You have certainly heard of no-banks! Also known as digital banks, mobile banks or online banks, no-banks like N26, Revolut, Monabanq, Ma French Bank, Hello Bank, BforBank, Boursorama, Fortuneo, ING and Orange Bank are alternatives to conventional banks. They generally do not have agencies and operate through websites and / or applications for smartphones and tablets. These online banks and nobanks (also called mobile banks, even Fintech) promise to save money with reduced fees, free bank cards and money as a welcome offer.
In theory, a bank works exclusively with a mobile application and does not necessarily have a banking license, which may prevent it from offering services such as savings products, joint account or check book. It is then a payment institution with basic functions (bank account and card). Conversely, many online establishments are subsidiaries of large traditional players (Crdit Agricole, Socit Gnrale, BNP Paribas, among others), with similar services. However, the borders are blurring since nobanks such as Revolut and N26 have just obtained their banking license. It is therefore necessary to look at the offers if you want to replace your main bank or have a secondary bank. These fully digital banking institutions are also distinguished from other banks by their ease of access and registration.
Why choose no-banks?
There are a thousand and one reasons to open an account in an online bank! These banks have multiple advantages, including:
- Registration speed : Online banks offer flexibility and ease of registration. Whatever your profile, you can open your account in just a few minutes. You wonder why these banks offer all this facility? This is because they wish to change the strict rules imposed by conventional banking institutions!
- Fewer documents and supporting documents : Unlike traditional banks, online banks do not require a lot of documents from their new customers. You will only need an ID to open your account. You would have understood it ! No condition on your income!
- Ease of use and practicality : Online banks like N26, Revolut, Monabanq, Ma French Bank, Hello Bank, BforBank, Boursorama, Fortuneo, ING and Orange Bank offer several services accessible via a 100% free mobile application. With your smartphone, you can log into your account and access your banking transactions.
Today, online banks are enjoying growing success. You can use these banks to receive money and pay from around the world. You can even link your account to major sales and payment platforms like PayPal, Stripe and Amazon.
How to choose your online bank?
The number of no-banks continues to increase. Choosing an online bank is a task that cannot be improvised. Your choice must be based on several criteria such as the quality of services and offers, eligibility conditions, payment fees, responsiveness of customer service, etc.
When choosing, you have to go further than the simple welcome bonus, even if it is appreciable, and take into account hidden costs such as withdrawals and payments outside the European Union, calling an adviser, establishing documents, incidents of payment and especially the inactivity of the account.
Making the right choice between the multitude of offers offered by online banks is often a real headache. The best solution is to use an online bank comparator! We have listed the main market players with their advantages and disadvantages.