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domh

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Apr 6, 2019
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#1
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Hi!
i used MisterTango to receive Payments and to transfer them to a SEPA Bank Account.
i am searching for a free alternative:

- Currency EUR
- IBAN shared or own
- No Opening Fees
- No Monthly Fee
- No Incoming Fee (SEPA only)
- No Outgoing Fee (SEPA only)

thank you for your suggestions
 
#6
You must give some more details.

Are you resident in EU (or at least EEA)?
Are you searching for a personal or corporate account?
What will be the annual turnover?
Will it be crypto related?
Do you fear CRS?
Do you need online banking or just mobile banking?
 
#7
i am EU resident
it should be a personal account
no crypto
about € 1.000 per year
fear crs ? - doesn´t matter
online or mobile - doesn´t matter
 
#9
#12
#16
I'd stay away from N26. At least I would not put a large amount of money there.
Never had a problem with them personally, but there are a lot of problems in this bank.

You can find on Google many cases like the lack of AML procedures (like Mistertango at the moment), "disappearing money", laundering money through N26 accounts.
And the support is like hell. If you have a problem, like someone stole your money or credit card, the support is worse than EPB support. o_O
 
#17
domh said:
Hi!
i used MisterTango to receive Payments and to transfer them to a SEPA Bank Account.
i am searching for a free alternative:

- Currency EUR
- IBAN shared or own
- No Opening Fees
- No Monthly Fee
- No Incoming Fee (SEPA only)
- No Outgoing Fee (SEPA only)

thank you for your suggestions
Click to expand...
If the bank is giving everything for free, how do they make money? I am curious.
 
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#18
Mark Rucken said:
If the bank is giving everything for free, how do they make money? I am curious.
Click to expand...

Usually by burning through investors' money, hoping to one day get big enough that they can start charging fees and build a good enough product that people will pay for premium services.

Most EMIs (big and small) make a loss. Most EMIs will be gone in a few years as investor patience dries up and regulators crack down on dodgy ones like MisterTango.
 
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#19
Sols said:
Usually by burning through investors' money, hoping to one day get big enough that they can start charging fees and build a good enough product that people will pay for premium services.

Most EMIs (big and small) make a loss. Most EMIs will be gone in a few years as investor patience dries up and regulators crack down on dodgy ones like MisterTango.
Click to expand...

IFf your goal is to scale with millions of users then you have to go with the free model and then you make huge losses, but you are playing a different game like transferwsie, revolut , N26. the reality is fintech is nto easy to scale due to compliance, AML, fraud, and regulation. On the other hand there are many small profitable EMIs , they just focus on small number of high value clients. but they cant tscalability their business model as most people want things for free.

there are also many successful fintechs which you just dont hear about for example ebury.com which recently got taken over by Santander bank
 
#20
Payersa is a decent option as well and has no transfer fees.
 
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