Free SEPA Bank Account with Free Receive and Send

[domh]

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

 

[void]

Revolut meets all your expectations - at least I think so

 

[void]

if you don't need the card then Epayments as well...

 

[domh]

void said:
if you don't need the card then Epayments as well...
Click to expand...

epayments seem to take € 0,5 for outgoing SEPA
https://www.epayments.com/ewallet_tariffs.html

 

[domh]

it seems epayments take money for incoming sepa too?
https://www.epayments.com/documents/ewallet/ewallet_fees_en.pdf
Could anyone Validate this?
Fee Incoming EUR Sepa 1%
Fee Outgoing Sepa € 0,5

 

[Marie Manila]

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?

 

[domh]

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

 

[Marie Manila]

So, if you want an EMI, you could go for Revolut (GB-IBAN), BNC10 (ES-IBAN), Monese (BE-IBAN) or Vialet (LT-IBAN).
If you prefer a real bank, you could try Ferratum (MT-IBAN).

All of the EMIs and banks mentioned above have mobile banking only.

 

[void]

domh said:
it seems epayments take money for incoming sepa too?
https://www.epayments.com/documents/ewallet/ewallet_fees_en.pdf
Could anyone Validate this?
Fee Incoming EUR Sepa 1%
Fee Outgoing Sepa € 0,5
Click to expand...

no fee for incoming payment in EUR (as the document linked clearly says)
yes, there is a fee of 50 cents for outgoing transaction - my bad, it's so low and not relatived to the amount that I simply tend to ignore it

 

[Artemis Eleutheria]

Transferwise ... or payoneer (if you can live with their idea of "service")

 

[void]

Artemis Eleutheria said:
Transferwise
Click to expand...

not totally free

 

[JohnLocke]

Artemis Eleutheria said:
Transferwise ... or payoneer (if you can live with their idea of "service")
Click to expand...

I agree 😀 otherwise Revolut will work for you I'm sure.

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[edimmax]

You can try with german online bank N26, one of the best online bank so far...

 

[verticaloffshore]

edimmax said:
You can try with german online bank N26, one of the best online bank so far...
Click to expand...

How reliable is N26 after all?

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[edimmax]

Its hard to answer that for any online bank, but i personaly didnt have any problem with N26..

 

[Marie Manila]

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. 😵

 

[Mark Rucken]

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.

 

[Sols]

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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This is the probably the answer to your question.

 

[Neilbali]

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

 

[PlayItWise]

Payersa is a decent option as well and has no transfer fees.