N26 is a challenger bank that has recently opened for business in the United Kingdom. Although the bank started in Germany only a few years ago, it is already competing with long-standing banks in the U.K. Here is everything you need to know about this new bank and how it compares with other options.
N26 brands itself as a bank for real people. This bank operates digitally and doesn’t have any branch locations. N26 claims to make every aspect of traditional banking easier and remotely accessible.
After offering early trials via their app, N26 officially opened for business in the UK in late 2018. To help users decide whether this bank is a good match for their needs, we have highlighted some of N26’s key features.
- Dedicated app for simplified money management
- Foreign withdrawals come with 1.7% charge of the withdrawn amount.
- Free credit card payments in many different currencies.
What is N26?
N26 focuses on offering a modern banking experience all in one place. With the N26 banking app and their current account, you can handle all of your finances on your phone.
This digital-only bank has already been operating in Germany, Spain, Belgium, Austria, France, Ireland, and a host of other EU countries. Now, the bank has finally made its debut in the United Kingdom and is making plans to move to the United States in the near future as well.
How does the N26 bank operate?
The sign-up form for N26 is very straightforward and requires minimal information. Once you are successfully registered, you’ll receive an N26 Mastercard. There is a free current account that comes as the default option when using N26. However, the bank does offer two other premium options that cost a fee. The N26 Metal and N26 Black offer some enhanced features. All three of these accounts operate on the N26 mobile app. Here are a few key features of the app.
Make Transfers: Users can send payments, make transfers, and request money instantly.
Google Play: N26 supports Google Pay. You can use the app to make in-store payments as well as paying for goods online.
3. International Transfers: N26 has teamed up with TransferWise to offer some of the lowest international transfer fees in the U.K. The app supports over 19 foreign currencies.
4. In-App Security: Users can change and set withdrawal and spend limits, lock their card on demand, toggle the ability to make foreign payments, and reset their PIN code.
5. Spending Stats: All N26 users will receive automatic breakdowns of their purchases. Users can also organize their transactions with personal tags.
6. Spaces: This app makes it easy to organize and save your money with the creation of sub-accounts that are easy to manage and organize.
7. MoneyBeam: The N26 app allows users to transfer money to other contacts that also use the N26 app. These transfers can be made directly from the app without knowing someone else’s bank information.
What is the functionality of the app?
Page 1: Real-time alerts and information
This page shows users a real-time overview of their purchases. You can also get notifications for each transaction. Contactless payments will even show up on this page instantly.
Page 2: Spending statistics
You can easily organize your purchases into categories like transportation or groceries. This will help you see where your money goes.
Page 3: Simplify your saving with ‘Spaces’
N26 has developed a unique feature called ‘Spaces’. This allows users to divide their current account into various sub-accounts to better manage their savings.
Page 4: Widely-accepted cards
This page will list all of the 200+ countries where N26 cards are accepted.
Using N26 on the road
All withdrawals made in pounds are completely free of charge. There is a charge of 1.7% for all ATM withdrawals in different currencies. Users can avoid this surcharge by paying with their N26 Mastercard. There isn’t a fee for foreign purchases made with this card. Furthermore, N26’s partnership with Transferwise makes it much easier and more affordable to send money abroad.
N26 limits and fees
N26 does enforce some charges and rates that are important to understand. Users in the United Kingdom can enjoy free cash withdrawals as long as they don’t surpass the £2,500 daily limit. As mentioned before, foreign withdrawals will be charged with a 1.7% fee. Online and in-store purchases are restricted to a £5,000 daily limit. N26 also enforces a £20,000 monthly limit as well.
Is the N26 bank safe?
N26 users can enjoy deposit protection of up to £85,000. German banks have a similar guarantee for up to €100,000. This bank also offers cash rewards for researchers who encounter vulnerabilities or bugs in their programming. This is known as their Big Bounty program.
The N26 app is protected by a three-tier security system. This protects your overall account and individual transactions. Accounts can only be synced with one phone at a time. In order to log in to an account, users have to use their fingerprints or password. All offline and online transactions must be verified with your PIN as well.
Advantages and disadvantages of N26
- Easy to track and manage spending in a real-time manner
- Accounts can be accessed online or with the mobile app
- Users can toggle many features on the app
- All payments are completed within a working day
- Secure and safe
- Free card transactions in other currencies
- No fee for ATM withdrawals in GBP
- Transfer money to family and friends instantly
- Seamless transfers with TransferWise
- No face-to-face customer service at branch locations
- 1.7% charge for ATM withdrawals abroad (surcharge is competitive with other banks)
Download the N26 app now for free
Click the link below to set up an N26 account in minutes.
- Manage your finances easily with one app
- Fantastic for customers who travel abroad regularly
- Unlock and lock your card, set up a PIN, make payment limits
- Make free credit card transactions abroad
Jump to top