This online account was rated by customers in the category current accounts with MasterCard without creditworthiness check (Bonitätsprüfung) as the best offer. The success rate of account openings is more than 99 percent!
A first glance at the conditions:
- Online current account with free MasterCard Prepaid
- monthly 1 × free cash withdrawal, valid worldwide (!)
- monthly 5 × incoming transactions free of charge
- Free online banking (including mTAN-procedure)
- Account opening without creditworthiness check (no Schufa-query, no Schufa-entry)
- Account opening through PostIdent-procedure
Visit the provider directly ⇒ www.onlinekonto.de/mainpage.
How to use the online account optimally?
The usage ideas are as varied as people themselves … and there are new smart ideas each month. So far, one can summarize the subjects of a successful account usage as follows:
Current account without creditworthiness check
Banks, such as the DKB or Comdirect, require that any application for account opening (Kontoeröffnung) has to undergo a two-stage creditworthiness check. During the first step, information is sought automatically on the creditworthiness of the applicant at credit agencies – especially at the SCHUFA (credit investigation company).
Based on these data, an automated rejection or – at a positive assessment by the computer – the account application is granted. If the creditworthiness check is not clear, an employee of the bank will examine the application “manually” and decide then.
All this does not exist at this online account. No creditworthiness check takes place! Almost everyone, who is willing to pay the fees according to the price listing (Preisverzeichnis) and is able to make the legitimating through the PostIdent-procedure, obtains the online account.
The rate of positive decisions on the application for account opening is more than 99 percent! There are almost no rejections!
Since no data is reported to the Schufa (not to other credit agencies either) neither when opening an account nor later in the customer relationship, one may refer to this online account as Schufa-free (schufafrei)!
Seizing Protection Account (P-account) (Pfändungsschutzkonto)
Since 2009, there is a legal obligation in Germany that banks have to convert an existing current account on request of the customer into a garnishment protection account. In practice, it happens frequently that banks try to get rid of customers, whose account was seized (Kontopfändungen). Often, credit and bank cards are drawn.
This does not apply to this online account: People, who want to open a P-account, normally apply for the online account. Immediately after the account opening, one can perform the conversion into a P-account within the online banking system by oneself.
Therefore, the online account is seizing protected up to the limit of the deposited amount (Pfändungsfreigrenze). That means that the account won´t ever get blocked. You can always dispose your account balance within the protected limit. Moreover, also the MasterCard will fully remain active.
Online account for everyone (worldwide card delivery possible)
You can also apply for this German online account, if you live outside Germany. The conditions stay the same, with only one exemption: you have to bear the postage for shipping the MasterCard to your foreign address.
The amount depends on the country and is individually calculated by the financial institution. That seems to be quite fair, isn´t it?
You only have to visit a branch office of the Deutsche Post once and perform the statutory identity verification (legitimating) with your ID-card or passport. Other identification procedures are currently not available for this online account.
It is also possible to open this online account for a foreign company (e.g. Limited).
Online business account with MasterCard
The online account can be opened for:
- Companies with a company registration number (Handelsregistereintrag) in Germany (e.g. GmbH, eK)
- Companies without a company registration number (e.g. self-employed, freelancers)
- Companies in establishment (e.g. to deposit the corporate capital)
- Companies based abroad
Any managing director (Geschäftsführer) or authorized person (Person mit Kontovollmacht) has to legitimate through the PostIdent-procedure. If available, the current certificate of registration is filed too.
Discrete emergency account
This account does not report to credit agencies, as it is only known to you and the financial institution. Unless you use it for transactions – then also your business partners will know about this bank account.
There are people, who maintain their online account in Germany as a reserve account with MasterCard for emergencies. In the everyday business, it is not used. However, you can access this account anytime – either through the MasterCard (to book flights or car hire) or for transactions. According to the terms of PayCenter, one can deposit up to Euros 15,000.
Special features of the online account
One should know about these special features before the account opening:
Maximum account balance
Initially, one can not deposit more than Euros 15,000 to the account (except business customers).
Currently, transactions are only possible within the SEPA-area (transactions to the USA or to Thailand are not possible, transactions to SEPA-countries with other currencies, like England or Poland, are converted without the foreign currency charge. This means that such SEPA-transactions are very favourable).
PayCenter offers the mTAN-procedure by default.
Important background on the online account in Germany
The financial institution “PayCenter” that offers online accounts, was founded in 2011. Its headquarter is in Freising, near the international airport of Munich.
The online account is specifically designed for customer groups that often have a hard time with other German banks. Not everyone wants to be “investigated” by a bank before an account is opened. Also people with debt and/or negative Schufa -entries have difficulties to get an account at banks. Persons or companies based abroad are also not the desired clientele for all banks.
This does not apply to this online account: It is paid through the transparent prices for the various services of the current account or MasterCard. The customer pays for the things he/she wants to use. PayCenter does not depend on earning through cross-selling additional hidden or known fees, as this is the case with many apparently free current accounts.
This online account provides a good (re-)start for many people in Germany!
Prices and services
You should get familiar with the price listings for the online account before opening an account. Here are the main points:
||further withdrawals Euros 5.95|
||further bookings Euros 0.50|
|Payments and transactions with the MasterCard||
||no charges for the usage in foreign currencies either|
|Charge for account management||
||including MasterCard and online access|
||Euros 99 for business accounts|
Go directly to the detailed price listing: ⇒ www.onlinekonto.de/fee/show.
Why does PayCenter open accounts for people outside Germany?
Okay, PayCenter does not advertise with this. However, it opens accounts for people outside Germany without any questions, if they can identify themselves through the PostIdent-procedure.
The financial institution does so, because it wants to offer solutions for bank customers, who have a hard time with “traditional” banks. Many people abroad are willing to pay account management fees (Kontoführungsgebühren) for an account in Germany, if they just can get a regular bank account with IBAN and Girocard in change.
This online account is a superb solution!
“Open the online account in 2 minutes”
… with a 99% success rate!
Questions about the online account?
Since 2004, my team and I were able to gain experience with the bank account opening and usage within Germany and abroad. During this time, we have become almost experts in this field. Feel free to take advantage of our experience and post your questions through the comments feature.
Images: Globus: TUBS/Wikimedia Commons, CC-BY-SA-3.0