The best electronic banks: 16 banks and methods you should use in 2024

The best electronic banks: 16 banks and methods you should use in 2024

What are the best electronic banks that I can open an account with and receive money from?

This is a valid question and can be answered.

But the question that I always find unanswered is (What is the best electronic bank for electronic transactions?)


Because the idea of ​​a comprehensive bank that is considered the best in everything is illogical, right?

Think about it, for example, about the banks on the ground. Can you tell me what is the best bank in Saudi Arabia? Or in Egypt?

A bank considered the best in everything?

Certainly not. There is a bank that is considered the best in loan interest, a bank that is considered the best in return, and another that you prefer because the treatment there is special, and so on…

This is also the case in all electronic banks. Each bank has a specific feature that makes it better than others for every person.

Now let’s get to know me…

What are electronic banks and digital wallets?

Electronic banks are the natural development of working on the Internet. They are digital payment methods that were primarily provided to receive and receive money from anywhere in the world faster and with lower commissions than using traditional means. Some of them have headquarters and others do not have headquarters in any country in the world.

If you work on freelance platforms, for example, you will need some of these banks, and if you intend to start electronic commerce, there are some other distinguished banks, but if you intend to start trading in its various forms, then in this list there are some others suitable for this.

Now let’s get to know in brief…

Advantages of using electronic banks

  • Ease of use.
  • Speed ​​in receipt and transfer is considered the most important feature of any electronic bank or digital wallet.
  • Everyone can send and receive money very easily. Mostly, you only need an email or your account ID.
  • Transfer commissions are very low compared to traditional banks.
  • Withdrawal and deposit commissions are also low (but certainly depositing in traditional banks is less expensive).
  • Some banks provide an international visa, others provide currency conversion, and some enable you to trade from within them.
  • You can do everything through your phone or computer at any time of the week.
  • Security is also an advantage, but since it is electronic, you need to secure your accounts yourself well.
  • The support and customer service at these banks is excellent compared to many traditional banks.

Disadvantages of using electronic banks

  • Some banks are not available in many Arab countries.
  • Issues related to the security of your account may occur if you do not follow security procedures well.
  • There is mostly no interest or interest rate on the funds in the account.
  • Some find withdrawal commissions a little high.
  • Although it is not common, some people are afraid of these banks because of the possibility of seizing your money in the event of the company’s bankruptcy or any other problems.
  • You often need more than one account in more than one bank if you work in different fields.

Now let me tell you…

The best electronic banks for sending and receiving money 2022

There are many banks abroad in addition to dozens of ways through which you can receive, send and transfer money.

But according to my personal experience and the experience of many who work on the Internet, these banks are the ones you will need.

Let’s start first with…

1- Payoneer Bank

Payoneer is considered the best online bank ever for anyone who wants to obtain an American or European bank account.

Not only that, but it is also the best for anyone who wants to receive his money in dollars from any online business and then transfer it to his bank account in any bank in his country.

There are many features that make Payoneer a choice for many people, the most important of which are:

  • Providing an American or European bank account for you, as I told you above.
  • You can also request a special visa for approximately $30, but in order to be able to request it, you need to transfer at least $100 to your account in the first 6 months of using the account.
  • You can also withdraw to your bank account with low commissions.
  • Very suitable for e-commerce as a payment method.
  • It is one of the most popular payment methods in many affiliate marketing platforms, so it is considered the best for marketers.
  • There are no commissions for receiving money when transferring from another Payoneer account or popular platforms such as Fiverr or Upwork, but a 3% commission is deducted in e-commerce if your clients pay via any Visa or MasterCard.
  • When withdrawing to your bank account, the commission here will be approximately 2% if the currency is different from your account currency.

Note: If you do not use your account for more than a year, a commission of $29.95 will be deducted, which I do not prefer here.

Register in Payoneer Bank

2- Payeer Bank

Payeer Bank is a Russian bank and is considered the most famous and best for anyone who wants a bank account without any proof of identity or a beginner who wants to buy digital currencies in an easy way.

The most important features of this bank are: 

  • Many online profit sites use it as a payment method.
  • The commission for transferring from one account to another is very low, approximately 0.5%.
  • You can also use the trading platform within this bank to trade crypto (digital currencies) with ease.
  • The bank provides you with 10 currencies, the most important of which are the dollar, euro, Russian ruble, bitcoin, and others, which you can keep in your wallet.
  • You can also exchange currencies directly through other people, but with a somewhat high commission.
  • The most popular method of withdrawing from this bank in most Arab countries is to use a broker, because it is not possible to activate accounts except in Saudi Arabia, the Emirates, Algeria, Morocco, and Qatar.

Note: The thing that I do not prefer here is the inability to activate the account and withdraw to your bank account or Visa, but there are some well-known brokers that you can turn to and withdraw your money in any way you wish.

Register in payeer bank

Read:A detailed explanation of everything related to Payeer Bank

3- Paypal Bank

PayPal is the best electronic bank for you if you work online in most fields of affiliate marketing, freelance marketing, and others.

But the problem with PayPal is that it is very bad in electronic commerce, and many times problems occur and merchants’ accounts are frozen as soon as someone files a lawsuit against the merchant.

In general, this bank is considered the most famous for most Internet users, and I think you have already heard about it.

  • The bank is considered the most honest and safe for many.
  • It is not accepted by some Arab countries, but it is available to use and link it to many cards in Egypt and withdraw from it and deposit with it.
  • The bank’s commission is somewhat high for withdrawals, especially manual ones, as $5 is deducted in addition to approximately 1.5%.
  • If you wait until the beginning of the month and activate the automatic withdrawal option for your Visa, no commissions will be deducted.
  • The bank added the option to buy and sell digital currencies, but this service has not been activated in the Arab world.
  • The deposit rate in the bank is small or does not mention only the currency exchange fees.

Note: My problem with this bank is that you cannot use the available balance in your account to purchase online, especially in Egypt, but you must use the visa linked to your account that contains money and is deducted from it.

Register with PayPal Bank

Read also:Explanation of PayPal Bank in detail

4- Skrill

Skrill is your first choice if you intend to trade either Forex or binary options.

It is the first electronic bank for almost all traders in all parts of the world and the Arab world.

The only problem with the bank is that in many cases your account is suspended until you fully activate the account.

I have already encountered this problem, and the withdrawal limits will be low if you do not activate it.

But as for the features, you will get the following:

  • According to my bank, it is very safe in one of the best electronic banks.
  • You can deposit and withdraw in a very easy way, and many credit cards are accepted in Egypt.
  • A very simple application for mobile.
  • Ease of dealing with trading platforms.
  • A small commission in the event of transferring to another Skrill account (1.25%).

Important note: The commission for depositing into the bank via Visa is 2.5%, and the commission for withdrawing from any card is 7.5%, which is a very high commission.

Register with Skrill Bank

Read also:How to charge a Skrill account and withdraw money from it

5- Neteller

Neteller is the online banking twin of Skrill.

In fact, the two banks are mostly for the same company, but Nettler is somewhat more famous for buying digital currencies.

The commissions of both banks are the same, which is high.

Therefore, I will not talk much about this bank because it is an exact copy of the bank above. Just read the details of the previous bank and apply them here.

Register with nettler bank

6- Perfect Money

Perfect Money is one of the oldest electronic banks on the Internet, and is now approximately 14 years old.

Despite the website’s very simple interface, it offers services that you will not find in most other banks.

For example, here are some of the features you will get:

  • You can send and receive money with ease and with fairly low commissions.
  • You can also get a monthly return on your money in the account, which is not available in any other electronic bank, which is approximately 4% annually and is added to your account monthly.
  • Depositing via bank transfer has a commission of 0.5%, and you can also use electronic wallets or digital currencies.
  • You can also withdraw via the same methods, but the commissions are a little high, approximately 2.5%.
  • You can also transfer between accounts with a commission of 2% for inactive accounts and only 0.5% for activated accounts.

Note: You need to activate accounts with the correct documents in order to be able to use all the important features of Perfect Money Bank.

Register with Perfect Money Bank

7- Advcash

advcash is also one of the very famous electronic banks that offers many advantages to anyone who wants to work online or transfer money with low commissions.

The bank is reliable and you can use it without activating the account or confirming the identity, but with limits on the size of daily transfers and transactions.

The most important specifications of advcash bank are the following: 

  • Through it, you can trade various digital currencies and connect the Binance digital currency trading platform to it.
  • When you keep currencies in your account, you get interest of up to 8% annually, which is distributed on a daily basis.
  • You can request a bank card, whether plastic or virtual, but you need an activated account (some countries are not accepted).
  • It provides deposits and withdrawals via banks, cards, other electronic banks, as well as digital currencies.
  • Commissions for withdrawals from the bank are very low. For example, there is no commission for transferring between two advcash accounts, and withdrawals to a local bank have a commission of 0.5%, while withdrawals to your own card have a commission of 2.5%.
  • The most important thing that distinguishes this bank is that it is a well-known method with many affiliate marketing and trading platforms, and you can also transfer money from Payeer to it.

Registration in advcash bank


Airtm is one of the favorite electronic banks for many people, but for me I do not prefer it much.

The main reason why I do not prefer this bank is the high commissions and the presence of many restrictions on an inactive account.

But in general, it offers many features that you will not find in any other electronic bank, such as:

  • The ability to withdraw money to any other electronic bank, PayPal, Payoneer, Skrill, Neteller, or others.
  • You can also withdraw your money to local banks, cards, or various digital commissions.
  • You can also buy and sell virtual currencies through it at fairly good prices.
  • What is also special here is the possibility of converting dollars into a digital dollar (airusd) and thus preserving its value.
  • It is considered a payment method on many profit sites if you intend to start earning from the Internet

Registration in airtm bank

9- webmoney

WebMoney is a Russian electronic bank and is also considered one of the very famous banks in the world of the Internet.

It is very similar to Payeer Bank, which we talked about above, but in addition to some other features.

But the difference here is that it is much older than those banks, as it was established in 1998, and the security here is somewhat less than the previously mentioned Russian banks, such as Payeer or Perfect Money.

  • The bank’s commissions are very low compared to many other banks, as they do not exceed approximately 3%.
  • You can transfer to and from other electronic banks, and you can also withdraw to local banks in your country or cards.
  • You can use the account without activation, but it is better to activate it to benefit from all the features.
  • It is accepted on many sites as a payment method, and you can also use it to withdraw from many sites.
  • The bank also offers the possibility of buying and selling various digital currencies.

Registration in webmoney bank

10- Paysera

Paysera is one of the best solutions for receiving and transferring money online.

However, it is not as popular as many of the banks above because it is not widely used as a means of payment.

But you can certainly receive money from anywhere in the world through it because it provides users with an IBAN number.

Paysera commissions are somewhat low, but not the best.

  • Through your account’s IBAN number, you can receive money from any bank account around the world.
  • You can also send money from your account to your local bank and it will reach your account faster than any other bank.
  • You can also transfer between different PaySera accounts in just seconds through your email.
  • The bank also offers the ability to transfer between different currencies from within your account with fairly simple commissions.
  • The bank also gives you a visa through which you can withdraw from all ATM machines that accept Visa around the world, and it is separate from your account. Therefore, you can follow everything easily through the mobile application.
  • You can also use mobile applications, whether for iPhone or Android, to monitor your account with ease.
  • If you own an online business, Paysera is a very convenient way to receive payments.

Registration in Paysera Bank

11- Wise

Wise is an electronic bank and money transfer service at the same time.

Wise is very similar to Pioneer Bank above.

This bank was previously known as Transferwise, and what distinguished it was the small commissions it received from transfers.

But when I reviewed others’ experiences with it, I found some negative reviews that talked about the bank’s delay in sending remittances.

In general, when using the Wise service, you can benefit from the following: 

  • Very low withdrawal commissions compared to many other transfer services.
  • It is necessary that you deposit at least $30 into your account before anything else so that you can receive the money.
  • 5 ways to deposit, including credit cards and bank accounts, with low commissions.
  • You can get an international Wise visa, but it does not support some countries, including Egypt, for example.
  • You must activate your account with your ID card, in addition to uploading a copy of a bank statement to confirm the address.
  • You can also keep money in your account in more than 54 currencies, including the Egyptian pound and the Turkish lira.
  • You can also receive money from many platforms, including PayPal.
  • It has an option in the account that enables you to save money and set a specific goal for a specific period.

Note: You will get a free transfer without fees up to 500 pounds sterling when you register from this link.

Registration in Wise Bank

The most famous money and transfer solutions in the world

But if you want to send and receive remittances from any country in the world to another country and receive them in the form of cash, there are two international services that are the most famous in this field.

However, the commission here is very high compared to many electronic banks located above or below.

Let me start first with…

12-western union

Western Union is considered the most famous remittance sending service around the world.

Perhaps the main reason for this is its use as a means of withdrawing profits in the Google AdSense program for content creators.

Currently, the service is no longer available to new content creators, but you can certainly use it to send your remittances to anyone from any country.

  • The maximum limit for sending money through it in Egypt is $5,000, so it can be received in cash. Higher amounts can be received in the form of a check.
  • You must provide your identity data as the sender and write the full data of the person to whom you are sending.
  • There are offices spread across most countries in Egypt, for example in the Bank of Alexandria and the Arab African Bank in most governorates.
  • When receiving money, you need a copy of your ID card (and sometimes a copy of the transfer) and you also receive it from offices or to your bank account.
  • The official website provides you with tracking your money to know where it has arrived through the MTCN number, a 10-digit number provided to you upon transfer.
  • Western Union commission varies from one country to another. It starts from 15% for small amounts and decreases as the amount increases.


13- moneygram

Moneygram is another service similar to the previously mentioned Western Union. Everything you can do through Western Union you can do through MoneyGram.

Here you can also send to anyone around the world and you need your ID card in addition to the amount and transfer fees.

But the problem here is that when I went to their website, I did not find any of their branches in Egypt.

Although there are some branches in Al Fahra that I already know about.

Therefore, if you intend to use their website, in most cases you may not find your country, but it already exists. Just search on Google for MoneyGram branches, then write your country, and the branches will appear to you.

The commissions here are also different depending on the country you are sending from and the country you are sending to.

Just go to their website and calculate the commission before transferring through them or go to the branch closest to you.


E-commerce means of receiving money

If you own a business, especially an online store, there are many methods, or as they are called (payment gateways), that you can use to organize the receipt of money from your customers and ultimately receive it into your bank account.

Here the situation is different. These are not electronic banks, but they are a group of means through which your customers can pay with various cards and banks, and they are ultimately collected in only one account so that you can also withdraw them to one account or one card.

The most important of these services are:

14- Stripe

Stripe is the most famous payment gateway in the world in general.

But it is not the best for many Arabs.

This is because it requires that you submit many documents explaining your business activity.

Many people use it in e-commerce, especially drop shipping.

This is because it is the most comprehensive in terms of supported cards, and it is also the fastest in terms of withdrawing funds.

You can withdraw from it in a very short period of time, unlike some portals that force you to wait for 14 days, for example, or sometimes the funds are frozen for 6 months, for example, in some options such as Paypal in the event of any problems on your part.

15- 2checkout

2checkout, or currently Verifone, is also one of the most popular electronic payment options that you can use in your online store.

Although it is not as famous as the Stripe portal, it is also a favorite for many store owners around the world.

In addition to being a gateway for receiving payments, it also provides other distinctive services such as subscriptions and others.

All of these payment methods receive a commission in exchange for providing you with their services. Here, Verifone, for example, receives 3.5% + $0.35 from each sale.

There are many other portals that you can use, but I did not want to make the topic too long, so I put them in a separate article on the blog that you can view.

16- Digital wallets

Digital wallets are our last option here.

Although it cannot be considered an electronic bank, it is an excellent means through which you can receive money in addition to transferring money with much lower commissions than any other bank or means.

There are many digital wallets, so I will only give you very simple options that you can use.

Each wallet has its own distinct specifications, so you may have to research more about this topic if you are interested in crypto.

  • Coinbase (it is considered one of the most famous wallets and trading platforms at the same time, which you can use to save currencies and also convert them into tangible money, but only in some countries).
  •  Blockchain (this is also a distinctive option and an excellent alternative to the wallet above, which is more widely used in the Arab world and supports approximately 9 different digital currencies).
  • Faucetpay (a small wallet that you can use to receive and collect very small amounts of currencies and then transfer them to any wallet above).
  • Ledger (one of the cold wallets that are not connected to the Internet, so it is used by large investors to store large amounts of currencies in one place)

These were the best electronic banks that you can use, in addition to the best methods of payment and money transfer.

tell me now….

What is the preferred option among these banks? Is it PayPal, Payoneer, or do you prefer Payeer?

If I have any inquiries, do not hesitate to contact me.

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