Personal Features

N26

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N26 provides personal services for residents of the US, the European Union and Switzerland.

What N26 does

  • International money transfers through TransferWise (only for European customers)
  • Debit cards
  • Cashback and exclusive discounts
  • Sub-accounts
  • Direct debits

What N26 doesn’t do

  • Personal account managers
  • Unique local multi-currency accounts
  • Cash pickup
  • Hedging tools
  • Regular transfers

TransferWise

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50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Regular transfers
  • Cash pick up or international bill payments

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Business Benefits

N26

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56

N26 provides business accounts for self-employed individuals and freelancers in the European Union and Switzerland.

What N26 business account offers

  • Mastercard debit card
  • Cashback on spending
  • No minimum deposits
  • Sub-accounts
  • Automatic categorization of spending

What N26 business account doesn’t offer

  • Hedging tools
  • Account managers
  • Unique local multi-currency bank accounts
  • Solutions for online sellers
  • Mass payments

TransferWise

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In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

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Fees & Exchange Rates

N26

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54

N26 US fees

Account keeping fees

There is no ongoing monthly or annual account keeping fee.

ATM withdrawals 

  • Free at all Allpoint locations across the US, Canada, Mexico, Puerto Rico, the UK and Australia.
  • Two free ATM withdrawals per month from any network in the US.

Foreign transaction fees

Pay no foreign transaction fees when you use your N26 card overseas.
 

N26 EU fees

Account keeping fees

Account typeMonthly fee
N26 Standard€0
N26 You€9.90
N26 Metal€16.90

Fees for ATM withdrawals 

  • N26 Standard - 3 free withdrawals per month in Eurozone.
  • N26 You - 5 free withdrawals per month in Eurozone, free ATM withdrawals worldwide.
  • N26 Metal - 8 free withdrawals per month in Eurozone, free ATM withdrawals worldwide.

Foreign transaction fees

Pay no foreign transaction fees when you use your N26 card overseas.


TransferWise

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TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


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Ease of Use

N26

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86

What N26 does well

Sign up process - Fairly simple.

Payment options -  Bank account transfer, debit card, Apple Pay, Google Pay and Transferwise.

Mobile app - Available for iOS and Android.
 

Where N26 could improve

Phone transfers - You can not carry out transfers over the phone.


TransferWise

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The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


N26
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Support & Countries

N26

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What N26 does well

Supported destination countries for transfers - N26 lets its European customers carry out international money transfer through TransferWise, to all its supported countries.

Business account - The N26 business account is available in Portugal, Ireland, Greece, Netherlands, Belgium, Luxembourg, Finland, Latvia, Estonia, Lithuania, Slovakia, Slovenia and Switzerland.

Customer support - Customer support is available via chat and email in English, French, German, Spanish and Italian.
 

Where N26 could improve

Supported registration countries - N26 could increase the number of countries from which customers can sign up for new accounts. In addition, it has pulled out of the UK after Brexit


TransferWise

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TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


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Trust & Transparency

N26

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What N26 does well

  • The N26 account in the US is offered by Axos Bank, an FDIC member.
  • N26 has a full European banking license, and funds of European customers are protected up to €100,000 by the German Deposit Protection Scheme.
  • Rates as Great on Trustpilot.

Where N26 could improve

Addressing customer problems quickly - There are some N26 reviews on Trustpilot that mention accounts being blocked and customers being unable to access their money. N26 could respond to such issues in a timely manner.


TransferWise

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TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


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The Result

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 TransferWise

TransferWise wins overall compared to N26 for individual and business international money transfers. Being a TransferWise direct customer gives you access to their Borderless Account and all of it's additional benefits. This includes the unique multi-currency bank accounts and Borderless debit card. N26 has banking services and leverages TransferWise's technology to allow its customers to send money internationally with low cost inside of the N26 app environment.

The choice is simple. If you need to regularly send, spend and receive money internationally, TransferWise is better.