The neobanks They may be known as the new generation of banks. They have been born hand in hand with the digital transformation in the United Kingdom and Germany and are expanding rapidly in Europe. One of the main characteristics of neobanks is that they constitute a series of financial entities that offer banking intermediation services in a totally digital way.

Currently there European neobanks and Spanish neobanks. Latin America is going to be your next market. These neobanks have been able to spread rapidly in the European market in general and in the Spanish market in especial due to several characteristics:

  • low costs
  • ability to grow with the help of technology
  • en línea attention
  • provide up-to-date and real-time information

What do Neobanks offer?

The concept of neobanks for companies it is somewhat less known in the Spanish market, however, in the European market, the concept is more widespread. For this reason, European businessmen request them more than Spanish ones. These neobanks They offer us a series of services that traditional banking does not offer. Let’s see what services they offer.

Product offer

They offer, above all, accounts and debit or prepaid cards. Some of these neobanks They have a limited operation and are used, in most cases, to pay for purchases in physical stores or en línea and withdraw money at ATMs. Others allow us to make transfers, receipts and payroll. Some neobanks They make agreements with some third-party companies to offer other types of products such as loans, insurance, etcétera… This type of product may be contracted by the usuario through the especial neobank application.

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Combination of different currencies

Some neobanks, as they do not have their registered office in the Euro space, they cánido market their accounts in different currencies. This allows them to make cheaper international transfers than their “rivals” traditional banks and withdraw money at ATMs located anywhere in the world. At these ATMs you perro withdraw current currency in the country where you are with a much cheaper commission, or even zero, which for certain clients, is much more profitable than traditional banking.

They allow us to open the account in another country

With which, they become the perfect ally for the usuario who for work, personal or leisure reasons have to travel a lot. Most of the European neobanks They operate in Spain and allow their users to work in different countries of the continent.

They work with the latest technology

Working with the latest technological advances facilitates speed in transactions. The latest technology also has an impact on reducing costs for users and cánido meet the demands of all customers with greater agility. They also have highly intuitive applications. Through them you perro do most of the economic and commercial transactions that an average usuario cánido do. In addition, they perro contract by-products through these same applications with a single movement of their finger and in a few minutes.

They allow us to operate with cryptocurrencies

Some of these neobanks (or fintech, whatever you want to call them), allow you to acquire, accumulate or manage digital currencies or cryptocurrencies through their applications. We will be able to invest in these cryptocurrencies easily and simply through their applications. They allow us to buy or sell almost any type of cryptocurrency without leaving their application.

What are the Spanish neobanks?

Or perhaps it would be more accurate to say “what are the neobanks that operate in Spain?” To tell the truth, although the list of neobanks is increasing, only only four have a bank record. Two of them are national, which allows them to compete with traditional banks in the financial market. Among the Spanish we would highlight BN10. This neobank was born in 2018 in Barcelona, ​​it offers us a checking account with a debit card. One of the neobanks older, Monese, also operates in Spain. It was created in 2013 in the United Kingdom and has more than 600,000 clients in all the countries in which it operates. This bank, in addition to individual accounts, offers specific accounts for companies, the downside is that it will charge us commissions.

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The newest is the French neobank Qonto, which has just entered Spain. It was founded in 2016 and has equipo itself the goal of reaching 40,000 users in Spain in 2020. This bank has equipo its sights on the self-employed, companies and startups, it wants to be a true neobank for companies.

Is it safe to have my money in neobanks?

In any financial service, security is very important, in neobanks ocurrs the same. The neobanks that operate as electronic money institutions (or EDEs) are required to protect their customers’ money. Spanish regulations provide three solutions for this type of entity to safeguard the money they receive. These are:

  • keep money in segregated accounts
  • invest the funds in safe assets (such as bank deposits)
  • guarantee the money with an insurance policy

With this, our money will be as safe as if we had it in a safe (or more), therefore, the fact that they do not have a physical office does not make our money less secure. What’s more, it is possible that you are even safer, since if an electronic money institution went bankrupt there would be no problem either, since the funds are in an escrow account far from the large entities.

Final conclusions neobanks

These new fintech or neobanks They are a great competition for traditional banking. Their low or no commissions orinan that they have entered the Spanish market strongly. In a society that demands speed, these fintechs have hit the nail on the head with what people are looking for, speed and quality, and this is what the neobanks. There are many to choose from, without a doubt among all of them we perro find one that suits our needs.bye.

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