There are 272 neobanks in the world. Including Neobanks for Businesses (Biz), for Personal and Neobanks for teenagers (Teens).
Neobanks : The directory of neobanks around the world
With the expansion of the internet and the increasing number of people using a smartphone/tablet in the world, many companies are offering a 100% digital customer experience. Banks are not spared, and they are gradually integrating solutions allowing their customers to benefit from accessible, simple and fast banking services. This is how the “neobanks” came into being in the banking services market. How does a neobank work? What are its advantages and disadvantages? Which neobank to choose according to your profile? Here are some answers.
Comparison: Finding the best neobank
After this presentation of what a neobank is, we can look in more detail at the choice. With several dozen players already established in USA and the ever-increasing number of newcomers, the choice quickly becomes complicated. In order not to make a mistake when choosing a neobank and to take advantage of the services it offers, it is first and foremost important to edit one’s profile: what are my needs and what are the advantages of a neobank?
Find the list of all the neobanks in the world.
Chime, Bumq, Moense, Revolut, MoneyLion… Have you heard of these mobile banks? On our directory find all the information, the advantages, the offers, the tariffs of the neobanks.
Neobanks for individuals
Among the neobanks aimed at individuals, two players stand out: Chime and Monzo. First of all, Chime is a neobank of United States origin with two offers for individuals and one offer for professionals. Here, individuals benefit from MasterCard bank cards that are compatible throughout the world, with free and unlimited withdrawals in the euro zone. Payments abroad are also free and unlimited, all managed through a simple and intuitive mobile application. At Revolut, there are other significant advantages for individuals, including the Cashback bonus, a referral offer as well as free and unlimited payments, whether in Euro or in foreign currencies.
Best Neobanks for Personal
Neobanks for professionals, business and self-employed
If you are a self-employed professional or a self-employed entrepreneur, you will find a wide choice of offers allowing you to benefit from dedicated banking services. Thus, Everestcard, Go Solo , Soldo and Starling Bank are all neobanks that you can choose to manage your professional bank account.
Best Neobanks for Business
Neobanks for children and teenagers
As for minors who want to manage their own money, several neobanks already offer adapted offers. At Monzo, Rooster Money, Osper, GoHenry, Greenlight, Nimbl parents will find banking packages suitable for the needs of their children aged between 12 and 17.
What services do neobanks offer?
As a general rule, neobanks offer as a service the management of a current account, to which a bank card is affiliated. This card allows payments and withdrawals, while some neobanks offer virtual cards to facilitate and secure online payments and other money transfers. In addition to these services, a few neobanks offer much more elaborate services, such as personal loans or savings. Other neobanks already offer services that allow their customers to invest in cryptocurrency.
Neobanks to invest in crypto
Among the neobanks offering the purchase of cryptocurrency is Revolut. Currently, the British neobank allows its customers to invest in five cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH). Also discover the neobank entirely dedicated to cryptocurrencies that is Wirex. Here, customers have the opportunity to buy and store different cryptocurrencies, from Bitcoin (BTC) to Stellar Lumens (XLM). Finally, the neobank Lydia offers a bank account 100% dedicated to trading, thanks to which you can invest in stocks, metals and cryptocurrencies as well.
Neobanks for money transfers
Among the essential services found in both traditional banks and neobanks, money transfer is a key element for the latter. Indeed, many neobanks apply very advantageous rates for money transfers. This is the case of Wise, Curve or Revolut. For professionals making various money transfers, Qonto and Anytime offer solutions adapted to their needs.
Are there any free neobanks?
In reality, there are no free neobanks. We rather talk about €0 offers including more or less elaborate services depending on the neobank’s policy. At Orange Bank, for example, the Standard Card is offered at €0 per month, with free payments and withdrawals in €, the availability of mobile payments (Google Pay and Apple Pay), contactless payments, and a free insurance covering the means of payment. All card and account management is done from a simple and intuitive mobile application. At N26, the N26 Standard card is also free and includes services tailored to travelers.
5 advantages of using a neobank
- Innovative features on the mobile app
- A free bank card and an ultra-competitive price list.
- View the situation of his account in real time;
- The simplicity of opening an account, in a few minutes, without income conditions, without commitment.
- The variety of services offered.
What is a neobank?
Around the year 2010, new structures offering dematerialized banking services were born in USA: the neobanks. Neo as in new, because here the banking services offered by these financial structures are accessible exclusively online or via a mobile application.
The idea is to offer a new way of consuming banking services, relying on the efficiency and speed offered by the Internet, while taking advantage of the proximity offered by smartphones. The common objective of these neo-banks is to offer the essential banking services to everyone (young people, entrepreneurs, self-employed workers…), everywhere and at any time by opting for mobile management.
Each customer can therefore manage and access his account from his mobile device or from a simple connected computer. The vast majority of neo-banks essentially offer fund management, including money withdrawal services. These withdrawals are made directly from the different ATMs of the partner banks. Because yes, if the neobanks claim a certain autonomy, a partnership is essential between them and the classic banks. On the one hand, each customer’s funds must be stored and protected, something that only classic banks are able to do. On the other hand, transactions and especially withdrawals are made from ATMs. Due to their dematerialized nature, neobanks do not have any ATMs or branches, and must therefore make available to their customers the ATMs of the traditional partner banks.
Moreover, it is this absence of physical structure that allows neobanks to offer very advantageous rates compared to traditional banks. Indeed, the majority of the neobanks propose offers in subscription following the example of the telephone operators. Here, each customer pays a monthly subscription fee that allows him/her to access all or part of the banking services offered by the neobank. The different subscriptions are often accompanied by different bank cards, which are either offered upon subscription or subject to an additional payment.
Regarding their strong points, we retain the simplicity of use and subscription of neobanks, because everything is done online via a mobile application or on their websites. Moreover, neobanks are much more accessible, because their services are aimed at a wide audience: from young students to entrepreneurs, including people with a banking ban, and all without proof of income. In addition to the mobility and the much more attractive rates compared to traditional banks, we also note that the rate plans applied by neobanks are much more advantageous for international transactions.
Finally, let’s review the disadvantages that neobanks suffer. First of all, the vast majority of neobanks offer a much more limited range of services than traditional banks: no loans, no project financing, no authorized overdraft, no investment/retirement plan… The lack of a physical branch also complicates the processing of cheque transactions, which most often penalizes self-employed workers and entrepreneurs. As a result, many neo-banks do not offer check cashing and payments. Finally, the customer support of some neobanks is simply limited to contacts by email, on social networks or by chat-bot (automatic answering machine) available on their mobile applications or on their websites.