Up to 100,000 EUR of your deposits are protected under the German Deposit Guarantee Scheme (DGS). However, to use more of its features, such as those for money management and increased maximum free ATM withdrawals, you will have to pay a monthly fee. Because of this, your account at Wise does not fall under the Financial Services Compensation Scheme (FSCS). Wise does this by depositing your money at banks and investing it in liquid assets such as government bonds. Should Wise fall into bankruptcy, there is a possibility that not all of your money will be returned to you.
Similarly, your investments are guaranteed under the German Investor Compensation Scheme. You can file a compensation claim for up to 20,000 EUR of your investments. Vivid also allows you to invest in stocks and ETFs, crypto, and precious metals such as gold and silver. You will also not be charged a commission per trade when you invest in EUR underlying ETFs or shares. To open an account, make sure that you are a legal resident of the European Economic Area (EEA).
Although they only have around 280,000 users, we think Rebellion deserves a spot in the top 7 because of their targeted approach towards ‘Generation Z’ and their unwavering focus on their customer base. We’ve introduced you to some pretty cool banking buddies during this roller coaster ride. Each with their own unique features, quirks, and reasons to be your next financial confidante. Whether you’re a crypto enthusiast, a sustainability warrior, or a regular ol’ Joe looking for a simple banking solution, there’s something here for everyone. Remember when you were a kid, and you had to pick one candy from the store? Just like that, choosing a bank account can be overwhelming with all these options at hand.
The country’s regulatory environment is also supportive, as is the case with its neighbor France, and London has also been named the most crypto-ready city for businesses in 2023. This widespread adoption of cryptocurrencies across Europe signifies a significant shift in the global financial landscape. It highlights the continent’s commitment to innovation and its willingness to embrace emerging technologies that can reshape traditional financial systems. Several European cities are embracing blockchain technology to revolutionize their commercial landscapes. These cities view cryptocurrencies as a viable transactional medium, aiming to streamline processes and enhance efficiency.
Although it doesn’t have nearly as many features that it has in the US, you can still pay online and in-store and transfer money to other people inside your country and abroad. With all the perks that I already mentioned above, travelers can also avail of currency exchange without fees during the workdays, cashback on Stays booking, and free international spending. This UK challenger bank has offered the most benefits for its paying customers since 2016. Although there is a one-time fee of €7 for a physical debit card that you basically don’t need if you connect the account to Apple or Google Pay. Rooster Money is a prepaid debit card and pocket money app that’s available in the UK, US, and Australia. It’s designed to teach your kids how money, finances, and responsibility work.
Starling Bank, headquartered in the UK, offers customers a comprehensive digital banking experience tailored to their needs. With advanced mobile app features such as “Spending Information” and “Goals”, Starling Bank empowers users to make informed financial decisions. Its “Marketplace” seamlessly integrates third-party financial products, enriching the overall banking experience. But you’ll also want to check out alternatives to banks, such as Wise. Wise specializes in multi-currency spending and transfers, offering low fees and great exchange rates – all from one powerful online account (and app).
Specifically, they are the Standard Plan, Plus Plan, Premium Plan, and Metal Plan. ATM withdrawals in the Eurozone often have limits on the number of free withdrawals, ranging from 3 to 8. However, ATM withdrawals done worldwide are free for customers with an N26 You or Metal account. This is not suitable as a savings account because you won’t earn interest and, should Wise become insolvent, you are not guaranteed to receive the full amount in your account.
When you live in Europe, you can opt to open a free virtual multi-currency account with them. Converting between currencies can be easily done at the time of need. Find out more about the five best digital banks in Europe through this article. If you choose ‘with conversion’, the merchant or ATM provider can apply their own exchange rate.
But if currency conversion is needed, the fees are still relatively lower and you can enjoy the mid-market exchange rate. Hello Bank is the digital banking offering from Belgium and was created in 2013 by BNP Paribas to be their fully online bank. They are known for keeping up with the latest trends and technological innovations and have been applauded for their understanding of how to design a banking app around busy people. Online banks often offer higher interest rates and lower fees, while traditional banks provide in-person service. Officially launched in 2017, Bnext was registered officially as a bank in February 2020 by the Bank of Spain and is headquartered in Madrid.
