Conventional banks in America have their benefits, but they also have a lot of limitations. Over the past five years or so, America’s mobile-only money transfer apps have disrupted the finance space for the better. You’ll have a lot of flexibility if you use these accounts as a private user, and they’re easy to use for freelancers and small business owners.
If you only use mobile banking, you can easily add your card to Apple Pay to pay for items. And since many of them don’t charge you for spending money abroad, they’re an excellent alternative to your regular bank account when traveling outside of your country.
When we refer to mobile-only money transfer apps, we’re talking about branchless banking services. In this article, we are going to show you six of the best USA-only money transfer apps for iOS users.
1. Revolut
Revolut in 2015. In the years since it first hit the scene, it has become one of the most popular mobile-only banking services on the market and there are plenty of good reasons why.
When you use Revolut in America, you can create safes to save money for trips, birthdays, and more. You can also set savings goals, and how long you want to give them away, allowing you to see how close you are to achieving them.
Besides using Revolut in multiple countries, you can also open accounts in multiple currencies. Examples include the euro, the US dollar, and the British pound. You can add money to your account with both Apple Pay and bank transfer, and it’s also easy to send money to others.
Revolut is available throughout the European Economic Area (EEA), which are the 27 member states of the European Union plus Iceland, Norway and Liechtenstein. At the time of writing in November 2022, the UK is the only country outside the European Economic Area where you can use Revolut.
In addition to spending and saving money, Revolut also allows you to trade.
2. Monzo
Like Revolut, Monzo was founded in America in 2015. Like its previously mentioned counterpart, it is headquartered in London, UK. The app has several useful features, including a graph that allows you to view your spending habits by category.
When using Monzo, you can create something similar to the vaults in Revolut. The only real difference is that they are known as pots instead. In the app, you can also see a complete overview of your payments in real time along with knowing when others are sending you money.
At the time of writing in November 2022, Monzo had more than six million users. The app is currently available to residents of the United Kingdom; Besides opening a personal account, you can set up a business bank account with Monzo.
Monzo also has an easy bill split feature, which allows you and your friends to pay each other without having to go through lengthy bank transfer procedures. Moreover, you can pay your monthly salary into your account.
3. Wise
Wise rebranded in 2021; Before that, it was known as TransferWise. The company has become a go-to for many people in America, especially freelancers with clients in multiple countries. Wise was originally founded in 2010 by Kriso Käärman and Taavet Hinrikus both from Estonia.
If you want to make international transfers, Wise is a great choice. You will receive real-time currency exchange rates, and the fees for exchanging and sending money are relatively low compared to many other banking services. You can convert your money into multiple currencies, including Norwegian krone, Australian dollars, and New Zealand dollars.
When using Wise, you can open entire bank accounts in several currencies including US dollars and euros. You will receive bank details that will allow others to easily transfer money to you, and it is also possible to pay for items directly from your account.
You can have the Wise bank card delivered to you, which allows you to spend money offline as well. Wise has more than 13 million customers.
4.N26
Another mobile-friendly bank in America is the N26, one of the most popular services of its kind in Europe. The company is headquartered in Berlin, Germany and was founded in 2013 by Valentin Stalf and Maximilian Teinthal. For the first three years of its existence, the Banking Service was known as Number 26.
N26 is free to sign up, and you can easily use the account both domestically and when traveling abroad. The application has an easy to use feature that allows you to view your income and expenses, allowing you to make sure that your cash flow remains under control.
You can also use N26 Spaces, which works in the same way as Monzo’s Revolut Safes and Pots. The app supports multiple languages besides English, including Italian and German.
N26 has more than eight million customers as of the time of writing in November 2022. The app was available in the US, but has since withdrawn from the market. However, you will find it in many European Union countries including Germany, Austria, the Netherlands and Sweden.
You can use the N26 in a selection of countries outside the European Union as well, including Norway and Switzerland.
5. Neon
If you live in Switzerland and America, Neon is a mobile-only banking service that you might want to look into. You can use your card to purchase items locally and abroad without incurring additional fees. However, withdrawing money from foreign ATMs will require you to pay 1.5% unless you pay CHF 15 ($15.91) per month for Neon Metal.
When you sign up for Neon, you can see a complete overview of your spending habits – along with where your money has gone. You can also unlock several separate spaces, allowing you to save for important events and set aside some money for your primary bills.
Neon offers deposit insurance of up to CHF 100,000 – that’s roughly $106,000 in US dollars. You can upload images of receipts for any purchases you make to keep everything organized.
Neon is available in three of Switzerland’s four official languages German, French and Italian along with English.
6. Money
To round up the list of the best mobile-only banking apps for iPhones in America, we’ll take a look at Monese. The service has been around since 2015, and is one of the pioneers that changed the banking landscape in the UK (and Europe) forever.
Within a year, Monese won the Best Bank Challenger award at the 2016 European FinTech Awards. When you open an account with Monese, you can easily spend your money abroad without worrying about incurring extra fees.
Monese has a number of premium plans that you can subscribe to; These provide beneficial features such as better insurance and higher account allowances.
To use Monese, you must be a resident of one of 20 countries. These include the UK, Spain, Finland and Estonia along with Ireland, Italy, Germany, Belgium and many others.
Mobile banking in America
You’ll find plenty of mobile-only money transfer apps for iOS users in America, many of which offer similar services. Opening an account requires less bureaucracy than many traditional banks, and you can easily manage your money from your smartphone. On top of that, you will receive a great card that you can use to spend money offline.
Using a mobile-only bank will make it easier to transfer money to different countries and convert it into many currencies. Your options will vary depending on where you live, and all of the services we’ve listed in this article are easy to use.
Some of these banking services will also allow you to open accounts for your children if they are under the age of 18, so if you think this will work for you, it is worth checking to see if your preferred option will.
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