What I Think About N26 (& What You Need To Know) – My Honest N26 Review

Are you looking for N26 reviews to make a better decision? I am here to help you out. I’m gonna share my N26 review + other reviews to help you out.

N26; One of the two biggest, digital-only banks on the scene right now. N26 is German direct bank, and its headquarters reside in its capital, Berlin. 

In terms of services, they are available in 23 countries: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States, Iceland and Liechtenstein.

But! Before we go any further, what more can one say about N26? I’ll let their own website be the spokesperson: ‘N26 is The Mobile Bank, helping you manage your bank account on-the-go, and spend and set aside money in real-time.’ Essentially, they are a branchless bank that is revolutionizing the concept of “banking”, and honestly, I love it. The 21st century is all about convenience, and N26 made it work for me. 

My journey with N26 goes way back when I was a new student. I lived in Germany and wanted to have more than one bank; one for current account and one for saving. Additionally, I wanted a card that was in Euro. N26 gave me this feature without having to apply for a credit card, and so I was pretty happy using N26. 

Since I have been using this service for so long, I feel like I’m equipped to give you both sides of the story. Choosing a bank is no easy feat, but hopefully this blog will answer some of your questions and quell some of your inhibitions. 

So without further ado, shall we begin?

Plans and Fees

Compared to your traditional bank, digital banks are always a much cheaper alternative. They are overall a holistic utility but their biggest plus point is the little fees on international currency payments, inexpensive money transfers and free ATM withdrawals. However, of course, N26 have their own specifications and terms in regards to what they offer. 

The following table will give you the details of their Free Plan in one look:

Plan NameBasic
Monthly Fees€0/£0
ATM withdrawals abroad1.70%
Commission on card transactions in a foreign currency0%
International money transfers0.35-2.85%(done via TransferWise, the percentage depends on the currency)
Card Delivery FeeStandard: €0/£0Express: €22
Card Delivery SpeedStandard: Up to 10 business daysExpress: 2-3 days with a UPS tracking link

Have to hand it to N26; they have a great free plan. N26 actually functions as a proper bank account, and hence gives you more functionality. They are also a member of the German deposit protection scheme, and in turn all deposits up to €100 held in the member states of the EU are insured. N26 is a great option if you want to use a debit card internationally, as they have no additional fee for it. 

But a free plan is just the tip of the iceberg. Let’s dive deeper on what other plans they have to offer: 

  • N26 Basic at €0/month, with the first card free, in-depth spending tracker and savings pool, free ATM withdrawals in euros along with free payments regardless of currency.

     
  • N26 You at €9.90/month, with the first card free, in-depth spending tracker and savings pool, free ATM withdrawals in Euros, free withdrawals worldwide, free payments regardless of currency and an Allianz insurance package.

     
  • N26 Metal at €16.90/month, with a stainless-steel contactless MasterCard, first card free, in-depth spending tracker and savings pool, free ATM withdrawals in Euros, free withdrawals worldwide, free payments regardless of currency, an Allianz insurance package, dedicated customer support, LoungeKey membership and exclusive partner offers.

Sounds pretty good right? This will sound even better; N26 offers a wide array of free services:

  • A N26 Mastercard debit card, with 3D Secure.
  • Maintenance for holding a N26 account, with no minimum account balance restriction.
  • No account closure fees.
  • Online banking; which includes financial planning and budgeting, money statistics, bank transfers, direct debits, standing orders, push notifications and customer support.
  • First five, domestic euro ATM withdrawals per month. 

But! With the good comes the bad, and so there must be services that you must pay for. These are the ones:

  • N26 Basic charges 1.7% of the amount withdrawn on currencies that are not euros. (N26 You N26 Metal do not charge anything for this.)
  • 8.9% overdraft fee.
  • 0.35-2.85% money transfer fee. (done via TransferWise, the percentage depends on the currency)
  • €6 to replace regular cards, €45 to replace metal cards.
  • Extra €25 for express delivery of a card.
  • Miscellaneous fees.

And these are the services that N26 just does not provide:

  • Credit card services
  • Cash deposits into an N26 account for most countries.

When it comes to spending, N26 offers it anywhere MasterCard is accepted. They also offer trading and transfer of currencies through TransferWise. There is one very important thing to note. N26 does not charge commission on card transactions in a foreign currency. This is a vital consideration to take if you travel a lot.

Topping Up Your Account

All bank accounts start with putting money in them, so knowing how services allow topping up your account is vital when thinking about where to invest in. This is what you need to know:

Funds top-up methodBank transferCash deposit (only in Germany, Italy and Austria)
Local unique personal account details availabilityGBP (for British residents)EUR (for residents in the Eurozone)
Multi-currency balanceGBP or EUR
Direct debit currenciesGBP or EUR
Interests on savingsOnly available in Germany and Austria, up to 1.48% on savings account. This also depends on the term and partner bank, and this service is offered through Raisin.
Overdraft availabilityOnly available in Germany and Austria
Overdraft interest8.9% annual interest
Joint account availabilityNo
PlatformsWeb and Mobile App
Guaranteed fundsYes, up to €100,000

Card Features

Ways to Send Money

There are two options available to do this, but they require the use of two other apps:

  • TransferWise; takes 1-2 days to complete.
  • MoneyBeam; N26 users will receive money immediately, non-users will receive money within 2 business days.

All bank transfers are completed within 1 business day. However, depending on the recipient’s bank, it may be 2 or more days.

Service Coverage and Customer Satisfaction

To reiterate, N26 is available in the following 26 countries:

Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom, United States, Iceland and Liechtenstein.

They support the following languages:

  • English
  • French
  • Spanish
  • German
  • Italian

With a whopping 3.5 million users, N26 offers in-app live chatting and email as customer support channels. Their TrustPilot review score, as of this date, is a decent 7.7 out of 10.

App Features and Reviews

Google Play Store review score4.3/5
Apple App Store review score4.8/5
Instant NotificationsYes
Card Freeze from the AppYes
Automatic Spending CategorizationYes
Spending InsightsOffers insights, as well as monthly reports.
Saving GoalsSpaces feature; allows subaccounts to put money away.
VisualizationsMonthly spending reports shown through pie charts.

Special Features

Everyone likes special little treats and bank users are no different! N26 offers the following incentives:

  • Direct-deposit for your paycheck
  • Free to send and receive Euros
  • Approved and tolerated overdrafts (with interest)
  • Integrated with Google Pay
  • Saving pools for different savings goals
  • Booking.com discounts

What I Like & What I Don’t

Here comes the opinion part of this blog; my personal likes and dislikes in regards to N26. Keep in mind that this is according to my needs and uses. You may end up having a different experience.

What I like:

  • N26 has a web-app and mobile app
  • Direct-deposit for your paycheck
  • Overdraft is like credit if you don’t have money
  • N26 has multi-cards, such as EC card and Mastercard
  • Discounts on services like YouTube, Lime and many other partners of N26
  • ·MoneyBeam is the fastest way to transfer money to your contracts who have N26 accounts
  • It gives me 3 times free cash withdrawal (used to be 5)
  • It’s actually free to send and receive Euros

What I don’t like:

  • It takes more than 2 days to transfer money to anyone.
  • I can’t quickly transfer money from my other bank accounts to N26 (in terms of topping up money or receiving)
  • I tried to ask non-European/Euro companies to send me money, and it never arrived. It was, however, returned.
  • N26 does not allow some countries, like Sri Lanka and Pakistan, among others. It only approves citizens from 75 countries.

Most importantly, the support and services are questionable for others. One of my friend got her account blocked and it took ages resolve this. 

Another compliants, and these are very common if you look at Berlin Expats group on Facebok.

Conclusion

Hope the above N26 likes and dislikes gives you a good N26 review for you to understand good features and shortcomings. Regardless, I’d suggest to give a try as a secondary bank. 

And that’s that! Sounds good? If yes – then 

Sign up for ?N26

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