Everything that people said you shouldn’t do a few years back has become the norm today.
Do not get in the car of strangers, hello Uber.
Do not leave your money on a digital interface, hello digital banks.
These developments have not only proven to be secure but they have actually created a world in which movement and connection are much more apparent.
Focusing on the latter of these two examples, digital banking, it will be interesting to see the different ones that have cropped up all across the world and the impact that these have had on people.
This article aims to shed light on some of the most innovative and most used online banks, plus outline the effects these establishments have had on the digital world.
How to Sign Up With Online Banking Establishments
There are quite a few online banking companies that people can choose from.
Although they are online, you typically need to either be registered in the countries they provide services to or be there long enough to receive the bank card.
The process of signing up with an online bank is relatively simple and due to its simplicity, many have jumped on the bandwagon and use their services daily, whether it’s for buying movie tickets with them or to learn about $200 no deposit bonus on their new favorite online gaming platform – it is clear to see that online banks are making their mark.
But first, it’s time to go back a bit and outline how to sign up with online banks.
The first thing you’re going to want to do is download their app.
You can do little without the app.
That is where you will link your email address and your password to create an account.
Once you’re in, you will be prompted to outline what you will be using the card for, as this makes a slight difference in terms of the account you will create e.g., a business account versus a private account.
You will also need to enter your home address, so that you may receive a proper bank card to that address but also to register yourself tax-wise.
Benefits and Disadvantages to Online Banking
The great thing about these online banks is that they’re trying to be more sustainable, therefore, they do not waste precious resources on sending you physical mail, thereby saving on paper and they do not need to send you a card, should you not want one, as you can also just download the digital card to your phone and pay like that, however, this only works if you have an iPhone.
Due to them not having a physical location, these banks can offer far lower fees than any actual bank, as their overheads are not as large.
Plus, they do not have to pay staff to be at a location but can rather outsource their online services to countries that charge less per hour, such as Indian help lines.
One of the biggest disadvantages though is that they can feel relatively unsafe.
As you have no one to hold accountable and nowhere to go, it can be a bit scary to leave all your money in an account like this.
Which is why many use online banks for their smaller funds, just to make travelling and making small payments easily but then they leave their actual savings to a more reputable bank.
Plus, the taxes is pretty confusing as it is hard to know which country you need to pay taxes to and it makes these water all the more murky.
Furthermore, they usually do not offer great interest rates if you are looking to invest your money into a savings account.
They are also not as open for large loan amounts as they are not built for this.
Which Digital Banks to Look Out For
There are many different options when it comes to the online bank that you’d like to apply for.
You could take a look at Wise, which was previously known as TransferWise, which is an excellent bank that is based in Belgium.
You can sign up from outside of the EU, however, if you want to receive a proper card, you need to be in the EU to get it as they do not send ones outside the EU.
Then you could take a look at EasyBank, which is another great EU option.
However, it’s a bit more tricky to get a card for them and they’re slightly more structured than Wise.
Or you could go for the most simple option like Monzo, which is a UK based bank that makes paying and drawing money easy, even when you’re outside the UK.
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