Digital bank: Meet the best of 2022
The digital bank has come to revolutionize the way we handle our money. To avoid bureaucracy, end the queues and facilitate the user’s daily life. Although it is safe, it is normal to have many doubts about its operation, after all, how does a bank without an agency work?
To bring all this information, we created this guide. Here you will get to know the best digital banks and understand everything about the advantages of having an account and asking for your card. Follow us.
First, the most important
- To create an account with a digital bank it is necessary to have a smartphone, it is essential to carry out all transactions through the bank’s application.
- It is common for the digital bank to offer advantages such as credit card annuity exemption, but this is not a rule, as in the case of Agibank, which offers this benefit only in the first 12 months.
- Digital banks are not all the same. Some may offer different benefits and may or may not be charged certain fees, so before choosing yours, you need to research these fees well.
Digital banking: Our recommendations
Are you tired of going to the agency to perform simple transactions or pay a fee for each operation performed? The digital bank appeared to facilitate the user’s life. Check out the main ones in the country:
- Digital bank with 600 service points
- A bank without fees and annuity
- The first 100% digital bank
Hiring Guide: What you need to know about digital banking
Although some digital banks have been around for more than a decade, it is only in recent years that they have gained space and credibility. Famous for the convenience of solving everything by smartphone without any bureaucracy, this type of bank offers many benefits, precisely because it has no agency costs.
In this Hiring Guide you will find everything you need to understand about digital banking and also choose the best one for you.
What is a digital bank?
As its name explains, a digital bank is a financial institution that does not have a branch and face-to-face customer service – with the exception of Agibank, which has 600 service stations spread across the country. In this way, all transactions and service are done online, using your computer, tablet or smartphone.
From the opening of your account to all other needs are fulfilled virtually, so you avoid queues and many bureaucratic processes.
In a digital bank you can open an account, apply for a credit and debit card, hire insurance, consortia and loans and still make investments.
What advantages does digital banking offer?
The advantages are many. Starting with the fact that you perform all operations directly from your smartphone. So you don’t waste time or money traveling to the bank. Especially in large cities, a simple trip to the bank can make you miss an entire afternoon in traffic and at the branch.
So you also avoid many bureaucratic processes, since one of the objectives of the digital bank is precisely to facilitate and streamline these transactions that can take many days or weeks in a conventional bank.
To open an account and request a credit card, for example, you send all the data from your cell phone and usually have the approval answer on the same day, just waiting for your card at home, which should arrive in the next few days.
It is common for them to offer an annual fee exemption and do not charge fees.
But the great benefit is that by not having branches and reducing the costs with these establishments, the digital bank manages to considerably lower the rates. It is common for them to offer an annual fee exemption and do not charge transfer fees.
Some charge a withdrawal fee, but it is still cheaper than maintaining an account with a conventional bank. Nowadays people tend to run low on money, and if the withdrawal is really necessary it can be done only once a month.
And the advantages don’t end there. The digital bank generally has a 24-hour service, seven days a week, and offers several service channels, the most common being chat, e-mail and telephone.
As a disadvantage we can mention that older people may have difficulty dealing with the application, and technology is already a challenge for certain age groups.
What is the difference between a digital and a conventional bank?
Knowing what a digital bank is and its advantages, it is easy to conclude the differences between this model and the conventional one. The differences are more related to how to perform the tasks, than the services themselves.
All transactions carried out by a traditional bank can be done by a digital bank, however, by cell phone and often without charging fees. You can make payments, make deposits, charge, among others with just a few taps on your smartphone.
Therefore, the big difference is in the absence of agencies. And precisely because you are not thirsty, to make withdrawals you must find an ATM from the Banco24horas or Saque e Pague network. This should not be an obstacle, as they are spread across the country. You can download the app to find the one closest to you.
Does the digital bank offer a credit card?
Yes, all digital banks offer credit cards. And you can also activate the debit function. After creating the account through the application, you can request the card and you will receive it at home, without paying anything for it.
The great advantage of having a credit card from a digital bank is that most of them do not charge an annual fee, that is, you can use it without paying that fee that traditional banks charge. With the annuity the customer can spend more than R $ 100 per year, so this generates great savings.
Nubank and Inter are examples of banks that offer a tariff exemption, since Agibank starts to charge an annuity from the second year of use.
The credit card of a digital bank can also be used outside the country, however, sometimes it may be necessary to contact the bank to release this function on your card. In most cases you activate via the application or the card is already released.
As the digital bank does not have a lot of personal data and it gradually narrows the relationship with the customer, according to the use of the card, in the beginning the liberated limit is usually low, around R $ 700. This is part of not having many bureaucratic processes to release the card.
The bank needs security, and as he doesn’t know you yet, only after a few months of use will he understand your need for spending and faithful payment terms.
Does a digital bank charge fees?
It depends. The truth is that in the vast majority of times it does not. But it will really depend on the digital bank you choose. Each bank has different services and benefits.
Among the best digital banks in the country, Inter is the one that charges the least fees, offering exemption from annuity, withdrawal and free transfer. Nubank has a fee for each withdrawal and Agibank offers limits on your transactions.
Taking the digital banks mentioned in this Guide as an example, we can summarize with the following table:
How to make a deposit in a digital bank?
Let’s suppose that you have a certain amount of money to receive and the person who makes a deposit, or maybe you would like to put a certain amount in your account, like depositing in a digital bank, which has no branch?
First, you can transfer from one bank to another. And ask the person to make a transfer to your account. This is the most common form of transactions in a digital bank.
If transfer is not an option, you can generate a boleto within your bank’s application . Banks generally have a minimum and maximum amount for this deposit, at Nubank for example, you can make deposits from R $ 20 to R $ 15,000.
After entering the value of the ticket and confirms, the application will generate a bar code, which can be paid at the Lottery. So, if someone needs to make a deposit for you, just pass that code on to that person.
You can usually copy the code to send it through a message or even send it by email. It is not necessary to have the ticket printed, just inform the code at the Lottery cashier for payment.
And you can even count on the option to receive by check . Photographing the front and back of the check it will fall into your digital bank account.
All transitions can take a few days to complete, usually up to three business days. This will depend on the deposit method chosen and the digital bank used.
Did you know that according to IBGE (Institute of Geography and Statistics) more than 50 million people have no bank account? The digital bank came to facilitate this access through the agility of services and less bureaucracy.
How does a digital bank make money?
The big question is, if a digital bank doesn’t have as many fees charged by a conventional bank, how do they profit? If that ever crossed your mind, today we will help you understand.
As they do not have branches, the expenses of a digital bank are also lower, so they do not need to profit in the same way as a conventional bank.
In general, digital banks have two ways to earn money: receiving a small percentage of the establishment where the purchase was made through the card’s banner; or through interest when the invoice is delayed and the customer needs to pay in installments.
In addition, the digital bank that offers extra services, such as consortium, loan and insurance, still has these services to monetize, like any other bank.
How to contact a digital bank if they do not have a branch?
It is common for the digital bank to offer 24-hour service during the seven days of the week to facilitate communication with its customers, precisely because it does not have a physical headquarters for service.
Obviously they all have telephone support. But you may also find support through email or online chat, through the website or even the application, as is the case with Nubank, Agibank and Inter.
Do I need to understand technology to have a digital bank account?
You need to have and know how to handle a smartphone to have an account with a digital bank, since that is where you will carry out all transactions. The applications are very intuitive and you will learn with use. Nothing more.
Having a digital account is no beast with seven heads, and in fact, for those who are already used to the facilities of a smartphone, it brings considerable ease and agility to everyday life.
However, older people, who generally already need help dealing with a conventional bank, may experience some difficulty in dealing with transactions via their smartphone.
With a little curiosity and a smartphone, everyone can enjoy the benefits of a digital bank.
Is digital banking a good option for legal entities?
Just as digital banking has advantages for individual accounts, so do businessmen who want to open a legal account at one of these banks. Costs fall down there, due to the exemption or reduction of fees.
Agibank, Inter and Nubank offer the option of a legal account, since in November 2018 the Central Bank released the opening of online accounts for companies of any size. Just have a CNPJ and start the registration on the website of the bank you want to use. Nubank adopted the account more recently and is still operating in the testing phase.
The great advantage is that they do not charge monthly fees from these accounts, and still have other benefits. Check the rates for legal entities in the table below:
Hiring Criteria: What to consider when choosing a digital bank
Although this guide is full of information, we want to bring extra points that can assist in your final choice for a digital bank. The main criteria that must be considered are:
- Extra services
Now read each topic carefully in this section and learn how to make the best choice.
Considering the digital banks cited as an example in this guide, you could see that rates vary widely. The main rates analyzed when opening an account are: transfer and withdrawal.
If you are looking for a digital bank with the lowest possible rates, Inter is the most viable option. Agibank ends up charging more fees or limiting the free amount of transfers and withdrawals.
As with the tariffs, the credit card annuity must be taken into account, as this can generate savings of up to more than R $ 100 in the year.
It is common for digital banks to offer continuous annuity exemption, that is, they will never charge this fee. However, check carefully. Agibank, for example, offers exemption only in the first 12 months.
To offer the credit card, the bank has a partnership with some brand to license the service. The most common ones are MasterCard and Visa, as well as in conventional banks.
Each flag offers advantages, so it is worth researching before making a final decision. MasterCard, for example, offers the MasterCard surprise points program, which presents several benefits for exchanging points and miles for its users.
If you want to go beyond account and card services, check out what else digital banking can offer. Some have the option of lending, insurance and consortia, even real estate financing.
The more complete the bank, the more options of extra services you have at your disposal. As the oldest in the market, Banco Inter offers more services.
Did you know that on the Reclame Aqui website you can check the bank’s reputation? This was one of our criteria for placing Banco Inter, Agibank and Nubank in the selection. They receive a grade and also a concept.
- Agibank – Grade 8.7 / Great Concept
- Banco Inter – Nota 8 / Optimal Concept
- Nubank – Grade 7.8 / Good Concept
These are the digital banks with the best reputation in the country. Other banks like Next and Neon remain between Regular and Bad.
The digital bank has revolutionized the way people deal with money and bureaucratic processes today. With the intention of reducing costs and making life easier for the user, the digital bank is gaining more and more followers.
The reduction or even exemption from tariffs is a reality. You enjoy many benefits without paying for it, or even leaving home to face long lines at banks. All service is done online, through communication channels, such as phone, email and chat.
The criteria presented can serve as a guide for you to find the best advantages for your need and finalize your choice.
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