Did you know that there are two types of banks in the market: high street banks and so called neobanks?
Contrary to traditional high street banks, neobanks are 100% digital and use mobile apps and online platforms to support their customers, rather than traditional physical branches. They are also growing in popularity thanks to lower currency exchange fees and convenience with a simpler and faster way to manage your money.
To begin with, each bank requires you to fill in several forms such as personal details, proof of address, ID verification (and many more), to get the application approved. The fees for banking operations such as overdraft facility, credit card spend limit, and especially currency exchange rates vary greatly between banks. Not to mention the time it takes until your account is finally open – in most cases, you need a physical appointment at your local branch before your account can be activated. Choose the wrong bank and you might have to wait for weeks until your account is finally activated only to end up pay higher fees when you send / receive money from home.
We want to make sure you can hold several currencies in your account and pay as little for it as possible. Based on these criteria, we have chosen our partners for you.
Getting your local bank account takes only 2 minutes! And the best part: you don’t even need to physically go to your new bank’s branch. You can do everything easily online.