The increasing popularity of online banking is nothing new. So-called challenger banks / neobanks are giving traditional banks a run for their money. While old-school banks still have their place, some reports predict that mobile-only banks are set to overtake visits to high street banks in just a few years.
It’s easy to see why consumers might opt for banking apps. After all, transactions can be completed on-the-go, from anywhere, across different currencies, usually at cheaper rates than traditional banks.
In light of that, we’re taking a look at two such challenger banks: N26 and Monzo. Both are virtually unknown in the United States but very active in Europe. However, in the case of N26, it shut down its British operation in 2020.
Continue reading “N26 vs Monzo (2023): Which Mobile Bank Is Better?”