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Current Account without a Bank

    Banks generally make things easier. However, we all got reasons to be looking for a life without them. Be it the clunky administration, the unnecessary fees racking up or the constant upselling. No matter how you came to the breaking point, you must be asking yourself – what do I actually lose if I leave them behind?

    If you are looking for the basics – money transfers, banking on-the-go and an international debit card with trustworthy security – nothing really. It’s quite likely you’d actually make your life a bit easier and save some money on the side.

    Digital vs traditional current account

    There’s very little difference between these two. Digital current accounts like LeuPay, are typically e-money accounts, meaning the funds cannot be used by the financial institution for investments. Thus, they generate 0% return, but the money is exposed to 0 risks. As a matter of fact, very little banks offer interests on their checking accounts, as they’d rather sell you a savings account. What banks do offer is an overdraft to their accounts, which ultimately is a high-interest short-term loan.

    The other major point of difference between digital and traditional money accounts is the customer service. Digital services rely on self-service and offer 24/7 phone, chat and email customer support, while banks offer physical locations as well. In terms of functionalities, both accounts provide pretty much the same payment and money transfer options, but as your about to see – at fairly different rates.

    For illustrative purposes, we compared LeuPay’s tariff with the tariff of one of the leading traditional banks in Germany.

    Fees and charges Traditional Bank LeuPay
    Subscription fee EUR 8.99 Free
    Payment cards Up to 2. First – free, second – EUR 10. Up to 5. First two – free, each additional – EUR 10.
    Cash withdrawal

     

     

     

    Bank’s ATMs – free

    At local and international ATMs = 2.5%, min. EUR 5.75

    Within EU >EUR 300 – EUR 2

    Outside EU >EUR 300 – EUR 3

    Payments in stores Free Free
    Online payments Free Free
    SEPA transfer (EUR transfer within the EU) EUR 1.5 EUR 3
    Transfer within accounts in the same bank EUR 1.50 FREE
    SWIFT transfer (payment of all fees) 0.150% min. EUR 10 + EUR 1.55 + EUR25 0.150% min EUR5 + EUR25

     

     

    Mobile banking app Free Free

    *Information for bank tariff  has been active on bank website on 16.02.

    Let’s put it plain and simple. Digital checking accounts are meant for efficiency, freedom and simplicity. A well-picked set of payment services offered in a user-friendly package. Free to start, cheap to use.

    Are you ready to break free from your bank?

    Sign up for LeuPay for free.