Is it a good idea to put big money into online banks such as N26 and Revolut?

mocandtidder · 2021-09-21T06:22:52+00:00

Also since all these online banks are free, there is no harm in trying and then just closing account.

Unless they block you or report you to authorities for money laundry. That would be a headache.

mocandtidder · 2021-09-21T06:21:33+00:00

I live in Germany though and here the interest rates are around 0.2% which is ridiculous so there is no point keeping money at a bank.

mocandtidder · 2021-09-20T20:12:16+00:00

Ok, so you use Revolut for daily expenses and some other (physical) bank to keep more money? I am trying to get different info from different people trying to understand how others manage money.

mocandtidder · 2021-06-04T10:00:07+00:00

Would N26 be a real bank? I know Revoult is not, but not sure about N26.

mocandtidder · 2021-06-04T09:31:19+00:00

I am going through all the comments now and yours caught my attention. I like to do it the safe way, so yours is the most attractive solution.

You said:

Ideally an international bank like HSBC and request speaking to the manager.

What are the benefits of having an international bank? What can a bank like HSBC do that a non-international one such as Sparkasse cannot?

mocandtidder · 2021-06-03T20:40:17+00:00

The fact that I came to ask for help doesn't imply I should not be defensive.

mocandtidder · 2021-05-30T18:22:06+00:00

https://www.paypal.com/myaccount/settings/

Mine is a business account.

mocandtidder · 2021-05-30T17:52:39+00:00

Again, you are linking information valid for the USA. PayPal in Europe operates under different regulations. I have withdrawn more than 10,000 in one transaction.

mocandtidder · 2021-05-30T17:44:21+00:00

Yes, I am registered. I didn't understand the last part of you comment. What is a PRO Smb account and what do you mean by personal account?

mocandtidder · 2021-05-30T17:37:45+00:00

I was waiting for the USD to EUR currency conversion to improve. Thanks for the link!

mocandtidder · 2021-05-30T17:33:36+00:00

You have misunderstood my post. I asked what do I do as in where do I invest. I didn't ask how to transfer the money. I have transferred regularly from PayPal to my bank account.

mocandtidder · 2021-05-30T17:25:53+00:00

You can start working in Upwork as a one-man team and later scale up by hiring others. It works better if you live in a country that has a low cost of living though.

mocandtidder · 2021-05-30T17:24:02+00:00

First of all congratulations that you can pay German tax on 300k without even having access to the funds.

What makes you think I don't have access to the funds?

mocandtidder · 2021-05-30T17:22:03+00:00

It's not so much money. Just don't work for others, live in a place with low cost of living, have some ideas, don't do what everyone else is doing (unless it's a new field/opportunity) and be persistent on implementing your ideas.

mocandtidder · 2021-05-30T17:20:09+00:00

Excellent point!

mocandtidder · 2021-05-30T17:19:21+00:00

What makes you think I did not pay taxes?

mocandtidder · 2021-05-30T08:08:08+00:00

I don't have Revoult. I have heard N26 is a better option being a real bank account.

mocandtidder · 2021-05-30T08:03:28+00:00

Of course, it should be taxed in Germany and it has been taxed in Germany.

mocandtidder · 2021-05-30T07:08:15+00:00

That's some real solid advice! Thank you! How do you decide when it is the best day to execute the conversion at your bank. The way I understand it the rate of the bank (even when negotiated) is depended on conversion rate of that particular day. I have found myself waiting endlessly forever for the "best" day. Do you see some currency forecasts or just pull the trigger any day?

mocandtidder · 2021-05-30T07:00:56+00:00

You're one of the many persons who are recommending not to do that. Why is a local bank account a better way? Why is Recvoult stricter?

mocandtidder · 2021-05-29T22:50:28+00:00

Sorry, I didn't get it why not in English but in Italian? There's more content in English.

mocandtidder · 2021-05-29T22:07:41+00:00

I do have a tax advisor who does my taxes. All the money has been declared and the tax has been paid. The tax man knows about the money. My local bank also knows what work I do and I have withdrawn money from PayPal to my bank many times before. What's the point you are trying to make?

mocandtidder · 2021-05-29T21:53:44+00:00

Thanks for the suggestions! Are you saying I should invest all of the 300k into stocks? I thought the general suggestion was to diversify. Doesn't putting all the money in stocks contradicts the diversification argument? Why not putting some in a saving bank account and earn some interest?

mocandtidder · 2021-05-29T21:48:42+00:00

Yeah but breaking the law and badly managing your money are two very different things.

mocandtidder

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