Fintiba vs Deutsche Bank

Table of Contents

Fintiba vs Deutsche Bank ............................................................................... 2

Which one is better? ........................................................................................ 2

The main difference: ..................................................................................... 2

The cost ........................................................................................................... 2

The time ........................................................................................................... 2

Response time ................................................................................................ 3

What I chose? ................................................................................................. 3

Bonus .................................................................................................................. 3

Transferring the funds: ................................................................................. 3

NOTE .................................................................................................................... 3

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Fintiba vs Deutsche Bank

Fintiba vs Deutsche Bank

Which one is better?

Please consider reading it before starting another thread.

Dated: 15th July, 2018

The main difference:

DB is a bank while Fintiba is a financial service provider which means that you’ll need
an account in a private bank e.g. Sparkasse to be able to get money from Finitba. Due
to some policy changes, Fintiba account holders can no longer open their account in
Deutsche Bank once in Germany.

The cost:

The cost for opening a Fintiba account is ZERO except for the internet you’ll pay for but
it is different when it comes to DB. For DB, you’ll need attestation from embassy or the
consulate which will cost you money (I guess it PKR 3500 right now). You’ll then have to
send the documents to Germany which will cost you PKR 2600 more if sending from
Lahore. I am not sure though but I guess PKR 2600 more for the prepaid envelop so
PKR 5600 in total. DB has a straight fee of 150 Euros which they deduct at 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 Fintiba. Include the cost of
going to embassy and attestations and sending the documents then Fintiba gets a lot of
Euros cheaper.

The time:
Well my Fintiba account was opened in less than 24 hours but it may take around a
maximum of 2 days. While in DB, provided that you have not made any mistake in the
sent documents, it takes around 2-3 weeks. So Fintiba is time effective too.

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Fintiba vs Deutsche Bank

Response time:
Now this is purely based on what I have heard from different people and do not have
personal experience with it yet. Fintiba is really fast in replying to the emails while DB
isn’t.

What I chose?
As you may have identified from my statement above, “My Fintiba account was opened
within 24 hours”, I chose Fintiba. It is fast, easy and cost effective. Now it is purely up to
you what to choose but this is all about what I decided.

Bonus
Transferring the funds:
Well there are different ways to transfer the funds but I chose the method of doing it via
a Foreign Currency Account aka FC account. There are other options available too e.g.
Western Union but it is expensive. I did not check with them and just went with the
public opinion of them charging PKR 60,000 to transfer 9000 Euros and/or charging
PKR 11,000 per 2000 Euros. I bought the Euros from market, transferred them to my
FC account, waiting for 15 days to complete and they are complete but it is weekend so
will transfer them the next working day. 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). My FC
account is in Meezan bank. I can’t tell anything about any other bank.

NOTE
There is another page too which includes a comparison table. Please look at it
too. Hoping the best for you and just make dua for me. Thank you in advance.

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Fintiba vs Deutsche Bank
Fintiba
Fintiba costs around 147.8 Euros
Fintiba deducts 89 Euros at first and 4.90
Euros per month
For Fintiba you need another account in a
private bank in Germany e.g. Sparkasse
Fintiba is time effective. No hassle of
going to embassy/consulate, getting the
docs attested and then sending them to
Germany.
Fintiba account opens within 2 days at
max
Fintiba is good and fast at replying to
your queries.
Fintiba in actual is cheaper and faster
than DB
Deutsche Bank
DB costs 150 Euros
DB deducts all the money at once
DB is itself a bank so you don’t need
another account once in Germany
For DB, you’ll need to get the docs
attested from the embassy, send them
via courier to Germany.
DB account opening time is around 2-3
weeks provided that you have not made a
mistake in the sent documents
DB people don’t care much.
DB is expensive and slow