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What is an online bank?

online-bank (1)

It is increasingly common to bet on online banks. Digitization has modernized traditional banking and the new possibilities for managing our money only increase. With the growing landscape of digital activity comes the Internet banking. But in what is an online bank And what benefits can it bring to potential users?

What are online banks?

With the birth of online banking, new fronts are opened and new possibilities for the user are raised, but new questions also arise:What is an online bank?, How does the Internet banking?

The online banks are financial entities that operate offering their services through the network. Therefore, either they do not have physical branches or they have few branches. They include all the functionalities of any bank with the convenience and speed of online management. 

Faced with this incessant digital advance, many traditional banks have chosen to join the digital bandwagon and offer their services online. In turn, many start-ups see this as an opportunity to reinterpret traditional banking services and offer a more current alternative.

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How can I open an account in an online bank?

Say goodbye to tedious account opening processes. Say goodbye to waiting in long lines. Goodbye to waste time. Goodbye paperwork. Goodbye to traditional banking. Open an account in a digital bank It is very simple, it can be done in just a few minutes. We explain how.

You will have to visit the bank's website and follow the instructions indicated. The steps and speed of the process will depend on your selection when choosing your online bank. 

However, there are a number of points that all account creation processes consider regardless of the online bank that you choose First of all, you must have your documents digitized or have them on hand. They are necessary resources so that they can verify your identity.

Then you must fill in all the fields of the process of onboarding or registration and wait for confirmation in the identity verification by the bank. Once they have confirmed that everything is in order, you can begin to use the services that your online bank. Very very easy.

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What advantages do online banks have?

The Online banking is a step towards the future of the financial sector and without a doubt brings many benefits to the customer. 

  • no schedules. Everything is fully digitized and available 24/7. Operate when you want, without depending on the tight schedules of physical bank offices.
  • Comfort. Carry out your operations from wherever you want, at any time, in a matter of seconds.
  • All the functionalities of a traditional bank. Send and receive money, check your expenses, contract products or make your purchases.
  • Control your expenses and manage your money from your bank's website or APP.
  • Notifications to your device. You will be informed of any change or modification that may affect your account.
  • Interesting to travel. Some of these banks offer cards with very interesting features when traveling. In this way you can get rid of the high commissions offered by traditional banks. If you are interested in this part, we invite you to read the post about best travel cards.
Fazil Neobank | Pay your daily expenses with your mobile

What are the best online banks?

Given the wide offer that is presented to the consumer, it is normal to wonder which is the best online bank. There are many traditional banks that join the advance and decide to offer online accounts, without commissions or conditions. We present a selection of the best proposals.

Fazil Neobank | Pay your daily expenses with your mobile
Fazil Neobank
  • N26. It is a new checking account that allows its clients to withdraw money anywhere in the world up to 5 times a month, without commissions. It also allows you to set a daily spending limit.
  • EVO. 100% works online but one of its main advantages is that there are physical branches (although there are very few) that the client can go to to carry out those procedures that he prefers not to do online. It offers a credit card with no maintenance cost that will allow you to withdraw money both in Spain and abroad.
  • next. Allows you to control your 100% account online from the app. Without registration or maintenance cost, it allows the user to withdraw money up to 3 times a month without commissions and with the best exchange rate. It also has an interesting rewards program for its users. 
  • Fazil Neobank. It's a neobank and virtual card that will allow you to manage all your payments from your mobile device. You can control your money and manage your expenses, in addition to paying through Apple Pay and Google Pay. You can send and receive money. Without registration or maintenance costs and of course, without commissions. 

From Fazil we want to invite you to try our card and go to the new digital banking. Start managing your account from your device, whenever and however you want, free of charge. And if you are interested in knowing more about this trend in rise of online banks, we invite you to read the post about best spanish neobanks.

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Dear Boomer

If you see that easy is not for you, you will always have the classics...

Those old glories that they have their bank branches, You already know how they work and they will not take you out of your comfort zone. 👴🏽

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