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

Status
Not open for further replies.
Knuttell said:
Did you ask about the DB website mentioned here,is it a fake?do they acknowledge it?
Click to expand...

I don't think anyone apart from a few people on AAM think their website is fake, so no, I didn't ask them.
 
Thanks DublinTexas, I have a german friend who can help me navigate that website. Can the account be opened by correspondance? Do you know if there is a depositors guarantee for non-nationals?
 
Thanks again, looks promising. Thats the 1st time I've ever heard anyone saying to 'bing' something, had to read that a few times before the penny dropped
 

Hi UFC,

Did you ask them when opening your account if the german state guarantees non-residential accounts and to what value? (I guess it may not have been applicable to you since you are planning on moving over there anyway)
 
Shepherd said:
Hi UFC,

Did you ask them when opening your account if the german state guarantees non-residential accounts and to what value? (I guess it may not have been applicable to you since you are planning on moving over there anyway)
Click to expand...

I never thought of asking... I just assumed I was covered.
 

I disagree with that. My forms for opening the account with DB show that you can transfer 12K Euro/day abroad but you need to keep 100K Euro minimum in your account.

DublinTexas said:
DKB is one of the banks I menitoned 6 posts above
Click to expand...

Sorry!

DublinTexas said:
If it's a private bank than most likley as of 01.01.2011 this year you are covered up to 100,000 € (50,000€ before that). This is operated by a federal law and mandatory.
Click to expand...

Most likely or is this going to happen for sure sorry? We are only a week away from 1st January 2011...

Furthermore, where do you read that?

DB wrote me via email that they are covered up to 50K Eur per depositor. They didn't mention anything about the 30% you mentioned in your same post. So I've just written them an email asking for more information on that part. I'll keep everyone updated. Thank you!


Savvy Row, Shepherd and myself were written that we needed 100K Eur to open a savings account! So which version is right?

UFC said:
Any questions I would be happy to answer them.
Click to expand...

Hi UFC, did they inform you as well that you need 100K Eur to open an account or less?

Btw Merry Christmas everyone!
 
Godfather said:
I disagree with that. My forms for opening the account with DB show that you can transfer 12K Euro/day abroad but you need to keep 100K Euro minimum in your account.
Click to expand...

My opinion is based on what DB told me. So I don't know, maybe the girl was wrong!

Godfather said:
Hi UFC, did they inform you as well that you need 100K Eur to open an account or less?
Click to expand...

I opened it with 0 cash. I have to transfer in 5k over the next few days though.


Godfather said:
Btw Merry Christmas everyone!
Click to expand...

And you too!
 
DublinTexas said:
They pay 0.5% interest on the account, 1.65% on the visa card. The visa card is a prepaid card linked to your account (but you have to transfer money onto it).
Click to expand...

Hi again DublinTexas, quick query pls: do you think that the visa card account would be protected by the german deposit protection scheme for 100K Eur from 1st January 2011? Thank you so much for any opinion on this!
 
Godfather said:
Hi again DublinTexas, quick query pls: do you think that the visa card account would be protected by the german deposit protection scheme for 100K Eur from 1st January 2011? Thank you so much for any opinion on this!
Click to expand...

All deposits including that on the visa card are covered as long as they are in € or in a currency of a EU member state. This does not cover certain investments but deposits on the DKB account are covered.
 
Thank you very much DublinTexas!

I'll let you and AAM know if I get an answer on the 30% from DB
 
Just go to Germany and open an account.

It's a fantastic country and you'll have a nice little holiday.
 
Yes, but what's the minimum amount before flying there? Furthermore, banks like Kommerzbank told me "Nein" to opening an account as non-resident...
 
Godfather said:
Yes, but what's the minimum amount before flying there? Furthermore, banks like Kommerzbank told me "Nein" to opening an account as non-resident...
Click to expand...

DB in Unter den Linden have a minimum amount of 5k.
 
What do all of you new Deutche Bank customers make of David McWilliams latest article?
[broken link removed]
 
CiaranT said:
Spreadsheet - Williams deposit flight article is already posted in this forum, please discuss in the below thread:
http://www.askaboutmoney.com/showthread.php?t=148929
Click to expand...

I appreciate that and you have rightly pointed it out, but I feel the article has two important themes.

One is the overall deposit flight which you have noted in the above thread.

The other is, according to David's dinner mates, the Germans have lost faith in their banks or the Euro and are getting their money out of Germany. This could raise questions for anyone who has set up accounts in Germany and have been providing advice to each other in this thread.
 

When talking about in flows of cash it is worth noting that up until last quarter, David's old employer UBS was experience net out flows of several billion per quarter for about 2 years. Last quarter it did see a net in flow of a little over 1 billion, but this was seen as Swiss cash coming back, not a foreign in flow!

The other major Swiss player CS (CreditSuisse) did in deed see big in flows over the same period, but this is simply seen as UBS money moving across the road, again not a big foreign in flow!

Another point to bear in mind is that as a result of having to settle a big tax fraud case with the IRS, Swiss banks have for the last two years or so changed their business approach - to open an account at a Swiss bank in Switzerland you must have a Swiss residency permit, otherwise you will be referred to the Swiss branch office in your home country. In practice this means that most small customers are gone and the main business within Switzerland results from high net wealth clients, financial institutions and governments, not the odd German depositing 50K!

On top of this, the German tax authorities have been very active in tracking down German tax dodgers, to the point that they have even bought CDs containing client banking details from Swiss bank employees! This data they have happily shared with other EU governments and of course used it to go after German citizens.

The figures for UBS and CS will be out in early Feb., together with the SNB (Swiss National Bank) report and I will give you an update on it then.

Jim (in Switzerland for 20+ years)
 
regards,
CW
 
Last edited by a moderator:
Status
Not open for further replies.
Menu
Log in
Register