Last Updated on by Talita
In a globalized world like nowadays, it’s normal to come across situations where you need to make withdrawals, transfers, payments, or other money-related activities internationally.
It’s almost impossible for you not to have an account at a physical bank, but these banks often come with a lot of bureaucracy and charge high fees for international transfers. That’s why it can be much more convenient and advantageous to have an online bank account.
In this article, you’ll discover the benefits of having a digital bank to exchange currencies, receive international money, make withdrawals, transfers, and more!
Why opt for a digital bank?
There are several advantages to using an online bank instead of a traditional physical bank, and here are six of them:
- Accessibility: As a user of an online bank, you can access your accounts anywhere, anytime, as long as you have an internet connection. This eliminates the need to go to a bank branch in person or wait in long lines, as everything can be done 100% online.
- Ease: Most online banks have easy-to-use apps and websites, making banking transactions easier. You can transfer money, pay bills, and check your balances on the screen of your device.
- Lower fees: Online banks usually charge lower fees, as they have fewer operational costs such as rent for physical branches and employees. This means you can save money on account maintenance fees, bank transfers, and other transactions.
- More financial product options: Online banks usually offer a wide range of financial products such as savings accounts, loans, credit cards, and investments. This allows you to compare and choose products that best suit your financial needs and goals.
- Security: Online banks invest in security technology to protect your financial information and transactions, as everything is done digitally. This includes measures such as encryption and other security measures.
- Customer service: Although online banks don’t have physical branches, most offer 24/7 customer service through chat, phone, or email. This means you can get help and support whenever you need it.
7 Best International Online Banks to Receive in Different Currencies
If you’re interested in having an online bank due to the many benefits they offer, especially for international transfers, it’s important to analyze the available options. There are several, so it can be difficult to choose the right bank.
To help you start your research, here are seven online bank options you can consider.
Wise, formerly known as TransferWise, was founded in 2010 and offers international money transfer and currency conversion services through its online platform. Users can send and receive money in different currencies with exchange rates up to seven times lower than those offered by traditional banks.
In addition, the company provides a multi-currency account that allows users to hold and spend money in different currencies without paying exchange fees when using their card to make purchases or withdraw money from ATMs.
With over 10 million users, Wise is committed to transparency and honesty in its operations and provides consumer protection through various security measures. The company operates in 150 countries and offers services in 50 different currency types.
Revolut is a global online bank founded in 2015, with over 25 million users and support for operations in more than 200 countries and regions.
The institution offers four types of accounts: the Standard, which is free and meets the basic needs of an online bank; the Plus, which for a monthly fee of $2.99 offers additional services to boost your finances; the Premium, for a monthly fee of $6.99, which offers opportunities to invest and save smarter; and the Metal, for a monthly fee of $12.99, which offers various additional benefits in your account, such as cashback and more ways to save.
Revolut cards can be connected to Apple or Google Play accounts, making commercial transactions easier, and it is also possible to make instant payments with the card, with security configured the way the user prefers.
Multipass stands out as an international account solution specifically designed for businesses dealing with multiple currencies. In other words, it is primarily aimed at entrepreneurs who require a bank account in the name of their company rather than for personal use. If this doesn’t apply to you, you may proceed to the next available option!
Founded in 2017, Multipass is an integral part of the Dyninno Group, which currently boasts over 19 years of market experience. It provides businesses with the ability to access more than 30 currencies from different countries.
Additionally, the platform enables payments to and from over 180 countries, utilizing both physical and virtual cards.
Like the other options, N26 is a fully online European bank. They prioritize the security of their over eight million users and provide graphics to help you control your spending.
The N26 card also allows for connection with Apple Pay, and customer service is available in English, French, German, Spanish, and Italian.
Similarly to the previous option, you can choose from four types of accounts:
- Standard: Free, where your card is only virtual, but you can make international payments and deposits for free, have access to customer service and necessary security protections, in other words, the basic necessities for your account;
- Smart: €4.90 monthly fee. With this option, you already have a physical card, where you can choose from five colors. In addition to the previous benefits, it is possible to have an extra card if necessary and 10 sub-accounts;
- You: €9.90 monthly fee. In addition to everything mentioned in the other accounts, you get coverage for health, travel, and flight insurance;
- Metal: €16.90 monthly fee. In addition to everything present in the other accounts, an interesting benefit is that, in addition to travel-related insurance, you get coverage for insurance for everyday items such as cell phones, cars, and mobility.
This company is from the United States and to create an account, it is necessary to have a US citizen card, but it is not required to have an address in the country. If this is not your case, move on to the next option.
Founded in 1971, this bank is known for offering a wide range of financial services, including investments, stock trading, options, mutual funds, bonds, and other investment options.
The bank offers an easy-to-use online trading platform that allows customers to access their investments anytime and anywhere, whether through a computer or mobile device.
One of the advantages is that there are no account maintenance or brokerage fees. This means that you can invest as much as you want without worrying about additional fees.
However, they do charge fees for certain services, such as electronic transfer withdrawals and transfers to external accounts, but these fees are reimbursed!
Chime is a bank founded in 2013 that offers a fee-free checking account, debit card, personal loans, and investment platform.
One of its main advantages is the absence of fees on general banking services, making it an attractive option for those looking to save on banking fees.
The bank also offers a rewards program in which customers can earn cashback on purchases made with the Chime debit card. Additionally, early payment detection is an available feature that helps customers manage their finances and avoid fees for late payments.
However, it is important to remember that Chime may charge fees for certain services, such as withdrawals at ATMs outside of partner networks and international wire transfers.
Monese, founded in 2015 and headquartered in London, offers an easy way to open a bank account, regardless of the user’s location or financial history. With the Monese app, it is possible to sign up in just a few minutes, without the need for credit verification or banking history.
The bank offers accounts in multiple currencies, allowing customers to pay and receive money without worrying about conversion fees. Monese also offers a feature that helps customers control their finances by tracking their expenses and providing suggestions for saving money.
In addition, Monese supports Apple Pay and Google Pay, as well as some other options on the list.
Although Monese does not charge account maintenance fees, there may be fees for some services, such as withdrawals from ATMs outside the partner network and international bank transfers. It is important to note that a UK address is not required to create an account, but there may be some limitations for those who are not from England, Scotland, Wales or Northern Ireland.
Bonus: Starling Bank
Starling Bank is a London-based bank that offers a wide range of banking services, including current accounts, debit cards, loans, savings, and foreign exchange services.
The bank’s mobile app is user-friendly and allows customers to manage their finances efficiently, as well as offering bank accounts in multiple currencies.
The bank also offers an “automatic savings” feature, where the customer can set up the app to automatically transfer a specified amount to their savings account every time they make a purchase with their debit card.
Starling Bank’s rates are excellent compared to its competitors, and most of its services are free. Additionally, the bank has an interesting feature called the “Marketplace”, where customers can access and sign up for various third-party financial services, such as accounting services and loans, directly through the bank’s app.
Comparison table between the 7 best online banks
|Founding country||Exchange rate||Transaction fee||Make withdrawals?||Physical card?||
|Wise||United Kingdom||Real exchange rate||Starting at 0.35%, but varies depending on country and transaction||Yes||Yes||Email or chat|
|Revolut||United Kingdom||Interbank exchange rate||Varies depending on country and transaction||Yes||Yes||Chat|
|N26||Germany||Interbank exchange rate||Varies depending on country and transaction||Yes||Yes||Chat|
|Charles Schwab||United States||Interbank exchange rate||No fee||Yes||Yes||Phone|
|Chime||United States||Interbank exchange rate||Varies depending on country and transaction||Yes||Yes||Chat or phone|
|Monese||United Kingdom||Interbank exchange rate||Starting at 0.5%, may vary depending on country, transaction or account type||Yes||Yes||Email or chat|
|Starling Bank||United Kingdom||Interbank exchange rate||Varies depending on country and transaction||Yes||Yes||Chat or phone|
I hope this article was helpful in helping you to decide the best online bank option for receiving different currencies. It is important to remember that despite our summary, it is always recommended to analyze the options in more detail by visiting their websites to ensure they meet your needs.
If you have any questions about these or other options, feel free to comment below and I will respond you as soon as possible!
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