Kontist Review: What You Need to Know Before Signing Up
2023-03-16
If you’re a freelancer looking for a business bank account in Germany, you may have come across Kontist in your search. However, before you sign up, it’s important to know the full picture of what Kontist offers and what it lacks.
One of the first things you may notice when searching for reviews of Kontist is that many of the top results are glowing reviews from affiliate marketers who have never actually used the service. This is a red flag, as it suggests that these reviews may not be entirely trustworthy. So, what should you know about Kontist before signing up?
First and foremost, it’s important to understand that you cannot deposit cash into your Kontist account. This means that you must transfer money from another bank account in order to fund your Kontist account. Additionally, when you open an account with Kontist, you will receive your first invoice from the bank, which you must pay by transferring money from another account.
Another thing to keep in mind is that some features of Kontist only work in the mobile app, while others are only available in the web app. For example, if you want to create invoices, you can only do so in the web app. If you want to manage your credit cards, however, you must use the mobile app. This can be frustrating if you prefer to use one platform over the other.
Kontist also has a number of other limitations and issues that may make it less appealing for some users. For example, the bank’s transaction fees are relatively high, and the free account may not be truly free for many users. Additionally, the bank’s auto-categorization feature, which is supposed to help you keep track of your expenses, may not work very well, and the income tax estimation tool is not always accurate.
Another issue with Kontist is that it can be difficult to export all of your data from the service. While you can export some information to CSV or MT940 format, you may need to contact customer support to get a complete export of all of your transactions and attached invoices. This can be a major problem if you want to use other accounting tools to manage your finances.
Perhaps most concerning, however, is the fact that Kontist incentivizes bloggers to recommend its service. When someone opens an account with Kontist through an affiliate link, the blogger earns around 50€. This means that many of the positive reviews you may see online are actually biased and may not provide an accurate portrayal of the service.
So, what should you do if you’re considering opening a business bank account with Kontist? Our recommendation is to read reviews from real users, rather than relying on affiliate marketers who have never actually used the service. Additionally, it may be worth considering other options for business bank accounts in Germany, as there are many other banks and services that may better meet your needs.