DZ Bank International Transfers & Exchange Rates
DZ Bank is the second largest bank in Germany based on asset size. The organization is made up of 800 cooperative banks, which in total results in 8,500 branches. The banking group was founded in 2001 and the headquarters are in Frankfurt, Germany.
About DZ Bank
The total assets are around 600 billion Euros, and CEOs are Uwe Fröhlich and Cornelius Riese. The DZ Bank does not offer money transfer services directly, but you can use alternatives to get the job done.
DZ Bank Exchange Rrates
Exchange Rates
You will not find currency conversion services at DZ Bank, but you can look through Moneytransfer.com to find alternatives. Look for services that have favorable conversion rates so you can save money.
Transfer Fees
You can’t send money directly with DZ Bank, but you can with one of the money transfer services at Moneytransfers.com. You’ll find options where the transfer fees are small and allow you to save money.
Additional Costs
Most money transfer services do a great job of avoiding additional costs. For example, there might be no cost to open an account or maintain one. You’ll save a lot of money with a 3rd party service because it’s a competitive landscape so they keep fees down to a minimum.
How Do DZ Bank Transfer Fees Compare to Using a Money Transfer Provider?
Banks similar to DZ Bank charge around $40 per transfer and they usually take 5-7 business days to process. On the other hand, money transfer services may charge only a fraction of that amount. You will save money using such services and the fees don’t scale as you increase the transfer size.
You will not be charged for receiving money at most German banks or third party services. Therefore, if you are using the account to receive money you don’t have to deal with fees in most cases.
DZ Bank Pros and Cons
Pros
Cons
DZ Bank Swift Codes
How to Open an Account and Transfer Money With DZ Bank on the Website
There is no ability to open a bank account at DZ Bank. You can check out Moneytransfers.com for a list of services where you can open an account and send money. Customers from around the world can open an account with most of these money transfer services.
Can I Use DZ Bank for International Bank Transfers?
There is no availability to send money internationally with DZ Bank. Instead, consider signing up to a money transfer service. Typically the recipient’s name and email is enough to send the money.
Additional Information
Headquarters are housed in Westend Tower
In 2016 DZ Bank merged with WGZ Bank
31,410 employees
DZ Bank is a shareholder of Canadian oil and gas company TC Energy
Summary
DZ Bank customers are unable to send and receive money as you could with a typical bank account. However, you can create a bank account with one of the 800 correspondent banks that form part of the group.
The fees with a traditional bank are high when sending money. You can cut down on the fees by using alternatives such as Payoneer and Western Union. Also, most money transfers are instant so you and get paid quicker.
