Banks are a huge part of people’s day-to-day lives, even if they just have one personal account and need a debit card for rare in-store purchases. But what about neobanks? Not all people know what these are and if they should switch from their brick-and-mortar banks to neobanks.  But Genome is here to explain. Today you will find out some of the main facts about neobanks, their advantages, and how neobanks compare to other financial institutions.  Neobank: meaning of the term Neobanks, as you might have guessed, represent a new type of financial institution. They started arising after the financial

Starting the year with a bang – that’s what Genome does best! And indeed, we have a lot of great articles and a product update to share with you! Without further ado, let’s see what’s new. Changes to personal pricing regarding virtual cards Our team introduced some changes to Genome’s personal pricing, specifically – virtual cards. The virtual card activation fee for the first 10 cards remains 1 euro per card. But, starting from the 11th card, the activation fee is raised to 10 euros per card.  If you already have a certain number of virtual cards – no worries!

The article was updated on 12.12.2024 To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex – they are just tools for receiving and sending money.  But then, you face many terms like bank transfers, wire transfers, electronic payments, online transfers, etc. And you start to wonder – “Is there a difference between all of these?” and “What should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ when it comes to sending money.    What is

Financial institutions come up with many solutions to allow customers to navigate the banking sphere more accessible and straightforwardly. Direct debit payments are one such tool. In this article, Genome will explain what direct debit transactions are and the benefit of direct debit. Direct debit: meaning of the term A direct debit transaction is a payment method used for collecting payments. Using direct debit, the account owner authorizes the third-party (different kinds of businesses and merchants) to pull funds from the said account to pay for the company’s products or services. The clients must notify their financial institution that they

The article was updated on 10.12.2024 There are so many kinds of money transfer options worldwide that not even financial experts can name all of them on the spot. However, in many cases, various payment types are grouped by common purposes or other metrics.  It is where cross-border payments come into place, as a number of payment and transfer options can be classified as such.  In this article, Genome explains what a cross-border payment method is and provides cross-border transaction examples so you can select the option that suits you the most. We also explore the advancements and improvements in

The article was updated on 01.10.2024 Whether you’re managing personal finances or running a business, the right type of bank account is essential. Both individuals and businesses have unique needs, and the financial industry offers a variety of accounts to meet these demands. In this article, we’ll break down the different types of bank accounts, helping you find the best fit for your financial goals or everyday banking.   What are the main types of bank accounts? Yes, you do need a bank account in a modern, technologically advanced world. Not only if you own a company but also for your

Our team recently released an extensive article that covers the main examples of financial institutions. In it, when talking about internet banks, we also mentioned the phenomena of electronic banking and internet banking. And it is an interesting topic in itself. So, Genome’s team decided to elaborate on the topic a bit more. Find out what are the different types of online banking in this article. Electronic banking: types of e-banking With a name like this, what you see is what you get. Electronic banking, also known as e-banking, is a method of provision of different financial services to customers

The passing year was full of events, and Genome is no exception. We had a lot of work to do. And as a result, we delivered many new features!  Today, we wanted to review the whole of 2022 and tell you about some of the most important updates and news regarding Genome – in no particular order.  The year of contactless payments What can we say? For Genome, contactless payments have become a factor of a monumental shift in 2022. As you know, we operate entirely online and want our services to reach as many clients as possible. And contactless

Some people commonly consider financial institutions to be synonyms for banks. But financial institution is a much broader term. It includes many types of international financial organizations which provide different kinds of services.  Want to learn more about banking institutions across the board? Genome’s team is here to explain the most common types of financial companies. Let’s proceed! Financial institutions: definition The “financial institution” meaning is quite simple. These financial entities provide services to individuals, businesses, and/or merchants. For example, financial companies are involved in various operations, such as transfers, monetary transactions, currency exchange, loans, investments, etc. Such institutions are

Most banks and financial providers now have apps or web pages using which clients can access banking services via the internet. Still, secure payments and features must remain a priority not only for said providers but for clients as well.  That’s right – you also need to play your part in ensuring a safe online banking experience. How can you do that? Genome will explain everything! Find out how secure online banking is and what is the safest way to shop online in this article! Is online banking safe? Let’s get our definitions straight first. Online banking is a type