From the yield perspective, the SparCard of the Deutsche Bank is certainly not the best recommendation, but one can use it well as a card to withdraw cash free of charge. This page shows you how to do it.
Of course, there are banking products, such as our top recommendation DKB Cash, with which one can withdraw cash free of charge at every visa-enabled ATM worldwide. The problem: Such great offers require a good creditworthiness.
No creditworthiness check.
If this currently does not exist or there is not enough Schufa-data (credit investigation company) available, it is recommended that you initially switch to other bank offers that do not require your creditworthiness.
SparCard as a good option
When it comes to withdrawing cash within Germany and abroad, the SparCard of the Deutsche Bank is an interesting option, because…
With the SparCard you
- can withdraw cash free of charge in Germany from all ATMs of the Cash Group, as well as at many Shell petrol stations
- can withdraw cash free of charge in many countries through the foreign branch offices of the Deutsche Bank or through partner banks of the Global ATM Alliance
- can deposit cash free of charge at the counters of all branch offices of the Deutsche Bank in Germany
- can deposit cash free of charge at the deposit machines in the lobbies of the Deutsche Bank branch offices in Germany around the clock
- receive interest on paid credit balance
The SparCard (plastic card measuring 8 × 5 cm) and the associated savings account are always free.
Requirements for a successful application of the DB SparCard
- Registered address in Germany, no German citizenship is required (One can consign a different shipping address for bank mail – also abroad addresses.)
- Currently, a German reference account number is required
A particular age, regular income or a certain creditworthiness rating is not required.
The application can be performed online. The PostIdent-procedure is used for legitimating. Alternatively, one can apply for the SparCard at any branch office of the Deutsche Bank.
The SparCard can not be used for payments. Therefore, it is not a substitute for a current account. There are only the functions of cash deposits, cash withdrawals (through ATMs within Germany and abroad) and transfers to another accounts at the Deutsche Bank (if available).
Options of use
SparCard as vacation budget
One saves money on the SparCard for the holidays throughout the whole year (e.g. using a standing order) and withdraws the money as required in your destination country free of charge from the ATM (depending on the country).
Children or Youth Account
You can set up a SparCard on your child’s name and transfer a fixed amount monthly to the savings account. The child can then withdraw cash free of charge at many ATMs or branch offices, but it can never overdraw the account!
Send money abroad
For example, your child is studying in Spain and you want to transfer a monthly study support. You simply transfer to the savings account. With the SparCard, the student can withdraw the money in the foreign branch offices or at the ATMs.
Money transfer to the home country
For example, you are from Zimbabwe and work in Germany to earn money in order to help your family at home. You deposit money on the SparCard, which can be withdrawn free of charge (only currency exchange charges apply) in the foreign currency abroad at ATMs of the Global ATM Alliance. In Zimbabwe, these are the ATMs of Barclays.
Please note that the conditions of the Deutsche Bank prohibit the sharing of the SparCard and PIN. Consequently, the receiving person should apply for the card.
Addition: Withdraw cash in the USA (video clip)
The video shows how easy it is to withdraw cash with the SparCard of the Deutsche Bank in the USA.
Crucial advantage to other banks: At the withdrawal through the Bank of America (partner bank of the Deutsche Bank), even the usual ATM fees do not apply. Thus, you can sometimes only withdraw US$ 20 for your lunch. Additionally, the exchange rate is fair.
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Images: Deutsche Bank · Footnote 1: Note the list of countries on the website of the Deutsche Bank