Fact checked! This material is written by an expert

5 min read 14.11.2021 77

10 Best Online Banks of 2021 in EU

In 2021, even the traditional banks have created their own mobile only banks to compete with the ever growing fintech industry. The online banks have transformed the way we send, save and receive money. With online banking, we can send money locally and international with very little to no fees. 

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert

5 min read 14.11.2021 77

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 is Europe. The online banks that are coming out of the European Union are one 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 on a regular basis has more than doubled.

Let's take a look at some of Europe's digital banks that have risen through the ranks.

N26 - Voted 'Best Bank in the World 2021

N26 is the solution if you're seeking for 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.

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.

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.

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

Despite the fact that 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.

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 to reforestation by planting a tree for every €100 spent.

Fidor Bank 

Fidor is an internet-based direct bank that provides online private and commercial accounts for freelancers, self-employed individuals, and businesses. It provides traditional banking services as well as integrated financial apps from partners. Its product offering includes online savings bonds, credit cards, and deposit accounts, among other things. Users can also acquire foreign currency or precious metals.

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 payment.

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.

Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.