Category: Banking | Page 3

💳 Revolut Review 2025 – An Essential Digital Banking Solution

Last updated: July 26, 20255 Comments

We live in a world where instant control over our finances is necessary and quite often, expected. More and more people are becoming location independent or constantly traveling from one country to the next. It is for this reason that I, myself, have turned to challenger banks to handle my day to day transactions.

Challenger banks such as Revolut, N26, and Wise offer banking services without the need of traditional banking infrastructure and technologies. They come with lots of perks, including no hidden fees and quick transactions that mirror our fast-paced social lives.

Revolut is fast becoming one of the most popular challenger banking apps around. Although the service has faced controversy in the past, it is continuously gaining more and more users every day with a total sum of over 10 million achieved so far.

Let’s have a look at why so many people choose to use Revolut for their banking needs.

What is Revolut?

Revolut is a British financial technology company that was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky. Ever since the company has grown tremendously and now boasts over 350 million transactions with a total value of over €45 billion.

Vlad Yatsenko and Nikolay Storonsky

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 the interbank exchange rate, while also allowing standard users to transfer money abroad in over 30 fiat currencies with the bonus of no hidden fees for transactions of up to €6,000 each rolling month. The standard account also allows ATM withdrawals at no fee for up to €200 per month.

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💳 N26 Review: Mobile Banking at the Click of a Button

Last updated: October 27, 20205 Comments

The challenger banking space has grown to exponential heights in recent years. No longer are you required to visit an outdated banking branch to open an account, nor do you need to submit countless forms. Instead, it’s entirely possible to facilitate most of your everyday banking needs from your mobile phone.

With that said, the likes of N26 – a German challenger banking app that’s since expanded to multiple European countries and the US – now boasts a customer base that exceeds 3.5 million users. In a nutshell, N26 offers a number of localized bank accounts that allow you to send and receive money – both domestically and internationally.

On top of fee-free accounts, a fully-fledged MasterCard debit card, and instant transaction notifications sent straight to your phone – the account opening process takes just minutes.

If you’re keen to find out whether or not the challenger banking app is right for you – be sure to read my in-depth N26 review. We’ll explain the ins and outs of what you need to know – such as how the app works, what it allows you to do, fees, payment methods, regulation, and more.

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N26 – The Best Free Bank Account with Spanish IBAN

Last updated: November 12, 202120 Comments

In an earlier post on this blog, I had talked about the best commission-free Spanish banks, and eventually came to the conclusion that the best option is to actually open an account with N26, which is a German bank that offers us the ability to open an account in a very straightforward way and manage everything from a mobile app.

Unfortunately, as some of you have pointed out, many Spanish companies refuse to accept non-local IBAN accounts for payslips or direct debits, leaving the majority of us with no option but to find a local bank to conduct our transactions.

N26 has decided to start offering Spanish IBAN accounts to their Spanish customers in 2019, solving that issue. For those who sign up through the link below from now onwards, you will automatically get a Spanish IBAN immediately.

For those of us who have signed up with N26 some time ago, we will unfortunately not get the option to switch to a Spanish IBAN. The only solution is to closer your current account and open a new one with N26, and then you will get a Spanish IBAN assigned.

Further reading: Best Online Banks in Europe

How to Open a Maltese Personal Bank Account

Last updated: January 04, 2024Leave a Comment

One of the first steps in establishing a life in Malta is opening a bank account. In this article, I will talk about the typical process for opening an account at a local bank, and some alternatives if that doesn’t work out for you. Unfortunately, banks in Malta have become excessively stringent and many people, especially expats, are finding it impossible to open a bank account with one of the local banks.

1. Choosing the Right Bank

There are several banks in Malta, both local and international, that offer various banking services to individuals. Some of the most prominent banks include:

Bank of Valletta (BOV)
HSBC Malta
APS Bank
Lombard Bank
Banif Bank (now BNF Bank)

Each bank has its own set of account options and fees, so it is essential to research and compare their offerings to find the one that best suits your needs.

2. Required Documentation

When opening a bank account in Malta, you will need to provide the following documents:

A valid passport or national ID card (for EU/EEA nationals)
Proof of address (e.g., a utility bill or rental agreement)
A reference letter from your current bank or a bank statement
Proof of income or employment (e.g., a payslip, an employment contract, or a pension statement)
Tax Identification Number (TIN) or Social Security Number (if applicable)

Some banks may also require additional documentation, so it is advisable to check with your chosen bank for any specific requirements.

3. Opening a Bank Account in Person

Most banks in Malta require individuals to open an account in person at one of their local branches. It is a good idea to schedule an appointment with the bank to ensure a smooth and efficient process. During the appointment, you will be asked to present the required documentation and complete an application form. The bank may also ask about the purpose of the account, the source of funds, and your expected banking activity.

4. Opening a Bank Account Remotely

In some cases, it may be possible to open a Maltese bank account remotely. However, this option is usually limited to individuals who already have a relationship with the bank or can provide a strong reference from their current bank. Additionally, remote account opening may involve more stringent documentation requirements, such as notarized copies of your documents.

5. Bank Account Features and Fees

Maltese bank accounts typically offer various features, such as online banking, debit cards, and access to a network of ATMs. However, it is essential to be aware of the fees associated with these services. Some banks charge monthly account maintenance fees, transaction fees, or fees for using ATMs outside of their network. Make sure to review the fee structure of your chosen bank to avoid any unexpected costs.

BoV VS HSBC

The two big banks in Malta are HSBC and Bank of Valletta.

Here are some of my notes on opening and maintaining bank accounts with both of these banks.

Internet Banking

Although BOV revamped their internet banking system in 2018, they only made it even worse than before, both looks and functionality-wise. HSBC offers a clean interface and an easy way to contact bank officials and get your queries resolved in a timely manner via the internet banking interface. I’ve previously sent messages to BOV from the internet banking that I never got replies to.

The internet banking key of HSBC is also much thinner and thus is easier to carry around.

Branches

HSBC is a clear winner here. Staff is professional and smart, and the offices are modern and well appointed. BOV offices seem to be older and badly designed.

Getting Things Done

HSBC has a reputation of being tougher with their requirements than BOV. Nowadays, however, both of them have strict procedures to adhere to, and if you follow the procedure, I’ve actually found dealing with HSBC to be a more pleasant experience and always very efficient.

Crypto-Friendliness

BoV does not allow outgoing transfers to crypto exchanges, while incoming transfers might also be subject to checks and blocks. HSBC also prevents its users from interacting with crypto exchanges.

ATMs

Again, I think the HSBC ATMs are easier to use and easier to access.

Fees

BOV charge €60/year if your residential address is outside of Malta. HSBC charges €30/month to companies, while BOV doesn’t.

Which Bank Should You Use?

I’ve always believed that it’s always safer to use two banks rather than one. It gives you more peace of mind in the unlikely event of things going south. It also gives you the opportunity to compare and contrast banks and take your business to the one that serves you best. It might also very well be the case that one bank excels in one area but is poor in another and vice versa.

After holding accounts with both BoV and HSBC for more than 20 years, I’ve decided to shut down my BoV account for two reasons. One is that their new internet banking system is horrendous, and second because every year I kept getting hit by some new hidden charge or issue and I’m tired of dealing with them anymore. HSBC have always been the more professional bank so I’m sticking with them.

It is also worth noting that in recent years we have seen the rise of virtual banks such as Revolut and N26, and they offer a far superior experience to the normal customer who just wants an account to deposit money and spend accordingly.

I think N26 has the edge at the moment, and they provide spending analysis via their impressive mobile app, something that will probably take years before BOV or HSBC can implement. They also provide the ability to link smartphones to your account and thus pay through your phone. If you need direct debit facilities, European businesses are now obliged to accept direct debits from non-local banks, so this is no longer a reason for needing a local bank account. N26 will do just fine. However, last time I checked, N26 is not available for Maltese residents yet.

Another option is to open an account with Wise. This can work both as an individual or as a business, and indeed, many of the companies who are opening up in Malta use Wise as their banking partner, due to the difficulties in opening a bank account with a Maltese bank at the moment.

So right now, the best two options for residents in Malta are:

Wise
Revolut

Both will you give you a multiple currency account (USD, EUR, etc). What you would need to do is transfer money out from your BOV account and into your Transferwise or Revolut account. Then from there you can transfer onwards into your cryptocurrency exchange of choice, no problems at all. The same applies for withdrawing money from exchanges, it works the other way round as well.

If you want to learn more about Wise, check out my previous post on Borderless Banking. Another bonus of using Wise and Revolut is that you will be able to get much better rates when converting from one currency to another. The classic case for Maltese people who work in the UK is converting money between GBP and EUR and vice versa. By using Wise or Revolut they can get better rates than when using a Maltese bank to do the conversion.

Open a Revolut account | Wise account

What about Crypto Transfers?

The big banks have proven to be reluctant to deal with crypto, so you’d need to look at the smaller banks. Unfortunately, due to Malta being a small country, there aren’t that many options.

Agribank seems to be the only banking provider in Malta that allows transfers to and from crypto exchanges.

Paytah is touted to be a crypto-friendly bank and it is definitely involved with crypto companies and payments processing, however, it has repeatedly been in the news for the wrong reasons.

If you explicitly want to make crypto transfers, either as an individual or as a company, then your only option is Agribank at the moment.

🆚 PayPal VS Wise Borderless

Last updated: February 15, 202326 Comments

Wise introduced borderless banking in 2017. The big advantage it gives you is that you can have bank accounts in multiple currencies. As soon as they launched I started to think of how it could help me get rid of PayPal and its high fees.

First, let me introduce you briefly to Wise Borderless. If you want to read my full review of this product, do browse over to my review of Wise Borderless.

The vast majority of entrepreneurs I know require a combination of accounts in these three major currencies:

US Dollars (USD)
Euro (EUR)
British Pounds (GBP)

The problem so far has been the simple fact that it’s unnecessarily and frustratingly hard or downright impossible to open a bank account in another country than the one your business is based in.

So for example if your business is based in the UK, but you make all your online sales in USD, you would probably want a USD account so that you would be able to transfer money to it without losing on exchange rates.

This problem is now solved with Transferwise’s borderless banking system. Once you open an account with Transferwise, you will be able to apply for borderless banking and select the accounts you need (USD, EUR and GBP available at the moment). Within two days you will have them in place and you can then start receiving client payments to these accounts.

So what are borderless accounts?

Your borderless account is a bit like having local accounts all over the world, without having to open a real bank account abroad.

It’s a multi-currency account that lets you keep money in 28 currencies, and convert between them at the real exchange rate whenever you need.

You get bank details (like account numbers, bank codes and IBANs) issued by TransferWise so you can receive money in different currencies around the world with zero fees. These aren’t actual bank accounts (they only work similarly to bank accounts), so you don’t have to fill in any forms or have a foreign proof of address. They’re your unique bank details issued by TransferWise to you, that you can give to your friends, company or customers in the US, UK, Eurozone and Australia to get paid in those countries as if you had a bank account there, with zero fees.

How do they work?

Add money to your account in any of the supported currencies. Then activate the currencies you want to convert to or hold money in.
Convert money between your currencies in seconds whenever you need, always at the real exchange rate, with our low conversion fees.
Send money directly from any currency in your account to pay bills, pay friends or move it to another account of your own.
Activate AUD, EUR, GBP or USD in your account to get account numbers and IBANs. Give them to your friends, company or customers to receive those currencies from any bank account in Australia, Eurozone, UK or US with zero fees.

Wise vs PayPal

I’ve written about the loss of money due to currency conversion when using PayPal before, so I was hoping that Borderless Banking would solve this issue once and for all.

First Use Case – Invoicing Clients

The first thing I thought of was to replace PayPal completely with TransferWise. Instead of issuing my clients invoices through PayPal, I would ask them to send money directly to my Borderless accounts thus incurring no fees. Apart from incurring no fees to receive the money, I would also avoid the currency conversions, since I now have accounts in the four major currencies I use the most.

TransferWise works perfectly in this case, and for this purpose I was able to eliminate PayPal completely from my workflow.

Second Use Case – Paying Employees or Freelancers Globally

I’ve always used PayPal to pay my employees or collaborators who work in other countries, but this is expensive for both me and them. Again, TransferWise Borderless proved to be a great solution.

I can recommend the borderless accounts for this purpose as you will definitely save a ton of money.

Third Use Case – Withdrawing money from PayPal

Unfortunately, I still had to keep on using PayPal as it is one of the most comfortable ways to set up automated payments for digital products, especially in countries where Stripe is not yet established.

The problem, as I described in another post, is that PayPal charges hefty fees for currency conversions when withdrawing money to your bank account. Even if you use my method to eliminate the conversion on PayPal’s end, you will still have the money converted automatically by your bank when it arrives there. The ideal solution is to have USD be transferred from PayPal to a USD bank account, and so on and so forth with the other currencies. This makes borderless perfect for the job.

My idea was to add each of my borderless accounts to PayPal as withdrawal methods.

However, after checking with PayPal, they have informed me that at this stage they don’t support virtual bank accounts, which is what TransferWise’s Borderless banking solution is classified as.

2Checkout do not allow withdrawals to a Borderless Banking account unfortunately, so I can’t use them there either.

It would also be interesting to know what Stripe are doing, so if any of my readers wants to try that, do leave a comment with the results.

You should be able to use Borderless Banking with other services that support bank wire transfers, such as affiliate systems like Avangate and Shareasale.

While I did not have any luck adding the borderless accounts to PayPal, several readers have reported that they managed to do so by calling PayPal directly. I hate waiting on calls to be honest, and the prospect of dealing with some PayPal rep and trying to convince them to do something like this wasn’t very enticing, so I didn’t bother.

If you want to try it, here’s how:

Go to the contact page within your PayPal account, click call us and you’ll get a freephone number to call (which works on Skype too) and a code to give them. Once you call you have to answer some security questions, then give them the ACH routing number and account number of the Transferwise US bank account. If you’re lucky it will show up instantly on your PayPal account as the Community Federal Savings Bank.

Wrapping Up

This is a great step in the right direction. Revolut released something similar earlier this year, but TransferWise’s solution is better. The last step now is for everyone to be able to use this type of account with PayPal for withdrawals.

In any case, you can still ask clients to pay you to one of your multi-current Wise Borderless accounts, and that’s already a huge bonus for those entrepreneurs and companies who receive invoice payments directly rather than through payment gateways such as 2Checkout, Stripe or PayPal.

Don’t forget that you can now also get a TransferWise debit card, which gives you direct access to your multi-currency Borderless accounts so that you can spend your money anywhere around the world where cards are accepted.

This is post 9 of 11 in the series “PayPal”