There is a difference between Deutsche bank and Fintiba. Deutsche Bank is a bank while Fintiba is a financial service provider. One can open blocked account directly in Deutsche Bank. But for Fintiba blocked account another account is needed in a private bank e.g. Sparkasse to be able to get money from Fintiba.
The cost for opening a Fintiba blocked account is ZERO because it has an online procedure. For Deutsche Bank blocked account, opening form attestation is necessary from embassy or the consulate. Which will cost money roundabout PKR 3500.
Then sending these documents to Germany cost approximately PKR 1700 to 2600. Deutsche Bank has a straight account opening fee of 150 Euros which they deduct once. While Fintiba deducts 89 Euros at once and then 4.90 Euros per month. So 89 Euros + (4.90*12) = 147.8 Euros which is 2.2 Euros cheaper than Deutsche Bank. In further comparison of cost of going to embassy, attestations and sending the documents to DB, Fintiba is more cheaper.
Account Opening Time:
Fintiba account take less than 24 hours to around a maximum of 2 days. While Deutsche Bank take more time around 2-3 weeks and sometime more then one month. It depends, how accurately you fill out and sign the account opening form. A single mistake can cause delay upto one more month. So in time comparison Fintiba is also winner.
Now this is purely based on my personal experience and what I have heard from many different students. Deutsche Bank have no helpline for international students so no help on help and they also not give answer of emails. But Fintiba is really fast in replying to the emails. So here Fintiba is also winner.
Transferring the funds:
There are different ways to transfer the funds like foreign currency account, through normal bank transfer, through money transfer companies like Western Union etc. Most cheapest one is with foreign currency account.
Other options like Western Union and MoneyGram are so expensive. According to public opinion Western Union charge around PKR 60,000 to transfer 9000 Euros and/or charging PKR 11,000 per 2000 Euros.
So better to open a FC account in any local bank. Then buy Euros from the local market and transfer them to your FC account. In an FC account, one needs to hold the foreign currency for 15 days. I don’t know why, but it is the rule. So buy Euros, transfer them to your FC account, hold them for 15 days and transfer them. The fee for transferring 9000 Euros in $45 (around PKR 5000 according to exchange rate these days).
|Fintiba costs around 147.8 Euros||DB costs 150 Euros|
|Fintiba deducts 89 Euros at first and 4.90 Euros per month||DB deducts all the money at once|
|For Fintiba you need another account in a private bank in Germany e.g. Sparkasse||DB is itself a bank so you don’t need another account once in Germany|
|Fintiba is time effective. No hassle of going to embassy/consulate, getting the docs attested and then sending them to Germany.||For DB, you’ll need to get the docs attested from the embassy, send them via courier to Germany.|
|Fintiba account opens within 2 days at max||DB account opening time is around 2-3 weeks provided that you have not made a mistake in the sent documents|
|Fintiba is good and fast at replying to your queries.||DB people don’t care much.|
|Fintiba in actual is cheaper and faster than DB||DB is expensive and slow|