7 Neobanks With Super Fast Processing Times

7 months ago   •   6 min read

By Silverbird Content Team

The Financial Brand’s Neobank Tracker currently lists 333 digital-only banks globally. The estimated user base of neobanks worldwide is 39 million, who are drawn to the minimal or no fees of maintaining a neobank, and the ease of setting up an account.


This article at a glance:

International exporters could consider opening accounts at neobanks due to the more attractive exchange rates and lower transaction fees when sending and receiving payments across the globe, and their fast processing times. We have identified Revolut, Nubank, Open, Monzo, Tinkoff, Starling, and Silverbird as 7 neobanks with super-fast processing times.


What Are Neobanks?

Neobanks are also known as digital-only, virtual, internet, online, or challenger banks. Mostly operated by fintech firms, neobanks offer banking services through their apps and websites. There are two types of neobanks: a full-stack neobank has its own banking license and it can function independently while a front-end focused neobank could only operate in partnership with a traditional bank.

Neobanks vs. Traditional Banks

Compared to traditional banks, these are the advantages of neobanks:

  • Fast processing times, simplified funds tracking, and account aggregation.
  • Convenient 24/7 access to banking services.
  • Lower fees and higher interest rates.
  • Simple and quick account opening with a streamlined document verification process.
  • Better exchange rate for international payments and transfer; less or no transaction charge when using debit cards abroad.

However, neobanks have some drawbacks too. They include:

  • Not all neobacks have banking charters. Therefore, choose neobanks with the Financial Services Compensation Scheme (FSCS), Federal Deposit Insurance Corporation (FDIC) or similar insurance coverage protection.
  • No physical branches. Support is provided remotely.
  • Limited banking services.

These are 7 neobanks with fast processing times that offer business accounts:

Revolut

Revolut is a London-based fintech company that is currently valued at USD $33 billion and was founded in 2015. Revolut now offers multi-currency accounts, debit cards, no-fee currency exchange, stock trading, and cryptocurrency exchange.

Account name: Revolut Business

Eligibility: A registered company that has a business registration number and operates as a legal entity, or a sole trader, can apply for a business account.

Features and benefits:

  • Physical and virtual company cards where business owners can set the spending limits for their employees and track their expenses.
  • Multi-currency accounts where you can hold, send and receive money in more than 30 currencies worldwide with transparent charges.
  • Integrate Revolut’s API into your business workflow.

Processing time: Faster Payments and CHAPS are processed in 1 day, and BACS up to 3 days, for GBP transfers from UK banks. SEPA payments are processed in 1 or 2 business days (up to 3 days), for EUR transfers. SEPA Instant Credit Transfer would be instantaneous. International SWIFT payments take up to 5 working days to be credited to your account.

Fees: A Free Business Account costs GBP £0/month, a Grow Account costs £25/month with priority 24/7 chat support, and a Scale Account costs £100/month with priority 24/7 for up to 50 free international payments.

Website: https://www.revolut.com/business/business-account

Nubank

Nubank is a Central Bank of Brazil -licensed Brazilian neobank. Today, it serves 48.1 million customers in Brazil. Nubank started by launching credit cards in 2014 and by 2016, they had acquired 1 million customers without spending much on marketing.

Account Name: Nubank Business

Eligibility: Owns Nubank personal account or credit card and are sole proprietors of their companies.

Features and benefits:

  • Quick account opening, which could be done within minutes.
  • No annuity or monthly fees, and no maintenance fees.
  • Pay bills, business taxes, and fees, all using the Nubank app.

Processing time: Nubank account registration takes 20 minutes on the app, credit card application is approved in 1 day, and the card is delivered within 8 days.

Fees: No fees except for BRL R$ 6.50 external network cash withdrawal fee at ATMs.

Website: https://nubank.com.br/en/business-account/

Open

Open is a Bangalore-based neobank startup that focuses on Business Banking in India. Google is its most recent investor who invested in its latest Series C financing round; Open is valued at USD $500 million to date.

Account Name: Open Business Account

Eligibility: Those who are ‘competent to contract’ and can enter into legally binding contracts under Section 11 of the Indian Contract Act, 1872.

Features and benefits:

  • Combines banking, payments, accounting, expense management, and taxes, in one app.
  • Seamless bulk payments with Open’s payout APIs.
  • Open’s virtual card can be used for transactions immediately upon signing up.

Processing time: Account opening takes 2 minutes, you can use the virtual card immediately and you would receive the physical VISA card within 7 days.

Fees: Open offers a free ‘Solo’ account for freelancers and entrepreneurs. A ‘Startup’ account costs INR ₹ 600/month, and the ‘Growth’ account is ₹ 900/month.

Website: https://open.money/

Monzo

Monzo is a fully regulated UK bank where up to GBP £85,000 of your money banked will be protected under the Financial Services Compensation Scheme (FSCS). Monzo is one of the earliest challenger banks in the UK which was founded in 2015.

Account Name: Monzo Business

Eligibility: UK-based sole traders or limited UK tax-paying companies. Limited companies must be registered with the Companies House with an active company director and at least one person of significant control.

Features and benefits:

  • Tax pots. Allocate a fixed percentage of tax to be deducted directly from each payment that you receive.
  • Xero, FreeAgent, or QuickBooks integration for hassle-free accounting which syncs your daily balance and transactions.
  • Create and send payment links or invoices where you could track due, paid, and overdue requests.

Processing time: Faster Payments bank transfers and payments are processed immediately. BACS take up to 3 days, CHAPS payments made before the cutoff time will go through within the same day. International SWIFT transfers take between 1 to 5 business days.

Fees: Business Lite is free and Business Pro is GBP £5 a month with multi-user access and integrated accounting.

Website: https://monzo.com/i/business/

Tinkoff

Thinkoff banks 17 million customers in Russia and has a market capitalization of USD $22.5 billion this year. In October 2021, Tinkoff Bank was put on the list of systemically important credit institutions vital to the country’s financial system.

Account Name: Tinkoff Business

Eligibility: Small, medium, and large businesses. Tinkoff started banking for foreign clients in August 2020, with the company Aviasales in Thailand.

Features and benefits:

  • 24/7 live chat support
  • Company registration could be done through Tinkoff.
  • Call center outsourcing option with Voice robots, speech analytics, and Interactive Voice Response (IVR) tools to manage order processing and collecting feedback.

Processing time: Between Tinkoff accounts, payments are processed immediately. Transfers between other banks are processed on the same day if made before the cut-off time.

Fees: A Basic Account costs RUB 490 ₽ per month for entrepreneurs and an Advanced Account costs 1990 ₽ per month.

Website: https://www.tinkoff.ru/business/

Starling

Starling bank is a fully-licensed bank headquartered in London. Starling was named Britain’s Best Business Banking Provider 2021 by BVA-BDRC, a consumer and business insight consultancy group.

Account Name: Starling Business Current Account

Eligibility: For Limited Companies and LLPs owners residing in the UK as Persons of Significant Control (PSCs).

Features and benefits:

  • Free UK current account from a regulated bank
  • Receipt capture add digital receipts to payments
  • Fast and secure transfers to 39 countries worldwide with clear fees

Processing time: Faster Payments are processed immediately, Bacs take up to 3 days, and CHAPS payments made before the cutoff time will go through within the same day. International SWIFT transfers take between 1 to 5 business days.

Fees: GBP £0/month for the free business account with optional add-ons costing GBP £2-7/month.

Website: https://www.starlingbank.com/business-account/

Silverbird

Silverbird is the first digital bank for international trade founded in 2015 and headquartered in London. It is a fintech company providing online payments and business accounts for cross-border trade, dedicating its services for global traders and merchants.

Account Name: Silverbird Business Account

Eligibility: All nationalities could apply. You must be aged 18 years or older, have a company registration number in your jurisdiction, and you need to be the ultimate beneficial owner, a director, or a legal representative of your company.

Features and benefits:

  • Multi-currency accounts for international trade that could be opened in minutes.
  • Send and receive high-value payments in more than 100 countries with SEPA, SWIFT, FPS, and ACH support.
  • Secure financial data protection with advanced 256-bit encryption; data stored on secure third-party servers, and 2-factor authentication required for transactions.

Processing time: Filling in the online application takes around 45 min, and the account opening process would finalize in a few business days.

Fees: Zero monthly fees. Flat rate of EUR €0.95 for incoming UK, EU, US payments and 0.16% for international payments (€9.95 minimum fee). Outgoing payments are charged at €4.95 and 0.16% (€19.95 minimum fee).

If you’re an international trader, looking for a fast and easy way to manage your business payments around the globe, why not start onboarding today?


Author: Syahirah Aiman
Illustration: Kate Faldina

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