N26 bank

Banking

What you need to know about N26 bank

N26 bank – Truth be told, banking has taken a different dimension than the aged long traditional institution that has been, a bank should be mobile and flexible to fit into your various plans.

In view of this, we shall discus N26 bank, a financial institution that offers 100% digital banking experience that’s tailored to be simple, secure and transparent.

 Digital bank app designed and integrated with the most innovative modern day technology to make life easier while you bank on your own terms seamlessly.

Brief history of N26

N26 bank was founded in 2013 by duo of Maximilian Tayenthal and Valentin Stalf with a vision to transform the way money is being managed with the most recent technology and best hands around the world, simply redefining banking.

Licensed by the European Central Bank and Bafin in 2016.

N26 is available in 23 countries as listed;

  • Austria
  • Belgium
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Iceland
  • Ireland
  • Italy
  • Liechtenstein
  • Luxemburg
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland and the
  • US.

Accounts by N26 bank

  • Standard accounts
  • Premium accounts
  • Business accounts

Standard accounts

The N26 standard account is a safe and creative digital current account you can sign up to in minutes via your smart phone.

This account allows you to send, receive and spend your money without fear whatsoever, it’s free to sign up with a simple and affordable solution to accommodate all your financial needs.

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Benefits/features of N26 standard account

  • It comes with a free current account, but when you attain an account balance of 50,000 euros and above a deposit fee may apply afterwards.
  • It comes with a virtual card, this card is already added to Google pay for your online/offline purchases with full PAN number inscribed.
  • It comes with a physical N26 master card, however available to you at 10 euros.
  • Payment and transfers, using the N26 mobile app, you can send and receive SEPA. You can also send money to customers using Moneybeam. You have access to overdraft, credit and savings. It comes with a virtual debit card too.
  • Customer support provided using the app chat only

Premium accounts

The premium accounts come with a number of add-ons namely

  • N26 metal
  • N26 you
  • N26 smart

N26 Metal: This is an account that comes with additional spaces, access to exclusive partner offerings.

Benefits

  • When you incur a medical expense in a country order than the account domicile country, such expense will be reimbursed thereafter, expenses incur during a flight delay of more than 4 hours are reimbursed among others.
  • For insured equipment, you get an extended warranty by upward of 1-year.
  • If you eventually get robbed having used the ATM 4 hours after withdrawal with an N26 Metal Mastercard, a cash protection is offered.
  • There’s an insurance in place for your mobile phone in case it got stole within or outside your home country.

N26 You: If you cherish variety and in deep love with colors when it comes to cards, N26 You should be an ideal case for you.

N26 you is a premium membership bank account being complimented with colorful cards, travel insurance and cover for flight, luggage, curtailment delay and luggage loss.

There is a free foreign currency ATM withdrawals worldwide too.

Benefits

  • Travel insurance covered, reimbursement of medical expenses abroad etc
  • In event of accidents while you make a trip on mountains, medical expenses are covered
  • In case you wish to have extra N26 card, you can place order on your app for 10 euros, this service is available in Spain, Germany, Italy and Austria only
  • There a fee free ATM withdrawals for this account type wherever N26 bank account is enabled.

N26 Smart: The N26 smart is a premium membership bank account comes with a colorful debit card, complimented with money management tools.

With this in place, you have statistics readily available to track your spending at all times, inclusive of 10 sub accounts at no extra cost to you.

Business accounts

N26 business account: This is a simple and affordable money solution that covers your daily financial needs. It’s beautiful, simple and allows you receive payments from clients, send money and spend at large.

Read also: What you should know about Axos bank

The N26 business account is tailored for self-employed and freelancers who do business under their own name.

Benefits

  • Free business account for you, this means to say there’s no account management fee attached while account opening is 100% free.
  • The account comes with a free virtual card for your daily business
  • It comes with a physical Mastercard though at a cost of 10 Euro
  • You can send and receive SEPA transfers
  • It offers business cashback, for all payments made using the card, you receive a 0.1% cashback every month. However, B2B payments are not supported with N26 bank business account.

N26 review

You probably want sample ideas and opinion about N26 bank before you could sign up, I’ve got a handful of facts I think you should get acquainted with in a slide.

Let’s start by looking at its features;

  • You can send money to N26 users without any fee,
  • You stand to earn interest after your savings
  • Overdrafts are obtainable in AT and DE
  • Apple and Google Pay setup enabled
  • Supported with 3D secure online payments

Advantages of N26 bank

  • It has a banking license
  • There’s a premium subscription option in place with perks to compliment

Disadvantages of N26 bank

  • You can only operate and hold one currency
  • It does not have a deposit and savings feature
  • There’s no phone support rather chats are available which can be relatively slow.

N26 bank fees

Account maintenance feeAccount opening and maintenance is free
Card feesCard profiling and delivery are free
ATM feeWithdrawing in the currency of N26 is free, withdrawing in different currency will cost 1.7% of the total amount
Transfer feeTransfer in the currency of N26 is free, international transfer fee is 0.5-3.0 euro
Currency exchange feeIt varies between 0.35%-2.00% of the exchanged amount, depending on the currency
Top-up feeIt does not charge a fee on top-up from another bank card

How do you sign up?

Sign up here, the process is super easy, thereafter you can apply for your Mastercard.

Criteria fot signing up

  • You must be a residence of any of the supported countries as mentioned above
  • You should be at least 18 years and above
  • A compatible smartphone
  • Have a supported ID card for verification, varies with the residence country
  • Verify yourself in one of the supported languages mainly English, Spanish, German, French or Italian.

Conclusion

Your N26 bank Mastercard is strictly debit card, not a credit card. Having signed up for a specialized account, your card will arrive by post in few days.

Identity verification is a must for KYC, this is why a number of applicants may not be successful with the registration process.

Are there questions and concerns you’d want to get cleared, let’s get talking.

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