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Do you have an account with an online bank?
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Neobanks are institutes that offer an uncomplicated online banking service and thus offer an alternative to the model of banks with a conventional branch network. But what are the advantages of this business model?
registration
Registration is very easy for most neo banks: Revolut, for example, only needs an identity card, a selfie and your personal data. Time expenditure for you: two minutes. After a few days you will finally receive your new bank card free of charge.
Loading the account is also simple and works free of charge via credit card or bank transfer. After checking the data you will receive a code for the smartphone app, then you can start.
services
Regarding standard services, neobanks offer everything you need for everyday banking: top up money, make payments or check your account balance. However, not for all apps in real time, the neon app, for example, responds with a delay. The TX Group, which also includes 20 Minuten, is involved in Neon.
Cash
There are minus points for cash: With Revolut, you can only withdraw 200 francs per month, after which 2 percent of the withdrawn amount is collected. Neon gives you two free cash withdrawals regardless of the amount withdrawn, after which you pay CHF 2 per transaction.
If you mainly forego cash, you will get your money’s worth with Revolut and Co.: Card payments and online transfers are free in Germany. Abroad, as with normal banks, exchange rate surcharges and transaction fees are due. Advantage: With Revolut, international payments even stay free.
Neobanks are mainly financed through premium customers who enjoy a special service including a metal bank card, which explains the low costs. However, there are other downsides in terms of security, which still pose problems for neo-banks despite increasingly secure technologies.
The biggest advantage of conventional banks is probably the personal advice, which still plays an enormously important role in money transactions. That is why many customers only use neobanks as a supplement to the conventional bank account.
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