Online banks are all the rage these days, as they tend to be very straightforward to get signed up with, in comparison to traditional banks. They also provide better user interfaces on smartphones as well as lower fees. All in all, the personal or business user ends up getting a much better deal when compared to a traditional bank.
If you travel a lot or work with multiple currencies, the advantages are even bigger, as many online banks are able to exchange money seamlessly within their mobile app, with better rates than those offered by your local banks.
Read more: The Best Crypto-Friendly banks in Europe
I’ve had some bad experiences with banks in Malta (extreme levels of due diligence and no support for crypto transactions) and also banks in Spain (unprofessionalism, unexpected charges, outright discrimination and account closures).
The truth is that traditional banking is not going through its finest moment, and many European countries have a collection of shitty banks, being honest, and it’s wiser to use one of these online banks than hassle with the local banks.
Here are some of the best ones that I’ve had the pleasure of using over the past years.
Bunq
bunq is a Dutch neobank founded in 2012 and licensed under the Dutch Central Bank. It has quickly grown into one of Europe’s most flexible and sustainability-focused online banks, with a strong appeal for digital nomads, expats, and freelancers. Opening an account takes only a few minutes via the mobile app, and bunq offers a range of plans to suit different needs.
bunq Free
bunq Free is the no-monthly-fee entry plan. It lets you open up to three bank accounts, each with its own IBAN, and provides a virtual card compatible with Apple Pay and Google Pay. You earn weekly interest on your balances (up to 3% depending on currency), get zero-fee FX conversions on the first €1,000 per year, and enjoy eco-friendly perks like one tree planted for every €1,000 you spend. Withdrawals are available twice a month at €2.99 each. It’s an ideal way to try bunq’s ecosystem at no cost while still enjoying multi-IBAN flexibility and sustainable banking.
bunq Premium
bunq Premium (€9.99/month) unlocks the full suite of features. You can create up to 25 sub-accounts with their own IBANs, issue multiple physical and virtual cards, and benefit from ZeroFX real exchange rates when spending abroad. Premium users also earn weekly interest, can set up shared accounts for joint finances, and access automation tools for saving and scheduling payments. On top of this, bunq plants a tree for every €100 spent, making Premium not only feature-rich but also environmentally friendly.
bunq Business
bunq Business (from €12.99/month) is designed for freelancers and companies. It supports 22 currencies and provides local IBANs in several European countries, making it easy to get paid across borders. Business users can open up to 25 sub-accounts, automate invoicing and expenses, and connect directly with popular accounting platforms. Team members can be issued their own cards with real-time spending controls, and the app streamlines day-to-day operations. With its multi-currency support and fast onboarding, bunq Business is an excellent fit for entrepreneurs and growing companies.
Verdict
bunq combines flexibility, sustainability, and powerful financial tools in a modern package. Whether you’re an individual looking for multi-IBAN management, a frequent traveler who values real exchange rates, or a business owner needing streamlined operations, bunq offers tailored solutions that make everyday banking smarter and greener.
Revolut
Read more: my in-depth review of Revolut
Revolut offers digital banking services through a contactless card or free mobile app that is available to both Apple and Android users.
It allows users to make transactions in over 150 currencies at competitive rates, with international transfers in 30+ fiat currencies and transparent pricing. Monthly allowances for ATM withdrawals and fee-free FX depend on your plan and region.
I’ve had a Revolut account ever since they’ve launched and have encountered zero problems with them. Revolut also lets you buy, sell, and withdraw supported cryptocurrencies to external wallets on supported tokens and networks.
N26
N26, a German bank with the very latest technology and an amazing mobile app through which you manage your account.
I recommend opening an account with N26, which is a new breed of bank that is totally app-based. This is the future of banking, so they give you best-in-class digital facilities such as an app and website to go with it, while also helping you track your expenses.
Read my in-depth review of N26 for more information.
If you live in Spain and you’re looking for the best commission-free Spanish banks, N26 is a great choice. This is because you will get a Spanish IBAN, which makes it easy to work with direct debits with local enterprises.
Wise
Before you move abroad consider opening a Wise multi-currency account. You get your own free local bank account details in Europe, UK, US, Australia and New Zealand so you can have a local bank account before arriving.
It’s a great multi-currency account solution and is perfect for those who conduct business in multiple currencies.
It comes with a debit card so you can pay and withdraw money at ATMs once you come to Spain with much lower fees than with your bank.
Read my full Wise Borderless review or go ahead and open an account using the link below.
Conclusion
Online banks have transformed the way we manage money across Europe. Revolut and Wise are excellent choices for currency exchange and global transfers, while N26 provides a streamlined everyday banking experience. However, if you want a combination of flexibility, sustainability, and powerful tools for both personal and business use, bunq stands out as the best all-round option.
With multi-IBAN accounts, instant onboarding, weekly interest payouts, and a clear focus on eco-friendly initiatives, bunq offers more than just convenience—it gives you control of your finances in a smarter, greener way.
I have a lot of money in a paid prime Revolut account. Customer support is still useless although it boasts that as a prime customer you will be given priority. Not true, unless you call waiting 24 hours for a completely inadequate answer as priority support. Also the Lithuanian IBAN is hard to use in France and Spain. As a result I can only pay direct debit bills for gas, property taxes etc to some companies and have to maintain awful high street banks for the rest.
In France I am charged 9€ a month for a dire service from BBVA and in Spain luckily I pay nothing for Bankia with no obligations to make regular deposits. However I would prefer to be entirely online as I travel a lot between 3 countries.
I am becoming increasingly worried about the Lithuanian situation as China has just stopped trading with them and also Revolut does not subscribe to the bank secure act (forgot the name). So I am looking at an alternative, or maybe an add-on?
The good thing about Revolut is the commercial exchange rate given and unlimited fee-free transfers between currencies with the prime account.
Any suggestions to an alternative to Revolut?
thank you
You should perhaps take a look at wise (formerly TransferWise) who I have used for currency transfers for years.
They now offer accounts in multi currencies along with cards and direct debits, although they are not covered by the banking guarantee yet.
It’s pretty good for people who use multi currencies for travel etc.
Kind regards
I opened a standard account with N26 about one month ago which offers free banking. However, when trying to order a physical card, first 3 times I tried to order the screen froze at ‘confirm and pay’. I contacted live chat.
I have since tried many times to order but the screen auto asks me to update to the next level account which charges 4.99 per month.
Live chat asked me to send screen shots to their support team which I did but never received and reply so basically, their after sales support is non existent.
I have decided to close the account and will be contacting complaints but thought you may find this information useful.
Kind regards
Anne
Hi Anne,
I actually had a transferwise account which I closed down when it became a Wise account as it charged for currency transactions and the revolut rate was better.
I need something that I can set up direct debits with seamlessly. Revolut’s base in Lithuania is a partial stumbling block. Some companies accept my IBAN and some do not. Revolut has applied to change over to Ireland at the beginning of January 2021 but so far nothing has happened. I have read that Revolut keeps all funds in a secure NYC bank so that is safer than Wise. I also had a fairfx account but this became super uncompetitive, though for years it was the best around.
Regards, Alicia