Best Online Banks in Europe

These institutions cater to today’s digitally-savvy consumers, meeting their evolving demands with exceptional precision.

The rise of these digital-first banks represents a transformative shift in financial management, offering seamless, user-friendly experiences to a wide variety of clients​ (source).

As traditional banks face digital transformation, digital-first institutions revolutionize finance management with seamless, user-friendly experiences for diverse clients.

Let’s take an in-depth look at some of the best online banks in Europe, evaluating their unique features, advantages, and disadvantages to help you make an informed decision when choosing a financial institution that suits your needs.

How To Pick The Best Online Bank in Europe?

• Assess Your Specific Requirements – Start by identifying your banking needs, such as account types, financial services, and payment systems. Are you an investor, freelancer, or small business owner? Tailor your search to online banks catering to your unique needs.
• Compare Features and Services – Examine the services offered by traditional banks, digital banks, and fintech companies. Compare checking and savings accounts, loans, credit scores, and multi-currency accounts. Consider innovative features such as budgeting tools, cryptocurrency support, and open banking.
• Evaluate Costs and Interest Rates – Take note of fees for various services, including currency exchange, transfer fees, and overhead costs. The best online banks often provide higher interest rates and lower fees, thanks to reduced operational expenses.
• Check Safety and Security – Ensure the online bank is regulated and meets all necessary security requirements, including deposit guarantees and protection against cybercrime. Look for advanced security features like fingerprint authentication and blockchain-based identity.
• User Experience and Accessibility – Prioritize online banks with user-friendly mobile apps, good UI, and ease of use. Accessibility and seamless banking experience are crucial for satisfying customer needs in the digital age.
• Customer Support and Service – Top online banks offer excellent customer service through various digital channels. Analyze their track record, responsiveness, and support options to ensure they’ll be there when you need them.
• Additional Features and Benefits – Explore extra perks like cashback, metal cards, stock brokerage services, and sustainable banking options. These value-added features can make your banking experience more rewarding and personalized.

Revolut

When it comes to the best online banks in Europe, Revolut stands out among the fintech companies revolutionizing the banking industry. With its unique personality and user-friendly approach, this digital bank aims to satisfy customer needs while challenging traditional banks.

Let’s see the advantages and disadvantages of choosing Revolut as your go-to financial institution.

Revolut Advantages

• Multi-currency accounts and low transfer fees: Revolut’s customers enjoy multi-currency accounts with competitive currency exchange rates, making it perfect for freelancers, small businesses, and frequent travelers. With low transfer fees, clients can save on overhead costs.
• Cryptocurrency support: As the banking revolution embraces blockchain technology, Revolut caters to the increasing demand for cryptocurrencies, enabling users to buy, sell, and hold various digital assets.
• Spend and budget management: Revolut’s mobile banking app is designed with customer-centric features like bill management and automated budgeting tools, making financial planning a breeze.
• Security and Accessibility: With fingerprint authentication and state-of-the-art cybersecurity measures, Revolut ensures a secure banking experience while providing a good UI that boasts ease of use and accessibility.

Revolut Disadvantages

• Limited financial products: Compared to some traditional banks, Revolut falls behind in offering a comprehensive range of financial products such as loans and credit cards.
• Lack of physical branches: As a neobank, Revolut’s digital-first approach might not suit customers who prefer in-person banking services.
• Deposit guarantee: Unlike traditional banks, Revolut’s accounts aren’t covered by deposit guarantee schemes, which might deter some potential clients.
• Customer service: Some users have reported issues with Revolut’s customer service, which could be a concern for those who prioritize responsive support.

Why We Like It: Revolut is a fantastic option for those seeking modern banking solutions with a focus on digital transformation, cryptocurrencies, and seamless user experience.

While there are some drawbacks, the benefits might outweigh the negatives for customers looking to dive into the world of digital banking.

Bunq

As we explore the best online banks in Europe, Bunq emerges as a trailblazer in the fintech world, redefining the banking experience with its innovative approach.

This neobank is winning over customers by offering unique features and services that combine convenience with sustainability.

Bunq Advantages

• Sustainability focus: Bunq stands out among digital banks by prioritizing eco-friendly initiatives. With their “Green Card,” clients can contribute to reforestation efforts, as Bunq plants a tree for every €100 spent.
• Flexible accounts and banking options: Offering retail, business, and joint accounts, Bunq caters to a wide range of clients, including freelancers and small businesses. Users can customize their account setup to suit their preferences.
• Instant payments and open banking: Bunq’s mobile banking services enable clients to make instant transfers, contactless payments, and access open banking features, simplifying financial management on the go.
• Impressive interest rates: Bunq offers competitive interest rates on savings accounts, attracting customers looking to grow their wealth over time.

Bunq Disadvantages

• Availability: Bunq’s services are currently limited to select European countries, which might be a deal-breaker for potential clients residing outside their operational areas.
• Fees: Compared to some other online banks, Bunq’s pricing structure could be perceived as steep, with monthly fees for their premium accounts and certain services.
• No credit products: Bunq doesn’t provide credit cards or loans, which could be a drawback for those seeking comprehensive financial products.
• Deposit guarantee: Similar to Revolut, Bunq’s accounts aren’t covered by deposit guarantee schemes, which might raise concerns for risk-averse customers.

Why We Like It: Bunq is an excellent choice for eco-conscious individuals and those looking for a highly customizable, user-friendly banking experience.

While there are some limitations, Bunq’s commitment to innovation and sustainability sets it apart from the competition, making it a strong contender in the digital banking market.

Wise

As we continue our journey through the best online banks in Europe, Wise (formerly TransferWise) emerges as a powerful contender in the fintech landscape.

Originally known for its cost-effective international money transfers, Wise has evolved to offer a variety of financial services that cater to a global clientele.

Wise Advantages

• Low-cost international transfers: Wise’s primary selling point is its ability to facilitate quick and affordable international money transfers, with transparent fees and real-time exchange rates, making it a favorite among freelancers and businesses operating across borders.
• Multi-currency accounts: Wise’s borderless accounts allow customers to hold, send, and receive money in multiple currencies, offering a seamless banking experience for frequent travelers or those with international financial obligations.
• Debit cards with minimal fees: Wise’s debit card comes with low fees for currency conversion and ATM withdrawals, providing customers with convenient access to their funds while minimizing costs.
• User-friendly app and platform: Wise’s mobile app and web platform feature a clean, intuitive interface that simplifies financial management, ensuring a satisfying user experience.

Wise Disadvantages

• Limited financial services: Unlike some digital banks, Wise focuses primarily on international money transfers and multi-currency accounts, lacking a comprehensive range of financial products like loans, credit cards, and savings accounts.
• No physical branches: As a fintech company, Wise operates solely through digital channels, which might not appeal to customers who prefer face-to-face banking services.
• No interest on account balances: Wise doesn’t offer interest on account balances, which could be a downside for those looking to earn a return on their deposits.
• Deposit guarantee: Similar to other neobanks, Wise’s accounts aren’t covered by deposit guarantee schemes, potentially discouraging risk-averse clients.

Why We Like It: Wise is a fantastic choice for individuals and businesses in need of efficient, cost-effective international money transfers and multi-currency accounts.

While it may not offer a full suite of banking services, Wise’s user-friendly platform and competitive fees make it a strong contender in the digital banking space, particularly for those with global financial interests.

N26

As we delve further into the realm of the best online banks in Europe, N26 emerges as a prominent player in the fintech arena.

This Berlin-based neobank has gained popularity by offering a sleek, user-friendly banking experience that caters to modern customers’ needs.

N26 Advantages

• Simple account setup and management: N26 prides itself on its hassle-free account opening process, enabling customers to get started within minutes. Its user-friendly mobile app and web platform simplify account management, making banking a breeze.
• No-fee basic account: N26 offers a no-fee basic account with essential banking services, including a free debit card and free ATM withdrawals within the Eurozone, making it an attractive choice for cost-conscious customers.
• Real-time notifications: With instant transaction notifications, N26 helps customers stay on top of their finances, ensuring they’re always aware of their account activity.
• Travel-friendly features: N26 offers travel insurance, competitive foreign exchange rates, and no fees on foreign transactions, making it an excellent option for globetrotters.

N26 Disadvantages

• Limited availability: N26’s services are currently available only in select European countries and the United States, potentially excluding clients in other regions.
• No credit products: Similar to other neobanks, N26 doesn’t offer credit cards or loans, which could be a disadvantage for customers seeking a wider range of financial services.
• Deposit guarantee: N26’s accounts are covered by the German deposit guarantee scheme up to €100,000, but it’s worth noting that this coverage may not extend to clients residing outside of Germany.
• Customer service: Some users have reported mixed experiences with N26’s customer service, which could be a concern for those who value responsive support.

Why We Like It: N26 is a strong contender in the digital banking market, offering a clean, user-friendly platform and competitive features that cater to modern consumers.

While there are some drawbacks, N26’s no-fee basic account and travel-friendly benefits make it a popular choice for customers seeking a streamlined, digital-first banking experience.

Curve

As we explore the innovative world of the best online banks and fintech solutions in Europe, Curve sets itself apart as a unique financial management tool.

Although not a bank itself, Curve offers a consolidated platform that simplifies your banking experience by connecting multiple bank cards in one place.

Curve Advantages

• One card for all: Curve’s primary selling point is its ability to merge multiple debit and credit cards into a single card, decluttering your wallet and making payments more convenient.
• Real-time notifications and categorization: Curve provides instant transaction notifications and automatic categorization of expenses, making it easier for customers to track and manage their finances.
• Competitive foreign exchange rates: Curve offers attractive exchange rates and low fees on foreign transactions, making it an excellent option for travelers and those dealing with international payments.
• Time machine feature: Curve’s unique “Go Back in Time” feature allows users to switch the payment card for a transaction up to 90 days after it has been made, providing flexibility in managing expenses.

Curve Disadvantages

• Not a bank: Curve is not an online bank, and thus, it doesn’t provide traditional banking services such as savings accounts, loans, or interest on deposits.
• Limited credit card rewards: When using Curve, some users may not be able to take full advantage of their credit card rewards, as certain banks may treat Curve transactions as third-party payments.
• Card compatibility: While Curve supports a wide range of bank cards, there may still be a few that are not compatible with the platform.
• Service fees: Curve offers a free basic plan, but certain features, such as higher spending limits and travel insurance, are only available with their paid plans, which could be a downside for cost-conscious customers.

Why We Like It: Curve is a fantastic financial management tool for individuals seeking a simplified way to manage multiple bank cards and track expenses.

While it doesn’t offer the full range of banking services, Curve’s unique features and user-friendly platform make it an appealing choice for customers interested in a streamlined, all-in-one payment solution.

Tomorrow

As we continue our exploration of the best online banks and fintech solutions in Europe, Tomorrow emerges as a socially and environmentally conscious digital bank.

Based in Germany, Tomorrow aims to contribute to a sustainable future by integrating eco-friendly practices into its banking services.

Tomorrow Advantages

• Sustainability-focused: Tomorrow sets itself apart with its commitment to environmental causes, investing a portion of its profits in sustainable projects and partnering with organizations that combat climate change.
• Transparent and ethical: Tomorrow promotes ethical banking by maintaining transparency in its operations and avoiding investments in industries that harm the environment or exploit people.
• Mobile-first banking experience: Tomorrow’s user-friendly mobile app simplifies account management and offers a seamless, digital-first banking experience for modern customers.
• No-fee basic account: Tomorrow offers a no-fee basic account with essential banking services, such as a free debit card and free ATM withdrawals within the Eurozone, catering to cost-conscious clients.

Tomorrow Disadvantages

• Limited availability: Tomorrow’s services are currently restricted to residents of Germany, potentially excluding customers in other regions.
• Limited financial products: Tomorrow focuses primarily on providing sustainable banking services and does not offer a comprehensive range of financial products, such as loans or credit cards.
• Deposit guarantee: Tomorrow’s accounts are covered by the German deposit guarantee scheme up to €100,000, but it’s important to note that this coverage may not extend to clients residing outside of Germany.
• Customer service: While Tomorrow generally receives positive feedback on its customer service, some users have reported occasional delays in response times, which could be a concern for those who prioritize prompt support.

Why We Like It: Tomorrow is an excellent choice for environmentally conscious individuals seeking a digital bank that aligns with their values.

While it may have some limitations, Tomorrow’s commitment to sustainability and ethical banking practices sets it apart from the competition, making it a unique contender in the digital banking landscape.

Monese

As we continue to explore the best online banks and fintech solutions in Europe, Monese emerges as a popular choice for customers seeking a fast and flexible banking experience.

This UK-based digital bank caters to an increasingly mobile and international clientele by offering easy account setup and a range of multi-currency features.

Monese Advantages

• Quick account setup: Monese simplifies the account opening process, allowing customers to create an account within minutes using just their mobile phone, making it ideal for those without a fixed address or local credit history.
• Multi-currency accounts: Monese enables customers to hold, send, and receive money in multiple currencies, offering a seamless banking experience for frequent travelers or those with international financial obligations.
• Competitive fees: Monese offers a free basic account with low fees for currency conversion and ATM withdrawals, catering to cost-conscious customers seeking accessible banking services.
• User-friendly mobile app: Monese’s mobile app features a clean, intuitive interface that simplifies financial management, ensuring a satisfying user experience.

Monese Disadvantages

• Limited financial services: Monese focuses primarily on providing checking accounts and debit cards, lacking a comprehensive range of financial products like loans, credit cards, and savings accounts.
• No physical branches: Monese operates solely through digital channels, which might not appeal to customers who prefer face-to-face banking services.
• Deposit guarantee: Similar to other neobanks, Monese’s accounts aren’t covered by deposit guarantee schemes, potentially discouraging risk-averse clients.
• Customer service: While Monese generally receives positive feedback on its customer service, some users have reported occasional delays in response times or difficulties reaching support, which could be a concern for those who value responsive assistance.

Why We Like It: Monese is a great choice for individuals seeking a fast, flexible, and mobile-first banking experience. While it may not offer a full suite of banking services, Monese’s user-friendly platform and competitive fees make it an attractive option for customers who value convenience and accessibility in their financial institutions.

Vivid Money

As our journey through the best online banks and fintech solutions in Europe continues, Vivid Money emerges as a fresh and innovative player in the digital banking space.

This Germany-based neobank offers a comprehensive range of financial services, aiming to provide a seamless and rewarding banking experience.

Vivid Money Advantages

• Cashback rewards: Vivid Money stands out with its cashback program, enabling customers to earn rewards on everyday purchases, making it an attractive choice for those seeking added value from their banking experience.
• Multi-currency accounts: Vivid Money offers multi-currency accounts, allowing customers to hold, send, and receive money in multiple currencies, providing a hassle-free experience for globetrotters or those with international financial transactions.
• Investment options: Vivid Money enables users to access a variety of investment options, including stocks and ETFs, offering a comprehensive financial platform for customers looking to diversify their portfolios.
• User-friendly mobile app: Vivid Money’s mobile app boasts a sleek, intuitive design that simplifies financial management, ensuring a satisfying user experience.

Vivid Money Disadvantages

• Limited availability: Currently, Vivid Money’s services are available only to residents of the European Economic Area (EEA), potentially excluding customers in other regions.
• No physical branches: Vivid Money operates exclusively through digital channels, which might not appeal to customers who prefer traditional, face-to-face banking services.
• Deposit guarantee: Vivid Money’s accounts are covered by the German deposit guarantee scheme up to €100,000, but it’s important to note that this coverage may not extend to clients residing outside of Germany.
• Customer service: While Vivid Money generally receives positive feedback on its customer service, some users have reported occasional delays in response times or difficulties reaching support, which could be a concern for those who value prompt assistance.

Why We Like It: Vivid Money is a strong contender in the digital banking market, offering a range of financial services and a user-friendly platform that caters to modern consumers.

While there are some drawbacks, Vivid Money’s cashback program and investment options make it a popular choice for customers seeking a comprehensive and rewarding banking experience.

FAQ

What is the best banking app in the EU?

The best banking app in the EU varies depending on individual preferences and needs.

Some top contenders include Revolut, N26, and Wise, among others. It’s essential to compare features, services, and user experience to determine the best option for you.

Can I open a bank account online in Europe?

Yes, you can open a bank account online in Europe with many online banks and financial institutions.

The process usually requires submitting identification documents and fulfilling any necessary requirements, such as proof of residency or employment.

What is the most popular online bank in the EU?

The most popular online bank in the EU can vary based on regional preferences and individual requirements.

However, some widely recognized and reputable options include Revolut and Wise. It’s crucial to research and compare these banks to find the one that best aligns with your financial needs.

Are European online banks safe?

Yes, European online banks are generally safe, as they are subject to strict regulations and security measures.

Most reputable online banks are fully licensed and meet the requirements of authorized brick-and-mortar banks or financial institutions. Ensure you only bank with authorized and insured institutions that will protect and compensate you if needed.

Additionally, online banks invest in advanced security features, such as encryption, fingerprint authentication, and multi-factor authentication, to protect your personal and financial information.