FAQ

Hi there! Welcome to the Penta FAQs! 🎉

We’ve tried to answer everything from “What is Penta 🤔” to banking and future products questions. We really hope this helps. If you can’t find the answer please reach out to us at hello@getpenta.com and we will get back to you shortly.

These answers have been last updated on January 20th 2018.

General

What is Penta? 🤔Is Penta a bank?What legal form does my business have to have in order  to be eligible for an account? 📁📑Are my savings safe?When do you launch?Will opening an account influence my German SCHUFA score?How do I complain 😡?Why should I choose Penta, rather than a traditional bank or other digital banks?Which countries will you tackle next?

Registration

How do I sign up?What information do I need to provide Penta with to sign up?What documents do I need for opening the account?How long does the registration take?

Costs

Will my account stay free?Are there any hidden costs?What ATM fees do you charge?What is the pricing concept on these additional services and apps?

Product & Account features

Does this qualify as a normal bank account?How many debit cards come along with one account?What happens if I lose my card?Can I use a Penta account with my cofounders?Can I use my app on multiple devices?What features are already available in my Penta account as of today?Can I cancel my account?

General

What is Penta? 🤔

Penta offers a full-fledged German bank account with a German IBAN, and a business MasterCard via solarisBank, Penta’s partner bank. In the future, Penta’s business customers will be able to take advantage of apps and services that will make your business banking really easy.

Is Penta a bank?

We’ve partnered with SolarisBank who is providing us with their banking license and some of their technology so that we can provide you with a fantastic business bank account.

What legal form does my business have to have in order to be eligible for an account? 📁📑

At the moment, Penta is only available for German businesses. This includes one of the following company forms:  GbR, OHG, PartG, KG, UG, GmbH, AG, eG or eK.

Are my savings safe?

Yes. Your funds are protected by the European Deposit Guarantee Fund that insures all deposits in regulated institutions, such as banks up to €100,000.

When do you launch?

We’ve just launched! We’ve been overwhelmed with the amount of traction we’ve received in the past few weeks and months and we’re slowly rolling out Penta to the thousands of businesses on our waitlist. You can expect to receive an invitation to get Penta within the coming weeks.

Will opening an account influence my German SCHUFA score?

No, there is no negative influence. Since Penta provides you with a debit account without a credit line (or the possibility to have a negative balance) we do not report to Schufa.🤐

How do I complain 😡?

If you have a complaint the best way to contact us is via email to help@getpenta.com. Otherwise please feel free to call us directly. Any complaint is valuable feedback for us and will help us to get better every day (we really mean that so please feel free to send us your thoughts or issues!).

Why should I choose Penta, rather than a traditional bank or other digital banks?

Penta is easy. And more powerful. Everything is digital and the pricing model is tailored exactly to your needs. We make sure you never have to print out documents, go to a branch or wait for hours to reach customer support.

Registration

Which countries will you tackle next?

Next countries are UK, Netherland, Poland, Spain & Belgium. If you have other urgent requests come and talk to us or send us an E-Mail.

How do I sign up?

You can sign up online in minutes! The account creation usually takes just 15 minutes. Ready to create a Penta account?

Are my savings safe? Is there a limited guarantee if the bank goes bust?

Deposits are insured up to €100,000 by the National Deposit Guarantee Scheme, same as for any BaFin regulated bank account in Germany.

What information do I need to provide Penta with to sign up?

Once you start the registration process, we’ll ask you to provide us with the information about yourself (full name and address) and the business.

The business information includes the business type, the registration number (if applicable), tax information and legal representatives as well as ultimate beneficial owners.

What documents do I need for opening the account?

Only your ID or Passport (it’s really that easy).

How long does the registration take?

The whole signup process takes about 15 minutes.

Costs

Will my account stay free?

Yes. The basic account is free, which means you will have one business MasterCard and you can send 10 transactions per month for free. Every transaction after the 10th is 0.10 €.

Once you start growing, you can pay for the services and apps you need to help your business move faster. What are those services and apps? We plan to introduce low-cost FX, automated accounting and more in the coming months!

Are there any hidden costs?

Nope. We’ll always notify you once we charge for something.

What ATM fees do you charge?

We are made for companies with a cashless policy in mind. If you need to withdraw money,  we charge 2% or a minimum of 2 Euro. We are working to improve this in the future. If there will still be cash.

What is the pricing concept on these additional services and apps?

The basic Penta account is free and will stay free forever. You get 10 free transactions per month, and every transaction after your 10th will be 0.10 €. You only pay once you grow for additional apps and features. The full price list is available here.

Product & Account features

Does this qualify as a normal bank account?

Yes. When you open a Penta account, you’ll have a full-fledged bank account via solarisBank.You’ll also have an individual IBAN, a MasterCard, and access to the business apps and services that your business needs to make business banking really easy.

How many debit cards come along with one account?

When opening the account, you’ll receive one business MasterCard sent to your address for free. Also, in the nearest future you will be able to order as many cards as you like for €2 a month per additional card! You will be able to set different budgets and constraints per card.

What happens if I lose my card?

If you have lost your card, the first step is to log into your app and block the card. If you need to get a new card contact Penta support at help@getpenta.com.

Can I use a Penta account with my cofounders?

You will soon be able too - in the nearest future all Penta business accounts will be accessible to all legal representatives.

Can I use my app on multiple devices?

We’re testing the mobile app in a closed-Beta that we plan to release in the coming months. However, the current Penta app is responsive and can be opened on your phone.

What features are already available in my Penta account as of today?

Currently you will get Mastercard and basic features, such as payments, standing orders and timed orders (coming very soon). You are able to download bank statements and export transactions as a .csv file to do accounting.

Can I cancel my account?

Yes. And we won’t charge you for it, or make it complicated!
But we’ll be really sad... 😔