With so many digital banks springing up on the market, it can be overwhelming to choose the right one for you. Here’s a step by step guide to help you decide which mobile bank to go with.
Step 1: Ask yourself what you need from your Digital bank.
Before you make any big decision, it’s important to reflect on your needs. What will you be using this mobile bank for? Some questions you might ask yourself include:
How often am I making international purchases or transfers?
Do I need a digital bank for personal or business use?
How frequently do I need to use this digital bank? For instance, am I only making a few big purchases with this account or am I looking for an everyday account?
Knowing what kind of consumer you are is hugely advantageous when deciding on a digital bank.
Step 2: Consider the fees.
Once you have a solid understanding of what you’re looking for in a digital bank, the first consideration to make is what fees are involved.
For example, international travelers should see which mobile bank has the best exchange rates or the fewest international transaction fees.
Some digital banks might charge fees for business accounts but not for personal accounts.
Others might charge a fixed fee for transfers while others charge a percentage of the transaction amount.
These are all things to look out for.
You’ll also want to look into overdraft fees, top-up fees, and card replacement fees if you think any of these might become an issue for you in the future.
Step 3: Make sure you feel comfortable with the mobile bank’s security measures.
As more and more fintech companies are moving away from traditional brick and mortar banks into the digital space, consumers are more and more comfortable with managing their finances online.
Still, you’ll want to check on how digital banks are keeping your money secure and make sure you’re comfortable with their security measures.
Step 4: What payment options are offered?
With digital banks banks, they may offer a few different options for how you can make payments from your account. Some offer debit cards while others operate completely online without any physical components. Some may have deals with PayPal, Apple Pay, or other mobile banking services.
When choosing the right digital bank, you’ll want to think about how you typically make purchases and what services are going to be the most convenient for you.
Step 5: Does the mobile bank have a user-friendly interface?
User-friendliness includes asking questions like:
Does this mobile bank offer recurring transaction options so that I don’t have to re-enter my details each time?
Is it easy to navigate their website or mobile app?
Is there anything confusing about dealing with this mobile bank’s interface?
The last thing you want is to feel frustrated every time you check your account.
We hope these steps help you make the right decision about your new mobile bank. Which one did you choose? Let us know in the comments.