insha Bank review

A feature-packed digital account that promises to puts ethics first.

Berlin-based insha is a 100% mobile bank which is compliant with Sharia law and focused on ethics. The account itself comes with a number of benefits including spending analytics and easy transfers. What’s more, customer support is offered in three languages. The challenger bank, launched in Germany in 2017, is a subsidiary of the Istanbul-based Albaraka Türk Participation Bank.

Read on to find out more about the insha current account, to help you decide if it’s the right option for you.

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Management Fee

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Details

Product Nameinsha Account
Management Fee0 €
Card delivery10 days
Supported currenciesEUR
More Info

How it works

insha is a digital account that you can manage entirely on your smartphone. You can open an account within eight minutes, after which you’ll be sent a debit card so you can spend. The insha app lets you keep track of your money with spending notifications as well as gives you insight into how you’re spending your money.

The insha account works the same as a normal bank account, so you can set up standing orders, withdraw money and top up your account.

Key features of insha

  • Sharia-compliant and ethical. insha upholds the principle of interest-free banking. It also puts its ethics and values first, meaning it will not invest in “dirty industries” such as arms, tobacco, alcohol or gambling.
  • €0 monthly fee. You won’t pay a monthly or annual maintenance fee on your account.
  • Fee-free SEPA Money Transfers. You can make up to 10 transfers per month without charge, after which it is €0 per transfer.
  • Customer support. If you need help, a call centre service is available in a choice of three languages: German, Turkish or English.
  • European Deposit Guarantee Scheme. Up to €100,000 of your money is guaranteed by the compensation scheme of German banks. So, you can enjoy peace of mind that your money’s in safe hands.
  • Account security features. insha encrypts all personal and financial information with SSL and double-factor verification.
  • ATM finder. By using the app’s ATM finder tool, you can locate the closest ATM to you. The first three cash withdrawals you make at ATMs in Germany will be free.

Fees and limits

  • €0 monthly fee
  • You won’t pay an ATM fee for the first First 2 withdrawals. After you reach this limit you’ll pay to withdraw cash in Germany and 3% abroad
  • There is a limit of € 3.000 per day for card transactions and a monthly limit of € 10.000

Verdict

insha is a great account to consider if you want ethical banking as well as useful features like spending notifications and analytics. The account also comes with no monthly or annual fees. However, other digital banks such as Revolut come with additional benefits, so make sure to compare your options before signing up.

Experiences from other Insha users

Insha scores 3.6 over 5 based on 85 reviews and is rated Acceptable on Trustpilot.

User ratings# of reviewsWhat do customers say
3.6 / 585
  • “I have been with Insha Bank for 1 year, I am satisfied, 0 transfers, credits work properly, card payment works. My card was blocked, but it’s my own fault, I sent the ID too late. After the call, my card was unblocked within 2 hours, and I was informed by email.” — Temel
  • “Have recently been a customer, the card came quickly and transfers are processed quickly. Unfortunately, no real-time transfer is offered.” — Sascha Freenet
  • “As soon as you get a financial problem, ALL services are discontinued. Card is blocked, no more cash possible, no more online transfers. You can only transfer money with a transfer form, which can take up to 3 days.” — Silke Heims

*Note: Information provided is based on the reviews and rating on Trustpilot (12 May 2021).

How to sign up

insha makes it easy to sign up for a current account. The whole process can take as little as eight minutes. Start by downloading the insha app and follow the short registration process. You’ll need an ID card or passport to-hand. To prove your identity, you’ll also need to authenticate your details via a video call.

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