Progressive digital-only banks sometimes offer their consumers even more services than some traditional banks
Mobile finance: an overview of the best banks for smartphones.
In recent years, many mobile banks have appeared without branches, which provide their entire range of services exclusively online. They have already managed to lure a fair share of traditional bank customers - especially young people.
The editorial board acquaints readers with the best foreign mobile banks with the highest quality and most diverse service. He also explains what threatens mobile banks: competitors, regulators or fraudsters.
Atom Bank
Available in the UK.
In June 2015, Atom Bank became the first mobile bank to obtain a full banking license from the UK regulator. One of the distinctive features of the bank is a number of customization tools - the user himself chooses a "name" and a color theme for his account.
Functions, capabilities, products:
Fast and easy registration process.
For account security, you can use not only a password, but also identification by voice or Face ID.
Many options for deposits for various periods from 50 to 100 thousand pounds.
Mortgage right in the application, broker consultation. As the bank notes, it's like a regular mortgage, only without stress.
The bank makes recommendations by studying the consumer behavior of the client.
Monzo Bank
Available in the UK.
The mobile bank was launched in February 2015. It now offers users full-fledged checking bank accounts. The client base of the project already exceeds 500 thousand clients.
Functions, capabilities, products:
You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze".
Implementation of bank transfers, standing payments, direct debiting and the ability to receive salaries directly to the card.
Convenience of using the card abroad without additional fees and according to the Mastercard exchange rate.
Full support for Google Pay and the ability to recharge your card via Apple Pay.
Reactions to payments - to thank the sender for the transfer or just let him know that the money has been received, you can respond to the payment with some emoji.
Overdraft with clear and transparent conditions.
For easy navigation through your transactions, any transaction can be signed with hashtags.
Piggy bank to accumulate the balance from rounding of transaction amounts.
Ability to create piggy banks to save money for specific purposes.
You can split the bill (for example, for an order in a restaurant) for several users.
Setting a "limit" on expenses per month. The application notifies if the user spends money too actively.
Starling Bank
Available in the UK.
Starling Bank was born in January 2014, and in 2016 it hosted the largest financing round among fintech companies in the amount of 48 million pounds. This year, barely starting, also proved to be successful for the bank - it became the first digital-only bank for business in the UK, and also received awards as the best British bank and the best current account provider at the British Bank Awards 2021.
Functions, capabilities, products:
Registration in the application takes about 3 minutes.
Integration with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay.
The ability to request a transfer of funds from family and friends.
The application integrates a financial marketplace with products from many companies.
Create piggy banks to collect funds for various needs and purposes.
Convenient and multifunctional expense tracking interface.
You can switch between personal and business account.
The bank card can be used all over the world without commissions; the exchange rate is set by the Mastercard.
Transparent overdraft.
You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze".
Tandem Bank
Available in the UK.
Tandem was created with the participation of a large community of testers, whom the bank calls "co-founders". They helped at all stages, from the name to the selection of the range of products. In early 2021, Tandem acquired Harrods Bank, thereby expanding its client base, obtaining a banking license and £ 80 million in capital.
Functions, capabilities, products:
You can connect your accounts in other banks to the Tandem app, thus getting a single point of access to them.
The application can automatically pull up bills and calculate the amount required to pay them, so that the user knows what to expect and will not be left without money by the end of the month.
By analyzing the amount of bills, the bank can offer cheaper electricity providers, allowing the user to save.
Travel credit card without commissions and with 0.5% cashback on all purchases.
Fixed rate savings accounts.
Simple
Available in the USA.
The pioneer of digital-only banking Simple in February 2014 was sold to one of the largest banks in Spain BBVA for $ 117 million. Even then, Simple had 100 thousand users. Mobile Banking operates through Compass Bank, which is a member of the Federal Deposit Insurance Corporation.
Functions, capabilities, products:
Obtaining a Visa card.
No commissions for anything.
Ability to withdraw cash for free at 50 thousand ATMs throughout the country.
The ability to save funds for specific purposes. Every day, a certain percentage of funds is automatically deposited from the account in order to collect the amount necessary for the goal. You can pause, resume, and configure this feature at any time. Targets can also be used as digital envelopes to store money.
Safe-to-Spend is a more secure version of “available balance”. This function allows you to see the amount that will remain at the user's disposal after the transfer of funds for the purpose and the planned payments on the accounts.
You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze".
Shared Accounts is a feature for a couple that allows two clients to share the same account. In the history of transactions, you can see which of the pair made them.
Cocoa bank
Available in South Korea.
Kakao Bank launched on July 27, 2017 and was greeted with unprecedented enthusiasm from Korean users. During the first 8 hours after its launch, clients opened more than 100 thousand bank accounts. 13 days after the launch, their number reached 2 million, which is approximately 6400 new accounts per hour. The reason for this interest was the integration of the bank with the very popular KakaoTalk messenger in the country and the KakaoPay service.
Functions, capabilities, products:
Much lower commissions than those of traditional banks in the country. For example, cross-border transfers are charged 1/10 of the amount requested by other banks. Interest rates are also more profitable.
Debit cards with cartoon images of KakaoFriends - sticker characters from the KakaoTalk messenger. Credit cards are expected to be launched next year.
Quick registration in the application. You can go through it by entering your Kakaotalk ID and linking your mobile number. This option is very popular, because 84% of the country's population use this messenger every day.
Fast lending in the application.
Ability to open deposits.
Withdrawing funds from any ATM without commission. However, in the future, the bank intends to abandon this option.
Transfers to accounts in other banks without commission.
Fidor Bank
Available in Austria, Belgium, Bulgaria, Brazil, UK, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Spain, Italy, Canada, Latvia, Lithuania, Liechtenstein, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal , Romania, Singapore, Slovakia, Slovenia, USA, Finland, France, Croatia, Czech Republic, Switzerland, Sweden, Estonia, South Africa, South Korea, Japan, as well as Cyprus and Malta.
Fidor Bank was founded in Germany in 2009. He announced his goal to restore lost confidence in banking services by increasing customer focus and convenience, as well as launching new services. The bank's portfolio includes both basic bank accounts and credit and savings services. The bank has over 310 thousand clients in Germany.
Functions, capabilities, products:
Mastercard, Opening smart checking account with Mastercard debit card through video identification process.
Replenishment in cash in any of the 7 thousand partner stores.
Money transfers by entering the recipient's e-mail or phone number.
Fidor's banking model is based on its online community, where users are financially rewarded for providing and receiving financial advice and evaluating and analyzing new financial products and services.
The list of financial services of the bank contains offers from third-party companies. Thus, it is a fintech marketplace.
Savings bonds with fixed maturity and interest.
N26
Available in Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia. Slovenia, Finland, France, Estonia. This year it is planned to enter the UK and US markets.
Berlin-based N26 bank was founded in 2013. The product was launched in 2015. In March, the bank announced that its client base had grown to 850 thousand customers, and also announced ambitious plans to attract 5 million customers by 2020.
Functions, capabilities, products:
Opening an account in less than 8 minutes.
MoneyBeam - instant money transfers by entering the recipient's e-mail or phone number.
TransferWise - international transfers in 19 currencies.
Ability to instantly block and unblock the card.
Card management in the application, including blocking, card reissue; the ability to enable payments abroad; Confirm online payments and set limits.
Automatic sorting of expenses by category.
Ability to withdraw cash from any ATM free of charge up to 5 times a month.
Support for Google Pay.
You can open a regular account and get a Mastercard for free; activate a premium account with insurance; order a card for freelancers and entrepreneurs with 0.1% cashback for all purchases. In some countries, an overdraft of up to 1,000 euros is available, lending from 1,000 to 25,000 euros, investment and savings instruments, as well as insurance products.
Revol
Available in Austria, Belgium, Bulgaria, UK, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Spain, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, France, Croatia, Czech Republic, Switzerland, Sweden, Estonia, as well as Cyprus and Malta. The bank announced plans to cover the United States, Canada, Singapore, Hong Kong, Australia and New Zealand this year.
Revolut was released in July 2015 with the goal of "creating a fair and consistent platform for the use and management of funds globally." The bank promises no hidden fees and an interbank exchange rate. This bank is used by over 1.5 million people.
Functions, capabilities, products:
Ability to store, receive, send and exchange 25 currencies in the application at a real exchange rate.
️Free and fast sending domestic and international money transfers to bank accounts around the world.
️ Buying and storing bitcoins (BTC), Litecoin (LTC) and ether (ETH) with the ability to track their prices on multiple sites. Cryptocurrencies can also be sent to your contacts in Revolut.
Track expenses with interactive analytics.
️Free shipping of the card worldwide within 1-3 business days.
Piggy bank to accumulate the balance from rounding of transaction amounts.
You can split the bill (for example, for an order in a restaurant) for several users.
You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze".
Free cash withdrawals from ATMs around the world (up to £ 200 / € 200 per month in the standard package, up to £ 400 / € 400 per month in the premium package).
Loan products are on average 50% cheaper than traditional European banks.
ALLY BANK
Available in the USA. Ally offers innovative digital experiences, 24/7 service, great rates and credit products. It is also one of the largest auto finance providers in the United States. Ally has its own money management system and low commission brokerage platform.
Functions, capabilities, products:
Transfer funds between Ally Bank accounts and accounts with other banks
Pay bills, view scheduled payments and payment history
Check balance and transaction history
Search for nearby ATMs
Manage your debit card, track its use
Trade stocks from a mobile device
Control investments
Access to the latest market news
Mobile finance: an overview of the best banks for smartphones.
In recent years, many mobile banks have appeared without branches, which provide their entire range of services exclusively online. They have already managed to lure a fair share of traditional bank customers - especially young people.
The editorial board acquaints readers with the best foreign mobile banks with the highest quality and most diverse service. He also explains what threatens mobile banks: competitors, regulators or fraudsters.
Atom Bank
Available in the UK.
In June 2015, Atom Bank became the first mobile bank to obtain a full banking license from the UK regulator. One of the distinctive features of the bank is a number of customization tools - the user himself chooses a "name" and a color theme for his account.
Functions, capabilities, products:
Fast and easy registration process. For account security, you can use not only a password, but also identification by voice or Face ID. Many options for deposits for various periods from 50 to 100 thousand pounds. Mortgage right in the application, broker consultation. As the bank notes, it's like a regular mortgage, only without stress. The bank makes recommendations by studying the consumer behavior of the client.
Monzo Bank
Available in the UK.
The mobile bank was launched in February 2015. It now offers users full-fledged checking bank accounts. The client base of the project already exceeds 500 thousand clients.
Functions, capabilities, products:
You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze". Implementation of bank transfers, standing payments, direct debiting and the ability to receive salaries directly to the card. Convenience of using the card abroad without additional fees and according to the Mastercard exchange rate. Full support for Google Pay and the ability to recharge your card via Apple Pay. Reactions to payments - to thank the sender for the transfer or just let him know that the money has been received, you can respond to the payment with some emoji. Overdraft with clear and transparent conditions. For easy navigation through your transactions, any transaction can be signed with hashtags. Piggy bank to accumulate the balance from rounding of transaction amounts. Ability to create piggy banks to save money for specific purposes. You can split the bill (for example, for an order in a restaurant) for several users. Setting a "limit" on expenses per month. The application notifies if the user spends money too actively.
Starling Bank
Available in the UK.
Starling Bank was born in January 2014, and in 2016 it hosted the largest financing round among fintech companies in the amount of 48 million pounds. This year, barely starting, also proved to be successful for the bank - it became the first digital-only bank for business in the UK, and also received awards as the best British bank and the best current account provider at the British Bank Awards 2021.
Functions, capabilities, products:
Registration in the application takes about 3 minutes. Integration with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay. The ability to request a transfer of funds from family and friends. The application integrates a financial marketplace with products from many companies. Create piggy banks to collect funds for various needs and purposes. Convenient and multifunctional expense tracking interface. You can switch between personal and business account. The bank card can be used all over the world without commissions; the exchange rate is set by the Mastercard. Transparent overdraft. You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze".
Tandem Bank
Available in the UK.
Tandem was created with the participation of a large community of testers, whom the bank calls "co-founders". They helped at all stages, from the name to the selection of the range of products. In early 2021, Tandem acquired Harrods Bank, thereby expanding its client base, obtaining a banking license and £ 80 million in capital.
Functions, capabilities, products:
You can connect your accounts in other banks to the Tandem app, thus getting a single point of access to them. The application can automatically pull up bills and calculate the amount required to pay them, so that the user knows what to expect and will not be left without money by the end of the month. By analyzing the amount of bills, the bank can offer cheaper electricity providers, allowing the user to save. Travel credit card without commissions and with 0.5% cashback on all purchases. Fixed rate savings accounts.
Simple
Available in the USA.
The pioneer of digital-only banking Simple in February 2014 was sold to one of the largest banks in Spain BBVA for $ 117 million. Even then, Simple had 100 thousand users. Mobile Banking operates through Compass Bank, which is a member of the Federal Deposit Insurance Corporation.
Functions, capabilities, products:
Obtaining a Visa card. No commissions for anything. Ability to withdraw cash for free at 50 thousand ATMs throughout the country. The ability to save funds for specific purposes. Every day, a certain percentage of funds is automatically deposited from the account in order to collect the amount necessary for the goal. You can pause, resume, and configure this feature at any time. Targets can also be used as digital envelopes to store money. Safe-to-Spend is a more secure version of “available balance”. This function allows you to see the amount that will remain at the user's disposal after the transfer of funds for the purpose and the planned payments on the accounts. You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze". Shared Accounts is a feature for a couple that allows two clients to share the same account. In the history of transactions, you can see which of the pair made them.
Cocoa bank
Available in South Korea.
Kakao Bank launched on July 27, 2017 and was greeted with unprecedented enthusiasm from Korean users. During the first 8 hours after its launch, clients opened more than 100 thousand bank accounts. 13 days after the launch, their number reached 2 million, which is approximately 6400 new accounts per hour. The reason for this interest was the integration of the bank with the very popular KakaoTalk messenger in the country and the KakaoPay service.
Functions, capabilities, products:
Much lower commissions than those of traditional banks in the country. For example, cross-border transfers are charged 1/10 of the amount requested by other banks. Interest rates are also more profitable. Debit cards with cartoon images of KakaoFriends - sticker characters from the KakaoTalk messenger. Credit cards are expected to be launched next year. Quick registration in the application. You can go through it by entering your Kakaotalk ID and linking your mobile number. This option is very popular, because 84% of the country's population use this messenger every day. Fast lending in the application. Ability to open deposits. Withdrawing funds from any ATM without commission. However, in the future, the bank intends to abandon this option. Transfers to accounts in other banks without commission.
Fidor Bank
Available in Austria, Belgium, Bulgaria, Brazil, UK, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Spain, Italy, Canada, Latvia, Lithuania, Liechtenstein, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal , Romania, Singapore, Slovakia, Slovenia, USA, Finland, France, Croatia, Czech Republic, Switzerland, Sweden, Estonia, South Africa, South Korea, Japan, as well as Cyprus and Malta.
Fidor Bank was founded in Germany in 2009. He announced his goal to restore lost confidence in banking services by increasing customer focus and convenience, as well as launching new services. The bank's portfolio includes both basic bank accounts and credit and savings services. The bank has over 310 thousand clients in Germany.
Functions, capabilities, products:
Mastercard, Opening smart checking account with Mastercard debit card through video identification process. Replenishment in cash in any of the 7 thousand partner stores. Money transfers by entering the recipient's e-mail or phone number. Fidor's banking model is based on its online community, where users are financially rewarded for providing and receiving financial advice and evaluating and analyzing new financial products and services. The list of financial services of the bank contains offers from third-party companies. Thus, it is a fintech marketplace. Savings bonds with fixed maturity and interest.
N26
Available in Austria, Belgium, Germany, Greece, Ireland, Spain, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia. Slovenia, Finland, France, Estonia. This year it is planned to enter the UK and US markets.
Berlin-based N26 bank was founded in 2013. The product was launched in 2015. In March, the bank announced that its client base had grown to 850 thousand customers, and also announced ambitious plans to attract 5 million customers by 2020.
Functions, capabilities, products:
Opening an account in less than 8 minutes. MoneyBeam - instant money transfers by entering the recipient's e-mail or phone number. TransferWise - international transfers in 19 currencies. Ability to instantly block and unblock the card. Card management in the application, including blocking, card reissue; the ability to enable payments abroad; Confirm online payments and set limits. Automatic sorting of expenses by category. Ability to withdraw cash from any ATM free of charge up to 5 times a month. Support for Google Pay. You can open a regular account and get a Mastercard for free; activate a premium account with insurance; order a card for freelancers and entrepreneurs with 0.1% cashback for all purchases. In some countries, an overdraft of up to 1,000 euros is available, lending from 1,000 to 25,000 euros, investment and savings instruments, as well as insurance products.
Revol
Available in Austria, Belgium, Bulgaria, UK, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Spain, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Finland, France, Croatia, Czech Republic, Switzerland, Sweden, Estonia, as well as Cyprus and Malta. The bank announced plans to cover the United States, Canada, Singapore, Hong Kong, Australia and New Zealand this year.
Revolut was released in July 2015 with the goal of "creating a fair and consistent platform for the use and management of funds globally." The bank promises no hidden fees and an interbank exchange rate. This bank is used by over 1.5 million people.
Functions, capabilities, products:
Ability to store, receive, send and exchange 25 currencies in the application at a real exchange rate. ️Free and fast sending domestic and international money transfers to bank accounts around the world. ️ Buying and storing bitcoins (BTC), Litecoin (LTC) and ether (ETH) with the ability to track their prices on multiple sites. Cryptocurrencies can also be sent to your contacts in Revolut. Track expenses with interactive analytics. ️Free shipping of the card worldwide within 1-3 business days. Piggy bank to accumulate the balance from rounding of transaction amounts. You can split the bill (for example, for an order in a restaurant) for several users. You can instantly "freeze" the card in case of its loss, and just as quickly "unfreeze". Free cash withdrawals from ATMs around the world (up to £ 200 / € 200 per month in the standard package, up to £ 400 / € 400 per month in the premium package). Loan products are on average 50% cheaper than traditional European banks.
ALLY BANK
Available in the USA. Ally offers innovative digital experiences, 24/7 service, great rates and credit products. It is also one of the largest auto finance providers in the United States. Ally has its own money management system and low commission brokerage platform.
Functions, capabilities, products:
Transfer funds between Ally Bank accounts and accounts with other banks Pay bills, view scheduled payments and payment history Check balance and transaction history Search for nearby ATMs Manage your debit card, track its use Trade stocks from a mobile device Control investments Access to the latest market news