N26 Overview: Every part You Have to Know

In the event you’re scouring the online for an intensive N26 assessment, you are in the suitable place. Right here, we’re breaking down every thing it’s good to learn about this monetary platform.

There’s tons to discover, so let’s dive into the nitty-gritty of this assessment…

N26 Overview: Who’s N26?

Briefly, N26 is a pioneer of recent banking. This solely web-based, fully-licensed European financial institution gives every thing it’s good to spend, save, and handle your cash from the comfort of a smartphone app.

N26 customers get pleasure from all the standard banking options, rules, customer support, and safety provided by common banks. Nonetheless, as a substitute of going to an in-person department or having to register to your on-line banking account by way of a desktop, you’ll be able to entry these advantages by way of N26’s light-weight cell app.

That is N26’s story:

Based in 2013 by Valentin Stalf and Maximilian Tayenthal, N26 was born to make banking extra manageable and clear. In 2015 N26 launched their first-ever merchandise, together with their free account and N26 Credit cards in Germany and Austria.

In 2016, N26 secured its European banking license from the European Central Financial institution. The next 12 months, N26 launched their metallic card (extra on this in a sec!).

Quick ahead to 2020, and N26 surpassed over 5 million clients throughout 25 international locations and boasted a crew of greater than 1,500 staff. Up to now, N26 has workplaces primarily based in Berlin, New York, Barcelona, Vienna, and São Paulo.

As you’ll be able to see, N26’s progress is nothing wanting spectacular, and for purpose…

N26 Overview: How Does It Work?

N26 customers are issued a MasterCard that may be topped up and used to switch cash and withdraw money at ATMs all over the world. N26 is accessible for these residing in:

Germany
The US
Eire
Austria
Spain
France
Italy
Belgium
The Netherlands
Finland
Luxembourg
Portugal
Slovenia
Greece
Estonia
Slovakia
Poland
Denmark
Sweden
Liechtenstein
Iceland
Norway

N26 has partnered with tons of respected monetary firms, together with TransferWise (for low overseas alternate charges), Auxmoney (for credit score), and Allianz and Clark (for insurance coverage).

These strategic partnerships guarantee entry to all of the providers you’d count on from a standard checking account, together with:

Entry to a global debit card (with free euro withdrawals from ATMs).
Verify your account steadiness by way of that N26 app.
You may ship financial institution transfers utilizing 19 completely different currencies by way of the N26 app (without cost!)
You may alternate currencies at mid-market charges.
Your N26 card facilitates contactless funds at in-person shops.
It can save you your cost particulars throughout the N26 app; this allows you to make funds with out your card handy.
You may hyperlink your common checking account to your N26 account so to cost your customary financial institution (as a substitute of N26) everytime you need.

An N26 Overview: The Professionals and Cons of N26

Let’s begin with the perks:

The Professionals ????

It is nice for those who’re working throughout the world economic system (largely Europe, USA)
You get entry to an intuitive and handy cell app. From right here, you’ll be able to deal with all of your banking wants.
It is free to create an account.
You may activate an overdraft inside minutes out of your telephone, with no penalty charges and full transparency as to the circumstances of your overdraft.
N26’s charges are fairly low
You profit from 0% withdrawal charges. You can also make as much as three free ATM withdraws per 30 days wherever worldwide (with the free account). With N26’s premium accounts, you can also make extra withdrawals without cost! As soon as you’ve got hit that threshold, you are charged €2 per withdrawal, which is extremely aggressive when you think about that the majority German banks cost between €5-7 to make use of one other financial institution’s ATM.
N26’s overseas foreign money alternate charges are very aggressive, as you are not charged foreign money conversion charges. You simply pay the true alternate fee.
The one time you are charged a price is once you withdraw cash in one other foreign money.
You may get your N26 account up and working inside 10 minutes.

The Cons ????

Now for the drawbacks:

N26 unexpectantly pulled out of the UK
On the time of writing, N26 would not provide bank cards. If that is one thing you are after, you will should search for another service
N26 would not provide 24/7 phone help
N26 is restricted to European and US customers
Some customers complain about re-verification points.
Roughly 6% of detrimental TrustPilot opinions concern customers getting locked out of their accounts and having their funds frozen. This, in fact, might be extremely distressing.
Roughly 9% of detrimental TrustPilot opinions concern N26’s customer support, extra particularly, gradual card dispatch and inadequate assist in the occasion of a blocked account.

N26 Overview: N26 Areas

One in all N26‘s neater options is its ‘Areas’ performance. This allows you to create sub-accounts that can assist you obtain your monetary objectives. Whether or not you need to set up your cash higher or save up for one thing expensive, establishing a ‘House’ is a wonderful approach of attaining that.

You may even create guidelines that switch recurring quantities out of your primary N26 account to one in all your ‘Areas’ – a bit like a direct debit. You simply must create a rule as soon as, and N26 handles the remainder. For sure, it is a super-easy approach of saving cash and managing your funds.

You can even create ‘shared areas.’ This can be a comparatively new function that allows you to share cash with mates, household, coworkers, and so forth. With any of N26’s paid-for accounts, you’ll be able to invite as much as ten different N26 customers to a shared house. Whether or not you are sharing the price of residing together with your important different or saving up for a visit together with your buddies, a shared house may come in useful.

N26 Overview: Budgeting with N26

You will profit from instantaneous push-notifications in your smartphone. N26’s app triggers these.

This ensures you already know the place your cash’s going always, as you will obtain a notification after each card and cell cost, ATM withdrawal, direct debit, and financial institution switch.

That can assist you finances, it’s also possible to:

Set each day spending limits
Lock or unlock your card
Reset your PIN

You may deal with any of those duties at any time, from wherever, by way of the N26 app. This performance is terrific for supplying you with a higher sense of management over your spending habits.

On high of that, N26 additionally compiles stats in your spending. These are displayed so to get a really feel for the place your cash’s going with only a look of your smartphone. Data is energy. It actually helps to see the place the vast majority of your cash’s going, so if essential, you’ll be able to reevaluate your spending patterns.

An N26 Overview: N26 Perks

With N26, you will get pleasure from thrilling provides from their companion manufacturers. To entry these perks, head to your N26 app. Then faucet the ‘Discover’ tab, adopted by ‘Reductions.’ From there, you’ll be able to discover the offers and provides out there to you. You also needs to have the ability to see the directions it’s good to observe to redeem the provide.

Listed below are only a few of N26’s companions that you would be able to count on to obtain provides from:

YOOX
GetYourGuide
Inns.com
TIDAL
Soneva
HelloFresh
Reserving.com
Headspace
Lime
Babbel
Skillyoga
Blinkist
adidas
Fiverr
Udemy
8fit

N26 Overview: How Protected is N26?

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N26 could be very protected to make use of. Interval.

It is a regulated German financial institution, and as such, it is afforded the standard safeguards related to official banking establishments. On high of that, N26 makes use of a number of measures to make sure your account’s security and safety. As an illustration, N26 gives you with full management over resetting your pin, locking your card, and you may disable overseas and on-line funds inside seconds. Simply head to the N26 app to deal with these duties.

Mastercard SecureCode additionally gives customers an extra layer of fraud prevention. Plus, you profit from fingerprint login quite than having to sort in your password. That is universally acknowledged as a safer approach of accessing your apps.

N26 Overview: The Signal-Up Course of

Signing as much as N26 is simple – you’ll be able to create an account inside minutes!

Simply:

Present and make sure your e-mail handle, private particulars, and handle.
Decide your required cost plan (extra on this in a sec)
Then, you will should show your id.
Subsequent, you are prompted to attach your smartphone to your N26 account and obtain the N26 app.
Fill within the essential particulars when prompted.
Comply with the phrases and circumstances
Order your card (this can take a couple of days to return via)

Please observe that to efficiently open an N26 account, you could:

Reside in one of many international locations listed above
Be at the very least 18 years of age.
Personal a smartphone that is appropriate with the N26 app
Be capable to present a type of ID (the documentation required differs relying in your nation of residence, so you will must double-check this on N26’s web site).

N26 Overview: Their Buyer Help

If you wish to contact N26‘s customer support crew, you’ll be able to instigate a stay chat with a buyer help agent by way of N26’s cell or WebApp. You need to have the ability to see your home within the queue, which is nice for managing expectations. For faster service, hold your Mastercard handy. N26’s stay chat is staffed day by day from 7 am to 11 pm (sure, this consists of Sundays and financial institution holidays!)

Alternatively, for those who favor the self-help route, you’ll be able to head over to N26’s on-line Help Heart. Right here you will discover loads of articles.

N26 Overview: How A lot Does N26 Price?

Because of N26 being wholly on-line and its shrewd partnerships, N26’s working prices are minimal. This, in flip, allows them to supply extra inexpensive charges to their clients. Though N26 operates outdoors of Europe, we’re specializing in its European packages as a result of that is the place they excel:

N26 Customary

That is N26’s free on-line checking account, which entitles you to a:

Clear Mastercard debit card
You should use contactless funds at in-person shops.
You may hyperlink your N26 account with Apple Pay and Google Pay.
You may deal with all of your banking on-line, together with sending and receiving transfers, establishing direct debits and standing orders, and sending instantaneous transfers.
You can also make limitless funds in any foreign money, without cost.
You can also make three free ATM withdrawals per 30 days (throughout the Eurozone)
You will get a greater perception into your spending habits with N26’s month-to-month overview. This breaks down your spending into easy-to-review classes so you’ll be able to see precisely the place your cash goes.
You may create as much as two sub-account ‘Areas’ to raised set up and save your cash.
There is a chatbot that may reply primary questions 24/7. Alternatively, you’ll be able to contact N26’s crew by way of stay chat contained in the app.
The German Deposit Safety Scheme protects your cash (as much as €100,000)
3D Safe (3DS) know-how ensures your on-line funds stay safe
You profit from two-factor authentication (this gives an extra layer of safety for conserving your cash protected)

N26 Sensible

For €4.90 a month, this checking account offers you extra management. This may very well be superb for those who’re on the lookout for a debit card to deal with your on a regular basis banking wants.

You will get every thing within the N26 Customary bundle, plus:

You may select from 5 colours when ordering your Mastercard debit card.
For a one-off price, you’ll be able to request an additional card.
You can also make as much as 5 free ATM withdrawals a month (throughout the Eurozone)
You may create as much as ten ‘Areas’ sub-accounts that can assist you finances and save your cash higher.
You may create shared ‘Areas’ with as much as ten N26 customers.
You’ve gotten the choice of rounding up every card transaction to the closest euro. The distinction is mechanically saved in a ‘House’ – it is a super-easy approach of saving your cash.
You get entry to provides and reductions with the world-class manufacturers N26 has partnered with
You get entry to a telephone quantity so to entry phone help seven days every week.

N26 You

In the event you’re on the lookout for an account to deal with your on a regular basis banking wants and journey, for €9.90 a month, the N26 You account may very well be the proper choice.

You get every thing within the earlier two accounts, plus:

Limitless free ATM withdrawals in any foreign money (worldwide)
Entry to medical journey insurance coverage which protection as much as €1,000,000 for you, your companion, and household (this consists of dental emergencies)
Entry to journey insurance coverage for as much as €10,000 within the occasion of journey cancelation or curtailment.
Entry to flight insurance coverage. You get protection for as much as €500 if a flight’s delayed for over 4 hours.
Entry to baggage protection. This entitles you to as much as €500 compensation for luggage delays over 12 hours. And in case your belongings go lacking, €2,000.
Entry to mobility insurance coverage for automobile sharing, e-scooter, and e-bikes hires, for as much as €20,000.
Entry to winter sports activities insurance coverage, which you’ll declare upon within the unlucky case of an accident throughout a visit to the mountains

N26 Metallic

That is N26’s most intensive account, and due to this fact it is costliest with a month-to-month price of €16.90 a month. You get every thing within the earlier cost plans, plus:

You will get an 18-gram metallic Mastercard debit card (you’ll be able to select as much as three metallic shades)
You will rise up to eight free ATM withdrawals per 30 days (throughout the Eurozone)
You get entry to automobile rental insurance coverage (as much as €20,000) once you rent a automobile overseas (or additional away from dwelling).
You get telephone insurance coverage in opposition to injury and theft for as much as €1,000
You will profit from a choice of advantages and bespoke rewards.
You get entry to a devoted N26 Metalline seven days every week.

N26 Overview: Who’s N26 Greatest for?

Briefly, N26 presents a good answer for dealing with your primary banking wants. It is a fabulous on-line answer for those who’re on the lookout for a web based various to a standard financial institution.

It takes cell banking to the subsequent degree! Whether or not you are after free money withdrawals from ATMs worldwide or worldwide cash transfers at inexpensive alternate charges, this on-line financial institution is useful for worldwide vacationers and customary private customers alike.

As beforehand mentioned, for those who breach one in all N26’s banking rules, you might have your account locked, and your funds had been frozen. This is not unusual with providers like this. If this issues you, we recommend limiting the funds you place in your N26 account, simply to be on the protected facet.

So, do you suppose N26 is the suitable banking app for you? Or do you suppose you will go for one of many competing banking providers like Revolut? Both approach, tell us all about it within the feedback field beneath. We look ahead to listening to from you quickly!