In this guide, we do a dive into neobanks, their digital apps on your desktop or smartphone device, and how to take advantage over their services and low fees.
We cover our in-depth neobank comparisons, digital business banks, if premium membership is worth it, foreign currency accounts, as well as regional industries, such as neobanks in the United States. Read on to learn about this new cohort of bank and bank-like financial services that are competing with traditional high street banking: —
All legit neobanks will be registered and regulated by the competent financial regulation authorities of their home country so be sure to check where it is headquartered and under which legal jurisdiction it operates.
For example, as a company founded in London, Starling Bank is regulated by the UK's FCA. Similarly, as an American company, Chime®'s accounts are insured by the FDIC.
It's also important to note that many neobanks are not licensed banks, and instead are fintech platforms that offer digital banking services. These kinds of neobanks partner with banks, so make certain that their partner banks are insured with government deposit protection (such as the FSCS in the UK and the FDIC in the US).
If a neobank company does not have evidence of registration with the competent finance authorities, then take serious caution.
In this category, we list powerful neobanks that offer their financial services in several regions around the world. To learn more, click on the product's unique Monito score to read our in-depth review of each neobank:
Have a look at some of the best UK accounts eligible to UK residents and citizens:
The European Union and the wider European Economic Area arguably has the most advanced neobank industry in the world. Citizens and residents from these areas benefit from a variety of high-quality choices:
Along with Europe, the United States has a well-developed fintech industry. Innovative newcomers are always entering the scene at an impressive pace:
The neobank industry in Canada is still in its early stages, but it is growing:
In recent years, digital neobanks have been fast on the rise in many countries across the globe. With traditional banks having little competitive incentive to reduce their fees, neobanks disrupted the industry by offering innovative financial solutions to customers at a reduced cost.
Thanks to this new competition and the post-pandemic digital transition, big banks have begun investing in financial technology and even partnering with neobank companies.
As a customer, this is great news. You have a plethora of choice ranging from tech-saavy big banks to fully-licensed digital banks to secondary finance apps. Here at Monito, we are committed to helping you find the best solution for you.
What makes them different from big high-street banks is their approach to their service, which includes the following:
On the other hand, the following drawbacks mean that neobanks may not be cut out for everybody:
In each dedicated guide, we compare relevant competitors one-on-one according to their level of security, fees, service quality, and customer satisfaction. Whether you a British citizen debating between Starling Bank and Wise or an EU resident deciding between N26 and Revolut, we have the comparison guide for you.
Our Monito experts dive into the legal background of each provider and read the fine print of each neobank's fee schedule to bring you the best and most in-depth analysis out there.
Visit our official YouTube channel for even more guidance on the neobank industry and how to choose the best neobank for you.
Neobanks are not only making it easier for retail bank customers to open accounts virtually. Small business owners around the world are also benefitting from tech savvy and user friendly platforms to manage their business finances.
The process for opening a business bank account with a neobank will vary by country because each country will have its own tax reporting procedures and other corporate laws.
Have a look at our guides below to learn more about the options available to small business owners and international business alike:
In addition to comparing the fees and safety of neobanks, we try to review as many providers as possible in detail, to help you make the best decision when picking a new digital bank.
We developed the Monito Score, an evaluation based on 50+ criteria from how easy to how secure & transparent a neobank is.
You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.
Monito is trusted by 15+ million users across the globe.
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