Here's what you need to know about Bitwala in Germany.
Berlin-based Bitwala is a bank account with a difference. In addition to managing your day-to-day banking needs, you can incorporate euro and cryptocurrencies into one account.
Read on to discover what you need to know about Bitwala.
Currency conversion fee
How does an account with Bitwala work in Germany?
Bitwala is available to residents of the European Economic Area and Switzerland only. To sign up, you’ll need to submit personal details such as your full name, date of birth, address and email address. You’ll then need to confirm your identity and submit any required documentation.
If you’re approved for an account, you’ll be able to take advantage of a host of typical features you’d expect with a challenger bank account, such as paying bills or receiving your salary. Additionally, Bitwala is an online euro bank account complete with SEPA functionality. There’s also the chance to invest in crypto if you wish.
What features does Bitwala have?
- Enjoy fee-free ATM withdrawals globally. Bitwala won’t charge you to withdraw your cash in Germany or abroad. Just keep in mind that ATM operators can charge a withdrawal fee. Any outgoing SEPA transfers you make or incoming transfers are free from charge.
- Send and receive cryptocurrency. Get round-the-clock access to your crypto-wallet from across the globe. You can choose to sell your Bitcoin or Ether and have the balance in your account within minutes.
- Make crypto-investments. You’ll have the chance to invest in cryptocurrency from your Bitwala Bitcoin Wallet into a Bitcoin Interest Account.
- Bitwala Mastercard. Utilise a free prepaid debit card that affords you instant access to your funds online, or at more than 30 million locations worldwide.
Compare a range of digital banks in Germany
*You must transfer at least 3 salary payments (wages, salary, pension, salary, BAföG) of at least 1,000 € per month by 31 March 2021.
What fees and limits apply with this account?
If you lose your debit card and choose to reorder it, you’ll be charged €9.50. When it comes to buying or selling bitcoin directly from your bank account, each trade will incur a fee of 1%. When it comes to buying, you’ll also have to pay a fixed fee of €1 per trade to cover standard network fees. There’s no charge to receive crypto, but a network fee will apply for sending it. Bitwala’s weekly Bitcoin trading limit has doubled from €15,000 to €30,000.
It’s important to read Bitwala’s terms and conditions before signing up, in order to be aware of all the costs, charges and limits you could face.
Is my money safe with Bitwala?
Bitwala is a fully licenced bank and the first €100,000 of your money will be ringfenced by the German government’s Deposit Guarantee Scheme, giving you peace of mind that your cash is well protected.
With regards to cryptocurrency, as the account holder, you’ll hold the private keys meaning your Bitcoin holdings are secured.
Don’t forget that cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity.
Pros and cons
- You can enjoy fee-free cash withdrawals across the globe, up to a limit of €3,000
- No hidden fees – Bitwala is transparent about its cost structure and there are no typical account or card fees
- A competitive crypto trading fee of 1% applies
- Supports Bitcoin and Ether only
- Bitwala uses email as its main channel for customer support
How do I sign up with Bitwala?
Bitwala makes it fast and easy to sign up for a new account. If you meet the eligibility criteria outlined below and would like to apply, you can do so online via a web browser or the Bitwala App.
Simply enter your personal information and complete a short verification video call with IDnow.
To open a Bitwala account, you must:
- Be at least 18 years of age
- Live in the European Economic Area (EEA), or Switzerland
- Hold a valid ID document
- Show proof of Address
- Have a tax identification number