Exploring the Best European Digital Banks: Revolut, N26, Wise and Lamp

Digital banking has significantly impacted the way many people manage their finances. It offers revolutionary convenience and flexibility compared to the traditional banking system. With just a few simple taps on your smartphone, you can perform financial tasks that once required a trip to the bank, waiting in long queues or dealing with complex paperwork.

As online banking continues to evolve, it can be hard to choose the best financial services that will suit your business or personal needs. We invite you to take a look at a few digital fintech platforms in Europe - Revoult, N26, Wise and Lamp. Examine the key features and benefits and how they can help you live a more abundant financial life.

Revolut

Revolut established itself early as one of the leading online bank platforms with a range of services. It was founded in 2015 and quickly became a favourite among many users for its low exchange fees and debit card offering.

Key Features and Benefits

Multi-Currency Accounts: Manage and hold multiple currencies in one account.

Fee-Free ATM Withdrawals: You can withdraw a certain amount of funds per month without a fee based on your account plan.

Cryptocurrency Support: Buy, hold and exchange crypto directly in the app.

Budgeting Tools: Set budgets, track spending and receive real-time notifications.

Insurance Options: Access to various insurance products, including travel insurance.

N26

N26 is a German-based digital bank that’s known for its simplicity and intuitive design. Since its founding, it has expanded to most countries in Europe, offering a straightforward banking experience.

Key Features and Benefits

Free Basic Account: No monthly fees for the standard account.

Integrated Savings: Create additional sub-accounts for specific savings goals.

No Fee for ATM Withdrawals: Depending on your account plan, you are entitled to a certain number of fee-free withdrawals per month.

Cashback on Purchases: Earn cashback when paying with N26 Mastercard. The percentage depends on your account plan.

Insurance: Access to a wide range of insurance products.

Wise

Wise positions itself as one of the best online payment platforms for transferring money internationally. Wise provides a swift and transparent way to transfer money globally by using a type of matching engine that brings together buyers and sellers of different currencies, cutting out many traditional banking system costs.

Key Features and Benefits

Low-Cost Transfers: Transfer funds with some of the lowest fees on international transactions at great exchange rates.

Transparent Pricing: Always know how much you’re paying with no hidden fees.

High Limits: Send large sums of money with ease.

Multi-Currency Accounts: Manage multiple currencies at the same time. Receive money in different currencies without the need to pay extra conversion fees.

Fast Transfers: Send money to bank accounts around the world in minutes.

Lamp

Lamp might be the new addition to the digital fintech world; however, it offers unique features that set it apart from other companies. Using advanced tools and community-driven rewards, Lamp helps users live a more prosperous financial life.

Key Features and Benefits

1. No Fees

Lamp’s multi-currency accounts are free. Manage your finances in many of the world’s leading currencies with ease, powered by advanced AI tools!

2. Personalised Financial Management

Lamp presents users with a personalised account that evolves to suit their financial habits and goals. AI features help to save money, whether it is finding great deals, transferring money at low cost, managing savings and more.

3. QR Code and Card Payments

Lamp primarily uses the most efficient way to pay in-store and online - QR codes. By utilising QR codes, Lamp helps you to save money, cutting out costs by using account-to-account transfers. Nonetheless, both QR codes and cards are available to Lamp members. Through a partner, the company offers virtual and physical Visa cards compatible with Apple Pay, Google Pay and Samsung Pay.

4. Reward Tokens - a sign of ownership

As a result of Lamp’s QR code technology, the company eliminates inefficient costs, enabling merchants to give rewards directly to Lamp members. Moreover, Lamp gives you Lamp rewards for every payment you make, whether it’s in-store or online. And that’s not all! Users can win additional rewards by participating in the regular super bonus draws to win potentially life changing benefits.

5. User-Owner Model

As a member of the Lamp community, you get a share in the company’s future profits through a unique user-owner model. Lamp pays 10% of its future earnings to the holders of Lamp rewards to show appreciation for their loyalty and support. No other tech company provide users with such an incredible opportunity.

6. Cost-Saving International Transfers

Lamp allows you to send money to over 80 countries at among the cheapest exchange rates, making it a cost-effective choice for international transfers. Users can also make free instant transfers to other Lamp members worldwide.

7. Multi-Currency Accounts

Lamp provides seamless transactions in various currencies with multi-currency accounts. With integrated SEPA, SEPA Instant and SWIFT payments, Lamp makes international finance straightforward and efficient.

Conclusion

Digital banking has transformed how we manage our finances, offering flexibility and more control. Revolut, N26, Wise and Lamp each have unique features and benefits that cater to different needs and preferences. However, with its innovative features, AI-powered tools, ownership benefits and much more, Lamp gives users superpowers by helping them to live a more abundant financial life. Make your online banking journey easier and more profitable with Lamp!