Fidor Bank review
Make fast and secure mobile payments, manage your crypto-wallet and lots more with Fidor.
If you’re looking for a 100% online account that offers a great deal of flexibility when it comes to managing your finances, you may want to think about choosing Fidor Bank.
The Fidor Smart current account is accessed with an easy-to-use app that includes a host of useful features, including a digital Mastercard so you can shop online securely and access to a crypto-wallet from across the globe, 24/7.
Read on to find out what you need to know about Fidor Bank.
0.5% per payment
Currency conversion fee
What's in this review?
- How does Fidor Bank work in Germany?
- What features are included with Fidor Bank?
- Compare all products from Fidor bank
- What fees and limits apply with this account?
- Is my money safe with Fidor Bank?
- Pros and cons
- How do I sign up with Fidor Bank?
- Compare a range of digital banks in Germany
- Frequently asked questions
How does Fidor Bank work in Germany?
Fidor Bank is available only to residents of Germany. As a new customer, you can sign up on Fidor’s website and download the Fidor Smart Banking App. You’ll have 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.
The quick and easy online application for a Fidor Smart current account – which includes a video verification step with IDNow – can be completed in less than six minutes, meaning you can start using this provider’s in-app banking features with the minimum of fuss.
What features are included with Fidor Bank?
- Banking features. The Fidor Smart current account lets you make fast, hassle-free mobile payments and there are no hidden fees. In addition to typical day-to-day banking activities you’d expect with a challenger bank today, you can buy and sell bitcoins in realtime and trade foreign currencies – all from within the app. Plus, you can apply for an overdraft loan of up to €10,000 and take advantage of a selection of insurance deals should you wish.
- Monthly fee waiver. If you complete more than ten eligible transactions per month, you can have a €5 account management fee waived.
- 24/7 support. If your card is lost or stolen, it can be blocked quickly by calling an emergency hotline on 116 116. This round-the-clock service is free of charge for calls made within Germany.
- Advanced security features. From 20 August 2020, Fidor included a two-step authentication process to add another layer of security for its customers via pushTAN. The app lets you view transaction notifications in real-time, helping you to spot any unauthorised activity. It’s also easy to manage the list of countries where you want your card to be valid.
- Fidor Cash. You may withdraw cash at over 12,000 retail partners Germany-wide.
- Online community. The Fidor Smart Community offers you the chance to find answers to personal finance questions and discuss ideas with other members in a digital forum.
- Business products. Fidor Bank offers a tailored business account and business cards. Read more about how to open a business account in Germany.
Compare all products from Fidor bank
What fees and limits apply with this account?
There’s an account management fee of €5.00 per month, but you can avoid this by activating an “activity bonus” if you process more than 10 transactions each month. Other fees will apply depending on how you use your account. For example, there’s a charge for cash deposits made via Fidor Cash of over €100.
We would encourage you to read and understand the fees list – and the terms and conditions – of this account before you sign up so that you’re aware of all the costs you could face.
Is my money safe with Fidor Bank?
Up to €100,000 of your money is safeguarded by Germany’s Deposit Guarantee Scheme. If Fidor Bank collapsed for any reason, you can feel assured your money is in safe hands.
Pros and cons
- Impressive range of account features and perks
- Make and view transactions in realtime in an easy-to-use app
- Apple Pay and Fidor pay (for Android) are available
- You’ll typically have to pay an account management fee if you don’t complete 11 monthly transactions
- Some complaints have been made online with regards to customer service accessibility
How do I sign up with Fidor Bank?
If you meet the eligibility criteria and you decide you’d like to apply for a Fidor Smart current account, you can do so online via Fidor Bank’s website.
You will need to fill in some personal details, before verifying your email address and entering your mobile number and verification code. You’ll also need to complete a video verification process.
You must be a resident of Germany to apply with Fidor Bank. The typical eligibility requirements will include:
- At least 18 years of age
- Be a resident of Germany and hold a German bank account (which doesn’t have to be Fidor Bank)
- Have a smartphone and a valid email address