The best online banks in 2020

The banking industry has evolved very well thanks to the internet making things easier for everyone.  Many consumers are following the latest trends and are choosing an online bank over the conventional one. We live in a world where time matters and where communication and technology reach levels we couldn’t imagine. Every company comes with innovative and appealing features and a lot of benefits to make our life more pleasant. Newcomers in the field offer competitive banking services including current and savings accounts, loans, debit or credit cards and many other things at a cheaper rate than traditional ones. It is already clear that online banks will conquer the world and will be the future for hassle-free and borderless banking. They are easy-to use and consumers can open bank accounts in minutes and can use everything that a traditional bank offers but in a more unconventional way. They don’t have to go to a physical branch, to fill documents and to wait too long in the queue because online banks offer apps. All they have to do is to download one of them and to follow the instructions. It is as easy as 1, 2, 3 to open a bank account. 

The best online banks in 2020 are Bunq, Monese, Monzo, N26, Payoneer and Revolut. Why are they the best and what they offer? You will find out in a minute. Bunq has a Dutch banking license that comes with a deposit protection up to €100.000. This means your money is safe and sound even if bunq were to go bankrupt. You can open a joint account and you can transfer money with Transferwise. Used by more than one million people, Monese allows you load cash on your account at any PayPoints or Post Offices. You can receive and transfer money easily, you can check your account balance or you can put cash aside to use it wisely with Savings Pots. Alongside usual features like current account, integrated savings accounts, overdrafts, Monzo offers the possibility to apply for personal loans up to £15.000. With this mobile-only bank can split payments with anyone you want even if that person doesn’t even have Monzo account and you can also get paid early. N26 comes with free transactions worldwide, Allianz insurance package as well as selected discounts and offers from partner brands and with built-in fast and cheap money transfer with Transferwise.

Payoneer is an online payment provider that gives you the opportunity to send and receive payments to and from businesses and marketplaces in different countries around the world and it is a trusted partner for thousands of leading digital brands, including Amazon, Wish, Adobe, Airbnb, Upwork, GettyImages, Shutterstock, OneHour Translation and many more. Revolut is a revolutionary alternative to traditional banking that gives you exclusive access to what is latest in online banking services including budgeting tools and safety features as well as cryptocurrency exchange. With online banks you save time and money and you can check on-the-go all your currency and card balances, track the transactions, receive notifications about special offers and you can pay your bills, buy a ticket for your holiday or transfer money.