When Can You Try To Open Account In A Fintech Bank?

Posted by Maynard Benoit on February 10th, 2020

Opening a new bank account in any of the banks in Germany is now more difficult than ever before. Find out when you can try to open a banking account in a Fintech or online bank. At one time, it was easier to open up an account in a bank in Germany. Things are not so simple anymore, given that economic and socio-political turbulence have made even such a simple activity difficult. Online banks have come up as a solution for people who cannot open an account in a regular bank in Germany. Here are some top reasons when you can try to open account in an online bank or Fintech bank that lets you open account despite schufa (konto eröffnen trotz schufa).

If you are from a high-risk country

According to the European Commission, there are several high-risk countries such as Afghanistan, Iraq, Lao People’s Democratic Republic, Bosnia and Herzegovina, Syria, Democratic People’s Republic of Korea, Iran, Vanuatu, Guyana, Yemen and Uganda. If you are from any such country, you might be denied an account in any of the banks in Germany.

If your Schufa records are missing

Many banks act conservatively for applicants for whom they find Schufa records to be missing. Schufa tends to work and collect data in Germany in an exclusive fashion. This is usually an instant issue for people who are not from Germany but try to open up an account in any of its banks. In such cases, it becomes important for people denied a traditional account to know how to open giro account despite schufa (girokonto eröffnen trotz schufa) or current account despite schufa (girokonto trotz schufa).

If you are self-employed

A number of banks tend to have a conservative approach when it comes to approving an account to people who happen to be self-employed. This is because banks and other traditional institutions in Germany and various other EU countries tend to prefer people who have a steady income and can show regular income certificates from a registered organization as proofs.

Author Bio: The author likes to use her spare hours in writing on a wide range of banking topics, for the benefit and knowledge of readers.