Neo-banks allow you to take out All your banking transactions, thanks to a very wide range of applications through your smartphone. Neo-banks are generally simple payment institutions, but some have a banking license like a bank. These innovative start-ups from fintech aim to transform the financial system through very attractive prices,
Now that you have a clear picture of what Neo-Bank is, let’s take a look at the things you need pay special attention to
1. View all services offered
By their very nature, neo-banks have significant advantages. However, they don’t provide all the classic services expected of neo-banks, so here it are Main services they should offer:
- Quick and easy bank account creation in just a few clicks.
- 100% mobile account management
- No means test, unlike the online services of traditional banks.
- No membership of large banking groups.
2. Compare the Benefits of Neo-Banking
In addition to the benefits associated with the classic functioning of neo-banks, some go further and offer many additional services. Some neo-banks focus on functionalities suitable for personal use, but others, such as banks, provide very useful services to facilitate the activity of entrepreneurs and save time on administrative part. Among the features highly appreciated by the companies:
- Invoice scan for direct payment
- Multiple IBANs
- Automatic VAT calculation
VAT is also a real headache for your business, automatically calculated to transfer to a dedicated sub-account. Many entrepreneurs are already faced with the receipt of multiple simultaneous transfers to their account not being able to identify the respective order. The bank also provides the answer to this problem in its business proposal- 25 accounts and therefore 25 associated IBANs
3. Check the operation of the application
Once you have an account with Neo Bank, all your account management will be done on your mobile. So the application submitted by your Neo-Bank is very important. All neo-banks have their own applications on the App Store and Google Play but all these applications are not created equal.
4. Beware of Any Hidden Charges
Some neo-banks like to add “hidden fees” to guarantee a competitive base rate, so make sure the neo-bank makes the entire price list easily accessible. For example, if you do a lot foreign transactions Or, conversely, if you are an independent micro-entrepreneur, your needs will be very different. That’s why there should be a condition for your choice: full view of operation that you have to lead. Several points need to be checked:
Basic services – Account opening, maintenance and closure, management of account statements, direct debits, transfers, overdraft authorization, etc.
Additional banking services – Insurance, Support and Customer Service, etc.
Payment Method – What types of bank cards are offered and in what category?
Account Management Services – Available for free on Remotely Application.
5. Choose a Neo-Bank that looks like you
The influence of companies in our society today is sometimes a real plus in our consumer choices. Neo-banks are no exception, like all regular banks, they invest your money to their advantage, Most of the time, as a customer, you have little to no control over these investments and their destinations.
