Commerzbank 2021 Review & Rating

With branches and offices in over 50 countries, Commerzbank is an international commercial bank that was founded in 1870. Some bankers and merchants laid its foundation with a primary purpose of finance foreign trade. It has its headquarters in Frankfurt, Germany and the two main business segments catered by Commerzbank are private and small-business customers and corporate clients, offering a diverse portfolio of financial services.

With over 70,000 corporate clients, multinationals and other financial providers along with approximately 11.6 million private clients, Commerzbank has continued to make its marks as one of the top banks in Europe.

Commerzbank executes around 30% of Germany’s foreign trade and it is also known as the market leader in German corporate banking. According to the statistics of 2019, Commerzbank had produced gross revenues of €8.6 billion, having around 48,500 employees.

Products and Services

Commerzbank provides a wide range of products and services to its customers, which includes cash services, trade services, market products and banking products.

• Cash Services

  Commerzbank has a vast portfolio of cash services that are sophisticated, reliable and highly efficient, holding outstanding operational expertise. Under Cash services, Commerzbank allows the maintenance of accounts in euros and other currencies with flexible interest calculation features. The payments are fully automated in 50 currencies to debt of customer’s euro or US dollar account. Moreover, this bank has access to all the euro clearing system s such as the EBA and TARGET2.

• Trade Services

  Calling Commerzbank, a leading trade finance bank of Germany won’t be wrong. They carry out 50bn € worth of trade and have a clear assurance to their global and commercial roots. 70% of the export markets are covered by their local presence and LC’s are processed within a duration of 24 hours. Furthermore, the processing of LC business occurs 18 hours a day, five days a week in three dedicated trade processing centers in Europe and Asia.

• Banking Products

  Commerzbank provides an excellent experience in raising funds, and reach all the scopes of services their customers need. They provide access to secondary markets and offer solution to all banking problems. Under banking products, they provide bilateral loans which includes term loans, swingline, revolving credit and standby or guarantee facilities for their corporate or private clients. Likewise, they offer individual tailor-made bilateral solutions for any of customer’s financing requirements. They also offer club deals, syndicated loans and bonds and other debt instruments.

• Market Products

  Commerzbank is well known as innovator of liquidity management and hedging solutions, providing tailored made products and solutions for plain vanilla business that is best suited and provides additional flexibility. They provide money market solutions, which includes lending facilities and deposits in approximately all currencies close to the market. Through their online based trading tools, clients can carry out any money market deposit transaction online as well.

Private and Business Clients

Commerzbank has taken well care of the needs and wants of different clients they deal with and to cater most of them they have a variety of account types and credit cards to offer.

Account Types

Commerzbank offers a current account to its private clients which is best for day-to-day banking needs and a vast variety of packages to choose from according to one’s taste. They have accounts with added benefits to specially designed accounts for students, they have a vast variety to choose from. Some of these account types are as follows:

• Kostenloses Girokonto (free-of-charge current account) which is best for receiver of regular income. When customers open a free Girokonto, they receive a starting balance of 50 Euros.
• Extra Klassik acount, which requires no minimum monthly incoming payment.
• Extra Premium account comes with added benefits of two debit cards and two exclusive premium credit cards.
• Lastly, they offer StartKonto, which is an ideal choice for students and offers all the services that are best suited to their needs.

Credit Cards

Credit Cards are also offered to the Private client and some of its types include:

• MasterCard classic, which is best for daily use and customers can enjoy the financial flexibility of roughly 33 million points of acceptance and 800,000 ATMs.
• MasterCard Gold, which is best for frequent traveler as it gives access to more than 600 airport lounges and preferential treatment in more than 2,300 Accor hotels globally.
• The premium credit card, also known as the PremiumKonto, includes two cards without any additional fees and with this, customers can withdraw cash free of charge 12 times at home and 25 times abroad.
• Lastly, they have a Prepaid credit card which is fully-fledged credit card that needs to be charged in advance, and this amount can be renewed again and again even by standing order.

Other Services

Safe Online Banking

Everyone wants to have a bank account that is well protected and fully secured. Commerzbank not only provides the best and safe online banking, but its other services include rates and charges and forms and applications. Commerzbank makes sure that the security of accounts comes first, therefore, they have photoTAN and mobileTAN (transaction authentication numbers). PhotoTAN is an image of small dots that is sent by the bank and generated on the PC screen. It contains all the transaction data which is scannable using a scanner or mobile phone. The software decodes the information, displaying all the transaction data, such as the name or the amount of transfer.

MobileTAN on the other hand uses SMS of your phone to send a TAN for a particular transaction only. Other than TAN, SMS contains vital information such as the amount of transaction and receiver of transaction.

Rates and Charges

The price lists, that are comprehensive and present on the website, give the customers the overview of charges charged by this bank and the terms of products such as the accounts, loans, payments and securities. Similarly, the Preis- und Leistungsverzeichnis provides the customers a better insight into their charges and services and all the terms and conditions of associated costs.

Forms and Applications

Through their website, clients get to download the most important forms and applications which includes, statement of assets, forms related to online banking, forms of taxes and securities. Getting all the information with just one click is what really sets Commerzbank apart from other local banks.

Overall Verdict

If you’re looking for a bank that provides a range of products and services to choose from along with a safe and secured banking experience, then Commerzbank is the bank that can provide you all this and so much more under one roof. Where Commerzbank has so much to offer with no fees for transfers, free bank card and free online banking and banking app, it can also be seen primarily as just a retail bank. But, with their wide range of accounts to choose from, that are not only for big corporations but equally functional for students as well as small business owners and many options of credit cards according to your usability, joining hands with Commerzbank with your money is a wise decision to make.

Overall Online Finance World Commerzbank Rating

★★★★★

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