Chances are you have likely heard of N26, one of the leading digital banks in the world, on a mission to provide a seamless and modern banking experience.
Founded in 2013 in Berlin, Germany, N26 has since experienced significant growth, currently boasting over 8 million users across Europe, supported by a team of over 1,500 employees.
It offers a range of financial services including no-fee bank accounts, real-time transaction notifications, intuitive money management tools, and robust security features, all accessible via a mobile app. With a mission to simplify banking, N26 has attracted millions of users by providing transparent and convenient financial solutions.
In this review, we will dive deeper into the key features and benefits of N26.
Overview
N26 is known for its user-friendly mobile app and its focus on convenience and innovation. It offers features such as no-fee checking accounts, budgeting tools, and mobile payments.
Utilizing cutting-edge mobile technology, N26 offers an innovative personal finance app and multi-currency card. With a comprehensive range of services, including current accounts and various money transfer options, it caters to both individual and business customers.
In addition to its core banking services, N26 offers premium subscription plans, providing users with enhanced features such as travel insurance, cashback rewards, and access to exclusive airport lounges.
N26 was founded by Valentin Stalf and Maximilian Tayenthal, driven by the vision of creating a seamless and modern banking experience. Since its inception, the company has attracted significant investment, reaching a valuation of $3.5 billion after raising $570 million in its 2019 funding round.
Therefore, N26’s name reflects its ambition to redefine the banking landscape, and its success is evident from its large customer base and presence in 25 countries. With its intuitive mobile app and focus on transparency and convenience, N26 continues to expand its offerings, making it a leading choice for digital banking solutions.
Pros and Cons
Pros
- Free payments worldwide in all plans
- Unlimited cash withdrawals for free in +10k retailers
- Operates as a licensed bank
- Standard plan is pratically free for everyday use
- Robust in-app security measures
Cons
- Limited free ATM withdrawals
- Cashback only available in business accounts
Account Types
With N26, you have four options for current accounts:
- Standard – free of charge
- Smart – €4.90/month
- You – €9.90/month
- Metal – €16.90/month
- Business – has the same plans as the personal options
The Standard plan comes with:
- Virtual cards available
- €10 for a physical card
- 2.8% of annual interest on savings
- No minimum or maximum deposit limits
- Free payments worldwide
- Availability to exchange crypto
- Unlimited cash withdrawals for free in +10k retailers
- Unlimited deposits for 1.5% fee
- 3 free ATM withdrawals in euros (after that a €2 fee will apply)
- No free ATM withdrawals abroad
The Smart plan comes with:
- Virtual and physical cards available (extra card optional)
- 2.8% of annual interest on savings
- No minimum or maximum deposit limits
- Free payments worldwide
- Availability to exchange crypto
- Unlimited cash withdrawals for free in +10k retailers
- Unlimited deposits for 1.5% fee
- 5 free ATM withdrawals in euros (after that a €2 fee will apply)
- No free ATM withdrawals abroad
- Up to 10 spaces sub-accounts to organize your money
- Premium partner offers
- Phone support available
The You plan comes with:
- Virtual and physical cards available (extra card optional)
- 2.8% of annual interest on savings
- No minimum or maximum deposit limits
- Free payments worldwide
- Availability to exchange crypto
- Unlimited cash withdrawals for free in +10k retailers
- Unlimited deposits for 1.5% fee
- 5 free ATM withdrawals in euros (after that a €2 fee will apply)
- Free ATM withdrawals abroad
- Up to 10 spaces sub-accounts to organize your money
- Premium partner offers
- Phone support available
- Travel insurance offers
The Metal plan comes with:
- Virtual and physical cards available (extra card optional)
- 4% of annual interest
- No minimum or maximum deposit limits
- Free payments worldwide
- Availability to exchange crypto
- Unlimited cash withdrawals for free in +10k retailers
- Unlimited deposits for 1.5% fee
- 8 free ATM withdrawals in euros (after that a €2 fee will apply)
- Free ATM withdrawals abroad
- Up to 10 spaces sub-accounts to organize your money
- Premium partner offers
- Phone support available
- Travel insurance offers
How to open an account
In order to use N26, you will need to use the web or download the mobile app credit your account to start using the platform.
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident of a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
- Are able to verify yourself in one of our supported languages: English, German, Spanish, Italian, or French.
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
The N26 Card
No matter which account you choose, your N26 card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
- N26 Smart customers can choose from five lush card colors: Ocean, Sand, Rhubarb, Aqua, or Slate
- As an N26 Metal customer, you’ll get an 18 gram stainless steel debit card in one of three stunning shades—choose a Charcoal Black, Slate Gray, or Quartz Rose
- N26 Standard customers can also order our signature transparent debit Mastercard for a one-off €10 delivery fee
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than one card and they can be physical, virtual or disposable. Furthermore, you can match personalyse the card and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International Money Transfer Fees
N26 has become increasingly popular due to doesn’t charge exchange markups. So you get what your money is worth, without conversion fees (using only the real exchange rate, provided by Mastercard).
However, while Mastercard does base all foreign exchange rates on the mid-market rate, the currency conversion may be marginally higher or lower – albeit by only 1 – 2 % – depending on factors such as destination country, transfer size and availability of the foreign currency.
Cash Withdrawal Fees
For cash withdrawals, ‘Standard’ account holders can withdraw up to 3 free ATM withdrawals per month without fees.
‘Smart’ account holders can withdraw up to 5 ATM withdrawals per month without fees, ‘You’ account holders also up to 5 per month and ‘Metal’ account holders up to 8 per month.
However, any withdrawals beyond these limits are subject to a €2 fee and also free ATM withdrawals abroad (only for ‘You’ and ‘Metal’ account holders). With the other plans paying a one-time 1,7% on withdrawals in currencies outside the Eurozone.
Safety Measures
As a fully-authorized financial institution, N26 operates as a fully lincensed German Bank. That means having the same security regulations as any other bank. It also means your funds are protected up to €100,000 by the German Deposit Protection Scheme.
In fact, N26 policies are designed to ensure the protection of personal information. The company stores and processes data hosted in the cloud and also use artificial intelligence and machine learning to protect your account.
In order to ensure your card’s security, N26 offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, N26 is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
N26 offers its cards and accounts to customers in several countries, such as Austria, Belgium, Denmark, Estonia, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden & Switzerland.
This broad availability means that if you reside in any of these countries, you can easily open an account and access N26 wide array of financial services.
Costumer Service
To reach N26 customer service, you can use the chatbot or the in-app chat, which are available 24/7.
Likewise, for all paid plans, is also available a phone line, ensuring faster response times.
Bottom line
In conclusion, N26 excels with its straightforward and efficient banking solutions, offering a secure current account underpinned by robust security measures and an intuitive, well-designed mobile application. Instant SEPA transfers and virtually fee-free daily use with the standard plan further enhance its appeal.
Despite these strengths, N26 does come with a few limitations. The 1.70% fee for foreign currency ATM withdrawals and the necessity to upgrade for unlimited fee-free cash withdrawals might be drawbacks for some users. Additionally, while N26 offers a streamlined set of banking services, it might lack some traditional banking features that certain customers seek.
However, N26’s focus on simplicity, transparency, and continuous innovation ensures it remains a strong contender in the neobank space. Its dedication to enhancing user experience through continuous improvement and expansion is evident, making it a reliable choice for both everyday banking needs and more complex financial management.
To sum up, whether you’re looking for a secure and efficient current account, seamless international money transfers, or premium features like travel insurance and cashback rewards, N26 provides a versatile and trustworthy financial solution tailored to the needs of the modern consumer.
