Degiro is a fraud. They started cleaning up their database from “passive” customers by demanding all sorts of private documents that go far beyond the usual financial audit and giving the deadlines that are very tight. Even for customers who used their platform for 5 years, while they made a lot of money on all the fees.
Furthermore when asked to transfer my portfolio to another broker account, since their demands were simply ridiculous, they asked for several hundreds of Euros for that service. And even then, they didn’t transfer it. Instead the liquidated all my positions even though some the positions were negative and I explicitly warned them to avoid this from happening.
This can happen to you as well at any moment.
They also have one of the worst customer service I ever experienced and the worst data privacy standards. I am not even sure they are within the legal boundaries.
I will start a lawsuit against them as well as write complaint to all European financial regulators.
And last but not least, to all Swiss customers I would like to warn additionally. You are in the “high risk” group by default. Stay away from these “cheap” prices. In the end you will pay a higher price.
I’m been suffering of things like that for more than 20 years…
If you say you are Spanish, they think that everybody has a DNI. And is quasi true… If you don’t live in Spain you don’t need to have a DNI. Even more, if you go to the consulate, they can deliver, renew your passport but not your DNI. The DNI depends of the police and the “ministerio del interior”… You must go to Spain physically for having a DNI.
But they have a list with “Spanish → DNI”.
Just tell them that you are fiscally resident is Switzerland and give them your AVS number for the taxes. I had the same problem with IB and took me several mails and calls.
makes perfectly sense what you say. i get in touch with them. I never had no DNI because except for Holiday i was never a resident of Spain even being Spanish.
I find it funny that none of them Reviews about Brokers mention this stupid procedure
There is another side to the story. Virtually guaranteed.
The comments scream and reek of it.
“I will start a lawsuit against them as well as write complaint to all European financial regulators.”
Yeah, I’m curious about their reply will be. The people who really do start a lawsuit or complain to regulators are mostly not brash but unspecified claims online.
Shouldn’t be an issue anymore though, if you register as a new customer being resident in Switzerland. Went smoothly for me.
If you’re investing cross-border with a foreign broker - or even just holding a bank account - you should be prepared for such things every once in a while. And sometimes you have to do your own homework and arguing with them - since you can’t assume they always know what you’re doing.
For example, a bank was overzealous in asking me to provide my Swiss TIN for CRS reporting - before Switzerland had legislation in force to define (usage of AHV/AVS number as) a TIN for reporting of individuals. The bank even “helpfully” suggested what it my number was supposed to look like - but… I’m not a legal person or incorporated.
Though to their credit, they did accept my reply, when I clearly laid it down for them (and the use of AHV/AVS no. came into force soon after). But I have little doubts they would have taken steps to close my account otherwise for being uncooperative.
Nope never heard of that but probably every company on earth has their own stories of customers who are totally pissed off against a company for one or another reason. It could be legitimate or not… the problem for us hearing only one side of the story, we will never know who was right in and maybe even both sides were at fault. So this is just additional noise… and I mentioned to ignore the noise.
“Degiro is a fraud” is quite an unfounded accusation, but I will always remember the IB customer service rep’s assessment of Degiro during the 5+ weeks process of transferring my portfolio:
Do you mind sharing why are your not with Comdirect anymore? Was there something you didn’t like?
Anyway, I was thinking of submitting the account opening application to all three banks at once (DKB, Comdirect and Consors) and see which one accepts my application. Is that a good plan or unnecessary? Should I instead try first with DKB and see what happens with them?
My goal is to open both a.) a standard bank account with Visa/Mastercard debit card and b.) an ETF Sparplan with the same bank/broker to avoid making an additional standing order from a German bank to a German broker.
By the way, which of the three mentioned banks offer buying Chinese stocks (like Tencent for example), Russian stocks (Sberbank for example) and crypto? I assume you don’t know so how would I go about finding this out? Somehow I don’t trust calling their support to receive a 100 % accurate answer…
EDIT: maybe it would be good idea to merge this German bank/broker discussion with my other topic “why are there no Sparplans in switzerland”…
Fee schedule and advertised fees for card payments doesn’t fully conform to law.
I didn’t really use the account anymore. For stocks, there’s better range and fees at IBKR, for savings plans DKB is cheaper. Smartbroker is probably cheaper for both.
Guess you could say I just took my business elsewhere.
DKB’s Visa card is superior in my opinion, with no FX/foreign transaction fees (if you have 700€ pay-ins to your account each month), and more accommodating customer-friendly with chargebacks.
comdirect still have free cash deposits - but I didn’t need them anymore either.
DKB support has been better as well, IMO.
On the other hand, comdirect’s apps and web banking have been much more modern and reliable than DKB. But don’t expect German legacy banks to be as sophisticated as Swiss ones.
Don’t get me wrong on comdirect though. They’re pretty OK for a large German bank. I think they do
If you are looking for a set-up-and-forget type of setup (with standing orders) for ETF-Sparpläne, and can live with somewhat outdated apps* and limited, old web interface, I’d recommend DKB. Especially if you have / can do the 700€ incoming on your account each month.
* they’ve begun “beta-testing” a new one, though it’s more an alpha
Ask or try.
They websites will only tell you so much… I’ve had a few cases where comdirect or IBKR did list certain securities on their web site but I ultimately couldn’t buy them.
I would need a VISA debit card so I can use it for online shopping but this guy says DKB doesn’t offer VISA debit cards: Vergleich: DKB + ING + Comdirect
I’d be interested to hear your opinion on his DKB vs Comdirect comparison as well and also on the comments.
Currently it’s a Credit and has been for a long time.
The card debits from a separate card account (which used to be interest-receiving and probably still would be, if interest rates weren’t so low) - which you can top up to enjoy higher spending limits, beyond the probably meagre credit limit for non-residents that don’t receive salary to DKB. This can also be done via standing order. In that sense it works pretty much like a debit card - with the benefit that the card is labeled as “credit” and can be used for offline payments and rental deposits.
There’s a caveat: Don’t be surprised if they switch to issuing debit cards, which seems to have become the trend in 2021 among German banks and DKB’s competitors.
Technically true - they do offer a credit card. Which has (some but) very little downside compared to debit but some upsides (see above).
The credit card has always been integral part of the account - this is why they’ve been somewhat picky about account opening.
Yeah, I have since inception about 10 years ago had a credit limit of e100 no problem if topped up before holidays etc though.
That’d suck, I like my euro credit card for avoiding cheeky FX rates and FX surcharges in Euroland.
And I already have a debit card (vpay) from DKB, that’s an integral part of the DKB bank package, no? Don’t you mean pre-pay credit card here, instead of debit card?
All in all, the securities account and trading is better at comdirect. They’ve been focusing on trading, whereas it still looks more like an afterthought DKB. As for ETF investment plans in particular though, I do prefer the (bigger) selection at DKB - and they should be less expensive for transactions >100€.
comdirect does online banking and apps much better, DKB is much more customer-friendly in with their VISA cards, especially if you have 700€ incoming each month.
Hope that sums it up. I’ve pointed out mistakes in their fee schedules to both banks - DKB took a while to reply but actually did change their documents - whereas comdirect basically me not to worry, that their pricing might not accurately reflect the law but assured me that it would be correctly charged in their backend. Make of that what you will.
“Prepaid credit” are a bit of a contradiction in and of itself. Then again, with your 100€ credit limit it may be a rather appropriate moniker.
I wouldn’t be surprised if they changed to issuing VISA debit cards that debit from the main current account (and made credit cards optional or a premium add-on). So not much of a difference, except for rental deposits. On the upside, less hassle with the separate (but included) card account.
For the “DKB-Cash” VISA, DKB debit it from (first the card account’s balance and then) the current account. There’s no invoices to pay manually.
Like @San_Francisco already mentioned from the euro current account at DKB.
How get the euro’s there - Transferwise from Migrosbank CHF to my Migrosbank EUR and then SEPA to DKB. Alas I haven’t done this in about 1.5y, since foreign currency expenses (mostly some shopping in D and EU holidays in my case) is practically zero since late 2019
Is there a point in involving Migrosbank EUR as an intermediary account, when you could transfer from Migrosbank CHF via (Transfer)Wise directly to your DKB account?
Or do you want to keep EUR balances in Switzerland?
Just throwing this in here: For card transactions and if you are ok with a debit card, Transferwise and Neon would be easier and in the case of Neon also a bit cheaper. Plus, you can use them for any currency, not just EUR and you would also get rid of the foreign transaction surcharge for CHF transactions.
I shop everyday with the Revolut and Wise debit cards. It gave me enough option, secured ecards for online shopping at a low cost. It is a setup my partner can understand.
No, it `s easy to get the credit limit up. They do not advertise it or document it somewhere, but it is doable. I had simply emailed them and asked to grant credit with a pdf copy of my salary payslip attached years ago. They calculated the S.Fr to € equivalent and granted me in just a week credit limit = 1 mo. net salary.
ps. the extra benefit with this, is that your card`s credit limit is equally applied to (and shared with) your giro account, effectively giving you an overdraft facility, in case of need for a cash payment on short notice and without balance.
By reading and partipating to this forum, you confirm you have read and agree with the disclaimer presented on http://www.mustachianpost.com/
En lisant et participant à ce forum, tu confirmes avoir lu et être d'accord avec l'avis de dégagement de responsabilité présenté sur http://www.mustachianpost.com/fr/
Durch das Lesen und die Teilnahme an diesem Forum bestätigst du, dass du den auf http://www.mustachianpost.com/de/ dargestellten Haftungsausschluss gelesen hast und damit einverstanden bist.
no problem if topped up before holidays etc though.
