Withdrawal fees at Deutsche Bank ATMs

27 posts in this topic

hi, i am trying to figure out my banking while in germany coming from the US. i was told by bank of america that you can use any deutsche bank atm and pay no fees at all. while i believe them i am wondering if anyone has had any experience with using these two banks and if the conversion fees are bad or good. if bad and i am loosing 25 in lower conversion rates then that is like a fee... i was also told citibank is good but will be in russelshiem and dont really see any around there.

 

thanks in advance!

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... i was also told citibank is good ...

Citibank´s German retail banking is no longer part of the CitiGroup ... the German branch , the Citibank Privatkunden AG & Co. KGaAwas sold in July 2008 to the French Crédit Mutuel Group

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The exchange rate levied will generally be around the commercial rate and will vary only slightly between banks. For the kind of sums one withdraws from ATMs, it is not worth worrying about. If you are transferring thousands then obviously there are better options, but for cash just use Deutsche Bank and be done with it.

 

Edit: Just to clarify, Deutsche Bank ATMs are free when using a BoA debit card. Cards from other banks (and I believe also BoA credit cards) will be charged.

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You should be able to, they are both in the same banking group for ATM's. I have used my Deutsch Bank card many times at Bank of America in the states and never got charged.

 

And as for other banks, I think the fee is 5€ or so.

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You should be able to, they are both in the same banking group for ATM's.

Gotta be aware though that that's a separate ATM group from the German "Cash Group". In this case, the group involves Deutsche Bank (as the only member in Germany), Bank of America, BNP Paribas, Barclays, Westpac and Scotiabank.

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"Cash Group". In this case, the group involves Deutsche Bank (as the only member in Germany)

Postbank, Dresdner Bank, Norisbank, Commerzbank, Berliner Bank, Com Direct and maybe one or two more are in the Cash Group as well.

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You've misunderstood Katos post. His point was that you can't use a BofA card for free in other banks other than Deutsche Bank, even though DB is a member of the German Cash Group. The link they have with BofA is a different, worldwide, grouping than the German Cash Group.

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I have experience with using Deutsche Bank ATMs to get cash from a Bank of America account. BoA don't charge a transaction fee if you use ATMs from the "ATM Global Alliance" which includes Deutsche Bank, Bank of America, Barclays, BNP Paribas, Westpac (AU & NZ) and others. However, they do use the "cash" rate for the currency transaction, and furthermore usually load an additional 1% fee on the amount withdrawn. The latter fees are pretty much the same with all banks, and about the same as using PayPal. If you've got to move more than a few hundred dollars, you're usually better off using Telegraphic Transfers ("Wires") which you AFAICT you can only do in-person at the BoA branches. Alternatively, you can use a foreign exchange processor like XE.com (which I have used, and which I rate highly).

 

Overall, if you're only travelling through, or only withdrawing small amounts each time, stick with ATM withdrawals between member banks of the ATM global alliance. I can't comment on banks outside the alliance, although I have heard that some have alliances with certain banks in some countries.

 

Global ATM Alliance (Wikipedia)

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Small Town Boy said:
If you are transferring thousands then obviously there are better options.

Can you recommend any of the better options?

 

For large sums, even slight differences in exchange rates can result in a difference of hundreds or thousand of dollars when converting $US to Euros. Knowing which services historically have offered the best rates would be of particular value to new expats, especially with the dollar already being low relative to the Euro.

 

Have any of the non-bank sources of 'global funds transfers' been compared or reviewed here -- e.g., those below (two of which advertise here)?

 

Thanks.

 

WORLD FIRST UK LIMITED

World First UK Limited

http://www.worldfirst.com/

 

• FX GLOBAL TRANSFER

http://fxglobaltransfer.oanda.com/

 

• XE.COM

http://www.xe.com/

 

• FOREIGN CURRENCY DIRECT

Foreign Currency Direct

http://www.currencies.co.uk/

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I have used XE and have only good things to say about it. Search the board for "XE.com" and you'll find more info.

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I know I'm late to this party, but I have just finished a ton of research on this issue and hope it will help others who come to this page for information.

 

PayPal is mentioned in a previous post; that is one option, but an expensive one! They will charge a 2.5% currency conversion fee above the current exchange rate, and they add an additional 1% "cross-border fee" -- for a total 3.5% markup!

 

My local bank offers a special account that waives foreign atm fees (from them, not the foreign bank), but they still add 3% to the exchange rate. I think that number is pretty common.

 

Chase is the worst!! They charge a flat $48US or a "low" $25US for transfers completed online.

 

Citibank is no deal either. They charge a flat $10US for international transfers, but they limit the amount to a maximum of $1,000. That's 1% at best, but it equals an increasingly higher percentage the smaller the transfer.

 

Bank of America is the only reasonable option I could find! As stated in other posts here, they charge NO ATM FEES and just 1% over exchange rate when using a Deutsche Bank ATM (which are everywhere in Germany!) I leave in a few weeks, and then I can tell you for sure from experience.

 

Visa or Mastercard will incur an atm fee most likely (plus 1 to 3% for currency conversion), and you will also get hit with cash advance fees afterwards.

 

A banker told me their previous owner was a German company and there used to be no fees at all for transfer between accounts with them. But I haven't been able to find any such banks / bank relationships online. Has anyone else?

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I have tried to track my Bank of America account with the amount of Euros I withdraw with a Deutsche Bank ATM. So far, I've only managed to remember capturing two transactions. Here is what I have found out so far:

 

Amount withdrawn at Deutsche Bank ATM - 200 euros

Amount taken account from Bank of America account - $264.48

Historical daily conversation rate for that day via XE.com - 1 USD = 0.75645 euros

200 euros converted to USD using historical rate - $264.39

Difference between actual and ideal dollar amounts - $0.09

 

Amount withdrawn at Deutsche Bank ATM - 100 euros

Amount taken account from Bank of America account - $131.40

Historical daily conversation rate for that day via XE.com - 1 USD = 0.7613159803 euros

200 euros converted to USD using historical rate - $131.35

Difference between actual and ideal dollar amounts - $0.05

 

As far as I know, there were no additional fees in my account. This also seems to be the least expensive way to move money from the US into Germany. If I open a Deutsche Bank account for 9.99 euro per month (is this the lowest?), then I can just withdraw money from my Bank of America account at the Deutsche Bank ATM and deposit it in person at the local branch. I think paying 9.99 euro a month is better than paying $35 per wire transaction at least once a month or more.

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If I open a Deutsche Bank account for 9.99 euro per month (is this the lowest?)

Nope, the lowest you can pay for an account at DB is 4.99 euros a month. But that is the most basic option and I'm not sure the credit card, or other relevant options, are included. You should check at your local bank.

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As far as I know, there were no additional fees in my account. This also seems to be the least expensive way to move money from the US into Germany. If I open a Deutsche Bank account for 9.99 euro per month (is this the lowest?), then I can just withdraw money from my Bank of America account at the Deutsche Bank ATM and deposit it in person at the local branch. I think paying 9.99 euro a month is better than paying $35 per wire transaction at least once a month or more.

 

If you are just visiting, you may not even want a local account. Either way, check with BofA if you have limit on number of free withdrawals outside the US!

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Thanks! I'm actually here for work, so I have a few more years to spend in Germany (and some more time to learn the language).

 

I went to a local Deutsche Bank branch and the agent only gave one recommendation, Best account. It comes with online banking and EC cards, but it's the 9.99 euro version, which he said Deutsche Bank will take quarterly from the account (approximately 30 euros every 3 months). There was no minimum deposit to open the account, and I should receive the card, pin, ITAN (for online banking), and pin for that in the next 10 business days or so.

 

What I do like about this setup, though, is that I can withdraw euros at the Deutsche Bank ATM from my Bank of America account, and then deposit the same amount into my Deutsche Bank account at the same ATM. If only I had known about the 4.99 euro account, then I would have saved more money. The other caveat here is that I need to minimize my trips to the Deutsche Bank to a maximum of 3 trips per month since factoring in the cost of public transportation will easily bring my total monthly cost to about 23 euros per month, which is just a tad bit below the $35 fee that Bank of America charges per international wire.

 

As for free withdrawals outside the US, thank you for the information. I will verify with Bank of America. I thought that Deutsche Bank and Bank of America had a banking relationship, and it even listed it on the card that the bank agent gave me. I didn't realize that there could be a limitation on this. I have, however, read that I can call Bank of America to increase my daily maximum ATM withdrawal, which I will have to do in order to pay for German bills.

 

Also, I made another ATM transaction at the Deutsche Bank on April 25, 2012 for 300 Euros from my Bank of America account, and the charge was $396.54. I just checked the rate on XE.com (2012-04-25 23:45 UTC) and it is showing 0.7559842900 USD = 1 EUR. It looks like I'm up $0.21 compared to this market rate.

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Not directly related to the original post, but this data may provide some additional insight. This is for a wire transfer done on April 5, 2012. This is from Bank of America to another German bank. I forget the bank name, but I think it is BW bank.

 

Amount in euros sent - 6000 euros

Conversion rate used by Bank of America - 1 EUR = 1.3573 USD

Amount in USD taken out from the account - $8143.8

XE.com historical daily rate - 1 EUR = 1.3063627197 USD

Difference from ideal rate - $305.62

Transaction fee - $35.00

Total fees - $340.62

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I have used BoFA for sometime now and havent been charged for taking money out ever! there is no limit I think as to how many times you need to do so. When my account has been blocked for security reasons or so they have sent a new card within 2 days (for a cost of 20 dls.) This has actually happened like 3 times.

Have you tried making transfers from German bank account to your BoFA account?

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Have you tried making transfers from German bank account to your BoFA account?

 

I have and they charge the "normal" transfer fee. No benefits there.

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Sorry, was it the normal? :) I havent tried it my self... am usually doing paypal but its getting annoying!

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