Which bank to open account in Hamburg

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We are moving over from HK to Hamburg later this year and want to choose a bank to open an account. Can anyone give me some advice as to which bank is the best to open an account with?  I tried checking some banks but it seems quite different than how the system works in Hong Kong where we just have two large banks, HSBC and Standard Chartered.

 

I want to deposit some money from overseas which I first move over and then set up my salary deposit at the same bank for convenience. I would like the bank to have a reasonable number of ATMs s that there will be no withdrawal fee, some interest rates on the accounts, and also able to issue a good credit cards with some sort of cash back or reward program. If they are able to understand and speak English this would be great as well since my wife doesn't speak German.

 

I know that Hamburg Sparkasse has the greatest number of ATMS around the city but it seems that they charge an exceptionally high account management fee based on this article below. http://www.abendblatt.de/bin/scr-208054629.png 

 

can anyone give me some advice and suggestions? Thanks a lot!!

 

 

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Labor costs and real estate are extremely expensive in Germany. As a result, the best bank accounts are those designed for online-only use. They are usually offered by online-only banks which are often affiliated with traditional ones (e.g., Comdirect is the online-only affiliate of Commerzbank). With such accounts you typically get an unconditionally free checking account, a free Visa card linked to the account, and free cash withdrawals at all ATMs in Germany, in Europe and sometimes even worldwide. For a list of the best online banks, see here.

 

So oddly enough, you get the best access to ATMs through banks that have no ATMs of their own.

 

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Happy with Targo Bank. Depending on which account package, and  account level- no charges.

Able to transfer money to UK/Canada.

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I'm with Commerzbank. They gave me a credit card as well as an ATM debit card and free overdraft protection. The online banking is very easy but balances are usually about one day behind. I just wish there were more of their ATMs, as it's 5 Euros to withdraw cash from other bank ATMs.

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Commerzbank belongs to the Cash group including Hypobank, Deutsche Bank, Postbank, on those machines you can withdraw for free.

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I recommend N26. They'll deal with you in English.

 

They don't have their own ATMs but they allow you 3 or 5 (depending on your circumstances, see https://n26.com/pricing/) free cash withdrawals per month and unlimited cash withdrawals from their network of partner retailers (for example REWE and Penny).

 

I find that CC reward schemes in Germany are either rubbish or have annual fees, and interest rates are so low that I don't even bother to have a savings account.

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DKB Bank is completely online but their customer service by phone is pretty good whenever we've needed them.  Their credit card you can use to withdraw cash at any ATM in the world and you pay no fee.  Great for travelling in that regard as well.

 

Hamburger Sparkasse - just another fee-based old-style bank.

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I think with DKB, other banks can charge you fees abroad that you then need to request DKB reimburse.

 

I have Consorsbank (BNP Paribas) and they're not bad. I get 10% cashback when I use the visa card too. Also all online.

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On ‎1‎/‎12‎/‎2017‎ ‎12‎:‎07‎:‎02‎, silty1 said:

DKB Bank is completely online but their customer service by phone is pretty good whenever we've needed them.  Their credit card you can use to withdraw cash at any ATM in the world and you pay no fee.  Great for travelling in that regard as well.

 

Hamburger Sparkasse - just another fee-based old-style bank.

 

Hi Silty, thank you.Are there many ATMs in Hamburg where DKB can withdraw for free? I saw on this site that there are no free of charge ATMs for DKB...strange.

 

http://www.abendblatt.de/bin/scr-208054629.png

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On ‎1‎/‎8‎/‎2017‎ ‎6‎:‎44‎:‎40‎, Joe-K said:

Labor costs and real estate are extremely expensive in Germany. As a result, the best bank accounts are those designed for online-only use. They are usually offered by online-only banks which are often affiliated with traditional ones (e.g., Comdirect is the online-only affiliate of Commerzbank). With such accounts you typically get an unconditionally free checking account, a free Visa card linked to the account, and free cash withdrawals at all ATMs in Germany, in Europe and sometimes even worldwide. For a list of the best online banks, see here.

 

So oddly enough, you get the best access to ATMs through banks that have no ATMs of their own.

 

Thanks Joe. How does Comdirect compare with DKB? I see that it still charges an annual fee for a giro account. Is that true?

 

 

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6 hours ago, Kookakarl said:

 

Hi Silty, thank you.Are there many ATMs in Hamburg where DKB can withdraw for free? I saw on this site that there are no free of charge ATMs for DKB...strange.

 

With the DKB Visa card you can make free cash withdrawals at all ATMs, and that includes all ATMs in Hamburg.

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6 hours ago, Kookakarl said:

Thanks Joe. How does Comdirect compare with DKB? I see that it still charges an annual fee for a giro account. Is that true?

 

Both are free, see here for Comdirect and here for DKB.

DKB gives you free access to all ATMs, both in Germany and abroad. With Comdirect you get free access to ATMs belonging to Commerzbank, Deutsche Bank, HypoVereinsbank and Postbank in Germany, and all ATMs abroad (sounds weird, I know, but that's how it works)

 

 

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Yeah with the DKB Visa, you can pick up cash anywhere for free. I've been a customer of DKB for about a year now and I am so happy with the product. What's cool is the credit card doubles as a savings account, as well. Just transfer whatever balance you choose and as long as the account stays at a positive balance, it'll collect interest which is paid out regularly.

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