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Mobile banking puts your finances at your fingertips 24/7. There’s a host of challenger banks, digital-only banks and personal finance apps available now, designed to give you better, faster control of your cash.
We’ve rounded up everything you need to know so you can decide if digital banks are right for you.
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Digital banking, also called mobile banking, is a way to control your money, usually through a smartphone app or web app. It allows you to log into your account anywhere with Internet access, giving you constant visibility of your money and helping you understand the best way to manage it.
There are several advantages to mobile banking:
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
Digital banks usually have limitations on how many ATM withdrawals you can make a month and do not offer cheque facilities.
Digital banks tend to have better services in terms of foreign currency. Some let you hold multiple currencies in your account while others let you make international transfers faster and more cheaply than standard banks.
If you sign up with a bank in the Netherlands you will usually apply in a branch and need multiple documents, but with a digital bank you apply via your smartphone. With some digital banks, such as bunq, you don’t even need proof of address to open a bank account. You also will not get access to Internet banking on your computer with most digital banks.
A benefit of a digital bank is having full access to your account at all times. Lots of mobile banks allow temporary freezing of your account in the case of a lost card, so if you find it again it’s not as much hassle to get a replacement. If you forget your pin, the banking apps also tend to have access to a pin reminder after you complete a couple of security questions.
Some mobile banks charge higher monthly fees for premium accounts which offer features such as insurance, discounts and more. This means a higher cost at first which will negate your ongoing costs.
There are a number of mobile banks available in the Netherlands. These include:
You can sign up with a Dutch digital bank by downloading your chosen bank’s app onto your smartphone. You will need a few of your personal details to sign up, including your full name, date of birth, address and email address. You will need to confirm your identity and may need to deposit funds into your account to make it active. Then, your bank account will be created.
