insha Bank review
What you need to know about the challenger bank in Germany.
Berlin-based insha is a 100% mobile bank which is compliant with Sharia law. insha Bank offers customers 10 fee-free transfers to other countries in the Single Euro Payments Area (SEPA) per month, and there are no account maintenance fees to worry about. 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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What's in this review?
- How does the insha account work?
- What features does the insha Bank have?
- Compare a range of digital banks in Germany
- How do I transfer money with the insha account?
- What fees and limits apply with this account?
- Pros and cons of the insha account
- How do I sign up with insha?
- Frequently asked questions
How does the insha account work?
With insha, all of your banking processes are handled via an app which you can access through your smartphone. When signing up, 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.
Once you’re approved for a bank account, you’ll be sent your Mastercard debit card in the post. While being a mobile-based account, your current account is in many ways similar to a regular bank account. You can manage your spending on a day-to-day basis: your salary can be paid into it, you can make and receive payment transfers, and you can set up direct debits.
What features does the insha Bank have?
- Sharia-compliant. insha upholds the principle of interest-free banking.
- €0 monthly fee. You won’t pay a monthly or annual maintenance fee on your account.
- Fee-free SEPA Money Transfers. Make up to 10 transactions per month without charge. After that, it costs €0,25 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.
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.
How do I transfer money with the insha account?
insha takes the hassle out of sending and receiving money through its app. Payment methods include:
- Transfers via email. You won’t need to enter an IBAN to send money. Pay by entering a contact’s email address.
- Direct debits. You can create instructions for future payments in advance.
- SEPA Money Transfers. You can send and receive money from any of the 28 countries in the SEPA region in a matter of seconds.
Additionally, you can make quick in-app money transfers to Turkey (Albaraka Türk EURO and TL accounts) from €4 per transaction.
What fees and limits apply with this account?
In Germany, the first three cash withdrawals from ATMs are free of charge. However, for withdrawals thereafter it’ll cost €2 each time. You can withdraw money from any ATMs which accepts Mastercard globally, but you’ll want to read the terms and conditions so you’re aware of any charges which apply when using your card abroad.
With insha your first debit card is free, but there’s a €6 charge for each additional card you order. Visit this provider’s website for a full list of the typical ATM fees you’ll be charged in Germany and in other countries.
Pros and cons of the insha account
- Zero account management fees
- No charge for three local ATM withdrawals and 10 SEPA money transfers per month
- Easy-to-use, simple interface for IOS and Android
- Spending and withdrawal limits apply – both weekly and monthly
- This bank has no physical branches
How do I sign up with insha?
insha makes it easy to sign up for a current account. The whole process can take as little as 10 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.