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Deutsche Bank International Transfers

Deutsche Bank is Germany’s biggest bank and largest lender. The financial institution has established a vast global network of 1,891 branches worldwide, and with investment banking operations based in the City of London this bank has strong ties to all the major financial markets. In this review we will examine Deutsche Bank’s international transfer services to see how they compare to the offerings of other leading banks and specialist money transfer operators.

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About Deutsche Bank

Founded in Berlin in 1870, Deutsche Bank is a multinational investment bank offering financial services in 70 countries to over 12 million customers. The bank is separated into three main divisions: the Private & Commercial Bank, the Corporate & Investment Bank (CIB), and Asset Management (DWS). Deutsche Bank is the biggest bank in Germany and has a large presence across Europe, Asia and America. The financial institution began life as a specialist bank for financing foreign trade and has since branched out to offer various products and services to personal and business customers.

Can I use Deutsche Bank for international bank transfers? 

Deutsche Bank can help customers arrange overseas payments and offers the following three types of international bank transfers:

  • OUR transfer: the sender pays for all international bank transfer fees
  • SHARE transfer: the sender covers the cost of sending fees, the recipient pays for any intermediary and receiving bank fees 
  • BEN transfer: the recipient pays for all international bank transfer fees

Funds sent via international bank transfers often incur fees not only from the sending bank, but from any intermediary banks and the receiving bank too. Learn more about the different types of international bank transfer fees in this guide.

Exchange rates and fees

The two main costs to consider when transferring money internationally between banks are the transfer fees and profit margins on exchange rates. When exchanging your currency Deutsche Bank adds a percentage of the transfer amount on top of the mid-market rate; this can eat into your transfer amount significantly. Here is a summary of the costs associated with Deutsche Bank international bank transfers.

Exchange rate

For bank transfers that require currency conversions – ie. when sending money to an overseas payee – Deutsche Bank adds profit margins of 0 – 5% to all foreign exchange rates. Typically, more remote countries that use less commonly traded currency incur the higher exchange rate mark-ups. 

After reviewing Deutsche Bank’s list of common currency pairings, we found the average profit margin added to be around 2.52%. 

For more information about Deutsche Bank exchange rates, check out the currency conversion section of their website: DB Markets

Transfer fees

For German customers sending cross-border payments that are processed as Euro transfers qualify as a SEPA payment. This means the money should be transferred as quickly and easily as a domestic transfer would be, and should only incur very small fees of approximately €1. SEPA payments are also free to receive into Deutsche Bank accounts. You can read more about these payments in our guide to SEPA transfers.

For customers located outside of Europe, international bank transfers will be arranged as a Foreign Payment Order. Non-SEPA payments incur transfer fees ranging from €1 to €50 according to the Deutsche Bank list of prices and services

Additional costs

Further fees are added when transferring the following amounts: 

  • Transfers of up to €2,500: fees of €5.50 
  • Transfers between €2,500 to €12,500: fees of €10 
  • Transfers exceeding  €12,500: fees of 1‰, max. €95

The following scenarios are subject to additional fees: 

  • Direct debit cancellation (before clearing) €9.99 
  • Returned SEPA direct debits €5.11

How do Deutsche Bank costs compare to using a money transfer provider?

While Deutsche Bank does not apply the highest exchange rate mark-ups we have seen for international bank transfers, the costs are not competitive when compared to international money transfer operators, such as Wise, who match the mid-market rate. 

When you consider the profit margins on foreign exchange along with all the possible fees, an international bank transfer with Deutsche Bank is likely a lot more costly than using the services of money transfer providers like the ones listed on our companies page.

Deutsche Bank pros and cons

If you are considering using Deutsche Bank for an international bank transfer, be sure to weigh both the pros and cons before sending your money. Here are some of the aspects to factor in.

Pros
SEPA transfers are cheap and easy to execute on the Deutsche Bank website or using the mobile app
Deutsche Bank has a big global presence, with locations in over 70 countries in Europe, Asia and America
Customers have the option to connect accounts with other payment providers, like PayPal, in order to view all finances through the Deutsche Bank app
Cons
Deutsche Bank has a somewhat chequered past including a string of court cases and allegations alluding to criminal activity and market manipulation
Online ratings of the bank are low and customer feedback does not inspire confidence

Answers to key questions about Deutsche Bank 

As with any provider, there are certain things you need to know about Deutsche Bank before signing up for their services. Here are some of the crucial ones:

Does Deutsche Bank have an app?

Yes, the app is free to download and available for iOS and Android. It is called Deutsche Bank Mobile and has been rated 4.7 on the App Store and 4.5 on Google Play Store.

How long do transfers take with Deutsche Bank ?

This depends on the day and time the international bank transfer is initiated, see below for further information:

  • SEPA transfers made online should be initiated before 3.30pm on a business day 
  • SEPA transfers made over the phone should be initiated before 3.30pm or 3.59pm if speaking with a customer service agent
  • SEPA transfers made in-branch at the self-service terminal should be initiated before 4.00pm
  • Non-SEPA transfers should be initiated before 12:00pm on a business day, regardless of method

Customers who submit their international bank transfers as outlined above should see funds reach their international recipient in 1 to 2 working days. Scheduled transfer orders are only available for SEPA payments, but these are typically processed within 1 business day. An Express option is also available for non-SEPA transfers; this will cost an additional €10.

Can I use a Deutsche Bank debit card when travelling abroad? 

Debit cards issued by Deutsche Bank can be used for free at any merchants accepting Visa card payments. Deutsche Bank’s Global ATM Alliance enables customers to make free withdrawals from foreign ATMs in 40 countries. Over 50,000+ ATMs of the following banks participate in this alliance:

  • Deutsche Bank ATMs worldwide
  • Bank of America in USA
  • ScotiaBank in Canada, Chile, Mexico and Caribbean Islands
  • BNP Paribas in France
  • Barclays Bank in UK and Africa
  • WestPac in Australia, New Zealand and South Pacific

Can I open a Deutsche Bank account in any country?

You can open an account in any of the 58 countries with Deutsche Bank branches. The bank recommends prospective customers visit their local Deutsche Bank to open an account, but an application can also be submitted online for most accounts.

How to open an account and transfer money with Deutsche Bank 

In this section we will let you know how to sign up for a Deutsche Bank account online, as well as provide a step-by-step guide to transferring money internationally.

Opening an account

The following information will be required when opening a bank account with Deutsche Bank: 

  • Relevant government-issued photo ID (Personalausweis is the National Identity Card issued to Germans)
  • Proof of your current address
  • Proof of income/employment

Step 1:  To access the secure db OnlineBanking platform, you will need to set up an IPIN by visiting this page on the Deutsche Bank website (or in the app). Once on this page, enter your 9-digit customer ID and click Continue. 

Step 2: Enter your Debit Card details and you will be sent a Random Access Code (RAC) for authentication via your chosen phone number

Step 3: Once you have verified your details, you will be able to choose your own unique IPIN online and use it to log into online banking whenever it is required

Transferring money

Step 1: Log into your db Online Banking account and select the option to Create an International Credit Transfers (Auslandsüberweisung in German)

Step 2: Select the bank account you wish to transfer funds from, the country you are sending the money to and the currency you need. You will be directed to the relevant page according to whether your payment is a SEPA transfer or Non-SEPA transfer

Step 3: Follow the on-screen instructions and select Confirm to submit the international transfer

Customer support options for Deutsche Bank 

Deutsche Bank global headquarters are located in Frankfurt, but the bank has locations all over the world. Customers can visit their local branch or access the 24/7 telephone banking help-line, but no dedicated service is available for customers who require specific help arranging an international bank transfer. 

For more information about the customer support options available in each country, follow this link.

Summary

Deutsche Bank is a long-standing private German bank that is known across the world for its many financial services. While many individuals and businesses choose to open various accounts with Deutsche Bank, we would not recommend their services for sending money overseas. This is because the bank adds mark-ups to their exchange rates and employs complex fee structures to different types of money transfers. Instead, we encourage anyone making an international money transfer to check out the specialist providers listed on this page of our website. We have reviewed each operator in full and believe these companies offer the best value for money for any global remittance, without the added fees. Use our comparison tool to weigh up your options and see for yourself.