Public affirmation: Purpose for Existing

Why do I operate this site?

Gregor TV

For my dear readers, I love to be on the road with my camera.

The purpose of my life is:

Helping people to open the right bank accounts and use them cleverly.

The better the finances, the better the life!

Find out more on this page.

Change of life through the philosophy of a book

My buddy Thomas e-mailed me from his Australian trip saying I needed to buy the book “The Big Five for Life”, and that afterwards we would have to discuss some things…

Since 2005 I have been operating the wide spread site for banking customers www.optimal-banking.de which is in line with the “Purpose of my Existence” (see below) that I created.

Still, this job was not completely congruent with my “Five Big Goals in Life” (see also below).

With the contents and aims of DeutschesKonto.org I am serving the purpose of my life and at the same time, working on my Five Big Goals in Life.

What does this lead to?

The Big Five for Life

The Big Five for Life (German)
more information on amazon.de

Extremely high motivation as well as extremely high effectiveness in my work which actually is not much of a traditional job because it serves so much of a purpose and is so much fun.

What can you expect of me?

The creation of the absolutely best technical site for bank accounts with foreign reference. For Germans undertaking travels abroad or staying abroad for longer, as well as for persons wishing to hold a banking and asset account in Germany.

With my team I am going to:

  • process the best information for you,
  • work out the most comprehensible manuals,
  • give the most helpful tips and
  • build the best contacts in individual getting to know.
stages in life

The way I am paving will help others, too.

Public affirmation

Purpose for Existing (PFE)

To improve the relationship between people and bank(-products) with ideas, tips and guides.

The more people use better banking services, the world overall will do better. As you know: A million small things affect the big picture!

Big Five for Life (BFFL)

  • Improving the (financial) life of millions of people through my ideas and instructions.
  • Helping people to discover their success potential and let it explode.
  • Being able to know English fluently and basic terms in many other languages.
  • Four and more journeys abroad each year.
  • House on Kauai to spend the winter.

Can you help me to achieve these goals?

Why do I tell you this?

I want to encourage you to do the same. Get the book “The Big Five for Life”. Study it. Think about your life. About the purpose of your existence.

Develop the Big Five for Life for yourself (or with and for your family). This refers to the five really big things one wants to reach in life. Begin directing your life towards the BFFL step by step.

Chances are high your life will change in a positive way!

Message me!

Tell me what you think about the ideas of the book and what changes you have experienced.

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Rating: 4.6/5 (10 votes cast)
Why do I operate this site?, 4.6 out of 5 based on 10 ratings

Who writes here?

Someone who gained experience with more than 100 banks in more than 20 countries during the past 15 years. My name is Gregor and if you click to continue you can find out why I am here and what this site is for ⇒ continue.

44 Responses to “Why do I operate this site?”

  1. Vadim says:

    Dear Gregor,

    I am going to open bank account in Germany following this link https://www.deutscheskonto.org/en/online-account-opening/. One thing remains unclear for me at the moment: To which bank new account will belong?

    Thank you,
    Vadim

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    • Gregor says:

      That is not a bank; that is an electronic money institution, because there are no loans and no interest for savings. But payments with SEPA banks and a worldwide accepted MasterCard. This financial institution named “PayCenter” and is licensed by BaFin (Federal Financial Supervisory Authority).

      Here more information about the PayCenter’s online account: https://www.deutscheskonto.org/en/account/online/

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  2. Fanis Malakondas says:

    Dear Gregor,
    please send me a list with all the necessary documents that is required, in order to open a bank account in ComDirect (I believe is a proper bank, isn’t it?), either from Greece or if I have to, come physically in the bank myself.
    Thank you,

    *Congratulations for your site, it is exceptional, realistic, easy reading and very helpful.

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  3. Jan Saunders-Singer says:

    Dear Gregor,

    I am moving to Germany this year to take up permanent residence there. I will continue to work for the family business and salaried from the UK. My taxes will no doubt be deducted in Germany. My first stay will be at a temporary address until I find something permanent. I want to open an account in Germany for my salary to be paid into. I do not need a credit card account, but will need a debit card that I can deposit funds into in order to withdraw cash from an ATM.
    Can I open and set up such an account without a German address?

    Kind regards,
    Jan

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    • Gregor says:

      Dear Jan
      You will get a current account with a debit card at each local bank, if you have an address in Germany. You can change the address later, if you move from place to place.

      If I were you, I would open the current account at Comdirect Bank: https://www.deutscheskonto.org/en/comdirect/ – that is one of the best German banks with no cost for the account and very low prices for money transfer from/to UK. So you will have more money for to do better things in Germany.

      It is easier to open this account if you are in Germany, but it is possible to open from UK. Here are all information you need: https://www.deutscheskonto.org/en/comdirect-opening-current-account/

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  4. Jerry xue says:

    Very useful tips. How do we get the best exchange rate from banks ? Thx in advance.

    Warm Regards,
    Jerry

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  5. Steph says:

    Hello-
    I just moved to Germany and am in the process of opening an account with DKB. I am from the US and have US currency that I would like to convert to Euros. Is there a way to do this through DKB (I thought it was an online only bank), or is there a better way to exchange for euros? Thank you for this site with information in English!

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    • Gregor says:

      Welcome to Germany and congratulations of the decision to use the DKB!

      Bank transfers from the USA are automatically converted into Euros.

      One can only deposit cash in Euros through the few deposit machines of the bank.

      The Reisebank and other exchange offices at major railway stations and airports exchange US Dollars into Euros. However, the exchange rate is not the best.

      So far, we did not test this case yet in detail, so I am sorry for not having an optimal response.

      However, I would be glad, if you would give me feedback on how you have solved this issue. Many thanks!

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  6. Julio says:

    Dear Gregor,
    Do you have an advice regarding what banks offers a good internet banking in Ukraine. We are starting a small firm and we will need to make payments to European Suppliers and/or get payments from European customers. And we are looking for some bank that has the best Internet Bank so att we can do the most by Internet. Have a good time!

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    • Алёна says:

      Dear Julio,

      in the Ukraine the situation is so that one of the ukrainian banks is so to say a monopolist on this market, its name – Privatbank. Maybe you have already heard about it. All salaries and social paymanets for citizens as a rule are connected to the accounts of this bank (it isn’t a state bank). Therefore this bank has the biggest clientele and as a result the most developed internet banking (in my opinion). Other popular banks are Unicredit, Pumb. About their internet banking I can’t tell you anything as I do not use their internet bankting.

      Good luck!

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  7. Hassan says:

    Hi Gregory

    This is Hassan , I am live in canada and like to open a Volksbank account, my Friend suggested me to do since I expect money transfer from uk to my future new account, plus I don’t wants to keep a lot of money in canada since law here sucks government can freeze your account any time with out further notices .. What you suggest me to do what kind of account I can open so it gives me safety and able to get deposits in US currency .

    Also I like to build my credit history in any European country whatever u suggest the best to build my credit history .! Such as Denmark or , Germany and Sweden .! I like.!

    Any money I have in canada like to keep some here rest I like to keep in this account with easy to withdraw any time via Visa card .’

    Pls let me know ASAP .! Thks

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    • Redaktion says:

      This webportal has specialized on few, but really good German direct banks … at best, you contact the Volksbank directly, if you prefer these small local German banks. Good luck!

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  8. Terry says:

    Hey Gregory,
    Thanks for the valuable content!

    I have a unique situation and want to see if you know the best route to go. I have 50 clients and need to have a unique debit card number (virtual or plastic) with lastschrift OR I need to have a bank account with multiple IBAN numbers (one for each client) for direct debit payments.

    What are my best bank options? Will Online Konto allow me to have multiple accounts?
    Thanks!
    Terry

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    • Gregor says:

      Do you mean the online account that we have presented here: https://www.deutscheskonto.org/en/account/online/?

      There, you can order as many online accounts as you wish using one name. However, a separate e-mail address is required for the order and login of each online account.

      The apparently presented ideal solution of having one login access for multiple accounts (if I have understood you correctly) is not possible.

      Thematically, this special portal is oriented towards “private customers”. We can only offer you limited help for corporate matters. Good luck for your further research.

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  9. Simon Mason says:

    Hi Gregory,

    First of all I want to say that your site is very good and it has helped me in my quest to open a Euro Current Account. I am still trying to do it. I have been refused by some and am currently on a waiting list for Number26 Bank – this would be perfect for me and the people a very nice there I have talked to.

    My situation is that I am UK citizen working in Japan. I am a affiliate to an European Investment Company that have dividend payments to me in Euros. I do business with them in Euros via currency exchanges so I need a euro account to make transactions easier. I have a Japanese address and a UK address. Can you give me any advice?

    Best Regards

    Simon

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    • Gregor says:

      Yes, that is a challenge. What bank wants to have a client, who lives on the other side of the world and only needs a settlement account? Actually only paid providers can be considered.

      One possible solution would be a combination of the Onlinekonto and TransferWise. At your next visit in Germany, you can do the legitimating for the Onlinekonto by mail or you wait until the video identification procedure has been introduced. Until then, the account can only receive money – but not send it.

      TransferWise is an excellent complement for international transfers, because the Onlinekonto can currently only make SEPA payments. The legitimating at TransferWise takes place through a test transfer.

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  10. VIRTUDES MIER says:

    Dear Gregory,

    You are a valuable asset to the bank industry. You provide excellent guidance in banking.

    I am interested in opening the highest interest rate fix deposit account in USD in Germany. As I am not using all the money so I’d like to get the high interest your banks in Germany pay. However, I would be using part of this money, so maybe I need a DKB Visa Sparen in order to get money from the ATM, wherever I go. Is it possible to have some checks printed as well?

    Please let me know what steps should I follow to open an account through internet?

    Regards

    Thank you in advance for your kind reply.

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    • Gregor says:

      Dear Virtudes Mier,

      There is a multitude of very good comparison sites in Germany. Instead of constantly comparing the terms of more than 1.000 banks in Germany, we concentrate on those we consider the “right” ones. Those are banks with constantly excellent terms and very good customer service.

      This in advance regarding the question about the bank with the highest interest rate for USD!

      We are in very good contact with Deutsche Industriebank (IKB), which at the time of the article has paid the highest interest rates for USD-deposits: https://www.deutscheskonto.org/en/dollar-account/

      The IKB also has an English language website, but as far as I know the part re. the investment product “US-Dollar” is only available in German, because it is aimed at German language investors. Nevertheless, an account opening with a residence in the different country is generally possible with IKB.

      With DKB, that’s different. Since June 30, 2014, they have basically stopped opening accounts for customers outside the German language area (Germany, Austria, and Switzerland).

      But it would be a bank that issues checks (EUR) – at least I still have some in my desk from this bank. With the proper pre-printed form and a check software one can produce checks themselves – which I have done myself. But checks are only seldom accepted in Germany these days, so hardly anyone does this.

      One alternative would be Comdirect Bank. They accept German language customers more or less regardless their country of residence. They also offer USD assets account (generally, USD accounts are unusual in Germany), but the interest rate is low. https://www.deutscheskonto.org/en/usd-current-account/

      It might be easier to get a USD assets account in the US – or does it have to be a bank account in Germany? Here, the EUR is the no. 1 currency.

      Best regards

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  11. Jason says:

    Hi,
    I don’t know if you still answer to this but I will leave anyways. I am Asian and I started work in Germany from Jan/2016 since my current company scouted me here and I have residence permit until end of Dec. 2018 which of course will get extended since my contract is unlimited, and my main bank is Deutsch bank. I have loan from them from July, 8th, which was 6000 euro and paying around 263 euros per month since it’s two yr installment. Suddenly I needed quick money but Deutsch bank can’t give me another one because I need to wait 3 months from last loan. So while I was searching I applied the DKB private loan and I just need to do the postident and send document.
    Do you know if how long they usually take to give answer like no or yes? I am trying to send those documents in real fast mail. Or was this even not a worth try since I already have loan from Deutsch bank? I make quite nice net income but wasn’t sure if applying to DKB is even right thing to do since i don’t know anything about them or any information.

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    • Gregor says:

      Hi! That is an interesting question!

      I hold DKB in high esteem and have myself applied for and been granted a loan. They tend to be a little “conservative” though when it comes to loan decisions.

      You might have better changes, if you ask several banks for a loan. But be careful! It could decrease the chances for a credit approval, if you ask the banks directly. It is different when you use the professional credit comparison tool, which I have introduced here: The best way to get a loan in Germany!. Here, a credit check will be done first and then played through with the banks, without personal data.

      In the best case you receive one or several credit offers and can select one. It works rather quickly und would currently be my best recommendation. Good luck!

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  12. Abhishek Anal says:

    Hello Gregor,

    I am leaving Germany next month and going back to India, although i have money in euros which i do not want to convert as the rates are very low.

    What should be the best method to keep the money free of charge in Germany and when the rate is good i can transfer money to india using sofort banking for services like transferwise?

    Is DKB an option?

    Thanks,
    Abhishek

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    • Gregor says:

      Hello Abhishek,

      DKB is hardly an option, since this would be a giro account with a credit line. An account opening is difficult for somebody, who has maybe only live a short time in Germany, be-cause the level of credit history probably is not high enough.

      If you open a savings account, there is no credit check, since you are bringing money to the bank: Comdirect offers one, for example: https://www.deutscheskonto.org/en/comdirect/tagesgeld/opening/

      The challenge here would be that for this savings account you’d a reference account with IBAN. A withdrawal via immediate transfer/TransferWise is not possible.

      Why not simply keep the current account?

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  13. Navid says:

    Hi Gregory,

    fantastic website with information and tips about banks and cards in Germany: your site is a unique resource for foreigners!

    Credit card for business
    My company is registered in UK and I live in UK, I am a EU citizen (IT), I have a business bank account in Germany but they don’t provide credit cards.

    I need a credit card in EUR currency for small payments on-line (couriers, flights, hosting and other online services).

    Where do you suggest to get on-line a credit card? I have a business bank account in Germany and can link it to the credit card. (I don’t understand German and don’t travel to Germany)

    If necessary, I can open a new business bank account. But probably that is more complicated…

    Thanks
    Navid

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    • Gregor says:

      Hi!

      Many thanks for the appreciative words! What we don’t do though, is actual individual consulting … with our articles and overviews we show what is available on the market and how to cleverly use such offers. Do you happen to know the Viabuy MasterCard? https://www.deutscheskonto.org/en/viabuy/

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      • Navid says:

        Thanks for the quick reply, ViaBuy is a very interesting card that solves partially my needs.

        ViaBuy offers a IBAN number in Germany, do you know of any prepaid card in EUR in the UK or Italy?

        Thanks again
        Navid

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  14. Ken says:

    Thanks for your work with the site Gregor! However, as your site is aimed to an International (read: more English than German speaking) audience, I’m a little puzzled that your top recommended banks are those who speak German only. So here I propose a section for your top recommended English speaking banks, with 24/7 phone support, suitable for travelers, as outlined in this post: https://www.deutscheskonto.org/en/account/current/credit-card-fraud/
    Thanks!

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    • Editorial Team says:

      Thanks for your input! This specialty portal is created by and for smart banking customers. There are only some important articles that are translated into other languages, so that it is easier to understand the content for those smart banking customers who prefer a different language.

      In addition, it is not customary in Germany to offer multi-lingual online-banking (although we are currently negotiating with one provider and they are currently working on implementing it in a test phase). The few providers that offer English language online banking, are mostly not that interesting regarding their terms and conditions and therefore less fitting for smart banking customers.

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      • Ken says:

        Hello, it depends on your definition of smart banking customers. Do you mean smart banking customers are who basically want free banking? For some other readers -as you write in English-, smart banking might mean something else: the bank offers a good service for a modest fee, and they even speak English! If someone is looking for a bank account with these terms, which banks could you recommend? Is this an unreasonable question on your English pages? )

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        • Editorial Team says:

          Hello. You can find our definition of “smart banking customers” here: https://www.deutscheskonto.org/en/service/smart/ – which is independent from the language one speaks, writes or thinks in.

          We simply translate some articles of our German specialty portal into other languages to make it easier for some people to take in our content 🙂

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  15. Mohamed Raouf says:

    Hello Gregor,

    Nice website and Great work you have done!

    I have a question for you; I live in Germany since one year, and I have a current account in DB. I wanted to get a free credit card from Hanseatic Bank but my application was rejected as my level of credit history is not high enough as I live since short time I guess. When I checked my schufa report some entries had 90% and some had 87%. Can you please advise which online Bank could accept my application? If not what banks have low fees and good customer service? My German is quite good, so no problem in this point.

    Thanks in advance!

    Best regards,
    Mohamed Raouf

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    • Gregor says:

      Hello Mohamed,

      There are more than 1,000 banks in Germany – there you can already see that we do not know the details of all banks … and don’t want that either.

      On this specialty portal we show how to cleverly use the (from our subjective point of view) absolutely best direct banks. For the combination of Giro account and Visa Card, these are the ones: https://www.deutscheskonto.org/en/best-current-account-germany/

      If one of those suits, we wish you best of luck with your application. If it will work out, I cannot tell you, that depends on the creditworthiness assessment the bank will get of you.

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  16. Gilbert says:

    Hi Gregor,

    I wanted to know which banks besides Sparkasse, Deutsche Bank and VZN are ready to finance foreign investors who are resident outside of the EU.
    I am talking about a flat in Berlin which is smaller than 45 squared meter, 50% of the sale price was already paid, the flat is being rented out but obliviously the rent is very low and the banks demand that the mortgage payments will be higher than the rent payments and a mortgage period of max 20 years which makes it impossible.

    Many Thanks,

    Gilbert

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    • Editorial Team says:

      Hi Gilbert,

      Sorry, that is not in the focus of our specialty portal. You will probably get better answers/solutions regarding those questions elsewhere.

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  17. Ian Banks says:

    Hello Gregor,
    I am a South Korean national married to a Dane and thus residing in Denmark.
    I am interested in opening a bank account in Germany because it is close to Denmark, and I would like to have an international account that is neither Danish or Korean for financial independence, security and emergency purposes. Basically I need a saving’s account with master card and or Visa card (debit and credit) attached, or at least debit.

    Which bank(s) would be mostly recommended for the above purposes?

    Also, if I am willing to travel to Germany could this also be done legitimately with DKB? or if I tried N26 is it legitimate at all to have it sent to my friend’s address in Germany? Or is there any other legitimate way to open a bank account in Germany for me?

    Thank you and Kind Regards

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  18. Tim Jansson says:

    Hi!

    Great page!

    What is your opinion on Monese? Would you consider them serious contender?

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    • Editorial Team says:

      Hi! Sorry, but Gregor cannot – and does not want to – publicly comment on all providers somewhere in the world. In addition, the focus of our specialty portal is on Germany.

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  19. Martin H says:

    Hi editorial team,

    I’m just about to begin a paid internship in Germany, and need to open a German bank account, I want to stay in Germany and keep working once my internship is over, and therefore I am looking to keep my account for a longer time period.

    After much research, and reading your site, I narrowed my choices down to DKB, Comdirect, and N26 – a good mobile app is important for me, and being able to use my cards abroad and in Germany the same way.

    DKB is the obvious choice, but I am not sure I will be accepted to open an account, as I am not German.

    Comdirect is lacking in the mobile department.

    N26 looks really appealing, but I am unsure about them as a safe place to keep my money.

    Would you recommend N26 in 2017 in case DKB does not accept me?

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    • Editorial Team says:

      It is correct that a good credit rating in order to obtain a great free account at a direct bank is difficult for people who have just arrived in Germany. 2015, N26 as a newcomer was a good alternative. Many foreign citizens got a free account there easily. But the bank went through a development that in 2016 already lead to the decision for Gregor, to not use them anymore himself – and he is hesitant to recommend banks he does not use himself.

      Of course one can open this account anyway. There are people who think it’s great and forgive the bank every mistake that has happened. Plainly speaking: Gregor is not a customer there anymore. There are many better providers. But there are also people, for whom N26 is a good fit.

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      • mateja brescak says:

        Hello,

        I don’t know if this is still up to date, but I would like to ask if I can use this account to be paid from the companies where I work? I am a freelancer and work around Europe. Many companies require a bank address, iban, swift, name…..is this possible with N26?

        And if I open this account, I can also close it with no problem, right?

        Thank you,

        Mateja

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