Is this the best banking app for Expats in Germany? o2 Banking in 2022


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o2 Banking is offered by the well-known mobile communications brand o2 in cooperation with comdirect. It’s similar to N26 or Revolut and focuses largely on mobile banking with the smartphone. The bank account promises ease of use and a bonus program for purchases with the free credit card. Is o2 Banking worth it for Expats in Germany in 2022?

o2 Banking service will be discontinued in April 2022

Telecommunications company Telefonica and Comdirect are letting their partnership expire. That means o2 banking will be discontinued on April 30. 

If you are a customer and have not been notified via email, you should call Comdirect for clarification.

The bank accounts of users will remain the same and the card and account numbers will not change either. The agreed conditions will also remain the same. In the future, everything will only run via Comdirect. 

Those affected will no longer be able to use the o2 money app in the future, as it will no longer work in the future.

o2 Banking comes with some notable advantages that Expats in Germany will find useful in 2022:

  • free bank account  possible
  • Focus on mobile banking with full control over cards in the app
  • Support of modern technologies
  • Bonus program for collecting bonus data volume

Below is a look at o2 Banking that Expats in Germany will find useful when deciding on a Banking app in 2022.

O2 Banking with Comdirect: These are the advantages for Expats

If you are considering switching accounts in 2022,

  • You can open an o2 Banking account either on their website or directly via the app. 

For the verification of your identity data, you can either use the PostIdent procedure can (going to the post office) or VideoIdent. 

The O2 Banking Account also has the following advantages:

  • No account management fees & free Girocard (debit card)
  • Free Visa card (credit card) with Apple Pay and Google Pay
  • Withdraw cash free of charge worldwide
  • Deposition loan with 6.5 percent borrowing interest
  • Upon request, free custody account with further investment options
  • Customer service “around the clock”
  • New bonus program from September

Withdrawing cash

You have two options for withdrawing cash:

  • You can either withdraw cash as normal at ATMs,
  • or you can use the cash service at participating retailers to receive cash from your banking app by submitting a QR code from your banking app. 

Withdrawals from ATMs are completely free of charge up to three times a month , within the entire EU. For each withdrawal thereafter, either a flat fee of 2.99 euros is due, or you have the option of paying the fee with the points from the bonus program. As usual, the operator’s machine fees are additional and are not reimbursed; for withdrawals outside the EU, the foreign currency fee of 1.75 percent is also charged.

▶ You can easily get cash without fees at almost all major retail chains (Rewe, DM, real etc.) without a minimum purchase and just by showing your mobile phone . It is certainly more practical to simply withdraw some money quickly in the supermarket, and perhaps also do the shopping, than having to look for an ATM. Unfortunately you can only use this option within Germany at the moment, but that’s the only downer in the whole thing.

Free data with the o2 Banking Visa Card

A special aspect of o2 banking is the bonus program:

▶ For every euro that you  spend with the Visa Card, you receive one point, or one megabyte of data, as advertised by o2 itself. 

▶ In addition, you will receive extra points for certain actions such as the first use of the credit card, the first receipt of salary or the referral. 

As the name suggests, you can redeem these points for data volume with a cellular tariff of o2. If you are with another provider, this is of course not possible, but the points can also easily be used for other rewards, such as an Amazon voucher or an additional free cash withdrawal over three times a month. 

What might be considered as “disadvantages”

▶ The o2 Banking current account is only permanently free for the first six months. Then there is a fee of 4.90 euros per month, unless three payments per month are made via Google Pay or if there is a monthly incoming payment of at least 700 euros. Honestly, Expats in Germany make more that 3 transactions in a month,

▶ There is a foreign transaction fee of 1.75 percent, which is incurred when paying with the Visa debit card outside the euro area. For withdrawals outside the EEA, there is a withdrawal fee on top of the foreign currency fee, so that the card is not suitable for such trips. However, these fees can be easily avoided by taking a separate credit card with you, 

Tim Gumbert
Tim Gumbert
Tim is the go-to guy when it comes to finding all the gems regarding life as an Expat in Germany. His whole motto is discover Germany on your own and without a roadmap, explore new routes while climbing or mountain biking.


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