July 7, 2019

Transfer of Funds in Deutsche Bank Account

There are several means to transfer funds in your Deutsche Bank (DB) Account. You can choose the method which is most convenient or economical for you. Regardless of whichever mode you choose to transfer money, you will need the following:  

  • Account Number
  • Account Title
  • IBAN/Swift Code
  • Branch Address

All of this information is shared with you in the account opening intimation email sent by Deutsche Bank.

Transfer through a relative/friend living Overseas & has a Euro Account

This is relatively easier as there is no hassle of currency conversion provided that the foreign currency account is in Euros. All you need to do is email them your details and ask them to deposit the sum of money you wish to transfer.

Foreign Currency Account

If anyone has such kind of account already, they can follow the procedure stated above and the transfer can be done. Otherwise, you can opt to open a foreign currency account in any of local Pakistani banks (be sure to check the terms i.e. minimum balance requirement, account opening procedure and time, transfer fee, bank charges etc.). It is also advisable to open a joint foreign currency account in your and a beneficiary’s name so as to help in sending remittance to Pakistan or if receiving money to Pakistan. The drawback is that you will have to buy foreign currency yourself and then deposit it into the account however this is also beneficial over using Bank Exchange or Money Transfer Services as you can buy at your own discretion whenever the parity is lower or at open market rates.

Bank Exchange Services

NBP/HBL and other banks offer their forex remittance services. You need to go to such an exchange, preferably start of the month as these have a quota to transfer certain amount which runs out usually by mid-month. The method to transfer using this mode is to get a bank draft/pay order made in PKR equivalent to the amount in Euros you want to transfer multiplied by the exchange rate. Such institutions also charge their own fee and bank transfer fee. After the new budget 2015-16 announcement, some exchange services are also charging 5% on top of the entire amount as levy.

Money Transfer Services

Western Union, Dollar East, H&H etc all offer international money transfer services, however like a bank exchange this is slightly more expensive as these tend to charge 50 paisa to a rupee more than the open market rates. All you need to do is visit your nearest branch to transfer funds.