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Bitwala review

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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.

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Monthly fee

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Currency conversion fee

Details

Product NameBitwala Bank Account
Monthly fee€0
Card deliveryUp to 14 days
Supported currenciesEUR
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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.

Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

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

Data indicated here is updated regularly
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Comdirect Bank Current Account
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Norisbank free current account
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Receive €100 starting credit for a limited time*

Benefit from a €0 account fee, free Maestro card and free cash withdrawals from thousands of locations worldwide.
Openbank Kostenloses Girokonto
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A free current account with free euro transfers within the eurozone. Includes a debit card with free cash withdrawals worldwide.
Commerzbank Kostenloses Girokonto
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Receive €100 starting credit after 3 months of account activity

A current account with €0 fees and cashback at select Shell petrol stations. Includes a Mastercard Classic credit card.
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Fidor Smart Current Account
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bunq Travel card
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Please note these products are not licenced as banks. Check our product review pages for details.
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Name Product Monthly fee Card delivery Supported currencies
Holvi Starter
€0
Up to 10 business days
EUR
An online account ideal for new businesses with €0 monthly fees and unlimited SEPA transfers. Includes a Holvi Business debit Mastercard.
VIABUY Prepaid Mastercard
VIABUY Prepaid Mastercard
€1.65
3-5 business days
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VIABUY Prepaid Mastercard comes with no line of credit and it does not require credit checks.
Holvi Grower
€12
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A full online business account with unlimited SEPA transfers, unlimited invoicing and up to three Holvi Business Debit Mastercards.
Revolut Standard
€0
Up to 9 working days
GBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CAD,AUD,RON,EUR
Enjoy no monthly fee, no currency conversion fees up to €1,000 per month and the ability to hold over 15 currencies in your account.
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*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

Pros

  • 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
Cons

  • 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.

Eligibility requirements

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

Frequently asked questions

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