5 Best Digital Banks of 2022
If you are a freelancer, small business owner, traveler, trader, or looking for an individual account, you can be certain that there is a digital bank that is focused on solving your banking woes.
Most digital banks started as just Electronic Money Institutions to help consumers send money internationally without the ridiculously high fees from traditional banks. However, digital banks now provide the same services as your local banks and much more.
The financial technology industry is seeing new startups and companies popping up in different countries yearly. This is very good for competition as consumers have a lot of choices and can compare the service provided by each. Before deciding which one is right for them.
The 5 Best Digital Banks of 2022
Wise: The Best All-Around Digital Bank
Wise started as a fintech company making it easier to make international transactions. Founded in 2011 by two Estonian businessmen, the digital bank has become one of the leaders. It offers cheap transfer fees for local and international transfers, virtual and plastic cards, business accounts, multi-currency accounts, and many more.
The digital bank is available to customers in over 200 countries including the EU and EEA countries. The borderless multi-currency account can handle over 50 different currencies. Making it a great choice for traders, travelers, and students studying abroad.
Wise adheres to the regulations established by the FCA (UK), FinCen (US), and other regulatory organizations in each nation in which it operates. Your Wise account is just as safe as a traditional bank account. This service never sells its users' data due to its bank-level security. Its in-house security staff monitors security risks and suspicious transfers 24 hours a day, seven days a week. Read our full Wise review for more details.
Benefits of Wise
- Transparent low transaction fees
- No hidden or inflated banking costs
- Borderless multi-currency with over 50 currencies
- Allow transfer of funds to more than 59 countries
- No minimum transfer amount required
- Intuitive mobile app to track spending
- Free business account
- Virtual and plastic debit card
- Mid-market exchange rate
- Wise doesn’t have support for cash pickups
N26: The Best complete bank
N26 is the most complete digital bank on this list. The German neobank was founded in 2018 and is based in berlin. The digital bank has a ton of services and features that a traditional bank offers. With N26, you can get access to a completely insured bank account, free debit cards, travel insurance, SEPA transfers, an IBAN account, and many more!
N26 offers different account plans for individuals, freelancers, and businesses. However, N26 does have a free plan option for everyone. You do lose out on some of the features that are available on the paid plans. Nonetheless, the free plan offers no monthly service fees, free virtual debit cards and no minimum deposit required. For more details, read our N26 review
Advantages of N26
- Competitive mid-market exchange rate
- Payments can be made with Apple and Google Pay
- No monthly maintenance fee
- Free SEPA transfers
- An IBAN account
- Business account
- Virtual and Plastic debit card
- An ATM fee of 1.7%
- Overdraft and cheque services are not accessible (except in Germany and Austria).
Revolut: The best digital bank for UK consumers
If you are in the UK, then you have heard of Revolut. Founded in 2015, Revolut was first envisioned as a multi-currency bank account that minimized various bank costs and commissions associated with foreign currency transactions. It was successful in the EEQ region, raising several million euros, and now aspires to become a genuine online bank. Today, Revolut has expanded beyond the limits of the United Kingdom and currently provides its services in several European countries, as well as the United States, Canada, Singapore, and many more.
Revolut provides its users with many services depending on what plan they choose. Some of the services include a business account, multi-currency account, virtual and plastic cards. Metal cards and many more! For more details, read our full Revolut review.
Advantages of Revolut
- No monthly maintenance fees
- Competitive foreign exchange fees
- Accessible mobile app
- Virtual, Plastic and Metal debit cards
- Highly responsive customer support
- Deposits of cash or cheques are not permitted.
- A restricted insurance offer
Starling Bank: The 'darling of the fintech industry' in the UK.
Starling Bank is a mobile-only bank, founded in 2017. The digital bank offers customers everything they need from a full UK bank account. Starling Bank offers many attractive services without the heavy traditional banking fees. Some of these services include a MasterCard debit card, a personal account, a kids account, a business account, personal loans, and many more!
Advantages of Starling Bank
- No foreign transaction fees
- Mobile cheque deposit
- MasterCard debit card
- Ability to freeze your account
- A mobile app and website to manage your funds
- Savings goals
- Loan options
Curve: Simplify all of your banking into one convenient place
Curve is a one-of-a-kind financial service provider that was established in 2015. The digital bank is designed to provide a platform where customers can keep track and unify all of their different accounts, payment cards, expenses, and more! Curve has found its way to the forefront of the digital banking world for its slogan“One place to spend, send, see and save money.”
This makes Curve a perfect digital bank for people looking to organize their multiple bank accounts or debit cards.
What is 'Digital Banks'?
Digital banks are known by so many names: virtual banks, neobanks, mobile banks, or even digital challenger banks. However, they all mean the same thing, a digital bank provides banking services to customers but without a physical location. All the transactions at a digital bank are done online either on a desktop or mobile device.
This allows users to save money on international money transfers, monthly maintenance fees, and all other headaches we are accustomed to with traditional banking.
You can’t go wrong with any of the digital banks we have mentioned above. You should sieve through the list and choose which one fits your needs best. However, if you would like to see a longer list of digital banks we have you covered.
Digital banking is moving to become the future of banking. Many people are already moving their transactions online. This can be scary for many people and might be even confusing. That's where services like ours come to play. We provide an honest and accurate overview of the best digital banks. We also allow our readers to leave comments and share their experiences about digital banks on AskWallet.