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N26 is no longer available in the US
In 2022, N26 closed its US bank accounts to focus on its European business. If you had money in an N26 account at this time, a paper check for the account total was sent to your home address.
About N26
N26 began life as a fintech solution devised by Valentin Stalf and Maximilian Tayenthal, who wanted to simplify banking by providing total transparency for an elevated range of free financial services, all accessible via the tap of a few buttons. This transparent approach is applied to all N26 products; the website and mobile application are jam-packed full of company information, how-to guides and topical blog posts, making it a helpful resource for new and existing customers.
In 8 short years, N26 has surpassed 7 million customers, breaking into 23 global markets. As a challenger bank conducting business solely online, N26 primarily focuses on developing intuitive, user-friendly features for a digital customer base, having created a modern mobile banking app - and compatible desktop version - which supports customers from all walks of life.
While N26 may sound like it ticks all the boxes, we want to learn more about the international banking features, and take a closer look at the finer details of how money transfers are arranged with this challenger bank.
Can I Use N26 for International Bank Transfers?
Yes, international bank transfers can be arranged thanks to N26 partnership with money transfer provider, Wise.
Wise is directly integrated with the N26 app which means customers can arrange international bank transfers using their mobile phone, with 38 different currencies to choose from. We will run through N26 Foreign Currency Transfers in more detail later in the review.
N26 Exchange Rates and Fees
Challenger banks are known for presenting cutting-edge alternatives to traditional banking fixtures: but is this applicable to N26? We will look closely at how these exchange rates and transfer fees fare, comparing them to the competition.
Exchange Rates
According to N26, the bank does not charge exchange mark-ups for their Foreign Currency Transfers, instead using the “real” exchange rate provided by Mastercard.
Upon closer inspection we discovered that 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.
Customers interested in evaluating the exchange rate of their currency pairing ahead of making an N26 transfer, should use the Mastercard Currency Converter Calculator.
Transfer Fees
With the intention of charging customers “as little as possible” N26 offers low to zero fees. Transfers & Debits Transfers received from EEA states and Switzerland in Euro are free, as are transfers within and among EEA states and to Switzerland in Euro. Valid refusal of direct debit due to insufficient funds will result in a fee of €3.00 per refusal.
How Do N26 Transfer Fees Compare to Using a Money Transfer Provider?
In line with their goal to provide more transparent, low-cost services than the average bank, N26 offers very competitive transfer fees. Due to the integration of money transfer provider, Wise, N26 is able to offer customers bank-quality security standards alongside the low fees offered by money transfer providers.
Customers can gauge how N26 fees compare to other banks and financial service providers by using our comparison tool to see the prices of other money transfers displayed side by side.
N26 Pros and Cons
In this section we will review the advantages and disadvantages of banking with N26, presenting each contributing factor in a clear and concise way.
- Spending insights – instant notifications whenever a purchase or payment is made
- Quick and easy access – online banking can be accessed via mobile or desktop app
- Different membership plans – standard or premium accounts available for personal and business customers. Every tier offers varying degrees of financial features; from free worldwide payments to coverage of the German Deposit Protection Scheme of up to €100,000
- Integrated with Wise to offer faster, more competitive prices for currency exchange and international payments
- Online only – There are no brick-and-mortar bank branches and no designated helpline for customers who wish to speak to customer service agents over the phone
- Membership plans incur varying fees – For example, an N26 Metal account costs €16.90 in monthly fees, and it is €45.00 to replace a Metal card if lost or stolen
- Not available in the UK – Customers were left disappointed at the bank’s abrupt decision to leave the UK market, leaving other users questioning the trustworthiness of N26 accounts
Answers to Key Questions About N26
Before signing up with a new bank most customers will want a number of questions answered in order to fully assess the bank’s positioning. In this section we will address common queries related to opening an N26 account, looking at the accessibility and flexibility of their money transfer services.
Can I open an N26 account in any country?
Does N26 have an app?
Are there transfer limits?
How long do bank transfers take with N26 ?
What customer support options are available?
Can I use a N26 debit card when travelling abroad?
How to open an account and transfer money with N26?
To begin transacting with N26, customers must first sign up for an online account. In this section we will outline step by step guides on how to open an account and send money using N26 Foreign Currency Transfer service.
Opening an Account
Step 1: Sign Up
Step 2: Verify Your Email
Step 3: Verify Your Identity
Step 4: Deposit Funds
Transferring money
Step 1: Overseas transfers can be set up by first selecting the Send Money on the home screen, then tapping Foreign Currency Transfer.
Step 2: Choose the desired currency from the dropdown options, enter the amount you want to send in € and the app will automatically convert into the foreign currency of choice
Step 3: Next you will need to enter your recipient’s details; full name, contact information and address.
Step 4: Review the transaction in full before entering your security information and submitting the payment
Additional Information
If your required currency does not appear in the Foreign Currency Transfer dropdown options, you will need to make your transfer using Wise. We would recommend checking out our in-depth guide to Wise services by reading our full review here.
Summary
A growing number of challenger banks have been set up over the last decade, designed to shake up the traditional banking standards by empowering customers and granting them total access: N26 does exactly this. The app is easy to use and makes moving money between banks or other N26 users stress-free and straightforward.
Generally speaking there are more pros than cons when it comes to setting up an N26 bank account. The bank also offers a variety of reputable money transfer services along with favourable exchange rates and minimal fees. Unfortunately, N26 is no longer available for customers in the UK; customers will instead have to explore other challenger banks such as Monzo, Revolut or Starling.
If you are sending or receiving Euro transfers, this challenger bank is a great option. However, before locking in a transfer of any kind, we encourage users to take advantage of our comparison tool, to get the best understanding of what other money transfer providers have to offer.
