If we talk about the organizational structure of Fintiba vs. Deutsche bank, then there is a difference between both organizations. Deutsche Bank is a bank, while Fintiba is a financial service provider company that works with another bank. Both Deutsche Bank and Fintiba offer block account facilities to international students.
If you open a block account in Deutsche bank, you can use your money directly from this account after arrival in Germany. You don’t need a second bank account to use the deposited money. Instead, if you open a Fintiba blocked account, you need a second account to use the deposited money. This second bank account can be in any German bank.
Fintiba vs Deutsche bank comparison:
The processing cost of opening a blocked account with Fintiba is ZERO because it has an online procedure that costs nothing. Instead, the opening process of the DB blocked account costs document attestation and courier charges. Document attestation from the German Embassy or Consulate is necessary to open a block account in Deutsche bank that costs 25 EUR. The courier charges cost around 10-15 EUR to send these documents to Deutsche bank Germany. There will also be a traveling cost here from home to the German Embassy.
Deutsche Bank account setup charges are 150 euros, and monthly charges are 5.90 euros (70.8 euros per year). While the Fintiba account setup charges are 89 euros, and monthly charges are 4.90 euros (58.8 euros per year). If we compare costs, then Fintiba is cheaper as compare to Deutsche bank.
Account confirmation time
Fintiba takes only a few hours to confirm a block account. In contrast, Deutsche Bank takes more time that can be from 2-3 weeks to more than one month. DB account confirmation time depends on how accurately you fill out and sign the account opening form. A single mistake can cause a delay of more than one more month. So in comparison to account confirmation time, Fintiba is again a winner.
Now, this is purely based on my personal experience. Deutsche Bank helpline for international students doesn’t respond. Deutsche Bank doesn’t reply to the emails as well. If you have any problem with the blocked account, then you will be helpless. But Fintiba is fast in replying to the emails and responding on the helpline. So here, Fintiba again is a winner.
Fintiba vs Deutsche bank comparison table:
|89 € account set up charges.||150 € account set up charges.|
|4.90 euros per month.||5.90 euros per month.|
|You need another bank account to use the deposited money from Fintiba blocked account.||DB itself is a bank so you don’t need another account to use the money. You can use your money instantly after the activation of the account.|
|Fintiba blocked account procedure is quick and saves time. No need for document attestation and to send documents via courier.||You have to send the Embassy attested account opening form to DB that takes time.|
|Fintiba open block account within few hours.||DB account opening procedure takes more than a month.|
|Fintiba is good and quick in replying to customer queries.||DB employees don’t care much about customers. They give don’t respond to the helpline and emails.|
|In conclusion, Fintiba blocked account is cheaper and faster.||DB is expensive and has bureaucratic hurdles.|
Transfer of funds:
There are many ways to transfer money to a block account. You can transfer with a foreign currency account, through bank transfer or exchange companies (Western Union, Moneygram, etc.). The cheapest option is the Foreign Currency Account (FCY) to transfer funds in the block account. Options like Western Union and MoneyGram are costly to transfer money.