Of course, this is a hypothetical question, with which we hope to initiate an interesting discussion through the comments feature.
Before doing that, we will take a look into the comparison of the accounts of Bitwala and 1822direkt, a new connecting link between the digital currency industry and the real banking system, as well as a “granny-bank” with the aspiration to be able to defend bigger market shares also in the future.
Bitwala in comparison with the 1822direkt-Sparkasse
|Account management||always free of charge!||depending on the account model and meeting of the requirements free of charge
Mobile: € 0.01 monthly incoming money flow, otherwise € 1.90
Klassik: € 700 monthly incoming money flow, otherwise € 3.90
Premium always € 9.90
(in the following, we only deal with the Mobile-version, because the hurdle for being free of charge is the lowest therein!)
|Cards to the account||
Mastercard free of charge
Girocard by Maestro free of charge
|on the part of Bitwala free of charge at every ATM around the globe||4 × free of charge at all German Sparkasse-ATMs|
|Need of an optional Visa Card (separate product)|
|Integrated crypto-currencies||Bitcoin (BTC)
|Account opening||► online||► online|
|in Euros||free of charge|
|in other currencies||free of charge||1.75 %, but at least € 1.50 per payment|
|incoming and outgoing transfers||free of charge|
|standing orders||free of charge|
|online-banking, banking-app||free of charge|
|incoming crypto-transfers||free of charge||–|
|outgoing crypto-tranfers||only the external network fees|
|exchange Euros into Bitcoin/Ethereum||1 %
+ € 1 network fee
|exchange Bitcoin/Ethereum into Euros||1 %
+ network fee
|Annual tax report||yes|
| As weird as it may sound, but the transmitting of payments in crypto-currencies is a very computationally procedure that is implemented by decentralized computer units. So-called “miners” are substantially involved. Computers need energy and the network fees are so to say the compensation for the processing and confirming of cryptic payments.|
|Branch office use|
|personal contact||there are no branch offices||the branch offices of the Sparkasse do not belong to 1822direkt|
|Interest or deposit fees|
|interest for balance||0.00 %||0.00 %|
|deposit fee for balance||−0.50 (ECB deposit rate)
from € 50,000
|Overdraft facility||no overdraft possible||7.17 %|
|Requirements||18 years old + place of residence in Germany, Austria or other EU-countries||18 years old + place of residence and tax residence in Germany|
|Languages of the app, online-banking and customer service||German and English||German|
|Schufa-query or Schufa entry||no||yes|
|Start account opening:||
|Which provider would be the more interesting choice for you? Don´t forget that it is rather about the meaningful supplementing of the current account system than its replacement, isn´t it?
Questions and supplements of the table are very welcome at the end of this page. Thank you so much!
Questions to the community
Please write your answers using the comments feature at the end of this page:
- Would it be interesting to use Bitwala or 1822direkt as a free current account alternative or secondary current account?
- Would 1822direkt be an alternative for larger cash withdrawals (depending on the region, there are limitations on the part of the Sparkasse for withdrawals with the Visa-cards of ING and DKB)?
- Would it be interesting to enter the payment procedures with Bitcoin through Bitwala?
- Would Bitwala be interesting for a foreign currency investment in Bitcoin?
There is an update for everyone in our Sunday mail regarding the answers to these and future questions from the community. Thank you for your commitment!
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