Two online accounts, which cannot be any more different!

Comparison of DKB and PayCenter (online account)

14.9.2016

After reading our “Smart Bank Customer Guide”, a reader asked us for a comparison of the current account of the DKB and the Onlinekonto of PayCenter.

At first, a comparison seemed so unnecessary, since both providers are destined to serve a completely different target audience and for most of our smart readers, an account opening at PayCenter due to the conditions would not be eligible.

DKB and Onlinekonto of PayCenter compared!

Finally, we have accepted the challenge and put together a comparison of two current accounts, as there has never been before … and it looks like that both providers have advantages as well as disadvantages in the direct comparison.

To whom this page is helpful, we kindly ask for a short feedback using the comments feature at the end of this page. Thank you very much!

	DKB	Onlinekonto by PayCenter
1. The account opening
Guarantee of account opening?	no depends on the result of the creditworthiness check	virtually yes no creditworthiness check takes place (Schufa-free)
Account opening from abroad?	limited besides Germany, the account can be opened with a place of residence in Austria and Switzerland	virtually yes there is no limitation of the place of residence, however, until the introduction of the VideoIdent-procedure, the legitimating must be made through the Deutsche Post
Duration until the notification of the account number?	approx. 1 week one gets it via mail, the account opening only takes place after the creditworthiness check and legitimating	2 minutes Account opening takes place immediately online and one gets displayed the account number right away. The legitimating is made after the account opening
Business account possible?	no The account opening is always made in the name of a natural person, a commercial use of the account is prohibited	yes Account can be used for business (ideal for self-employed persons), account opening is also possible for GmbH, Limited, etc., if registered in the German commercial register
2. The conditions
Account opening fee	free of charge	€ 39,00 once Business account € 99.00
Account management fee	free of charge including all Euros transfers	€ 9.90 per month there are additional fees for transfers, incoming payments, standing orders, etc.
Cards to the account	1 × Girocard 1 × Visa Card both free of charge	1 × MasterCard free of charge, individual card design is possible for € 19
Cash withdrawals	all ATMs no fees by DKB	all ATMs 1 × per month is free of charge, then € 5.95
Online banking	yes Online banking, banking app, HBCI	yes Online banking, banking app, HBCI
3. The particularities
Customer service	e-mail, telephone telephone availability Mon–Sun around the clock	e-mail, telephone telephone availability Mon–Fri 7:30 am – 6:30 pm, Sat 10 am – 2 pm
Credit line	up to € 15,000 depends on creditworthiness, income necessary, further loans possible	not possible
Overdraft facility of the Visa or MasterCard	theoretically unlimited Credit line + deposit on the Visa account	whole account balance = maximum of € 15,000
Conversion into a garnishment protection account (P-account)	possilbe Credit line and Visa Card will be eliminated	possible without service limitations
Maximum account balance	unlimited	€ 15.000
Language	German	German / English Customer service is already completely bilingual, online-banking is being adjusted
Are there any other details that you would like to have compared? Please use the comments box at the end of this page for your suggestions and questions.
Start account opening	(read further information)	(read further information)

Two account, which could not be any more different!

Which account is eligible for whom?

1. DKB

Because of the conditions, most people (except people, who want to open a business account) tend towards the DKB. This is understandable, as the DKB offers a free current account at one of the best German direct banks.

The great reputation of the DKB has already been widespread outside Germany, so we get a lot of requests, whether an account opening from abroad would somehow be possible at the DKB.

Requirements for the account opening

Place of residence in Germany, Austria or Switzerland
(for German expatriates there are partially other rules)
good creditworthiness and regular income
(see also: How to not mess up the DKB account opening)
Dbe able to speak and read German language

The DKB offers its customers a comprehensive online banking.

From the perspective of the market, the DKB and Onlinekonto are thrillingly supplemental

2. Onlinekonto by PayCenter

It looks almost exactly the way around. Who does not fit to the DKB, suits obviously pretty good to the Onlinekonto by PayCenter, because PayCenter opens current accounts:

for people from abroad,
without creditworthiness check and without proof of income,
for people, who cannot speak German, but speak English,
for people, who want to use the account as a business account.

Requirements for the account opening

speak English or German
readiness to pay the account opening fee, as well as the monthly account management fees and
make the legitimating through the Deutsche Post within the next months
(until the VideoIdent is introduced – up to the legitimating, one can only deposit money into the account, but cannot withdraw it)

Onlinekonto by PayCenter: comfortable use through online banking. PayCenter announced that an English version of its online banking will be available soon.

Questions to the accounts, their openings and usages?

Members of our editorial use both accounts and would be happy to help new prospective customers at the opening, the first steps and the optimal use of the current accounts. You are welcome to ask questions through the comments box.

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