Ukrainian bank NeoBank: how to open an account in hryvnias (UAH)
History of the bank
Neobank was originally a term for banks that provide their services remotely and do not have physical offices. The term was first used in 2016, but strangely enough, no new generation of banks used the name, except for NeoBank in 2021.
In January 2023, NeoBank ranked eighth in the number of app downloads among all mobile banks in Ukraine. It should be noted that this was, to some extent, facilitated by the promotion, in which customers received UAH 100 each for opening an account.
What services NeoBank provides
The bank cannot boast of a large number of services in comparison with other Ukrainian banks. Still, the company's primary emphasis is on the simplicity and convenience of clients.
NeoBank users have access to:
- Acceptance of transfers and payments from anywhere in the world without restrictions;
- Cash withdrawal in ATMs of any banks;
- Money transfers by details and to other cards, including international cards;
- Insurance services;
- Personal finance analytics.
NeoBank financials and ratings
NeoBank has not yet provided financial statements on its activities. In addition, the bank has not been assigned a rating, which may alert some users.
It should be noted that NeoBank is one of the participants of the Fund of guaranteed deposits of individuals, so the depositors' funds are insured, and they will receive compensation in case of bank bankruptcy.
How to become a client of NeoBank
To open an account with NeoBank, you don't need to visit the office — everything can be done from the comfort of your home. NeoBank services will become available after the user follows a few simple steps:
- Installing the mobile application on iOS or Android and registering in it;
- Filling out an application form and submitting documents via the Diya service;
- Ordering the issue of a plastic or virtual NEOCARD card. A digital card can be issued instantly and used immediately after opening an account until the plastic card arrives.
Non-residents can open an account from abroad if they have Ukrainian citizenship. NEOCARD plastic cards are sent by post, so it is possible to receive them even outside Ukraine.
Advantages and disadvantages
Let's list the advantages of NeoBank:
- Flexible customisation of the application: you can add widgets and create templates in the mobile bank;
- Round-the-clock customer support service;
- The Bank is a member of the Fund of Guaranteed Deposits of Individuals;
- Provides services to both private and corporate clients. After registration, clients can receive two cards at once: NEOCARD Platinum Business and NEOCARD for personal use.
- Possibility to make transactions from cards of other banks through the application.
The main disadvantages of the bank are little information about the bank, lack of financial results and rating, and small limits for cash withdrawals and transfers to the card without commissions: only up to UAH 10 000 per month. NeoBank also has a low rating on the website of the Ministry of Finance of Ukraine — less than 2 points.
Among the main problems, users note interruptions in access to the personal account and delays in receiving money on the account.