What is a Neobank? A Neobank operates solely digitally or via a mobile app

Posted on 28.01.2021

Financial institutions, Private Banking, Investments

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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*** picture Bunq