Europe's Best Online Banks in 2022: Fees, Exchange Rates, Usability, Features, and More

N26 offers several paid accounts and one free account, 'N26 Standard', which in our opinion is a very capable and complete online banking package in and of itself (especially considering it doesn't cost a cent in monthly fees). 'N26 Standard' is a fully-fledged current account available online and in the N26 app. It allows mobile payments and includes a transparent debit Mastercard which arrives with no delivery fee.

While very cheap, there are some costs to consider when using the 'N26 Standard' account. For example, the account is free up to three ATM withdrawals per month in the Eurozone, after which it costs €2 per withdrawal. And, as mentioned above, cash withdrawals at ATMs outside the Eurozone (e.g. Switzerland, Norway, UK, US, etc.) come with a fairly steep 1.70% commission on the total amount withdrawn.

Upgrading plans with N26 can cost you between €16.90 and €16.90 and will bring you benefits such as comprehensive insurance, spending statistics, and preferential customer support. However, the core banking features of N26 are all available on the free account, and in our opinion, this account should give you everything you're looking for if free basic banking services are what you're after.

Revolut is a fully-fledged bank (licensed by the Bank of Lithuania and offering deposit insurance and products such as loans and credit cards) in parts of the EU/EEA, including France, Italy, Portugal, Estonia, Greece, Latvia, Romania, and a few others. If you live in another EU country though, as of November 2021, Revolut carries only an e-money institution license, meaning it doesn't offer deposit insurance.

However, whether you choose Revolut or Revolut Bank, the platform offers a range of financial services typical of traditional banks, making it an attractive alternative to high-street banks due to its unique ability to offer low fees and impressive scope of service.

Opening up a 'Standard' account with Revolut is completely free, but the delivery of the first debit card will set you back around €5. While ATM withdrawals are also free, a 2% fee (at a minimum of €1) will be charged on all withdrawals after the first €200 or five withdrawals every month. What's more, transferring money to other Revolut users is not only free but instant. This makes the service a reliable choice if those you most frequently send money are also Revolut users themselves.

In addition, Revolut offers low fees on international money transfers, leaving the service an attractive choice for those who send money across borders frequently. They charge no exchange rate margins on weekdays, with users only subject to a flat 0.50% fee on all transfers sent abroad. However, Be aware that Revolut charges twice the fee for international money transfers made on weekends — bumping the fee to 1% on Saturdays and Sundays.

Here's a full overview of Revolut's different account offerings:

• Standard: With zero up-front costs, the Standard option offers a digital current account (with a Lithuanian IBAN) with no monthly fee and a free debit card. ATM withdrawals are free up to five withdrawals or €200 per month (whichever comes first). After that, it costs 2% of the value of the ATM withdrawal.
• Plus: Plus accounts cost €2.99 per month, including a debit card. ATM withdrawals are free of charge up to €200 per month, after which a 2% fee applies. 
• Premium: Premium accounts cost €7.99 per month, including a debit card, and there are no fees for ATM withdrawals up to €400 per month. After that, it costs 2% of the value of the ATM withdrawal.
• Metal: Metal accounts cost €13.99 per month, including a debit card. ATM withdrawals up to €800 per month are free, and after that, it costs 2% of the value of the ATM withdrawal.

In the end, Revolut is among the best bank-like products currently available on the market and provides a capable spending option next to a main bank account. It is ideal if you'd like to cut down on the high fees associated with basic banking services at high-street banks and is particularly well-suited for travelling abroad, especially if you plan to spend less than £1,000 (or equivalent) and do most of your spending on weekdays. It's for all these reasons that we rate Revolut as the best all-rounder online bank in the EU.

Applying for a Wise Multi-Currency Account is fast and easy and can be done using proof of residence in the EU/EEA (as well as many countries worldwide). Once you're signed up and your card has arrived (which takes up to two weeks in Europe), you'll be able to take advantage of the following unique features with the account:

• Local bank details in the US, Eurozone, UK, Australia, New Zealand, Singapore, Romania, Canada, Hungary, and Turkey;
• Hold, exchange, and top-up up to 56 currencies;
• A multi-currency Visa debit card that's handy for paying in foreign currencies without the hidden fees;
• Access to Wise's powerful international money transfer service right from your account balance.

To get a sense of just how useful Wise can be for frequent travellers and expats, let's say that you've just moved from the UK to Portugal and you'd like to spend in Euros before you've got your proof of residence sorted out. With the Wise Multi-Currency Account, you'll be able to:

1. Send British pounds from your bank account to your Wise Euro account;
2. Convert to Euros at a low fee (e.g. if you add €1,000 and pay with British pounds, the total fee will be around 0.35% or £3*);
3. Pay with your Wise debit card, make or receive SEPA (and SWIFT) payments, and set up direct debits.

You'll also have a dedicated set of Belgian bank details to share with an employer in Europe. Belgian IBANs are fully eligible in the Eurozone, and rejecting the payout or receipt of funds based on the origin of an IBAN is illegal. Note that this account does not offer an overdraft, and you won’t earn interest on any in-credit balances.

It's for the above reasons that we think Wise is the best online multi-currency account available to Europeans and a product we firmly recommend for holidaymakers, online spenders, and expats alike.

* Conversion made on 05/11/2021

Available in most EU/EEA countries, bunq offers three different bank account types priced between €2.99 and €17.99 per month. Following a major pricing update in 2021, bunq went from being one of the cheapest neobanks for overseas spending to one of the most expensive. On bunq's most affordable plan, card spending in foreign currencies while abroad incurs a 1.5% commission on the transaction amount as well as a 0.5% network fee, while on the two more premium plans, the 1.5% commission is waived for cashless payments abroad, but the 0.5% network fee remains.

Cash withdrawals are also rather pricey at bunq, regardless of the plan. On the cheapest 'Easy Bank' plan, not only does the €0.99 per withdrawal fee apply for the first four withdrawals per month (after which the fee bumps up to €2.99 per withdrawal), but these come in addition to the 1.5% commission and 0.5% network fee for foreign currency withdrawals. This means that for a $1,000 withdrawal in the US, you'd pay 2.1% in fees, which is comparable to the fees charged by traditional banks.

Despite the pricing update, whether you're an expat, a frequent traveller, or a digital nomad, you'll find bunq to still be, on average, a cheaper option for overseas spending than traditional banks, though, although not quite as cheap as come of its major alternatives such as N26, Nuri, and Revolut.

Bunq accounts break down into three tiers as follows:

• Easy Bank: A low-cost current account with a German, French, Spanish, or Dutch IBAN that comes with a debit Mastercard and money transfer capabilities. The account costs €2.99 per month.
• Easy Money: An account with added features and functionalities, including spending statistics, four free ATM withdrawals per month, budgeting features, unique deals, a metal debit card, and bookkeeping software. The account costs €8.99 per month.
• Easy Green: The premium tier, Easy Green's unique feature allows users to track the progress of the reforestation initiative already linked to other tiers (i.e. a tree planted for every €100 spent). Costing €17.99 per month, we've found in our bunq review that this initiative is not worth it for most users.

Because of the costs involved, we think bunq isn't suitable for all kinds of users, especially those looking to cut back on expenses or those who aren't necessarily looking for an eco-friendly solution in their bank. However, suppose you live in Spain, France, Germany or the Netherlands and want an IBAN for one of these countries (and especially if you don't mind paying the €2.99 per month fee for the perks that bunq has to offer). In that case, we'd recommend bunq's 'Easy Bank' plan, which provides an interesting paid online bank account that will probably give you everything you're looking for and more.

An ideal banking option for those looking for fruitful cashback, Vivid Money's premium plan 'Vivid Prime' provides the best cashback program we've seen from any online account in the EU. However, although it offers significantly less cashback, we also highly recommend Vivid Money's free account. This plan comes with a free metal debit card that can be used for payments worldwide free of charge and allows fee-free cash withdrawals of up to €200 per month. This makes Vivid one of the most interesting and attractive European neobanks on the market.

As mentioned, the main difference between the paid and free variant lies in the type of cashback program. The free Vivid account, 'Vivid Standard', is limited to €20 cashback per month via the so-called Champions program – a loyalty program for various establishments. In 'Vivid Prime', users receive up to €100 cashback per month for shopping at popular retailers, cafes, restaurants, and many other institutions.

Ultimately, new users need to decide for themselves which Vivid account best suits them best. In short, however, we see Vivid as one of the best neobanks on the EU/EEA market — both in its free and paid variants.

All three of Tomorrow's paid account models (which range from €3 to €15 per month) create sustainable investments. This is achieved using transaction costs and user deposits, which are partly invested in projects such as afforestation, sustainable energy production, or drinking water purification in poorer regions of the world.

Even with Tomorrow's base account, the CO2 footprint of the account holder is compensated, and with its premium 'Zero' account, the package comes with a debit card made of wood, which is a unique perk that allows your card to stand out visually from the rest.

Aside from its focus on sustainability, Tomorrow also has a lot to offer functionally. The platform enables free payments worldwide and offers currency conversion at the mid-market exchange rate with both account models. Cash withdrawals abroad on the free account cost 1.5% of the withdrawal amount.

We are particularly interested in the fact that Tomorrow offers an excellent user experience despite its sustainable approach and stands out with attractive fees for use at home and abroad. Thus, you won't have to compromise when receiving a sustainable current account with excellent functionality and low transaction costs.

The Nuri account is a completely normal bank account, functionally on par with checking accounts at other EU banks. This is because Nuri's accounts are covered and administered by Solarisbank AG, a German bank that's based in Berlin and regulated in the EU alongside a full banking license. This means that the Euro is the only account currency at Nuri by default. Deposits denominated in Euros are guaranteed of up to a value of €100,000 — a fact that we find particularly favourable about Nuri's digital account.

Alongside the Euro, cryptocurrencies are also available with Nuri — but only as an optional additional feature. In the app, users have the option of exchanging their Euro balance for Ethereum and Bitcoin, allowing an interesting balance between crypto speculation on the one hand, and everyday spending on the other.

Because of its exceedingly low fees, we recommend Nuri as the ideal spending and saving app if you live in the EEA and are looking to optimize your savings, or if you simply travel abroad frequently. The Nuri current account is completely free of charge and can also be used worldwide without paying a dime, meaning there's no difference whether you make payments domestically or abroad. However, if you're looking for flexible top-up options and in-app international transfers, Nuri falls short, and we recommend one of the other options on this list instead.