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Online banking is on the rise now: more than half of Europeans use digital financial platforms to invest their capital, send money across borders, or take loans. Such banks don’t have any real branches, so they can cut unnecessary costs and provide you with more beneficial conditions and lower fees. But it doesn’t mean they are less secure and reliable than traditional banks: neobanks are as well-regulated as common credit companies. In this Traders Union article, we explain how they work and offer you a list of the top 3 online banks available for Europeans.
About digital banks
Online banks (or neobanks) are financial companies that provide their services through the internet by allowing you to access their products via convenient mobile apps. This way, you don’t need to visit an actual branch of your bank to take a loan or send money: just a few taps on your phone, and all that is done. Digital banks are rather well-regulated, and they employ advanced security measures to protect all your personal data and funds from external threats. However, every online bank has its own set of pros and cons, and you should thoroughly compare them to find the best one. To help you out, we’ve arranged this list of the top 3 online banks in Europe. Let’s check it out.
Founded in 2015, Revolut is widely considered simply the best digital bank in all of Europe. Secure and well-regulated (the company is closely monitored by FCA), it features quite low fees, various plans, an impressive range of banking products, and beneficial withdrawal rules. However, the basic plan isn’t a particularly convenient one, and other plans are pretty costly.
Wise is another well-known neobank from the UK that features low fees and quick transfers. The bank supports many different currencies and allows you to exchange them without excessive commissions, so it’s very convenient for people who travel all the time. But the range of available products is narrow, so if you need more options, make sure to check out other banks in this Traders Union article.
Monese is also a popular neobank that’s known for its client-oriented approach and simple verification procedure. The basic plan is very convenient, and the transfers are instant and free. You can also use the app to send money across 30 countries with great exchange rates.