Online banking in Europe is becoming more and more popular not only with individuals but also with legal entities. The reason is simple: opening an account is much quicker and easier than in traditional banks! There are financial institutions that provide a package service which includes access to an online platform, a physical card, and a bank account. There are many more banks in Europe than 10 years ago that have no physical branches and work online only. If this is exactly what you need, we strongly recommend a detailed list devoted to online banks in Europe handpicked for both EU citizens and foreign nationals.
Criteria for Choosing a European Online Bank
Here are the 5 important points to take into account before you choose a digital bank that suits you perfectly:
- Reputation. Search the information about the bank’s reputation and look at the customer feedback very attentively. Make sure the bank provides insurance coverage that will protect your assets in case of bank failure, crisis, and other adverse events.
- Security. Check what security measures a particular digital bank offers, such as identity authentication, authorization protocols, customer verification, transaction confirmation, and a valid digital banking license.
- Rates. The tariff plan is of utmost importance! The majority of banks in Europe require foreign nationals to keep a minimum account balance or pay certain fees to create an account. Traditional banks have such requirements more often, while online banks tend to offer more client-friendly rates as their operational expenses are much lower.
- Limitations. Some banks apply restrictions by occupation or country of origin – for example, you may be turned down if you come from a sanctioned country. However, if you have a second citizenship or a residence permit in another country, you are welcome to open an account.
- Range of services. The services provided to individuals and legal entities vary from bank to bank, so you’d better examine the list of services provided by the digital bank you want to choose before you create an account. You may need a multi-currency account, international incoming/outgoing transactions (with different processing times/requirements), investment management, international debit cards, and so on.
Best Digital Banks in Europe in 2023-2024
Bunq
This is a digital bank headquartered in the Netherlands that was established in 2012. It appeals to different kinds of customers, including EU residents, freelancers, foreigners, and business owners. Take advantage of SWIFT and SEPA transfers, as well as some other features:
- Immediate assistance on a 24/7 basis
- Multiple European IBANs for more convenience
- Savings accounts with competitive rates that make it possible to increase your capital at an optimal pace
- A free-trial version to try the bank’s services
Here are the main features of Bunq:
- Incoming SWIFT transfers come at a fee starting from 5 euros
- The bank only supports transactions in euros
- Some services and transactions come at a fee, which should be taken into account when you calculate the cost of overall services.
- There is a mobile app you can use to conveniently make payments and transactions.
Curve
The fintech institution headquartered in London was established in 2015, and it renders e-money services to clients across Europe and the United Kingdom. It provides a convenient iOS/Android app to its customers with a user-friendly interface that has excellent user feedback.
Let’s look at the key features of Curve:
- Seamless switching of cards for transactions
- A free account with two cards supported (Diners, Maestro, and Amex cards are not included)
- Cashback up to 20%
Curve is a great choice for individuals residing in Europe who have several cards.
Holvi
This is a major digital bank with a SEPA license authorized to carry out operations in the European Union. Holvi offers advanced financial solutions to cater to the needs of small business owners, individual entrepreneurs, and freelancers.
Advantages of the bank:
- Up to 500 SEPA transfers a month free of charge
- You will get a free debit card
- Simple accounting
- Reporting and analytics
- Easy opening an account online
Disadvantages of the bank:
- No API integration
- It is not available in most countries outside the EU
- All accounts are subject to fees
Holvi is based in Helsinki, but it operates in Austria, Ireland, Finland, Germany, Belgium, and the Netherlands.
N26
This is a European bank founded in Berlin, Germany, in 2015 to be used by travelers and expats. Let’s look at its main benefits:
- Customers obtain health insurance coverage
- The bank offers an easy account opening procedure to foreigners
- You can enjoy round-the-clock technical support
- International transactions come at low fees
Take advantage of cash withdrawals across the globe, a convenient mobile app to manage your account, and an extensive range of services.
Revolut
This is a global player in the world of digital banking that has Lithuanian and British roots. Its customer base exceeds 25 million, and it provides services to more than 500,000 businesses.
Here are the main features of Revolut that you will surely enjoy:
- Instant money transfers to any destination abroad
- Access to multiple currencies
- Your account comes for free
- You can get a customizable debit card
- You can easily trade cryptocurrencies, stocks, and commodities
- Take advantage of cashback opportunities and daily discounts
Revolut is an excellent option for individuals who are looking for convenient online payment solutions for goods and services across the globe.
Vivid Money
This is one of the top European digital banks based in Germany that focuses on individuals from European countries. It was established in 2019, and it provides online services only.
The bank offers free and paid accounts, and clients automatically obtain a free debit card after registration. Let’s take a look at the service rates:
- Free money transfers to different destinations
- The monthly service fee starts from 9.90 euros
- You can withdraw cash at ATMs across the globe free of charge
- You will be able to take advantage of access to 15 accounts without a fee
- You can carry out currency exchange transactions without any limits
- Get cashback of up to 20 euros a month
- Benefit from direct debits at no additional fee
- You will have separate accounts that support 40 currencies
Click on the above link to discover more digital banks and choose the one that will suit you best!