10 Top Best Global Digital Banks That are Transforming Traditional Banking

Monzo is a fully licensed, mobile-only, digital bank based in the UK. It offers both personal and business accounts. There is no monthly fee for account opening and withdrawals.

Monzo has an excellent user interface and tools for budgeting. Monzo is available only to UK residents.

Starling, based in the UK, is one of the first challenger banks to become profitable. Monzo and N26 are its big competitors. Starling offers personal and business accounts and a range of lending products. Customers can access a variety of third-party products from its Marketplace platform.

Starling offers Banking-as-a-Service to fintechs and corporates and helps them offer transaction banking services, including payment services to their customers by using the Starling API.

Revolut is a global challenger bank that offers a wide range of banking and money transfer services. It boasts of about fifteen million retail customers and 500000 business customers. Its primary competitors include N26, Monzo, and Wise.

The Revolut Card helps customers shop around the world in multiple currencies. Customers can use Revolut to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum conveniently.

Tangerine is a top online bank in Canada, owned by Scotia Bank. The bank started life as ING Direct, and Scotia Bank acquired it and renamed it Tangerine. This digital bank offers a wide range of savings products, debit cards, and lending products. Customers don’t pay any monthly fee or account opening fee. Tangerine has a popular Money-back Credit Card that helps you accrue discounts on every purchase you make.

Tangerine boasts of excellent customer service.

N26 is Europe’s first mobile bank. It is a digital banking pioneer based in Munich, Germany. Interestingly, its original name was Number26, based on the 26 sides in a Rubik’s Cube. It was rechristened as N26 after obtaining a banking license in 2016.

N26 is particularly suitable for self-employed professionals and customers who travel internationally. In addition to providing regular banking services, the app also gives customers insights into their spending and other personal financial management tools.

Varo Bank is the first challenger bank in the US to receive a national bank charter. It offers high-yield savings accounts and personal finance tools such as spend tracking.

The bank charges no monthly fee and doesn’t have any minimum balance requirement. It offers customers a Visa debit card and offers free ATM withdrawals. Also, unlike other banks, there is no foreign transaction fee on ATMs when you travel abroad.

Axos Bank started life as the Bank of Internet USA and was later renamed Axos. It’s based in the US and offers the most comprehensive set of banking products for individuals and businesses.

GOBankingRates named Axos Bank one of the Best Online Banks of 2021. And Kiplinger.com, the reputed personal finance website, rates Axos as one of the top 3 best internet banks and one of the best banks for parents with kids.

Nubank is probably the largest neobank in the world. It is based in Sao Paulo, Brazil. Launched in 2014, Nubank has about 5 million users. The bank has given access to a large number of the hitherto unbanked population.

Judo is a licensed neobank based in Melbourne, Australia. This Australian unicorn offers credit to small and medium enterprises and also term deposit products to individuals. The name Judo indicates how it can help small but nimble SMEs defeat much larger competitors.

Tinkoff Bank is a neobank based in Moscow, Russia. Founded in 2006 as Tinkoff Credit Systems, it is the largest neobank in Russia with 13 million customers. Tinkoff is among the most profitable neobanks in the world. It has the second-largest credit card customer base in Russia. The bank caters to both retail and SME customers.