Becoming a customer of an online bank can be very attractive, both in terms of prices and banking management, which is completely dematerialized. However, do not forget to look at certain important details for your daily life.
Who says online banking, says simple, fast, and competitive. However, banking establishments do not offer the same services and some will set conditions, in particular concerning account maintenance fees and the use of means of payment abroad. Details to consider before subscribing…
1. A free… often conditions
Most online banks offer at least one free bank account plan. But beware, free often rhymes with condition! This is particularly the case for Hello OneHello bank’s standard current account offer: it is free, but subject to making at least one payment or cash withdrawal per month. In the event of non-use of the bank card over a calendar month, 3 euros are invoiced. In the same vein, Boursorama Bank, via its Visa Welcome and Ultim offers, and Fortuneo, via its Fosfo and Gold Mastercard bank cards, require at least one payment per month to maintain free access. Otherwise, fees are charged: 3 euros for Fosfo, 5 euros for Welcome, and 9 euros for Ultim and the Gold Mastercard. Orange Bank, meanwhile, also asks its customers to make one payment or withdrawal per month with their Mastercard Standard card, otherwise 2 euros are charged. Finally, BforBank requires 3 uses of its Visa Premier card to maintain free access (9euros are charged if not used). Other establishments, on the other hand, offer the free without conditions: this is particularly the case with N26 and Revolut. Be careful about these terms of use of the card, otherwise the bill may turn out dirtier than expected, even in a free online bank.
2. Operations abroad sometimes chargeable and limited
Before going on vacation, it is best to check what your bank charges for payments and withdrawals made abroad. Some online banks have decided to do not charge any additional fees on foreign exchange transactionsThis is the case of the subsidiary of La Banque Postale, Ma French Bank, which offers, regardless of the formula chosen, free payments and withdrawals in euros and foreign currencies (within the limit of the ceiling established by the bank). From Mrs, Fortuneo does not charge any fees for transactions abroad, for all its bank cards.
Other establishments have chosen to book this free their premium offers. This is the case of Hello bank with Hello Prime, Orange Bank with the Premium card, Boursorama and its Metal offer, N26 with its N26 You and N26 Metal formulas, and Monabanq with its Uniq+ formula. The entry-level offers of these online banks include fees either from the first transaction abroad (Hello One, Standard Card from Orange Bank, Pratiq and Pratiq+ from Monabanq, N26 Standard and N26 Smart), or after a certain number of free payments or withdrawals each month (Welcome and Ultim from Boursorama).
Finally, some online banks do not apply any fees on foreign currency payments, but limit the free for withdrawals to a certain number of transactions, or a certain amount withdrawn. Thus, Revolut sets a ceiling of 5 withdrawals per month (within the limit of 200 euros) for its Standard offer, 200 euros also for Plus, 400 euros for Premium and 800 euros for Metal. Boursorama Banque applies similar pricing for its free Welcome and Ultim offers: 1 free withdrawal each month is included in the pack Welcomeversus 3 for Ultimate (count 1.69% of the amount of the withdrawal invoiced beyond).
Do not forget to check which banks allow the rapid modification of the ceilings, interesting in particular on the move! This is the case for example for the Fortuneo bank, which allows its customers in a few clicks on the mobile application or the website to modify the amount of the ceiling, as well as its duration.
3. Assurances… not necessarily very explicit
Useful in everyday life as well as when travelling, insurance takes up a significant place in the offers of online banks. Some bank cards allow you to benefit from certain guarantees provided by Visa or Mastercard. The degree of coverage varies depending on the offer, the top-of-the-range and most protective formula. For example, Revolut does not provide insurance for its first two account plans, Standard and Plus. The other offers, Premium and Metal, include a travel guarantee, covering certain risks such as cancellation, interruption and loss of luggage during trips.
Comparison of credit card offers for a travel abroad
In any case, before going on vacation, or before taking out a particular bank card, download the insurance notice on the online banking site. And dive into the details of the guarantees (yes, it’s less tempting than diving into a swimming pool or the ocean, but it will probably be very useful to you!).
Boursorama Bank, with a Visa Ultim or Visa Mtal bank card, allows you to benefit from assistance abroad, and to be financially taken care of in the event of transport and luggage delay (up to 400 euros in compensation each), in case of loss, theft or damage to personal effects (up to 800 euros), and also includes civil liability abroad. Boursorama’s standard Welcome offer is less comprehensive, being limited to coverage in the event of accidental bodily injury.
Fortuneo also includes civil liability abroad, as well as accident/travel cover for its Fosfo and Gold Mastercard bank account formulas. Hello Bankvia its Hello Prime offer only, also allows you to be assisted and covered in the event of damage during a trip. Monabanq plans for her, in its standard offer Visa Classic, death, disability and medical assistance. The protection is tight, and for the whole family with the pack Visa Premier (damage to a rental vehicle in particular). Finally, the high-end offer Visa Platinum provides coverage in the event of damage to luggage, or loss and theft of personal effects.
Orange Bank also offers extended guarantees with its Premium formula (Mastercard bank card), including the classic compensation in the event of a problem occurring during a trip, also adding a guarantee in the event of damage caused to a rental vehicle, and a snow and mountain assistance. My French Bank, via its Ideal formula, also allows its holder to be more protected (compensation in the event of cancellation, interruption or modification of the trip, problems with luggage, flight or train delay, civil liability in the event of an accident, reimbursement rental of equipment and packages, compensation in the event of damage caused to a rental vehicle, etc.). Finally, in the same perspective, N26with its You formula designed for globetrotters, allows you to be well protected when traveling.
The best bank offers for families