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rheingold88

New member
Hi everyone,

We are an officially registered Swiss company (GmbH) with active bank accounts in Switzerland and relevant substance (real office, exc.). Our business is targeting specifically Germany and for this purpose we extremely need an EMI with German Iban. The classic bank is out of our sphere of interest due to the high costs of bookpeeking, exc. We receive many small payments(up to 10-20 per day) with an average check of 200 Euro. The yearly volume is 200 thousand. Customers - natural persons and rarely legal.

Previously Payoneer and TransferWise were the best solution, but now, unfortunately, they resigned from providing a German Iban.
 

Sols

Staff member
Mentor Group Gold
Not many options available, but have you looked at N26? Maybe Fidor?

After Handelsbank stopped working with most EMIs and after what happened with Wirecard, there aren't many left. SolarisBank has a good banking-as-a-service platform but it seems no one on that platform is currently taking companies or foreign companies.

Last I checked, Deutsche Bank has pretty reasonable fees. Around 0.20 EUR per incoming transaction and 10 EUR/month. Handelsbank has similar fees. Is that too much for your business?
 

rheingold88

New member
Not many options available, but have you looked at N26? Maybe Fidor?

After Handelsbank stopped working with most EMIs and after what happened with Wirecard, there aren't many left. SolarisBank has a good banking-as-a-service platform but it seems no one on that platform is currently taking companies or foreign companies.

Last I checked, Deutsche Bank has pretty reasonable fees. Around 0.20 EUR per incoming transaction and 10 EUR/month. Handelsbank has similar fees. Is that too much for your business?

Thank you for the feedback. N26 does not work with legal entities, and Fidor is also available only for German companies.

The problem is that our bookkeeping is quite pricy and for every transaction, we have to pay 15 Euro which is 20% of the average check.
 

mvstreet123

New member
@rheingold88

I dont understand your problem. If you are in Switzerland, you can jump into your car and in one hour you will be in Lörrach. There about 10 different german banks. Talk with them and get an offer from them. For a turnover about 200k a one hour car drive should be possible.
 

Sols

Staff member
Mentor Group Gold
N26 does not work with legal entities
They offer two types of bank accounts for businesses.


The problem is that our bookkeeping is quite pricy and for every transaction, we have to pay 15 Euro which is 20% of the average check.
Then what difference does it make if you use a bank or EMI? If they charge per transaction, what difference does it make if it's a transaction in a Deutsche Bank bank account or an EMI account?

15 EUR per transaction is insane with an average transaction value of 200 EUR. I would solve this first and foremost by lowering the accounting costs. Switzerland is expensive but you can do better than 15 EUR per transaction. Have you looked into automating the accounting work with some sort of software? Or simply work with a different accountant.
 

rheingold88

New member
Then what difference does it make if you use a bank or EMI? If they charge per transaction, what difference does it make if it's a transaction in a Deutsche Bank bank account or an EMI account?
With EMY there is no need to keep constant bookkeeping. You can gather the money on the account and then withdraw them to the bank on a weekly or monthly basis. That`s the main reason.

Unfortunately, both those accounts in N26 are designed for freelancers, you can not handle them for a company with Non-Eu shareholders (which is our case).
 
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