Are you a keen international traveler? Or a digital nomad searching for reliable digital banking services that are simple to use and manage? Then you are on the right spot!
Here, at Iva Says, we love new and straightforward stuff. We appreciate convenience and freedom. Hence, we’ve created the ultimate guide on using digital banks and why to use them on your travel adventures.
What Is Digital Banking?
Digital banking solutions offer clients an automated delivery of various banking products. These solutions are enabled through electronic communication means. The fast pace of life urges people to look for more straightforward ways to manage banking matters. It is a virtual ever-growing process that helps people travel and keep accounts in order.
Traditional banking methods have become a real pain to travelers. In contrast, digital banks make everything easier. For instance, as a pioneer and popular option, Revolut enables receiving foreign currencies on a single account. This is useful if you’re working with international clients. Plus, you don’t have to be a resident of the domestic country of the bank to use its digital services.
Why should you use digital banking while traveling?
The perks of using digital payments are immeasurable for holiday-makers or frequent travelers. Online banking saves you valuable time, and we know time is money. So, you have everything related to your money at your fingertips.
You don’t go on an indefinite search for bank branches. You don’t look for exchange offices. You don’t even need ATMs. Most transactions can be done virtually via your phone or laptop. And the digital banking future lies in paying with your wireless debit card at almost any spot.
Digital Banking Is Cheap
The era of digitalization has reduced operational costs. In a word, this means lower charges for clients. Like everyone, you’re in search of low fees or no fees at all when crossing borders. Some of the expenses include cash withdrawal, wire transfer, and foreign currency transaction fees.
Most online banking systems have €0 annual fees. And currency transactions of widely-accepted currencies are also feeless. Though you might worry about cash withdrawal fees, there are no fees for amounts below €200. Sometimes you can come across a digital bank strategy that charges small amounts for higher or weekend wire transfers.
It’s Instant
With Revolut, for example, travelers access their digital bank account 24/7 to execute transactions. The tiresome lengthy waiting in a line is long behind you. Digital banking platforms offer real-time customer support channels. This is super-effective for query resolution.
Pay your bills or invoices within seconds. You don’t wait for office hours or weekdays to do a single transaction. Swipe your card at retail or other stores, and the payment gets approved within seconds. Low cash withdrawal limits can sometimes discourage users. Yet, for a small fee, this can be settled, too.
It’s Secure And Safe
The entire process is 100% safe, both for your money and personal credentials. You can also use virtual cards that offer an extra safety layer when you pay online. They are like regular cards, but you don’t have them at hand. Their primary purpose is to strengthen online purchases.
You have your username and password to keep you protected. Some digital bank platforms also provide tokens to their clients to boost the safety level. Banks invest a lot of time, energy, and money to offer top-safety products to users.
Digital Banks Offer Extra Benefits
Some extra cool features of digital banks will come handy to almost any traveler. Cryptocurrency exchanges, insurances, and donations are, to name a few. Don’t underestimate Lounge Passes, bookings and restaurant reservations. These services are usually the privilege of more advanced users.
Medical insurance is a must when you change places frequently and cross borders. Usually, Premium users have free overseas medical insurance at disposal. Signing up for the insurance goes through the app, too. For as much as €1 per day, you can travel carefree knowing that you have healthcare guaranteed.
Phone insurance is available for a small amount, too. As phone repairs can be pricey, it’s good to know that your phone is also covered.
They Have Physical Debit Cards
You will get your Revolut debit card for free, and that’s what you’re looking for. Once you sign up with the bank, they will provide you with a physical debit or digital bank credit card. This bank card will enable you to withdraw and pay everywhere in the world for no extra fees.
Real plastic cards can be used at various places that accept MasterCard. All cards are contactless for stores that have the same feature. If not, physical debit cards also support PIN code confirmation.
Multiple Locations Around The World
Though you are not location-bound with debit cards, digital banks in the USA offer a wide range of banking locations worldwide. You can find their branches at most popular locations. In short, finding them is always easy and convenient.
As the primary goal of every traveler is to be location-independent, digital banking is the right choice. The variety of banking services is abundant. So, real branches might be unnecessary. With UNFCU digital banking mobile app, you can do everything on the go and keep your costs down.
Mobile Friendly
Since smartphones are our closest pal, it’s best if you can bank anytime from anywhere via cell phone. Any digital bank will put extra effort to offer clients mobile banking. Digital bank apps have valuable features. Opt for a simple balance preview or track spendings sorted in categories.
Some apps go even further and give you a saving option. They are fully functional and secure. Users can perform transactions among each other by providing their phone numbers only. Help-desk managers of online banks can easily be consulted anytime via your phone, too.
Best Digital Banks For Travel Money
Let’s have an overview of the top online banks and see which one works best for your expectations. The digital banking of RBS is safe, user-friendly, convenient, and provides you all the tools you need to manage your finances online. It’s one of the most reliable digital banks in Europe.
The digital banking T of CF can become the digital bank of the future. It offers online bill payments and mobile wallets. You can set alerts for any notification you wish to receive. Plus, you may come across certain rewards for being loyal.
Of course, we also have Revolut, which is a true market leader and pioneer. You can find a great digital bank review of the service at PlutusPocket.
Bottom Line
Working with a digital bank online spares you all the frustration due to time and place constraints. Digital banking services are custom-made. They support travelers in managing their money and accounts. That’s why the FinTech sector tries to be more sensitive to the increased demands of travelers.
We’re convinced to see even more professional online banks in the future. This will make the digital lifestyle more convenient and popular. So, grasp our tips and get ready for your next travel destination!
