Bunq, Revolut and N26 are online banks for which you only need an app and a bank card. These three fintech companies are just one of many of these companies that currently operate in Europe. In The Netherlands, Bunq broke open the market two years ago and Revolut and N26 have joined since then (Thole, 2017). With these online banks it is made extremely easy to open an account, you only need to install the app and make an account. That is it! So, will they replace the classic banks as ABN Amro, ING and Rabobank?

For now, the online banks only compete with the classic banks on the front of payment accounts, it is not possible yet to open saving accounts, get a loan or get insurances. But they offer these payment accounts at an extremely competitive way. To open an account, you are charged nothing or maybe the sending costs of the card, but other than that nothing. The way that they are making money is by charging when you are taking cash out of the machine more than a said amount of times. Or by charging transactions with non-euro countries (Thole, 2017). However, what for example Revolut and N26 offer is favourable exchange rates. A Revolut account can hold up to 26 different currencies and you can save around 6% by sending money to a foreign account (Revolut). N26 partnered up with Transferwise and makes international transfers 6 times cheaper than a traditional bank (N26). Thus, the main reason to join these fintech companies is because they offer great services and convenience for cheap prices.

So, there are definitely advantages to these new online banks, but they are not able yet to compete with the complete product offering of the traditional banks. Since many people like to have all their payment accounts, saving accounts and insurances under one roof they will not complete replace the classic banks.

References
N26 (n.d.) International transfers into 19 foreign currencies. Retrieved from: https://next.n26.com/en-eu/bank-account

Revolut (n.d.) Wereldwijd geld overmaken. Retrieved from: https://www.revolut.com/nl/

Thole, H. (2017, October 7). Bunq, Revolut en N26: deze nieuwe online banken dagen ABN, Rabo en ING uit. Business Insider. Retrieved from: https://www.businessinsider.nl/bunq-revolut-n26-fintech-banken-rekening-openen/

With the whole digital revolution, being a digital nomad is up and coming. Because more work is done online, it is not always necessary to be bound to just one location. So, more and more people are packing their stuff and go travel around the world with their laptop with them to work on the road.

So, who are these people that choose to not have a home base and roam the world. There are a lot of software- and web developers and programmers, but you can also think about professions as graphical designers, bloggers, translators or marketing consultants. The only necessity for these people to work is a laptop, Wi-Fi and electricity (Ik wil meer reizen, 2016). Furthermore, there are many applications that make the digital nomad life possible. Think about meetings, how many times is it really necessary to physically sit next to each other to get the message across. Applications like Skype make it possible to be anywhere and still have the same effect. Other examples are Slack or Trello, which make it possible to communicate about projects with your team. One digital nomad says that physical contact with a client or colleague is usually less efficient. Through applications like Skype or Slack there is less hassle and people come straight to the point (Beucker Andreae, 2017).

One of the most prominent reasons why people choose to live like this is because it gives you the freedom to make your own schedule. They do not want to work from nine to five and be stuck in this rhythm. Even if you do not have a schedule like this the world around you does. Another reason that is stated is that it improves the creative process. There is much more time to be creative, as their brain is no longer occupied by daily concerns or required meetings. Also, the environment and other cultures can serve as an inspiration (Beucker Andreae, 2017).

Of course, this lifestyle is not for everyone. If you want the structure and security of a normal office job, then a live as a digital nomad is probably not for you. But if you have the skills to work on a distant, then maybe this might be an amazing adventure.

References
Ik wil meer reizen. (2016, July 17). DE 10 MEESTGESTELDE VRAGEN OVER DIGITAL NOMADS. Retrieved from: https://ikwilmeerreizen.nl/reistips/vragen-digital-nomads/.

Beucker Andreae, M. (2017, January 18). Hoe word je een digital nomad pro’s vertellen. Retrieved from: https://fd.nl/fd-persoonlijk/1183401/hoe-word-je-een-digital-nomad-pro-s-vertellen