German address right otherwise the online application is rejected.

No, my cover letter stating that I wanted that amount of money to sit with them as much as possible as I don't trust my bunga bunga prime minister convinced them even if my address is in Ireland. And my amount of money wasn't so big but my attempts to keep talking in German were huge and appreciated by DKB
 
Thanks for the reply guys. Interesting. I applied online using Chrome translator, everything was filled in correctly to my knowledge. I didn't select the credit card and when I submitted the application, I was refused, I had thought it was because of my Irish address.
 
Monagt - interesting point, but do you not think the State would *need* foreign currency in that situation and it would be counter productive to put a tarriff on it? I could see them stopping currency going the other way, but not so much in. Could be wrong though.


Is there not something about free movement of capital within the European Union (along with free movement of labour)? Would we not need to be leaving, not only the Euro, but also the EU to see any possibility of this happening?
 
Just back from Rotterdam after a visit to a Rabobank branch there. Current & Savings account opened now. Fee of 4.40 euro per quarter for current account. Got my IBAN this morning and will do a test transfer this evening from my current account. I was told there is a fee for doing an IBAN transfer from Rabo current account - something like 2 or 3 euros.

The meeting was very straightforward - in and out in 15mins. Just needed my passport and a bank statement of my current account. Signed the contract (was in Dutch but I had translated it in advance of meeting) in the branch and got my Rabo code generator. Need to wait for my debit pass card which is used with the code generator (as well as functioning as a ATM card). I expect this by end of week and also will need to ring the branch to activate the account before I can log in.

Overall very pleased with the process.
 
I was told there is a fee for doing an IBAN transfer from Rabo current account - something like 2 or 3 euros.
Small beer perhaps...but this doesn't sound right. Under SEPA, IBAN transfers can't cost anymore than that bank would charge for an 'incountry' a/c transfer (and I doubt very much they would charge €2-3 for this). That may be the cost for an 'expedited' IBAN transfer.....
 
Small beer perhaps...but this doesn't sound right. Under SEPA, IBAN transfers can't cost anymore than that bank would charge for an 'incountry' a/c transfer (and I doubt very much they would charge €2-3 for this). That may be the cost for an 'expedited' IBAN transfer.....

From their website it seems a normal IBAN transaction is €0.30, which seems to be more or less the standard in Europe.

Jim.
 
PM sent requesting contact details of the person you spoke to in Frankfurt because I just phoned DB Dublin today, got the contact details also of a bank assistant at the Frankfurt branch who deals with non-resident applicants for personal accounts, phoned the contact and was told that the minimum deposit is €100,000, accounts must be opened in person & that they changed their policy a few weeks ago so that accounts cannot be opened remotely.

I asked if these details were reflected somewhere on their website and the response was a no. They did say however that this is not a company-wide policy & different terms & conditions as regards minimum deposit & account opening procedure may differ per German DB branch (which reflects the experience of those who've opened accounts successfully with Berlin's branch). DB Dublin's staff didn't sound too impressed with this inconsistency of service/terms/conditions/procedures either.

They initially stated that all of their products are equity based (i.e. with no guaranteed return of the principle) but eventuallly confirmed that they offer a 6 month fixed term deposit at 1% and a 12 month fixed term deposit at 2%, €100,000 minimum deposit for both with anything over €100,000 earning 1.25%. No instant access accounts. They want long term business relationships.

DB Dublin don't have contact details of an equivalent contact for non-resident applications in any of the other German DB branches though I managed to get a number elsewhere of an agent in DB in Under Den Linden who deals with new accounts & will give them a call tomorrow.

Tbh based on what I've read about DB on this thread & my experience with their Frankfurt agent so far I don't even know if i would want my money with them. Nevertheless I'd like the option for diversification at least. I'll let you know if I get any further with it.


I just rang Deutsche Bank, Frankfurt was told I could open an account but had to come in person if they wanted the business this would not be required IMO so good luck to you if you managed to do the impossible
 
I just rang Deutsche Bank, Frankfurt was told I could open an account but had to come in person if they wanted the business this would not be required IMO so good luck to you if you managed to do the impossible

This is a standard requirement throughout Europe to prevent money laundering. DB does not have much of a choice in this.

Jim
 
Sent off all the paperwork etc applying to DKB for an account and have heard nothing back at all. Not even the courtesy of a call. That's three months ago now. Anyone else have this problem? I suppose it could have got lost in the post, but I imagine they couldn't be bothered replying.
 
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