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bankomo Features Pricing FAQ

Frequently asked questions (FAQ)

FAQ

How can I proof identity?

There are 3 different ways available to proof your identity. You can choose between these 3 options in you bankomo app. Depending on which identification document you want to proof your identity with, certain options can also be specified.

  • VideoIdent
  • PostIdent
  • ReiseBankIdent

VideoIdent
The easiest and fastest way is VideoIdent. You can select VideoIdent in you bankomo app and download the corresponding app from Deutsche Post and complete the identification in a video chat. Please keep your ID card ready for that.

PostIdent
You can also conclude the identification at a branch of Deutsche Post.Select PostIdent in your bankomo app. You will now receive a coupon as a pdf document. Print out this coupon and go to any branch of Deutsche Post. Please take your ID card with you. The employee will carry out an authenticity test and submit the relevant document to us.

ReiseBankIdent
As a third option, you can choose ReiseBankIdent. If you have selected ReiseBankIdent in your bankomo app, you can find the nearest ReiseBank branch near you using the ReiseBank branch finder within the app. Please take your ID card with you and mention the e-mail address you used for registration to the employee. And authenticity check is then carried out. The relevant documents will be submitted to us.

Why is there a proof of identity process?

Once you have registered, you will be prompted to identify yourself. This is a necessary process since you must ensure that you want to open a bankomo account in your name. This is a step for your personal safety.

What name will appear on my credit card?

We imprint your name on the front of your credit card. Since only 22 characters can fit in the line, we may have to abbreviate a very long name.

I have completed registration and proof of identity, when can I use my account?

After you have completed your identification, your account will be created. Depending on the identification method you have chosen, this takes a little time. Within a few days your bankomo Mastercard prepaid card will be delivered. You will need the card to activate your account finally. You can then use your account.

What is bankomo?

bankomo is a modern and easy to use smartphone account using an app for iOS and Android. You can also access your bankomo account via bankomo.de.

bankomo offers the following services and functions:

  • Intuitive app (iOS / Android)
  • Access via bankomo.de
  • In German and English
  • Mobile real-time money transfer (P2P)
  • Bankomo Mastercard prepaid
  • Deposits and withdrawals in over 90 ReiseBank branches with customer-friendly opening hours (including Saturdays and Sundays at many locations)
  • Free cash withdrawals at over 300 ReiseBank cash machines (in accordance with the fair use policy)
  • Set your own limit for card transactions
  • Activate and deactivate your card via the app or website
  • Payments (SEPA transfers/SEPA direct debits)
  • View credit card details (including PIN) in the app and web interface (password protected)
  • Customer service in German and English 24 hours a day for emergencies

You can use bankomo as your main or second account.

What is a fair use policy?

bankomo offers a whole range of services at a flat rate with no additional costs. Because bankomo is an account for private customers, we assume that our customers use our services for private purposes.

Because every transaction, whether a withdrawal, transfer or P2P transfer, incurs costs, we have set a fair and transparent fixed price. Some special requests or services may attract an additional fee, which is listed in our List of prices and services.

Our fair use policy enables us to offer this fair and transparent price to all bankomo customers. We offer all our customers the same service at the same price.

How can I deposit cash into my bankomo account?

You can make deposits at any branch of ReiseBank during normal opening hours. Just provide your Bankomo-Mastercard and a passport.

 

You can search for a location near you in the app or on the website.

 

You can also transfer money to your bankomo account.

How can I open a bankomo account?

To open a bankomo account, you must complete the registration first. After specifying your personal information, you will be promoted to choose an identification method. When you have completed the indentification, your account will be opened your bankomo mastercard prepaid card will be delivered.

How much does Bankomo cost?

We charge you a fair fee of 4,90 EUR per month for the account management including the bankomo credit card. In this monthly remuneration following services are included: SEPA credit transfers (incoming / outgoing), SEPA direct debits (withdrawal at bankomo), P2P transactions between Bankomo accounts (incoming / outgoing) and withdrawals at the ATM of ReiseBank AG. The use of the aforementioned services is carried out as part of our "Fair Use Policy". Further details on the "Fair Use Policy" can be found under bankomo.de.

Can I get a credit line for my Bankomo account?

No. Bankomo is a credit-based smartphone account. The granting of an overdraft or the granting of a credit line is not possible.

Are there general limits for my bankomo account?

The balance on your bankomo account is not limited. The credit on your bankomo account determines your maximum limit on your bankomo mastercard prepaid card and your bankomo account. Deposits on your account are limited as follows:
 

Deposit limit per day:

25.000 €

Deposit limit per month:

25.000 €

Deposit limit per year:

300.000 €

Cash deposits and withdrawals in ReiseBank branches are limited as follows:

Deposit per transaction:

14.999 €

Withdrawal per transaction:

10.000 €

Can I change my password?

You will be requested to create a password during the registration process. You will need your password and email address to log in in the app or via bankomo.de.

Your password must meet the following criteria:

  • At least 8 characters
  • Upper and lower case letters
  • At least one digit
  • Not allowed: " ' ´ & ( ) | < >  or spaces

What are the requirements of my password?

You will be requested to create a password during the registration process. You will need your password and email address to log in in the app or via bankomo.de.

Your password must meet the following criteria:

  • At least 8 characters
  • Upper and lower case letters
  • At least one digit
  • Not allowed: " ' ´ & ( ) | < >  or spaces

I've forgotten my password. Can I reset my password?

Yes, you can reset your password in your bankomo app or via bankomo.de.

Open the bankomo app and go to the home screen. Use the function “Password forgotten” You will need to answer a security question and are sent an email with further instructions.

You can also access the function “Password forgotten” via bankomo.de.

What is the difference between my password and my app PIN?

You need your password and email address to log in in the app or via bankomo.de.

The app PIN is an additional security feature that makes the bankomo app safer and easier to use.

What information do Bankomo employees ask me?

bankomo employees will never ask you for the following information:


• Credit card number (PAN) or security code (CVV)
• Password
• Card PIN
• Your app PIN
• (mTAN) mobile TAN

What information do you need to provide when opening a Bankomo account?

We are required by law to obtain the following information and keep it on file when you open a bankomo account:

  • Name (Name, Middle Name, Surname)
  • Date of birth
  • Place of birth
  • Nationality
  • Address
  • An identity document with the following information:
    • Document type
    • Issuing authority
  • Social security number for US nationals
  • TIN (taxpayer identification number) for non-US foreign nationals who are liable to tax in CRS states


Furthermore we will need the following data to open up a bankomo account:

  • Mobile phone number
  • Email address

Please see our data protection policy

What minimum specifications are there for my smartphone?

Um die Bankomo-App nutzen zu können, benötigen Sie eines der nachstehenden Smartphones:

  • iPhone mit iOS9 oder höher
  • Android-Smartphones mit Android 5.x oder höher

Wichtig:  Gerootete Android-Smartphones oder iPhones mit Jailbreak werden aus Sicherheitsgründen nicht unterstützt.

 

To use the bankomo app, you need one of the following smartphones:

  • iPhone with iOS 9 or higher
  • Android smartphone with Android 5.X or higher

Please note that you will not be able to use the app on an Android smartphone that has been rooted or an iPhone that has been jail broken.

Do I have to have a mobile phone number to use bankomo?

Yes, you need a European mobile phone number to open a bankomo account. You can use a mobile phone number from the following countries:

• Germany
• Austria
• Belgium
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Gibraltar
• Greece
• Hungary
• Iceland
• Ireland
• Italy
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Monaco
• Malta
• Netherlands
• Norway
• Poland
• Portugal
• Romania
• San Marino
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• UK
 

Why do I have to create an app PIN?

You need to enter an app PIN in addition to your login data to access certain information in the app. This is for your security and complies with the highest security standards.

You need the app PIN to access the following information in the app:

  • Credit card details
  • Credit card PIN
  • SEPA wiretransfer authorization
  • P2P transaction authorization

Furthermore the app PIN is a security feature to help you log in faster after closing the bankomo app.

Can I change my app PIN?

Yes, you can change your app PIN under settings in your bankomo app or via bankomo.de

You will be requested to enter your current app PIN and can then create a new one.
 

How do I receive my credit card?

After the registration and identification process is complete, we send your bankomo credit card to the address stated in your ID document. If no address is stated in your ID document, we will send your bankomo credit card to the address given by you in registration.

How do I receive my PIN?

You can find your PIN in your app or at bankomo.de. We do not send any PINs by post.

Log in in the app and go to “Card.” Then select “Show PIN.” You then have to enter your app PIN and your credit card details including your PIN will be displayed.

Can I choose my own PIN?

For security reasons, your PIN cannot be changed.

I’ve received a request for further documents. What do I need to do?

For security reasons, we may require further documents to verify your address. Please send us proof of your address, such as an invoice from your electricity provider or an official proof of residence via email to hallo@bankomo.de.

Why are there tax status inquiries?

To safeguard the integrity of tax systems, several countries have agreed on a common reporting standard for tax-relevant data. OECD member states have ratified the Common Reporting Standard (CRS), which allows participating countries to exchange information for tax purposes. The US has adopted the Foreign Account Tax Compliance Act (FATCA) to ensure that those liable for tax in the US who possess a foreign account comply with their legal obligations.


As banks operating in Germany, both ReiseBank AG and Wirecard Bank AG take part in the CRS. We are therefore required to ask in what country you are liable to pay tax and record your tax registration number. This information can be transmitted to the Federal Central Tax Office which can then forward it to the tax authorities of other countries in which you are liable for tax. Click here to find out your “tax home.”


ReiseBank AG and Wirecard Bank AG are also registered with the US tax authority IRS and are therefore legally required to check the data of our customers to determine whether they could be liable to pay tax in the US and to forward this information on under the FATCA.

Will you distribute my personal data? 


No, your personal data are protected and are used exclusively to comply with CRS and FATCA requirements.

Important notice


We cannot answer queries about your tax status. We cannot provide you with any tax advice.

 

Can my bankomo account be attached?

Yes, the credit on your account can be attached by third parties on legitimate claims. 

Is it possible to transfer my bankomo account to a garnishment protected account?

No, your bankomo account cannot be transferred into a garnishment protected account.

Will my bankomo account be transferred into a garnishment protected account automatically after my account was attached?

No, your bankomo account will not be transferred into a garnishment protected account automatically. If you wish to do this, please take note of the legal requirements and inform yourself beforehand. bankomo accounts cannot be converted into garnishment protected accounts.

Can I link my bankomo account to Sofortüberweisung service?

No, your bankomo account cannot be linked to Sofortüberweisung service.

Can I view my transactions?

We provide monthly bank statements online in the app and on the website. You can download your bank statements in PDF format.

How do I receive my bank statements?

We provide monthly bank statements online in the app and on the website. You can download your bank statements in PDF format.

Will you send me hard copies of my bank statements?

No, we do not send any hard copies of bank statements. You can view your bank statements in your bankomo app and via bankomo.de and download them in PDF format.

How can I execute Bank transactions?

Incoming and outgoing credit transfers, direct debits and payment orders are executed via the SEPA scheme. Payments are normally received and sent within one business day. 

This can take up to two working days depending on the posting cycles of the respective banks.

In some cases, your available credit balance can differ from the balance on your bankomo account.
 

How do I execute P2P transactions between bankomo accounts?

You can transfer funds from your bankomo account to another bankomo account in real time (P2P transaction). The fund transfer is posted immediately. The credit balance received is available to be used straight away on your bankomo account or your bankomo credit card.

How can I authorize a payee to make direct debits?

You can authorize payees to debit legitimate invoice amounts from your bankomo account. That may include your electricity or mobile communications provider, for example.


You must authorize the payee in writing by using a SEPA direct debit mandate. 


Normally the payee will provide you with this form. We are not able to cancel such mandates. Please contact the payee if you would like to cancel a SEPA direct debit mandate.

How can I cancel a direct debit?

To claim a refund of a direct debit that is not genuine or has not been confirmed by you, please contact customer services.

What happens if I do not have enough funds in my account to cover a payment?

If you do not have enough funds in your account to cover a direct debit, that is, the amount of the direct debit is higher than your credit balance, it will automatically be returned. 

The payee is unable to take money from your account and may incur costs that it is entitled to bill you for. 

You will also incur costs in accordance with the currently valid price and service specifications.

We do not send you any notification that a direct debit has been returned.
Therefore, please ensure you have sufficient credit on your account at all times.

The direct debit mandate remains valid. The payee can make a new request to have the amount debited from your account.

Can I change my home address?

Yes, you can change your home address any time in your bankomo app or via bankomo.de.

Do I have to change my address when I move?

Yes, you must change your home address when you move. We need to know the country or state in which you pay taxes, for example, or be able to contact you in writing if required.
You can change your home address any time in your bankomo app or via bankomo.de.
 

Can I change my personal data?

Yes, you can change your personal data such as your home address.

To change your name, etc., you have to contact customer services for security reasons.

How can I close my account?

To close your account, please send a written request to customer services:

bankomo - Wirecard Bank Serviceteam
Postfach 310544
04163 Leipzig
Germany

If you still have credit on your account, please give us the details of an alternative account and we will transfer the remaining amount.

Please make sure you destroy your credit card once your account has been closed.
We are required under the Act on the German Federal Financial Supervisory Authority (FinDAG) and the German Anti-Money Laundering Act (GwG) to store account data for five years after an account has been closed. Your data will be permanently deleted at the end of the legal retention period.

What is P2P?

The P2P function allows you to send money to another bankomo customer that is credited in a matter of seconds. Your money is sent immediately and received immediately.


If you receive amounts via P2P they are debited from the payer’s account and credited to your account immediately. The funds are available for your immediate use. 


If you send amounts via P2P they are debited from your account and credited to the recipient’s account immediately.

How do I send money via P2P?

You must know the recipient’s mobile phone number or email address and he or she must also be a bankomo customer.


1. Open your app or go to bankomo.de
2. Log in
3. Select P2P transfer
4. Enter the phone number or email address of the recipient
5. Confirm the transaction using a mTAN

Are amounts that I send via P2P credited immediately?

Yes, amounts that you send or receive via P2P are sent and credited immediately.

Does P2P work between bankomo customers?

Yes, you can use the P2P function to send amounts to or receive amounts from other bankomo customers.

Can I send money to friends or people who are not bankomo customers?

No, you cannot send money to friends or people who are not bankomo customers.

Are there limits for P2P transfers?

Yes, we have set the following limits for your security:   

Limit per transaction:

100,00€

Limit per day:

100,00€

Limit per week:

200,00€

Limit per month:

500,00€

Limit per year:

2.500,00€

 

P2P limits cannot be changed.

Are there limits for payments for my bankomo credit card?

Yes, for your security we have set the following limits for withdrawals at ATMs, payments at POS terminals in stores and e-commerce payments on the internet:

Limit for cash machines:  € 1,000.00 per day
Limit for cash machines:  € 2,000.00 per week
Limit for cash machines:  € 5,000.00 per month
Limit for cash machines:  € 10,000.00 per year
Limit for POS terminals:  € 3,000.00 per day and transaction
Limit for e-commerce:  € 3,000.00 per day and transaction

Can I change limits of my bankomo credit card?

You can set your own limits for withdrawals at cash machines, payments at POS terminals in stores and for e-commerce payments on the internet in your bankomo app and at bankomo.de

If you need to change the limits for incoming or outgoing SEPA transfers, please contact customer services.

My PIN does not work anymore. What should I do?

If this happens, please contact customer services because your credit card has probably been blocked. 

Can I change my bankomo Mastercard prepaid card settings?

Yes, you can change important settings yourself in the bankomo app or via bankomo.de

• Set own limits
• Activate/deactivate your bankomo credit card

Can I deactivate my bankomo Mastercard prepaid card?

Yes, you can deactivate your bankomo Mastercard prepaid card yourself in the bankomo app or via bankomo.de temporarily.

Can I (re-) activate my bankomo Mastercard prepaid card?

Yes, you can activate your bankomo Mastercard prepaid card yourself in the bankomo app or via bankomo.de if you deactivated it beforehands via the same channel temporarily.

If your credit card was deactivated by customer services, only customer services can activate it again. In this case, please contact customer services. 

Can I use my bankomo Mastercard prepaid card for online payments?

Basically you can use your bankomo Mastercard prepaid card online for payments in shops and for various services. 

For your personal security we are working together with Mastercard. If you are using your bankomo Mastercard prepaid card for online payments there will be the Mastercard SecureCode process, an authentication process for secured online payments. For every online payment transaction you will receive an mTAN. You will need it to approve your transactions.

The Mastercard SecureCode process:

- The card number and the personal data are entere das usual for online payment.
- The online service provider sends a request to the bank to authorize the card transaction.
- The bank opens up a secured channel to identifiy the card holder.
- Mastercard SecureCode is entered and checked.
- The bank confirms the identity of the card holder.
- Online purchase is completed.


Certain providers of online services allow only selected payment methods. We do not have a direct impact on that. Please check with the providers, if they accept a Mastercard prepaid card as payment method.

Are there any constraints using my bankomo Mastercard prepaid card?

A. Card transactions are not permitted for the following business transactions:
- Direct marketing
- Stock broking
- Escort services
- Online casino
- DVD and Video rental
- Bets and lottery

B. Card transactions are not permitted in the following countries:
- Iran
- Cuba
- North Korea
- Syria
- Afghanistan
- Iraq
- Sudan
- Somalia
- Libya

C. Card transactions conflicting with sanctions lists cannot be carried out.

D. Card transactions in USA and UK at Automated Fuel Dispensers (AFD) below or equivalent 5 Euros are refused.

Is it possible to use my bankomo-Mastercard prepaid card for non-contact payments?

Yes, it is possible to use your bankomo Mastercard prepaid card for non-contact payments. In your bankomo Mastercard prepaid card is a chip integrated, which allows you to pay simply and quickly with your bankomo mastercard prepaid card. Please note, that electronic payment card readers of the payment recipient must have the appropriate technology available. In case of doubt, ask directly in the shop or the service provider.

What is NFC?

NFC (Near Field Communication) is a term for non-contact payment and means that a payment is transmitted by placing your card on a card terminal.

Are there any constraints for non-contact payments with my bankomo Mastercard prepaid card?

There may be some restrictions. Electronic payment card readers of the payment recipient must have the appropriate technology available. Some merchants set a limit for non-contact payments. Usually the limit is 25 €. For payments less than 25 € there must be no PIN entered. For payments above 25 € you must enter your PIN to approve the payments.

Furthermore,non-contact payments are not permitted in the follwoing countries:

- Bulgaria
- Romania
- Slovakia
- Thailand
- Ukraine

Transactions based on the magnetic strip are not permitted (or only with restrictions) in following countries: 

- Indonesia
 

Can I withdraw cash from my bankomo account?

Yes, you can withdraw cash at any branch of ReiseBank during normal opening hours. Just provide your Bankomo-Mastercard and a passport.

You can search for a location near you in the app or on the website.

You can withdraw cash at ATMs or money issuing stations around the world using your bankomo credit card.

How else can I withdraw or deposit cash?

We are constantly working on enhancing bankomo and plan to offer new functions in the near future including more options for withdrawing and depositing cash. 

How fast are cash deposits and withdrawals posted?

Cash deposits and withdrawals made at a ReiseBank branch are posted in real time. The credit balance received is available to be used immediately on your bankomo account or your bankomo credit card.

Who is barzahlen.de?

Barzahlen.de is a TÜV-certified and award-winning provider of cash-bases online payment methods from Berlin. Together with barzahlen.de, bankomo offers cash deposits and withdrawals in around 10,000 acceptance points throughout Germany. We attach great importance to data protections and security to get access to the largest independent payment infrastructure in Germany.

How can I deposit or withdraw cash with barzahlen?

You can make deposits or withdrawals in approximately 10,000 partner branches of barzahlen.de using your app or online banking. Create a barcode in the bankomo app or in online banking and present it in a partner branch.

How can I generate a barzahlen barcode?

1. Log in to your bankomo app or online banking at bankomo.de and select the service barzahlen.
2. Select the amount and confirm it with your app pin and the send mTAN.
3. The barzahlen barcode is generated automatically and is valid for 7 days. You will find it in the app or in your online banking ready to present or print out before.
4. Show the barcode in the app or the printed barcode out to a participating merchant.

How much money can I deposit with barzahlen?

You can deposit a maximum of € 975 per day (within 24 hours).

Is there a minimum deposit with barzahlen?

For each transaction at least € 30 must be deposited.

How much money can I withdraw with barzahlen?

You can withdraw up to € 300 per day (within 24 hours). Your available balance determines the available payout amount.

Further limits are:

Weekly:  € 2.000
Monthly: € 5.000
Yearly:  €10.000

Is there a minimum withdrawal with barzahlen?

For each transaction at least € 30 must be paid out.

There is a limit error with barzahlen! What should I do?

You can withdraw up to € 300 per day. Your available account balance determines the available payout amount.

You can deposit a maximum of € 975 per day.

Please note that these limits apply fpr 24 hours, not per calendar day.
 

Are there any fees depositing or withdrawing cash with barzahlen?

As barzahlen.de transactions are cash deposits and withdrawals, we charge the following fees per transaction:

Deposits: 1.5% of the deposited amount; at least €2.50

Withdrawals: 0.5% of the amount paid out; at least €1.50

When will the with barzahlen deposited cash be credited to the account?

Normally, the cash is credited immediately after you have deposited the money and the cash register has been closed. For technical reasons, delays may occur in rare cases.

Where can I deposit / withdraw cash with barzahlen?

Currently, barzahlen is available in more than 10,000 participating shops that have been activated for the barzahlen feature. These include REWE, Penny, REAL, dm-drogerie markt, Mobilcom-Debitel, Budni, Eckert and many others. The nearest partner branch can be found at barzahlen.de.

My barzahlen barcode is not working. What should I do?

When printed, please pay attention to the quality of the print. If the barcode is wapred or smudged, it may not be read.

If you have your barcode on your smartphone, set the brightness of your screen to the highest level. Damaged, cracked or broken displays may not be read.

Below the barcode is a sequence of numbers. Ask the cashier to enter this sequence of numbers into his cash desk.

I can not see my transactions and my account balance. What do I have to do?

In rare cases, you may not be able to see your transactions or your current balance neither in online banking nor in the app, even though you have already made a transfer or have made deposits.

Please activate your bankomo-Mastercard in the app or in the online banking under the section card by specifying the last four digits of the card number. Credit, account and card transactions will now be displayed.

How long will it take to open my account?

After you have completed the registration, you must identify yourself. Depending on which option you have chosen for identification, the activation can usually take 1-3 working days. The fastest way is VideoIdent, which can be activated on the same working day until the next working day. We require 1-2 working days via PostIdent and if you have identified yourself in a ReiseBank office, the activation takes 1-3 working days. 

In some cases, the requirements of identity verification can be extensive and take a little more time.

Where do I find the glossary of standardised terms and definitions for services linked to a payment account for bankomo?

You will finde the glossary of standardised terms and definitions for services linked to a payment account for bankomo here:

Glossary bankomo