There's a period when you don't have all the required paperwork, and it's really hard to open a bank account, or sign up for payment services.
Many banks in Germany use the same ID verification tool, and it does not recognise all passport types. Some banks require a residence permit or registration certificate, both of which can be hard to get.
If you have a bank account, it can still be shut down or restricted because of your government back home. This happened to Americans in 2019 and to Russians recently.
It's also a pain for visitors who need to join the system.
At last, phones get lost or break. When I lost mine, it took me two weeks to regain access to everything, in part because of 2FA catch-22s. At least I had money to replace it.
For those not in the know, what happened in 2019 with Americans? A quick search showed something about N26 bank leaving the US but not much else about it.
There's a period when you don't have all the required paperwork, and it's really hard to open a bank account, or sign up for payment services.
Many banks in Germany use the same ID verification tool, and it does not recognise all passport types. Some banks require a residence permit or registration certificate, both of which can be hard to get.
If you have a bank account, it can still be shut down or restricted because of your government back home. This happened to Americans in 2019 and to Russians recently.
It's also a pain for visitors who need to join the system.
At last, phones get lost or break. When I lost mine, it took me two weeks to regain access to everything, in part because of 2FA catch-22s. At least I had money to replace it.