What is a mobile bank?

A mobile bank operates primarily through a mobile app, allowing users to manage their financial transactions digitally without the need for traditional brick-and-mortar branches.

How secure is mobile banking?

Mobile banks use advanced security measures such as encryption, two-factor authentication, and biometric logins to ensure that your financial data is protected and secure.

Can I open an account with a mobile bank if I am not a resident of the home country?

Many mobile banks offer services to non-residents, though requirements can vary. Check the specific bank’s policies regarding international applications.

What are the main advantages of using a mobile bank?

Mobile banks often offer lower fees, higher convenience through 24/7 digital access, real-time notifications on transactions, and innovative financial management tools compared to traditional banks.

Are there any fees associated with using a mobile bank?

While mobile banks typically offer reduced fees, there may be charges for certain services such as ATM withdrawals outside their network, international transactions, or premium account features.

How do I deposit money into a mobile bank account?

You can deposit money into a mobile bank account via bank transfers, direct deposit, mobile check deposit, and sometimes by depositing cash at partner locations depending on the bank’s infrastructure.

How do I choose a Neobank?

When choosing a neobank, consider factors such as the fees and charges, the range of services offered, customer support availability, security measures, user reviews, and how well it meets your financial needs. Additionally, evaluate any perks or benefits like cashback offers, interest rates on savings, and international transaction fees.

How to open an account with a Neobank?

Opening an account with a neobank usually involves downloading their mobile app or visiting their website, completing an online application form, and providing necessary documents such as a government-issued ID for identity verification. The process is typically quick, often requiring just a few minutes to complete.

What is the difference between a neobank and an online bank?

The main difference between a neobank and an online bank is that neobanks are typically technology-driven startups that do not have their own banking licenses but rely on partnerships with traditional banks to offer banking services, whereas online banks are usually the digital arms of established banks, possessing full banking licenses and offering a broader range of financial services.

Can I have a neobank account and a traditional bank account?

Yes, you can have both a neobank account and a traditional bank account simultaneously. Many people use neobanks for their convenience and innovative features while maintaining a traditional bank account for access to a full range of financial services and in-person customer support.

Are neobanks available worldwide?

Neobanks are increasingly available worldwide, but their presence varies significantly from one region to another. Some neobanks operate globally, while others are restricted to specific countries or regions due to regulatory requirements and licensing issues. Luckily that is where Neolsita comes in. All listed neobanks have an indication of where in the world they are available.

List of all neobanks in India (December 2024)

Explore 4 mobile banks available in India

Wise

4.5

NeoScore

Great when dealing with multiple currencies

Based in

United Kingdom

and 4 other countries

Available in

India

United States +177

Available for

Personal Business

Go to Wise Learn more

Payoneer

3.9

NeoScore

Based in

United States

Available in

India

United States +183

Available for

Personal Business

Go to Payoneer Learn more

Go Solo

2.8

NeoScore

Based in

United Kingdom

Available in

India +16

Available for

Personal Business

Go to Go Solo Learn more

Volopay

3.0

NeoScore

Based in

Singapore

Available in

India +4

Available for

Personal Business

Go to Volopay Learn more

Which business neobanks are best for businesses based in India?

A business neobank in India provides a tailored solution for businesses operating in the country. These online-only banking solutions offer a range of financial services specifically designed for businesses, including multi-currency accounts, international payments, and expense management tools. Whether you're a small startup or an established enterprise, business neobanks can help streamline your financial operations and reduce costs.

Wise – 175 countries. 50 currencies. Get the account built to save you money round the world. Save up to 6x when you send, spend and withdraw 50 currencies, all in one account.
Payoneer – Pay and get paid with multiple payment methods everywhere with Payoneer. Send business payments to vendors & receive funds from global clients and marketplaces.
Go Solo – Thousands of businesses use GoSolo to incorporate, open a business account, and get paid
Volopay – Volopay gives you control over your company's payments, expenses, budgets, and accounting. The best alternative for your business account. Join the hundreds of companies that trust Volopay.

Frequently asked questions about neobanks

Everything you need to know about mobile banking. Our FAQ section covers the essentials, offering you insights and answers to the most common questions about managing your finances through mobile banks.

Best mobile business banks in India (December 2024)

Explore 4 mobile banks available in India

Wise

What's this score?

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Best mobile business banks in
India (December 2024)