Neo banks. What is a Neo bank?
It is a virtual bank (online only) which does not have any branch office.
Your banker will be your computer and your phone.
What are the advantages ?
- Quick opening of a new account.
- The fees are minimal and transparent. Neo-banks generally offer either a monthly package depending on the desired services (between € 2 and € 20), or a commission on transactions.
Please note, it is important to carefully read the conditions and to be aware of the restrictions to avoid bad surprises.
- Ease of international payments.
- The currency exchange costs are less important than compared to the traditional network (big advantage for the expatriates).
- Communication is only done electronically.
- New banks follow innovation almost in real time.
To have a Neo bank account in Belgium, the selected bank must be Belgian. Otherwise, you will have an account considered abroad (country of the bank) which can be a source of red tape.
Check your bank has a European banking license (which gives you a guarantee of 100,000 euros in case of bankruptcy).
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