After visiting nearly 40 countries and spending hundreds of dollars on international transactions, banking and ATM fees, I knew that there must be a better way to manage my finances on the go.
Fortunately, fintech revolution paves the way for new, unconventional financial services like mobile banking. According to analytics firm Flurry, we already spend more than 5 hours a day on our smartphones. It only makes sense that more and more emerging financial services are mobile-first. After all, they offer excellent benefits, including easy access, free debit cards, real exchange rates, little to no fees, a high level of security and other innovative perks.
As for now, I couldn’t imagine traveling the world without a banking app. Even if you don’t tour much, it brings another level of convenience to your daily life.
Here are 10 innovative online banking apps to watch and use.
Revolut
Available for free on Android and iOS.
Revolut is one of those apps that can instantly captivate you. Its intuitive interface, ease of access and modern practices let you open a bank account within minutes. But that’s not all there is to it. Ability to exchange 28 currencies at real rate, chargeless transactions in 130 currencies, free debit cards with global delivery and ability to purchase cryptocurrencies create a service package which is difficult to match for any traditional bank.
N26
Available for free on Android and iOS.
Like Revolut, N26 is another travel card app that can lift your banking experience to the next level. The registration is easy and every verified user is eligible for a free bank account with VISA or Mastercard. The app uses TransferWise to avoid costly transactions, MoneyBeam for instant transactions, has Apple Pay integration and many more cool features for everyday use.
bunq
Available for free on Android and iOS.
Called “the bank of the free”, bunq is dedicated to consumer privacy and security. It is a great choice for expats. You can choose between free, premium and business bank accounts that you can share with your friends, family and partners. Along with that, you get a worldwide Mastercard and quality service for instant payments.
BankMobile
Available for free on Android and iOS.
BankMobile is first America’s fee-free mobile bank. It seeks to empower people to create a better financial life. Besides having no transaction and annual fees, BankMobile also offers single or joint accounts with a high-level security and personal credit line.
Monzo
Available for free on Android and iOS.
Monzo is a nicely designed all-in mobile bank. It has quick transactions, 24/7 support chat, spending notifications and overall ability to manage your finances on your phone no matter where you are.
Simple
Available for free on Android and iOS.
Simple is an online bank that helps people to reach their saving goals. It tracks your spending habits, shows how much you can spend and lets you set goals for different categories. Simple users also get a free payment card, free transactions, helpful support staff and a well-designed app.
Chime Banking
Available for free on Android and iOS.
Chime comes with a Visa debit card, spending and savings account. There are no overdraft, foreign transaction fees or monthly minimums and a handy app that lets you handle all your finances. Chime users can also enroll into “Save When I Spend” program, which rounds your every payment to the nearest dollar and stores it to your savings account.
Starling Bank
Available for free on Android and iOS.
Starling Bank is a stylish way to lead a healthy financial life. Together with the package of zero transaction fees, debit card and tracking, it also has an integrated marketplace of services, accessible support, financial goals, smart spending insights and many more cool features.
Neat
Available for free on Android and iOS.
Hong Kong-based Neat is a current account for people in need of reliable banking services. It’s easy to register, doesn’t charge extra fees, sends spending alerts and is a great traveling companion.
Atom Bank
Available for free on Android and iOS.
Atom is one of the fastest growing mobile banks in the United Kingdom. It’s designed for your phone and tablet, and it also made its name for its attractive mortgage rates, fixed saver accounts and secured loans for small and medium businesses.
What is your favorite banking app?
If you know any innovative banking apps, please tweet me at @tomaslau.
