Online financial institutions like Axos, Revolut, Discover and N26 provide an alternative to traditional brick-and-mortar banks, by performing all the banking duties online or through the mobile phone app instead of a physical location. The advantage of offering services in this method is that they can reduce their cost, which in theory gets passed on to the customer. Revolut, for example, offers a basic free service with options to pay for upgrades such as a plus service that is $2.99 a month or a premium service for $6.99 per month. N26, a popular option for most of Europe, has a similar pricing structure, starting with a free account, then €4.90 per month up to €16.90 per month. Many traditional banks, on the other hand, charge monthly or quarterly account fees.
Note: Prices are based on what is on the company’s websites as of this writing. These can vary from country to country. They also might, and most likely will, change.
Benefits of Online Banking
Technology is advancing at an amazing pace, and online banking has become more convenient and secure. Consumers can access their accounts 24/7. They can check their balances, transfer funds between accounts, pay bills, and deposit checks through an app on their phone. They can do all of this without having to go to a branch of their bank.
