Online Banking: A Closer Look at Three Popular European Digital Banks

One of the biggest advances in convenience in recent years has been the advent of online banking. With just a few clicks, you can check your account balance, pay bills, transfer money and even download statements with 24/7 account access. On our platform, we prioritize the security of our customers' financial information, and we strictly adhere to AML requirements to ensure that funds are only withdrawn to the customer's account. That's why we've taken a closer look at three popular digital banks in Europe that offer advanced security measures and can be used for convenient withdrawals.
 

1. Revolut

Revolut is a UK-based fintech company launched in 2015. It offers a range of financial services from cards with instant spending notifications and foreign currency exchange trading at the real exchange rate, to commission-free stock trading and charity donations. Today, more than 20 million customers in more than 35 countries around the world use Revolut to manage their finances across an ever-growing suite of powerful and easy-to-use products.

How to open a Revolut account

• Download the Revolut app.
• Open the app, enter your phone number and create a 4-digit passcode for your new account.
• You’ll receive a text message from Revolut containing a PIN - you’ll need to enter this into the app to verify your account for security purposes.
• Enter your personal details, including name, date of birth, address and email address.
• Make an initial deposit from another bank account.
• Verify your identity by selecting the 'Profile' icon in the app, and then 'Personal Details' and 'Verify Identity'. Take and upload a photo of a valid form of ID, such as a passport, and a photo of your face.
• Choose the plan you want, whether it's a free account or one with a monthly fee and extra features.

2. Wise

Wise is a private company based in the UK that was launched in 2011 under the name TransferWise. Over time, Wise has expanded beyond money transfers to offer multi-currency accounts and linked debit cards that allow people and businesses to send, spend, hold, receive and exchange more than 50 currencies all in one place.

How to open a Wise account

• Go to the Wise website and select “Register”.
• Enter your email address, create a password, and select your country of residence.
• Fill in your personal details and you’re done!

3. Paysera

Paysera is a Lithuania-based fintech company founded in 2004, which received the payment institution license from the Bank of Lithuania in 2012. At the moment, PaySera service is considered to be one of the most popular and sought-after payment systems, that offers its services to more than 70 countries of the world. The main distinguishing feature of the system is the lowest fees for international transfers.

How to open a Paysera account

• Download the Paysera app. Opening a Paysera account is only possible via the Paysera app.
• Register. Open the Paysera app, select your language, and press “Create account”. Enter your phone number, and create a secure password. You will receive a verification code via SMS. Finally, create a passcode to unlock the Paysera app on your phone every time you want to use it.
• Confirm your email address.
• Submit documents. The final step is to complete identification by submitting your personal documents, such as a passport or ID card. After submitting the document, you will also be asked to take a selfie.

Undoubtedly, online banks have revolutionized the way we manage our finances. So, as the world moves towards a more digital future, it's time to consider switching to online banking and take advantage of the benefits it offers.