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About Revolut and N26
Nik Storonsky and Vlad Yatsenko created Revolut, a fintech business founded in London, in 2015. It is a challenger bank exclusively available as a mobile application. The Bank of Lithuania granted the fintech company a banking license in 2018 and since then, the bank has gone from strength to strength, now operating in more than 30 countries. Following a funding round in February 2020, Revolut was valued at £4.2 billion, making it the UK's most valuable fintech business. Under the existing e-money policies, funds deposited with Revolut are currently held with Lloyds or Barclays. However, unlike N26, Revolut is not able to offer consumer deposit protection.
N26, Europe's first digital bank, is a Berlin-based fintech business founded in 2013 by Valentin Stalf and Maximilian Tayenthal.
N26 accounts are often compared as one of the best alternatives to Revolut for Europeans. It can be accessed via smartphone app or web browser. The bank has established a presence in over 20 European nations, and has recently moved into the US market, resulting in the N26 customer base amounting to over 6 million people.
The company was granted a banking license by The German Central Bank in 2016 and funds up to €100,000 that are deposited in N26 accounts are covered by the German Deposit Guarantee Scheme. Following its series D round of funding in May 2020, the company was valued at $3.5 billion.
Which brand has lower transfer fees?
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 Switzerlandfor 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.
✅ Verdict: N26 reigns victorious
Due to their advantageous partnership with Wise, N26 is in a better position and therefore wins the award for lowest transfer fees.
Which brand offers better exchange rates?
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.
✅ Verdict: N26 wins this one, but only just
Revolut is able to offer very competitive exchange rates for most major currencies, but due to the weekday and weekend difference in foreign exchange spread, N26 and their money transfer partner, Wise, simply offers more reliably competitive exchange rates
Which brand covers more locations?
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.
✅ Verdict: Revolut scoops the prize for 1st place
Although N26 is a widely accessible challenger bank that is developing an ever-evolving global network, its recent decision to cease operations in the UK has put off many customers within the United Kingdom and beyond. Further to this, Revolut supports money transfers to all major nations and its core design focuses on global travel and borderless payments.
Which is faster?
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 TransferWise will vary, but each one will have an expected timeframe.
✅ Verdict: N26 is generally the faster provider
Revolut is well connected, globally, but N26 is the faster of the two. Most transfers will be deposited with recipients within 1 day, maybe two, whereas some Revolut payments can take up to 5 working days.
Which brand offers more transfer and payment options?
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.
✅ Verdict: N26 and Wise make a winning combo
N26 wins another round, thanks to the bank’s partnership with Wise, a leading money transfer operator that offers flexible transfer and payment options.
What do users have to say about each brand?
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.
✅ Verdict: Revolut has a better reputation with its users
In terms of app reviews, the Revolut app receives higher praise from users, scoring high for its application and its customer service. N26 does not have a bad reputation, but the online feedback is more varied than Revolut.
What brand offers better ease of use, accessibility, transparency & security?
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
✅ Verdict: It’s another tie
As two very impressive challenger banks, it would appear N26 and Revolut have understood the assignment, and continue to unveil exciting and intuitive spending, saving and trading features for their customers. Both offer more useful additional features than any brick-and-mortar bank.
Bottom line - who is better?
Both Revolut and N26 have radically changed the way we bank and both rank highly in the challenger bank arena. After much research and deliberation, however, we believe N26 has the upper hand. Both challenger banks are making a real difference to the way consumers choose to manage their finances, domestically and internationally, but N26's decision to partner with one of the best money transfer companies, Wise, has given the company a huge advantage.
N26 international transfers are much speedier and far less expensive, with many cross-border payments enacted on the same day they are sent. For customers that require assistance, N26 appears to be more responsive than Revolut; this is a crucial aspect of any operator, as hard-earned money is on the line so the stakes are high.
