Revolut Vs N26

• All international money transfers are subject to small fees, the size of which is determined by the type of Revolut membership: Standard, Plus, Premium, or Metal

• Every month, Premium customers receive one fee-free global transfer, whereas Metal customers receive an unlimited service

• Revolut customers will be charged 0.3 percent of the transfer amount for standard international money transfers, with a minimum of £0.30 and a maximum of £9.00. (or equivalent)

• Other charges include:

  • A non-SEPA international payment (£0.30 – £5.00 depending on the size of the transfer)

  • Currency exchange rates range from 0.5 percent to 1 percent, depending on the size of the transfer.

  • Transfers made on weekends and UK bank holidays are subject to a 1% surcharge.

  • Payments of more than £1,000 per month will be subject to a “0.5 percent fair usage fee.”

• Customers of N26 can make unlimited fee-free overseas card payments and ATM withdrawals

• It is also possible to receive euro transfers from EEA countries and Switzerland for free.

• When it comes to sending money abroad, N26 customers can take advantage of the bank’s partnership with Wise, a money transfer giant. Global remittances can be easily set up by tapping on the Wise feature, integrated within the N26 app. Wise has a transparent approach to transfer fees, with the overall cost not exceeding 0.35 – 0.65 percent of the total transfer amount.

• However, N26 warns customers about transaction processing fees, which are typically around 2%, and are levied by the bank or card company that provides the international service.

• Furthermore, any refusal of a direct debit due to insufficient funds will result in a €3.00 fee per refusal.

• Customers can learn more about transfer fees by visiting the N26 website and scrolling down to Foreign Transaction Fees.

• Smaller transfers in popular currencies such as USD, GBP, EUR, AUD, CAD, NZD, CHF, JPY, SEK, HKD, NOK, SGD, DKK, PLN, and CZK receive the best exchange rates from Revolut.

• Revolut offers to match the real mid-market rate with zero exchange rate markups during the week when the forex market is open.

• On weekends, however, Revolut charges a 1% spread on all currencies.

• This means that by the time a customer goes to make the transfer on Saturday, the exchange rates displayed on Thursday may have changed.

• According to the N26 Foreign Currency Exchange page, the company collaborates with Wise to provide “the best exchange rates available” for international money transfers

• When it comes to spending abroad, N26 informs customers a fee of around 1% is applied to payments that need to be converted from one currency to another.

• Revolut account holders can hold and manage 30 different currencies and send money to more than 150 countries around the world

• Customers in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United States can sign up with N26

• The bank controversially announced in 2020 that they would close all British customers’ bank accounts and cease operations in the UK

• Customers can easily transfer funds to over 38 countries because N26 international money transfers are powered by Wise and seamlessly integrated into the N26 mobile app.

• Revolut can send money to a UK bank account in as little as two hours, though transactions typically take 1-2 business days.

• International transfers can take 3-5 business days

• Customers may benefit from Turbo-boost transfers which can speed up the process. Turbo-boost transfers come with a fee for Standard users, but are free for Premium and Metal members.

• N26 executes all bank transfers within one business day. However, it could take up to two days for the recipient to receive it, depending on their bank.

• MoneyBeam transfers to other N26 customers are instantaneous at any time of day. Non-users might expect to wait 1-2 business days.

• Currency transfers using Wise will vary, but each one will have an expected timeframe.

Among the Revolut transfer options are:

• Cross-border transfers: the less expensive, slightly slower option for customers who value cost over speed.

• SWIFT transfer: the faster, more expensive option for customers who are willing to pay more for faster service.

Revolut users have the following payment options:

• Transfers between banks Credit and debit cards

• Cryptocurrency

Wise handles international money transfers on behalf of N26, and the following transfer options are available:

• Quick and simple transfer: the quickest way to send money overseas, paid for with a debit or credit card or a digital wallet such as Google Pay. This is the most expensive option, despite being the fastest.

• Low-cost transfer: This is a low-cost option that is ideal for customers who value price over speed. Due to the fact that payment is made via bank transfer, this type takes the longest.

• Advanced transfer: This type of international money transfer makes use of the SWIFT network, which usually comes with a fee.

• Customers have given Revolut 4.7 out of 5 stars on both the App Store and Google Play Store. This is a respectable score that outperforms many other app-based challenger banks.

• Positive online feedback includes praise for Revolut’s quick and easy app design, useful functions and convenient money transfer services

• The N26 application is the primary means of accessing this challenger bank’s services. N26 has received 4.7 out of 5 stars on the App Store and 3.7 out of 5 stars on the Google Play Store, indicating that Android users may have more issues with the app, but overall it is a high performing platform

• N26 has been rated as a “Great” company on Trustpilot, with 3.9 out of 5 stars. Although this is a positive rating, 20% of online reviews are rated “Bad,” with customer complaints citing issues with standard SEPA transfers, unsatisfactory customer service, and long wait times.

• Accessibility: Revolut offers global coverage with services available in 24 languages, making it easy for customers to send money around the world. 24/7 customer service is available in-app or via phone

• Ease of use: Many users laud Revolut for its simple sign-up process and quick payment services. Revolut also makes it easy to hold and trade cryptocurrencies and stocks

• Security: Revolut customers benefit from the Financial Services Compensation Scheme (FSCS), which protects funds up to £85,000 per account. In addition to this, the bank has a European banking license and is regulated by the FCA To protect customers’ data, the company also uses fingerprint identification, the Sherlock anti-fraud system, and customizable features.

• Transparency: Revolut’s fee structure is complicated because it varies by country, which can prove confusing when arranging transfers to distant countries in less commonly traded currencies

• Accessibility: N26 is available in over 20 countries, catering to multiple international markets, primarily in Europe. Some users have reported difficulty accessing certain functions in the app. Also, when the company abruptly announced they would no longer support UK users, British account holders were hugely disappointed

• Ease of use: Online reviews primarily consist of positive remarks, but Android users appear to struggle with the app more than Apple customers. N26 recently revealed “we fixed some bugs to improve your app’s performance.”

• Security: Customer funds are protected up to €100,000 by the German Deposit Protection Scheme, in addition to having a full European bank license since 2016. The bank appears to take security very seriously, with procedures such as biometric authentication and 3D secure technology used to protect customer data.

• Transparency: When it comes to international payment services, N26 collaborates with Wise, widely regarded the industry leader that provides total transparency throughout the money transfer process

• Vaults: an ingenious money-saving feature offered by Revolut. When you use your card to make a purchase, Revolut will automatically round up the transaction to the nearest whole number and deposit the difference into your Vault. So, every time you buy a €2.80 coffee, €0.20 will be deposited into your Vault. Consider it your online coin jar.

• Crypto: Revolut also provides you with instant access to several cryptocurrencies, including bitcoin, and you can convert your Vault’s savings (or any of your money) into cryptocurrency if you so desire. However, before you do so, we recommend that you educate yourself on the volatility of these currencies

• Spending limits: Customers can also set monthly spending limits so each time a payment is made you will be notified of how much is left – making it an excellent budgeting tool. You can do something similar with N26 by setting a daily limit for cash withdrawals and payments.

• MoneyBeam: N26 customers can use this function to send to contacts in their phone list without needing to ask for bank details

• In-App Card Control: This intuitive feature lets users enable foreign transfers, active online payments, and set spending and withdrawal limits

• Spaces: This feature enables customers to open sub-accounts and name them for specific savings goals, such as a vacation or a down payment on a house. However, Spaces is only available as a 60-day trial for basic account holders. After the 60-day trial period expires, users will need to upgrade to gain access

• Transaction tagging: set up unique, personalised hashtags to organise your finances

• Spending categorisation: this feature helps breakdown spending habits

• Cash26: withdraw and deposit cash at more than 11,000 retail partner locations in Germany; available to customers in Germany only

• N26 also provides discounts and rewards at various retail outlets