Commencing operations in 2013, N26 stands as one of the earliest digital banks, with its origins rooted in Berlin, Germany. Catering to clients within the Eurozone, N26 offers an alternative for those seeking to transition from traditional incumbent banks while maintaining the security associated with a licensed banking institution.
How to Open an Account?
N26 offers a simplified account opening procedure, granting clients within the Eurozone easy access to international money transfers.
Registration
To open an account with N26, you would start by visiting their website or using their mobile app. During registration, you would provide basic information such as your name, email address, and password to create an account.
Account Selection
Select your account type. You are allowed to choose between personal and business accounts.
Connect Your Smartphone
Connect your smartphone to your newly created N26 account.
Identity Verification
After registering, selecting your account, and connecting your smartphone, N26 requires users to go through a verification process. This involves providing additional personal information and uploading identification documents, such as a government-issued ID or passport.
Deposit Funds
You need to fund your account to start using N26 for international transfers. This can be done through various methods, such as bank transfers, debit/credit cards, or N26 Cash payments. N26 provides details on how to transfer money into your account securely.
Types of Fees
N26 offers a transparent fee structure, providing users with clarity on various charges, including ATM, card, transfer, currency exchange, and deposit fees.
ATM Fee
Withdrawing money from an ATM is, in most cases, free if it is in the current of your own N26 account. You get up to 3 free ATM withdrawals per month for standard accounts. Additionally, keep in mind that withdrawing money in a different currency will cost you 1.7% of the total amount with the standard plan.
Card Fee
With a standard N26 account, you are eligible for a free virtual card. However, ordering a physical one will cost you €10.
Transfer Fee
Money transfers in the same currency as your N26 account are entirely free of charge. However, for international transfers, N26 is partnered with Wise, meaning that you only need to pay for Wise’s foreign exchange fee, which is relatively low.
Currency Exchange Fee
Making purchases by using your card in a different currency than your account doesn’t result in any extra fees. Only Mastercard’s foreign exchange rates will apply, which are pretty favorable.
Deposit Fee
Making a deposit on your N26 account is possible without any additional fees, even when you use another bank card.
Available Features
N26 provides clients with numerous valuable features.
Categorized Spending
Each of your expenditures is meticulously sorted into distinct transaction types, such as shopping, dining, and more. This comprehensive categorization system offers a detailed breakdown of your spending patterns, providing valuable insights into your financial habits.
Savings Stored Separately
You are granted exclusive access to a dedicated savings section meticulously separated from your primary account balance. This distinct savings compartment not only ensures secure storage but also facilitates efficient management, allowing you to easily monitor and optimize your savings independently from your main account funds.
Sending & Requesting Money
You possess the capability to promptly and seamlessly transfer funds to other Monese users without incurring any charges, guaranteeing immediate transaction processing. Additionally, you have the option to initiate a money request, facilitating a smooth and convenient exchange of funds between users. This feature enhances the overall user experience by providing flexibility and ease in managing financial transactions within the Monese platform.
Interest on Your Savings
N26 offers the chance for your savings to accrue interest, providing the potential for your deposited funds to grow over time. This feature enables you to maximize the benefits of saving with N26. It’s important to note, though, that this particular feature is exclusively available in specific countries.
Apple Pay & Google Pay Available
You can customize your account to seamlessly integrate with widely used digital wallet services like Apple Pay and Google Pay. Configuring these payment options not only enhances the convenience and efficiency of your transactions but also allows you to make secure and swift payments through your preferred digital platform, providing you with a streamlined and advanced payment experience tailored to your preferences.
Customer Support
N26 provides its clients with an easy-to-use Customer Support section as well as customer support through:
Live Chat Support – Despite the fact that you are connected to a live agent and the answers are very helpful, the time you are required to wait can be from a couple of minutes up to an hour or even more.
Email Support – Regarding email support, you get accurate information. However, receiving a reply can take up to a couple of days.
Phone Support – When it comes to phone support, you are only available to phone them through live chat by asking for a callback. In most cases, we received assistance after a couple of minutes.
