When deciding between N26 and Monese, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
N26
Monese
How do N26 and Monese compare?
Monese and N26 are two prominent mobile banks, each offering a range of services designed to meet different customer needs.
Monese, founded in 2013, is known for its simplicity and accessibility, especially for individuals without a fixed address. The bank makes it easy for users to open an account without the need for proof of address, making it an ideal option for expats and travelers. Monese offers both free and premium accounts, each with its own set of features and fees. Key offerings include money transfers, bill payments, ATM withdrawals, and a multi-currency account that allows users to hold and spend in different currencies without additional fees. This makes it a great choice for those who need an uncomplicated, international-friendly banking solution.
N26, founded in 2015, operates in Europe offering a broader geographical reach. Like Monese, N26 provides both free and premium account options, but it stands out with some unique features, such as the “Spaces” account. This feature allows users to create sub-accounts within their main account, helping them manage finances and set specific savings goals. N26 also offers the typical mobile banking services, including money transfers, payments, and ATM withdrawals. However, its additional tools like budgeting and financial insights provide a more comprehensive banking experience for users seeking to better manage their finances.
Both Monese and N26 provide mobile apps for easy banking on the go, with an emphasis on user-friendliness. Monese is ideal for individuals who may face challenges accessing traditional banking services, such as those without a fixed address. On the other hand, N26 appeals to users looking for more versatile features, such as the ability to set up savings goals through its Spaces feature and a more extensive reach in both Europe and the U.S.
Ultimately, the choice between Monese and N26 will depend on your specific needs—whether you prioritize a straightforward, global banking option (Monese) or seek a more feature-rich, goal-oriented banking experience (N26).
Founded: 2013
Headquarters: Berlin, Germany
Users: +8 million
Countries available: 24
Available for: Personal users and Businesses
Go to N26
Founded: 2015
Headquarters: London, UK
Users: +2 million
Countries available: 30
Account plans: Personal users and Businesses
Go to Monese
Why use a neobank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.