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?

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, eK., UG i.Gr. and GmbH i.Gr.

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 at 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).

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 for 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... 😔

Tax & Residency data

Why do you need to collect tax data about my business?

Together with our partnerbank solarisBank AG, we are legally required to collect certain tax information about your business. This data includes:

- The tax identification numbers (TIN) for every country your company is subject to tax.
- The tax classification ("Common Reporting Standard") based on international rules.

What is the TIN?

The TIN in Germany is the "Steuernummer", also known as "Wirtschaftliche Identifikationsnummer". The TIN is provided by the responsible authority, in most cases the "Finanzamt". The TIN is usually 11 digits long and follows a similar format to this: 111/111/11111

Where can I find the German TIN?

Your responsible Finanzamt (local tax authority) will have sent you a letter after the company formation or the registration of your business which will show your TIN. You can also contact your Tax Advisor to ask them for this information.

What is the Common Reporting Standard?

The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion.

Which CRS Type do I have to select?

The Common Reporting Standard defines five categories which a company can be assigned. As with all taxation regulation, it might look complicated to choose the correct category. In the next questions in this FAQ, you'll find an explanation guide for the categories to better understand them and assign the correct category for your business. However, please note that Penta does not provide tax advice and in case of any non-general questions, please do contact your tax lawyer.

What is an "Active non-financial entity"?

You can most likely be considered an "Active non-financial entity" if you fall in any of the sub-categories below:

- Operational company: Your business is operating and producing goods and services. In more legal terms this means that less than 50 percent of your businesse's gross income for the last reporting period was passive, and less than 50 percent of its assets produced or were held for the production of passive income (e.g. rent, licences, dividends or interest).

- Business in foundation: Your business is not yet fully operating a business and has no prior operating history, but it is investing capital into assets with the intent of operating a business other than that of a Financial Institution.

- Holdings: All of the activities of the business substantially consist in holding, wholly or in part, the outstanding stock of —or consist in providing financing and services to — one or more subsidiaries that engage in trades or businesses other than the business of a financial institution. The business does not, however, qualify for this status if the business functions (or holds itself out) as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes.

- Non profit: The business is established solely for religious, charitable, scientific, artistic, cultural, sporting or educational purposes.

- Business in liquidation: The business was not a financial institution in the past five years and is now in the process of liquidating its assets or is reorganizing with the intent of continuing or recommencing operations in a business other than that of a financial institution.

- Companies traded on the stock market: The stock of the business is regularly traded on an established securities market, or the business is a related entity of another entity whose stock is traded on an established securities market.

- Public organisations: The business is a governmental entity, an international organization, a central bank, or an entity wholly owned by one or more of these entities.

- Treasury Center: The business primarily engages in financing and hedging transactions with or for related entities that are not financial institutions, and does not provide financing or hedging services to any entity that is not a related entity, provided that the group of any such related entities is primarily engaged in a business other than that of a financial institution.

What is a "Passive non-financial entity"?

In case your business does not fall under the definition of an "active non-financial entity" and is not a "Financial Institution", then it is most likely a "Passive non-financial entity."

What is a "Passive non-financial entity investment holding type B"?

Your business is an investment entity located in a non-participating jurisdiction and is managed by another Financial Institution.

What happens if I don't provide this information within 90 days of account opening?

Unfortunately, if this information is not submitted within 90 days of your account opening, we are legally obliged to automatically freeze your account until we receive this information. But don’t worry, it’s easy to do and can be done completely online.

Will you share this information with anyone?

Penta and solarisBank AG fully respect your data privacy. We will only disclose your information to the relevant tax authorities if we are legally required to do so.