Deutsche Bank is one of the world’s largest banks, with a huge global reach. But whenever you’re transferring money from internationally through a bank, there’s a lot to be aware of. We think you may be able to save money by sending your transfer through TransferWise, and we’ll let you know how to do that. But this article will cover how to make a payment abroad - sometimes called an OUR, BEN or SHARE transfer - through a Deutsche Bank account.
A theoretical OUR bank transfer sending €1000 from Germany to pounds sterling in the UK.
|Provider||Fee||Exchange Rate||Total Cost|
|Deutsche Bank||€41.55||Exchange rate + markup||€41.55 + exchange rate markup|
|TransferWise||€4.98||The real exchange rate - the same one you find on Google||€4.98|
When you make an international transfer with Deutsche Bank, you have a choice about who pays the costs. By default, the person making the transfer pays all the fees, but you can also choose for the recipient to pay some or all of them.
These are the 3 different international transfer types Deutsche Bank lists:
|Deutsche Bank International Transfer Type||What that means in terms of fees|
|OUR transfer||Sending bank fees paid by original sender.Intermediary bank fees (if intermediary bank(s) are used) paid by original sender. Receiving bank fees paid by original sender.|
|SHARE transfer||Sending bank fees paid by original sender.Intermediary bank fees (if intermediary bank(s) are used) paid by recipient. Receiving bank fees paid by recipient.|
|BEN transfer||Sending bank fees paid by recipient.Intermediary bank fees (if intermediary bank(s) are used) paid by recipient. Receiving bank fees paid by original recipient.|
It’s possible that, depending on your particular account type and terms, that your fees may be different with Deutsche Bank. But here are the key details from the available information online.
|Deutsche Bank International Transfers||Regular Fees|
|Incoming international SHARE and BEN transfers up to €2,500||€5.50|
|Incoming international SHARE and BEN transfers between €2,500 and €12,500||€10|
|Incoming international SHARE and BEN transfers over €12,500||1% of the total amount, up to a maximum of €95|
|Outgoing international OUR transfer (paperless)||0.15% of the total amount, with a minimum of €10 Plus €1.55 SWIFT chargePlus €25 third party expenses flat fee|
|Outgoing international SHARE transfer (paperless)||0.15% of the total amount, with a minimum of €10 Plus €1.55 SWIFT charge|
|Additional fees may apply||See Additional Fees section|
As well as DB’s fees, there may be fees from other banks involved in the transfer - an intermediary bank or the destination bank. This will vary depending on the countries and banks involved. There might also be further or different fees from these ones, depending on the precise details of your account and transfer.
(Source 17 October 2017)
If you’re sending money to an account that isn’t in euros, it will need to be converted to the new currency. Unless otherwise agreed upon with Deutsche Bank at the outset, this is usually done by either the recipient’s bank or an intermediary bank if 1, 2, or even 3 are used.
If you do, however, agree with Deutsche Bank to convert your money, they make it clear that they do add a “markdown” on the exchange rate. In fact, they clearly lay out the amount they shift the exchange rate on each route so you can see the difference between the interbank rate and the one they offer.
Here’s a sampling from their latest exchange rate markup information online:
|Deutsche Bank Currency Pairs||Exchange rate markup/markdown|
|EUR / AUD||AUD 0.0115|
|EUR / CAD||CAD 0.0056|
|EUR / GBP||GBP 0.0018|
|EUR / JPY||JPY 0.2000|
|EUR / SGD||SGD 0.0194|
|EUR / USD||USD 0.0029|
What that means is that if you use an online currency converter or do a quick Google search to find the current rate, it won’t be the same one that Deutsche Bank offers.
As you might have already guessed, the bank that converts your money is also responsible for setting the exchange rate. So if it’s not Deutsche Bank, it will be another. International exchange rates constantly fluctuate, but the one used by the bank will very often be worse - on average 4-6% poorer - than the exchange rate you’ll see if you check Google or XE. Sadly, there’s often no way for you to check ahead of time what your rate your money will be converted at.
(Source 23 October 2017)
DB gives you the option to pay for a few extras as well.
|Deutsche Bank International Transfers||Additional Fees|
|Sending/recipient bank and/or intermediary bank(s)||As you already know, there will be additional banks who will charge on the transfer. Whether you’ve chosen a BEN, OUR or SHARE transfer will determine whether you will be responsible for part or all of these additional fees.|
|Confirmation that the transfer has gone through||Via fax €25SWIFT copy €10|
|Investigation, amendment, or withdraw||Up to 5 months from entry date €25After 5 months from entry date €50|
|Express execution (speeding up a transfer)||€10|
Also, if you pay for an account management with DB, you might not have to pay the transfer fees listed in the above section - they might be included in your account management package.
(Source 17 October 2017)
TransferWise was set up in 2012 with the aim of making international money transfers easier and fairer. When you make a transfer through TransferWise, your money is converted at the mid-market rate - that’s the rate you find on Google. Which means you’ll get a real, up-to-the-minute average of what your money is worth, and you could find that the amount your recipient receives is much more than if you’d use your bank for the transfer. TransferWise charges a simple, low fee that is always stated upfront.
Also, with a borderless account from TransferWise, you can hold money in multiple currencies - up to 27 of them. It’s like having a local account both in Germany and abroad, so it’s a great way to make or receive international payments without worrying about either the costly bank transfer fees or the ever-fluctuating exchange rate. You can pay money in locally or take it out at any time, in euros, pounds, Australian dollars, or US dollars.
Not convinced? See for yourself - take a look at TransferWise’s rates and compare the amount you’ll get in the end, or simply send money now. If you’re still worried, try sending half with Deutsche Bank and half with TransferWise and see which one you prefer in the end.
With a Deutsche Bank (DB) account, there are a few different ways you can transfer money abroad using DB’s own services. Here’s a quick summary of the most efficient ways.
- Log into your online Deutsche Bank account.
- Select the option to create an international credit transfer, or Auslandsüberweisung in German.
- Choose which of your Deutsche Bank accounts to use if you have several.
- Next, select the country you’re sending money to, and the currency to use.
- You’ll then be taken to a different page depending on whether you can make a SEPA payment or not - more on that in a moment. Either way, follow the website’s instructions to complete the transaction.
(Source 17 October 2017)
- Head into your local DB branch. Make sure you have your ID and account details.
- Tell the cashier what you’d like to do.
- The German for ‘I’d like to make an international transfer’ is ‘Ich möchte eine Auslandsüberweisung tätigen’.
- There may also be self-service terminals at your branch where you can make the transfer without needing to wait for a bank teller.
- Give DB a call, making sure you have your telephone banking details with you. The general support number is +49 (0)69 910 10000.
- Once you’re through, explain what you want to do and let them talk you through the process.
- DB staff may not speak fluent English, so if your German isn’t up to scratch this might not be the best option.
First of all, you’ll need to verify your identity, so make sure you have your own account details and the information you need to get in to your online or telephone account.
Your euro transfer will be a SEPA (Single European Payment Area) transfer if the destination account is in the EU and in euros. SEPA transfers are treated like local transfers within the same country, so generally you shouldn’t incur any additional expenses. However, it’s helpful to note that you can only make SEPA payments with DB in euros.
For a SEPA transfer you’ll need the following details:
- The beneficiary’s name or company
- The beneficiary’s IBAN
For non-SEPA payments, the exact details you need may vary depending on the beneficiary’s country. To be safe, you should make sure you have:
- The name and address of both the beneficiary and the bank
- The bank’s SWIFT/BIC code
- The beneficiary’s IBAN or account number or any other local identifying code or number that’s given
What do I need or what should I give to the sender in order to receive an international bank transfer?
To receive money internationally into your Deutsche Bank account, you should give the sender the same information:
- Your IBAN
- Your bank’s SWIFT/BIC code
- Your name and address
- Deutsche Bank’s address
It will probably also be worth discussing the exact amount you’re expecting to receive, which might depend on whether you’ve agreed payment in euros or another currency. Depending on which bank your payer uses, you might also need to discuss further fees, and whether they are paid by you or them.
It takes 1 business day for euro payments to go through or 2 if you order the transfer by hand with a paper form. For payments in other currencies within Europe, it can take up to 4 days.
Outside the European Economic Area (EEA), DB notes that it will take a maximum of 4 business days, especially if you’re sending a currency other than euro.
(Source 23 October 2017)
To take advantage of those transfer times, you’ll need to make the transfer by a particular time of day. For SEPA transfers, you should make the transfer by 3:30 pm on a business day if you’re doing it online. On the phone, the cutoff point is 3:30 pm for their automated service and 3:59 pm if you’re speaking to someone, while if you use a self-service terminal at a branch you should do it by 4:00 pm.
For non-SEPA payments, it’s earlier. Whatever method you use, you should try to do it by 12:00.
(Source 23 October 2017)
Yes, for non-SEPA payments you can request ‘express execution’, which costs €10.
- Deutsche Bank has a 24-hour phone service at +49 69910 10000.
- Further details for getting in touch with Deutsche Bank are on their website, including email addresses.
- You can also book an appointment directly through the website.
However you choose to make your international transfer - whether through Deutsche Bank, TransferWise or another provider - you should always be aware of what you’re being charged, as well as what the beneficiary will have to pay at the other end. Transferring money internationally doesn’t have to be too complex or expensive. Just make sure you know what your options are.
|This publication is provided for general information purposes only and is not intended to cover every aspect of the topics which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content is the publication is accurate, complete or up to date.|
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