10 Best Online Banks of 2022 in EU
In 2022, even the traditional banks have created their own mobile-only banks to compete with the ever-growing fintech industry. Online banks have transformed the way we send, save and receive money. With online banking, we can send money locally and internationally with very little to no fees.
The rise of online banking isn’t surprising to anyone anymore as we can all see many people find it more comfortable than traditional banks. We are going to go into the details of why online banks are better than traditional banks because we already have an article on the topic.
Online banks don't just give users personal checking accounts that they can monitor for their smartphones. They also provide business accounts, accounts for sole traders and merchants alike. One of the biggest markets for the fintech industry in Europe. The online banks that are coming out of the European Union are some of the best and most regulated online banks in the world.
Today, most individuals in Europe utilize internet banking, with figures suggesting that 70% of European adults use their online bank account at least once a month. In certain European nations, up to 90% of individuals utilize online banking. In fact, in the previous 12 years, the number of people who use online banking regularly has more than doubled.
Let's take a look at some of Europe's digital banks that have risen through the ranks.
Wise (Formerly TransferWise)
Wise is the top peer-to-peer online foreign currency money transfer business in the United Kingdom. The service's website is available in ten different languages. Users may simply send money to over 59 countries while paying the least amount of money compared to a few big banks and PayPal. The transfer charges are determined by the exchange rate, the amount sent, and the payment method utilized. You see what you get with Wise, but other financial institutions will charge you for currency exchange.
Intergiro - All-in-one financial toolkit for business
Intergiro is a business-to-business electronic money institution. It provides business accounts, merchant services, payment cards, and mobile and web banking. Intergiro specializes solely in business accounts. They provide you with a fully customizable API, which is ideal for digital enterprises looking to establish their own banking service. Multi-currency accounts, IBAN, SEPA payments, and Prepaid virtual and physical cards are among the features. Intergiro is without a doubt one of the top online banks. Read the rest of our Intergiro review here.
Holvi Europe - Calm the chaos of self-employment
Holvi is a neobank that specializes in 100% online professional accounts for self-employed individuals and small enterprises. It provides its customers with business banking, invoicing, cost management, and tax preparation services all in one account. Holvi's debit MasterCard allows you to make online purchases and withdraw cash from ATMs all around the world.
Anytime - More than just a bank
Anytime is a neobank that provides digital banking services to consumers, businesses, professionals, and organizations. Its many account options cater to the demands of various customers, including multiple perks for travelers, cheque acceptance, business administration tools, free international transactions, a variety of MasterCards for personal and commercial usage, and much more. Anytime was established in France.
Bunq - Bank Of The Free
Bunq is a trendy challenger bank that uses a green message and travel attractions to attract young people from all around Europe. It accomplished a lot in this aspect, but it still has certain security and app concerns.
In 2019, Bunq extended to all markets in the European Union, Norway, and Iceland. Bunq's Green Card users may help reforestation by planting a tree for every €100 spent.
Monese - The Peace-Of-Mind Money App
Monese is possibly the simplest and quickest way to open an internet account. Monese is headquartered in the United Kingdom, although it may be used in 20 nations using GBP and Euro. They provide free international transactions as well as free transfers within the same currency.
Monzo – Banking Made Easy
Even though Monzo is situated in the United Kingdom, you may use this digital bank in any nation where MasterCard is accepted. There are no foreign transaction costs; they provide overdrafts and loans; quick money transfers; and connectivity with other internet businesses. Monzo allows you to create budgets for yourself; you may pay direct debits from your Monzo account; earn interest on your savings; and divide your money into several "pots" for different reasons - rent money, spending money, bills, and so on.
Curve - The All-In-One Money App
The Curve Card is a physical (as well as a virtual/digital) card that allows you to link other cards to it and choose which card among those connected to pay for each transaction. With the Curve card, you may use the card that is most convenient for you at the time of purchase, such as one that pays cashback on purchases, one that has cheaper commissions if you pay in foreign currency, or one that has greater economic availability.
N26 - Voted 'Best Bank in the World 2021
N26 is the solution if you're seeking a trustworthy Euro digital bank. N26, based in Germany, operates in 22 countries and provides an exceptional reward program, money transfers, a bank account with a debit card, and ATM cash withdrawals. You may establish sub-accounts for various purposes using N26's "Space" function. You establish a Space, set your financial objectives, and then watch as you progress toward your goal. Soon, you'll be able to share Spaces with up to ten people using their simple app.
Revolut – One app, all things money
Revolut is a FinTech firm founded in the United Kingdom that operates in 33 countries. They provide cheap costs and a wide range of additional services and products such as personal loans, eMoney accounts, phone insurance, travel insurance, and cryptocurrency trading, but unlike many other online banks, Revolut does not offer overdrafts, joint accounts, or interest on savings.
What is Online Banking
Online banking is the use of a computer or mobile device to manage your bank accounts. This includes electronic fund transfers, check deposits, and bill payments.
Traditional banks and credit unions with physical locations generally allow consumers to access their accounts through the internet as well. However, mobile access is mostly provided through online banks and suppliers. You won't be able to see a banker in person, but you may access your account at any time using a mobile device or computer. Here's a deeper look at some of the most popular online banks.
How Online Banking Works
Online banking is intended to be convenient, saving you time and allowing you to do transactions on your own time rather than simply during the hours that your local bank office is open. Almost anything you can do at a typical bank or credit union branch can be done online, beginning with establishing an account.
Opening Accounts
You can open checking, savings, and other types of accounts online, often without the hassle of printing or physically signing anything. With electronic signature capability, the entire process might now take less than 10 minutes.
If you're a customer of a financial institution that offers online banking, you can register for online access through that institution's website. At a minimum, you'll usually need the following items to get started online.
Quick Verification
Personal information, such as your birth date, is used to authenticate your identity. To create an account with an online-only bank or credit union with which you do not already have a relationship, you will need the same information, with the exception of the bank account number. Additional ID verification, such as a driver's license, may be required.
Registration entails creating a log-in (often your email address) and password. After completing registration, you will be able to log in to your account and begin banking online using simply your internet-enabled device.
Paying Bills
Instead of writing checks to pay bills, your bank can print and mail them for you on a monthly basis. However, for more convenience, you can send money to a payee online, even if the amount you owe varies every month.
Transferring Funds
If you need to transfer funds from your checking account to your savings account, you can do it online. You may even link your accounts at various banks or send money to friends and family virtually quickly using your bank's person-to-person services.
Applying for Loans
Obtaining a loan is typically a time-consuming and paper-intensive procedure, but it does not have to be. Filling out your application online expedites the credit-check process, allowing your bank or credit union to react more promptly. Some financial institutions with online loan applications make cash available the same day you are accepted for a loan. Other lenders that operate solely online can make lending judgments in less than a second.
Depositing Checks
When someone pays you with a check, it's easy to deposit the check from home if you have a smartphone. Using a mobile check deposit, you snap a photo of the check through the mobile app of your bank and submit it for payment. There’s no need to mail the check.
Viewing Current and Past Transactions
Most credit unions and banks make it simple to check your available balance, confirm that your most recent transactions were successful, and examine prior monthly statements online. You should be able to search for transactions based on their time range and kind, such as a bank card payment.
Staying Informed
Another significant advantage of internet banking is the option to set up notifications. When your bank detects potentially fraudulent activity or your balance falls below a specific threshold, you can be notified by text or email. You can be alerted when deposited funds become accessible or when a check clears.
These notifications are useful for information, but they can also help you immediately halt illegal activity. For example, if you are alerted of a password change and you did not make that change, you may call your bank immediately and urge them to block the culprit from emptying your account.
Which Bank online account is best?
There are different types of accounts available for users to choose from at online banks. You can find packaged bank accounts, current accounts, savings as well as accounts for specific groups of people. Some include an account for freelancers, expats, businesses, and students. There is also a range of extras that you can add to your accounts such as travel insurance, sign-up bonuses, and breakdown cover. With that in mind, you can select the bank online account that best fits your needs.
What are the advantages and disadvantages of online banking?
Online financial services have become more convenient and accessible 24 hours a day thanks to online banking via personal computers and mobile apps on cell phones. However, there are some advantages and disadvantages to using online banking.
Some of the advantages of online banks include:
- Better Rates and Low fees: Online banks have lower costs than traditional brick-and-mortar banks, which means they can offer better rates on savings accounts, and other deposit products.
- Convenience: You can access your money online at any time of day or night from anywhere in the world. Many banks allow you to deposit checks by taking a picture with your smartphone.
- Ease-of-use: Online banks are simple to use, and their websites are intuitive and easy to navigate. Many online banks offer mobile apps that make it easy to check your balance or transfer money between accounts.
- Account Management: Online banks offer a variety of account management tools, including online bill pay and mobile check deposit. These tools are great for users, especially those who run a small or medium-sized business.
Some of the disadvantages of using online banks include:
- Limitations on Deposits: Online banks have limits on how much you can deposit, and if you go over that limit, your account may be closed. To avoid problems with deposits, make sure to check your bank’s policies ahead of time so you don’t run into any issues when depositing money into your account.
- Lack of Personal Banker Relationship: Online banks may not offer you a personal relationship with a banker, which can make it harder to get questions answered and receive assistance when you need it. Some online banks will assign you a customer service representative who can help answer your questions, but if you want to speak with someone face-to-face, an online bank may not be right for you.
- Security and Identity Theft Concerns: Online banking sites and mobile apps are generally designed to be secure, and banks are constantly updating security protocols. However, no system is perfect, and accounts can be hacked, resulting in identity theft through stolen login credentials. While you can use mobile or online banking with general confidence, avoid using insecure networks and be sure to change passwords and protect your login information.
What is the most reliable online Bank?
So you’re looking to sign up with a new online bank. What are your options? To get the best checking or savings account, it’s important to weigh all of your options. That’s why we created a list of what we believe are some of the most reliable online banks operating today, including foreign and domestic institutions. Our list includes European that are reliable online banks as well as attractive perks such as travel miles, cash bonuses, and current accounts with low maintenance fees.
N26
Revolut
Wise
bunq
Vivid Money
Nuri
How do I choose an online bank?
As you begin your search for a new bank, one of your first considerations should be what services you actually need. Generally speaking, banks offer three primary services—savings accounts, checking accounts, and loans—but sometimes they can get creative with fees and interest rates. At its most basic level, an online bank is an institution that manages financial accounts over digital or electronic devices. Of course, not all online banks offer the same services. Here’s a brief breakdown to help you navigate through a few of your options:
- Fees: Online banks tend to have lower fees than traditional banks, but that doesn’t mean you should automatically opt for a free service. You may want to consider an online bank that offers a mix of free and fee-based services, so you can take advantage of all its offerings without paying more than necessary. Some common fees include monthly maintenance fees, overdraft fees, and ATM charges. Be sure to read through your bank’s fee schedule carefully before signing up for an account.
- Customer experience: Digital banks are often praised for their digital-friendly customer service, but that doesn’t mean they’re always easy to work with. Before signing up with a new bank, it’s a good idea to look at online reviews and speak with current customers about their experiences. You should also consider how you plan to interact with your bank—is phone support important? Is it easier to communicate via email or chat?
- Minimums: Many online banks require a minimum deposit to open an account, but that doesn’t mean you have to meet that requirement right away. In fact, some digital banks offer a mix of free and fee-based services, so you can try out all their offerings without making a large investment up front. Be sure to read through your bank’s terms and conditions before signing up for an account—you may be able to avoid fees or qualify for special promotions by meeting certain requirements early on.
- ATM network: If you plan to travel frequently, you may want to look into a digital bank that offers a large ATM network for cash withdrawals—some even reimburse fees charged by other banks’ ATMs. You should also check with your bank before you leave on vacation to make sure it offers international service; some digital banks offer international cards and free cash withdrawals at local ATMs, while others charge hefty fees for each withdrawal.
- Digital banking experience: Some digital banks are more advanced than others, so you should consider how you plan to use your account before choosing a new bank. For example, if you want to set up automatic bill payments or direct deposits, look for a bank that offers these features as standard options; otherwise, you may have to pay extra fees or submit special requests to get what you need. You should also look at a bank’s mobile app—do they offer an easy-to-use interface and 24/7 support? Look through neobanks (link) on our website to choose the best option for you."
6. Safety: Make sure that the online bank is insured and backed by either the FDIC or a European bank, so your money is safe if something goes wrong. And remember to look at all terms of service before you open an account—there may be hidden fees, rate increases, or other surprises waiting for you down the line. It’s a good idea to keep a close eye on your accounts once they’re set up, just to make sure everything looks right and nothing has changed unexpectedly.
Can I open a bank account online without going to the bank?
Yes, you can open a bank account completely online and for free, and it will only take some minutes in most cases. Here’s how to open a bank account online in a few steps:
- Find a bank that offers free online account opening.
- Sign up online (usually takes less than 10 minutes).
- Choose the type of account you want.
- Provide your personal documents and information in advance.
- Wait for verification to be completed (this usually takes 2-3 days). Once your account is open, you can log into it anytime from anywhere using a computer or mobile device and start managing your money! It’s that easy!
FAQ
Almost all digital banks in Europe offer a free basic online banking service at no cost to their customers. However, many banks charge users fees if they withdraw cash from other banks’ ATMs or exceed their agreed-upon limits on debit card purchases and ATM withdrawals. Rates vary greatly among digital banks, so choose a bank that fits your spending habits.
E-bank is a financial institution with no physical branches; everything is completed online. There is no ability to cash a check, deposit cash and or coinage and such. Online banking is the ability to access account information, make transfers, and set up automatic, payments and other operations via the Internet. Almost all financial institutions offer online banking as a means of reducing customers going to physical locations. People have come to equate e-bank and online banking as being the same thing but there is a distinction.
Should you keep all your money in one bank?
The increasing ease with which people can compare different financial products means there’s never been a better time to have multiple bank accounts. Not only does it give you more financial freedom but it also gives you more control over your finances. If you’re not going to use an account regularly, for example, then it makes sense to move that money elsewhere where you might earn a higher interest rate or pay less in fees. Having multiple current accounts at different banks also means that if one gets hacked or if there’s another major incident at one of them, you can limit your losses by keeping some of your cash elsewhere.
