Technology has revolutionized the way we do everything, including banking. As the fintech industry is growing, more online banks are being developed. Here are some popular online banks:
TransferWise
It is an online money transfer service that allows you to transfer money cheaply. It provides you with the opportunity to bypass the huge international payments completely. The currency conversion rate is guided by the exchange rate you would find on Google. Its transaction costs are transparent, and payments are mostly delivered within 24 hours. It is used by around 3 million people in the world and good for both business and personal use.
Payoneer
Payoneer is an online bank that allows digital payment services and provides its users with working capital around the world. It facilitates payments from business to business across borders. It has over 4 million users and operates in 150 unique currencies and 70 languages. It has a global reach as it is popular across the world.
WorldRemit
It is an online bank that claims to sets low fees and the best exchange rates with no hidden costs. They provide over 70 currencies to about 130 countries. Their users can transfer money through the app on their smartphone or the computer and collect the cash within minutes.
CIT banks
This online banking app that pays more than most banks on its savings account. It requires no money or fee to open or maintain a savings account. You also get interest on savings and checking and there are no ATM charges. You can use this bank app to check your online checking account, pay bills and do other electronic activities.
Simple finance
It has a good interest rate on checking accounts. When you open an account, you qualify for some special privilege. You can transfer money easily with it and you don’t need to pay monthly fees. It also has a better business rating
Factors to consider when choosing an online bank
There are some factors that you should consider before opting for an online bank. The most important factors you should consider when choosing an online bank are discussed subsequently.
Ensure the bank’s website is secured
Check the URL of the bank’s website and see if it starts with HTTPS instead of HTTP. If it is secure, a locked icon should be in the address bar. If you would be moving your money through the online bank, you need a secure website. It protects your identity and safeguards your money. Another way to know if it is secured is if it has the logo of the government agency that is responsible for ensuring banks in your country. Once you see the logo, the website is legitimate, so you can go ahead to use their services.
Research the bank’s history
Search online to find the assets the bank manages. If you find a large number of assets and users, then it is a sign that people trust the bank. Also, find out when the bank started operating. If it is a long history, that means the bank has been largely successful and has a stable economy. Be careful in dealing with small brands.
Read reviews
Reading reviews is one of the best ways to know reliable online banks and if you should use them. You can easily read about WorldRemit on platforms like UK collected reviews to know the right online bank to use. The fact that an online bank has 5-star review also does not mean that you should use them. If you want to use it to receive payments from foreign employers, you should ask your employer if they can pay you through the platform before registering.