byingeborg on "How to install locally with remote database"

For anyone interested, I solved this issue myself like this:

Connect to phpmyAdmin and run this script:
SHOW VARIABLES WHERE Variable_name = 'hostname'

Copy the URL/database url there and use it as host in the install wizard. Worked like a charm.

Found the resolution via this forum thread: https://wordpress.org/support/topic/wordpress-and-database-on-different-servers?replies=2 And also more info here: http://serverfault.com/questions/129635/how-do-i-find-out-what-my-ip-address-of-my-mysql-host-is