As things become online to reduce human efforts, Digital-banks are up surging as a means of taking care of financial needs online too. There are a number of new banks coming with attractive features covering all kinds of issues related to finance. The number is vast to be discussed; however, we have selected a few most essential mobile banks that are actually worth using, especially in the EU. This will help you all know about Top 10 Best Digital Banks In EU in a quick and easy way.
‘Digital bank’ is a term that is used to express the online banking system which is spreading like a storm in today’s time. The reason is simple; it helps complete tasks in less time comparatively traditional banks. Also, it is comfort-oriented that does not ask you to wander to get your financial work done.
In midst of confusion about which digital bank is good to be used, we have compiled a list to choose from. Now, without wasting a single minute, have a look at each bank with its specializations.
- Best free personal account – Wise
- Best digital bank for cashback – Curve
- Best digital bank for investing – Lunar
- Best digital bank for metal cards – N26
- Best digital bank for bitcoin and crypto – Revolut
- Best digital bank for freelancers – Holvi
- Best digital bank for international money transfers – Wise
- Best digital banks in Europe: Anytime
- Best digital banks in Europe: Bnext
- Best digital banks in Europe: Bunq
Best free personal account – Wise
Wise remains at peek when it comes to a personal account on digital banks. It is widely regarded as the money exchanger/transfer platform that works without any sneaky fee charge.
Due to its exchange features, Wise is globally recognized and accepted. Users can use its card in almost 200 countries, whereas, the card is accepted in around 2.3 million ATMs across the world.
Despite it, at the time of setting up, you will be asked for a one-time fee of €7. After that, you don’t have to pay to use your wise account from its application or site.
Best digital bank for cashback – Curve
Curve bank is particularly known for its Cashback offers on the usage of the Curve cards. The rewards given by Cure bank are simply known as Curve Cash. There are also a few important things that are necessary to know about Curve:
The curve helps in getting 1% cash back on every purchase that you make using the Curve Card for 30 days.
Also, users have the choice to choose 3-6 retails from the list of 100 and can get 1% cash back on the purchases.
Additionally, on using a Curve card at a retailer, you will get points, which further be converted into money when you buy things from it.
If you are interested in rewards, and cashback, then this could be your destination for digital banks.
Best digital bank for investing – Lunar
Investing became easy with Lunar online-only banks. This helps in making an investment as smooth as it was ever before. The process is also quite simple to start using Lunar. Only, you need to set up your account with the crucial details and let your investing start.
Also, there are different choices available in terms of Investment platforms. You can choose as per your taste from it. You can search the investing companies by their names on the search bar and can recognize them by their logos.
The additional perk is that it does ask for any fee charge for starting your investing process.
Best digital bank for metal cards – N26
If you are fascinated with the appearance of your debit or credit card, N26 is of your type. N26 is a digital bank widely known for the design and metallic cards in the market. It has other benefits such as its Premium account which will explore a variety of products and features, unique in comparison to others.
It is like Revolut, in terms of card design, providing several attractive designs to lure the users.
Along with it, there are many perks and benefits given to its premium users such as compensation; Travel, flight delay, baggage delay, etc.
Also, the amount for this insurance varies as per the issues you got faced. Literally, this digital bank is worth using for your benefit and stylish purpose.
Best digital bank for bitcoin and crypto – Revolut
Interested in Trading on Stocks and Cryptocurrencies? Revolut could be your starting point. This one digital bank, which is functioning in the EU, can be worth using for the purpose of beginning your investing journey in crypto and stocks. Although for using Revolut, you need to pay additional fees, the perks are worth spending on the charges.
The charges on Revolut for the purpose of trading range from 1.5% to 2.5%. And, it is mostly dependent on the type of cryptocurrencies you are investing in.
Here is the list of cryptocurrencies available on Revolut:
- Tezos (XTZ).
- Stellar (XLM),
- EOS (EOS),
- Bitcoin (BTC),
- Ethereum (ETH),
- Litecoin (LTC),
- Ripple (XRP),
- Bitcoin Cash (BCH),
- OMG Network (OMG),
- 0x (ZRX), and
The use of Revolut will be useful in understanding the game of cryptocurrency, especially if you are a novice buyer.
Best digital bank for freelancers – Holvi
Holvi is one of the digital banks created particularly for freelancers, those who do their work without the supervision of any organization; but freely. This bank provides current account service for such users who actually are in need of money management. This is ideal for the use of making your money worth investing in using Holvi.
Also, the mobile application works with MasterCard which means it will keep your account up to date automatically. Besides it, it is easy to manage your account, receipts, and documents in a most sophisticated manner.
Best digital bank for international money transfers – Wise
Particularly started in 2011, the primary objective of Wise was to facilitate international money exchange at the minimum cost possible. And, this can be seen as possible as Wise being at the top of the list does so.
Due to this, the various competitors see failure in standing with Wise, in terms of providing the best exchange rates in the market. For instance, PayPal works the same however with higher fee charges, which are ultimately beaten up by the Wise’s lower charges or no charge in a few cases.
Top 10 Best Digital Banks In EU
Wise is able to connect all the banks with its technological advancement, which means the money that is sent from one location to another is not directly sent to different bank accounts; however, it is sent to the Wise’s account first and then gets transferred on to the other banks.
With this, Wise is more successful in making the services more on-going rather than others like being stopped or having a failure in it. This helps users in getting their funds on time and with less or even no blockage, that too with minimum charges.
Best digital banks in Europe: Anytime
Anytime was founded in 2012 by Dupouy Damien (CEO) and Thierry Peyre. It is an online bank that provides a convenient application process facility. Widely popular in France, it is ideal for different businesses along with several accounts.
It has other beneficial perks: budget management tools, financial management tools and there are others as well. You can send funds abroad without paying anything extra for it. Also, it is in conglomeration with SumUp which makes it ideal for merchants to accept card payments.
This online-only bank is made for the purpose of replacing current accounts with the variety of offers that it provides.
Best digital banks in Europe: Bnext
Bnext is the largest single mobile banking service provider in Spain with owing more than 400,000 user base. It offers a free Standard account and premium account for €8.90/month.
In Bnext, you can find other facilities as well: For instance, mortgage, loans, insurance, savings, and many more. Apart from this, you could use Bnext in buying and selling cryptocurrencies.
Best digital banks in Europe: Bunq
Bunq is the fastest-growing virtual bank in Europe with its popular features: Green message and travel features. It is in craze among young people because of its cool features which match their style and comfort.
Along with it, it is an immensely easy process to become an account holder here. For that, you don’t necessarily need to be from the Netherlands anymore. All you need is, that you have to be living within the boundary of the nation, and your account can be opened over there.
Also, Bunq has spread its facilities to European Union, Iceland, and Norway in 2019.
Due to its easiness of features and fewer requirements in setting up of the account, users get attracted a lot towards it.
Benefits of digital banking
Before talking about the benefits of virtual banks, a quick-to-understand intro to it is worth discussing:
Digital banking or virtual banking or mobile banking is all different names of a single concept. The online-banking system is such that it gets all the financial work completed without you going to a physical branch. Also, the services are in abundance that you will forget your traditional way of managing things when it comes to financing.
To provide these services, a vast variety of banks are available with different specializations of their products. You need to choose from them, as per the requirements. Also, take care of the fee charges and the interest rates of the particular bank.
Now, to give you an idea of what a digital bank can do for you, a list of benefits is given below, take a look.
Higher interest rates
We are starting with the benefit points. Generally, on digital banks, it has been observed that the interests on the amount you possess in a particular bank, is more than those of traditional banks. Also, it is reliable and comfort based process. So why not to try it rather than getting less returns and being in queued. Find effective info on Top 10 Best Digital Banks In EU.
Easy to apply
It is primarily the most important thing that should be discussed in forefront. The process of application is supposed to be the hardest, or say, brainstorming process when it comes to traditional banks. Whereas, you can be free from such devastating situation if you go for online banks, as there is no need to be in queue for longer durations to get your account opened.
It is possible to open a bank account being on your sofa at home. Nothing is critical: you need documents submitted on the application or the website of a particular bank. After that, you are ready to use the services of that bank.
As said, the services are easy to get without going anywhere. Also, it’s quite possible to apply for different perks such as Loan, insurance, savings, and many others.
Online banking is the foundation of making things accessible at doorstep with minimum cost and efforts of the users.
Budgeting and analytics
An additional feature that most of the digital banks are providing is its ‘Budgeting and analytics’ feature. This is useful in managing the funds of your bank account. Along with it, it categorizes expenditures and savings in a hassle-free manner.
This tool is best if you are into a net of multiple doings and find it difficult to manage funds on time.
Drawbacks of digital banking
Because of the newly emerged concept, digital banks are fewer setbacks that cannot be avoided. Let us find out what these drawbacks are.
You might have experienced or seen, that customer support is something that needs to be pro-active and interactive enough to find out the exact troublesome that a user is experiencing. And, it is worth having one-to-one discussion being present in front of the representatives, because it gives an edge to enhance the quality of conversation in fixing the issue.
This is something being missed-out in digital banking arena. Because of its online touch on everything, from services to customer supports, there are many users who find difficulty in getting their issues resolved. And, as a result, they either keep stuck with the issue or just leave out the services forever.
It is something could be considered seriously and should be enhanced in forthcoming years.
Limited options for deposits
It has been observed that although digital banks are facilitating perks like direct deposits, paycheck deposits, but it’s not available on all the service providers for the same. And therefore, those who are unaware of, find it difficult when it comes to depositing either paychecks or direct deposits, in some cases.
Whatsoever the amount is in this failure, this has to be fixed from service providers’ end to make the journey ongoing.
How safe is digital banking?
Because of the vast engagement of people opting the services, the security of these applications have been enhanced. The fintech companies are the real-maker of all the features handling to give the best experience, that too, foul-proof.
Top 10 Best Digital Banks In EU
The reliability and security of digital banks are in a good condition as the people’s taste can change in a minute if found anything unsatisfactory. This is well-understood by these service providers and therefore they are working best to save its users’ data from unwanted access.
For that, these companies have started providing on-app security in which fingerprint, face-lock, PIN, are required to get access to your account.
Surely, the efforts are on-going and it will be useful in saving each account.
What features do digital banks offer that traditional banks don’t?
Being an online-only bank, there is an edge that helps provide more than traditional banks, in terms of services. Find out what they are.
- Monthly reports and forecasting
- Savings accounts or non-savings accounts with interest
- Easy to apply features
- Get Approval within minutes
- In-app customer service (via chats, calls, messages)
- Fewer to no fees for transactions and ATM withdrawals abroad
- Absence of paper in doing work
- Bill splitting
- Budgeting and analytical features
- No hidden fees
How to get started with digital banking
Are you excited to get your digital banking journey started? You would be, probably. The features, easiness, and cost-effecting ways are the center of attraction towards these neobanks. Alright, it is so much easy guys; to get your journey started you only need a few minutes to perform the activities essential for getting start.
Top 10 Best Digital Banks In EUProvide details: Personal or Professional, allow for a few things (if using application): allow access to phone’s storage, media, and all. Then finally, when everything gets set, all yours!
How ending goes:
Top 10 Best Digital Banks In EU: The European digital banks are far ahead in terms of providing services that is beneficial for users, of course. Due to the advancement of technology and lifestyle being ahead, the function of digital banks is smooth and enriching.
This, for sure, reduces the time and helps in completing tasks that you would have given hours upon if used old/traditional way. Top 10 Best Digital Banks In EU
There are many banks (online banks) that are even providing all the benefits that could be found in traditional banks; however, a few are working to speed up the financial journey by providing limited features: Credit Cards, Loans, Mortgages, etc.
It’s a revolutionary trend and being a part of it, it becomes our duty to elevate the trend with more and more participation in it.
Find the Top 10 Best Digital Banks In EU.