N26 Review: Open Online Bank Account in N26 Countries

N26 is a popular online bank in Europe, offering a variety of services like Euro IBAN, personal and business accounts, cryptocurrency trading, physical and virtual debit cards, and insurance. This comprehensive N26 review will address most of your queries about the bank’s offerings and features.

Benefits of N26

• Anyone with legal residence in any European country is allowed to open a free European online bank account with N26. Furthermore, it is one of the best online banks for foreigners and expats in Europe.
• With N26 personal account or N26 business account, you can send, receive, and manage your money in one place via the N26 mobile app or the N26 website anytime and anywhere.
• N26 offers a free basic current account with a debit virtual card, instant money transfers, Euro IBAN, and no monthly fees.
• N26 allows you to buy and sell cryptocurrencies through its platform.
• Premium accounts offer additional features, such as travel insurance, airport lounge access, Shared Space, and higher ATM withdrawal limits.
• N26 Spaces allows you to create up to 10 sub-accounts integrated with your primary account, each with its own IBAN.
• Split the Bill feature enables you to split payments made from your N26 account with friends or family, regardless of whether they have an N26 account themselves.
• You can open a bank account in Germany without Schufa with N26 Flex account
• You can pay with your N26 Mastercard using Apple Pay, Google Pay, and make instant payments and transfers with MoneyBeam and Wise.

How N26 Works

To open an N26 bank account on the website or N26 app, choose your country and provide personal details like your full name, date of birth, address, and email. Verify your identity with a valid ID through the app or website. Depending on your country, a video identification process may be required. After approval, select your card and features, then fund your account through various options available. You need to have a mailing address in one of the countries where N26 operates for them to send you your Mastercard.

Please note that the documents required by N26 may vary based on the country. For instance, in some countries, you may be asked to provide a Passport or ID card, while in others, a Passport and European residence permit may be necessary. See required N26 documents by country below.

Open N26 account

To add money to your N26 account, you have a variety of options available. You can use the N26 mobile app to transfer money from your other bank accounts directly to your N26 account, or receive payments or salaries through direct deposits. Additionally, you can top up your N26 account using debit or credit cards from other financial institutions. The N26 account is also compatible with popular payment platforms like Apple Pay and Google Pay, enabling you to receive money. Furthermore, you can use the MoneyBeam feature to request money.

To withdraw money from your N26 account, you have several options available. First, you can use any ATM that accepts Mastercard and follow the usual steps to withdraw cash by inserting your N26 debit card and entering your PIN. Alternatively, if you are in Germany, Austria, Spain, or Greece, you can make use of Cash26 at partner retail stores. Simply generate a scannable barcode in the N26 app, show it to the cashier, and complete the transaction in-store. Additionally, you can transfer money from your N26 account to another bank account through the app’s “Transfer” section. Lastly, consider using mobile payment services like Apple Pay or Google Pay linked to your N26 account for contactless payments at supporting merchant

N26 Currencies

N26 supports a variety of currencies depending on the country of residence of its users (e.g., EUR in Germany, SEK in Sweden, DKK in Denmark). The primary currency for an N26 account is typically the local currency of the country where the account is opened. Additionally, N26 offers currency conversion services for international transactions, allowing users to make purchases or withdrawals in different currencies while traveling or conducting cross-border transactions.

However, it’s important to note that N26 does not offer multi-currency accounts, meaning that the account balance is denominated in the local currency of the country where the account is opened. If you travel rarely, single-currency might suffice. But for frequent travelers or businesses, multi-currency could be crucial.

N26 Crypto

N25 offer crypto banking services to users in some countries. N26 Crypto feature is exclusively available to eligible customers in Austria, Germany, Switzerland, Belgium, Portugal, and Ireland. You can access N26 Crypto under the new Trading section within the Finances tab of their N26 app. With N26 Crypto, you can trade cryptocurrencies directly within your N26 app, eliminating the need to set up a separate crypto wallet. When you purchase cryptocurrencies through N26 Crypto, your cryptocurrencies are stored in a custodial storage provided by Bitpanda.

It’s important to be aware that at the moment, you cannot send or receive cryptocurrencies to or from other crypto wallets using N26 Crypto. Additionally, there are transaction limits for N26 Crypto users, which include a €50,000 daily transaction limit for personal customers, a €100,000 daily transaction limit for business customers, and a maximum of 200 trades within 24 hours per user.

N26 Fees and Plans

N26 Crypto transactions are subject to a transaction fee of 1.5% for bitcoin and 2.5% for all other cryptocurrencies. The transaction fee and exchange rate for each purchase are displayed on the purchase and sell screens, so you can always review them before confirming a trade

Is N26 Safe and Legit?

N26 is considered safe. As a licensed bank, N26 is regulated by the German financial authority BaFin, which is one of the most rigorous financial regulators globally, and is subject to strict security measures and regulations. They use advanced encryption technology to protect customer data and transactions. It provides features like biometric login and real-time transaction notifications to enhance security. Furthermore, N26’s customer deposits are fully insured by the German Deposit Guarantee Scheme (DGSV). This means that your money is protected up to €100,000 in the event that N26 fails.

N26 Bank Supported Countires

N26 is available in the following countries: Germany, Austria, Ireland, France, Spain, Italy, the Netherlands, Belgium, Portugal, Finland, Luxembourg, Slovenia, Estonia, Greece, Slovakia, Poland, Sweden, Denmark, Norway, Liechtenstein, and Iceland. Countries in the Eurozone where N26 is not available are Malta, Cyprus, Lithuania, and Latvia. N26 bank is no longer available in the UK, US, and Brazil.

However, citizens of over 164 countries who resides in a N26 Bank supported country can open a N26 bank account. For example, if you are a citizen of Hong Kong, but you live in one of N26 supported countries, you are free to open a bank account with N26. However, it is not possible to open N26 account without residency permit in those countries. Therefore, you will need to provide a proof of your residency permit, and verify your identity. Additionally, the bank requires biometric residence permit for non-EU citizens to open an account.

N26 Required Documents

The following is a list of N26 accepted documents, such as N26 supported passports and IDs.

The most efficient method of N26 verification for you will depend on your country of residence and the type of ID you want to use to verify yourself.

Should you Open N26 Bank Account?

Considering whether to open an N26 bank account requires you to look at its advantages and disadvantages. On the positive side, N26 offers a modern banking experience through its easy-to-use mobile app with features such as real-time transaction notifications and budgeting tools. In a few countries, it supports crypto trading, which could be a plus for some users. Plus, N26 has clear fee structures, ranging from free basic accounts to premium ones with extra perks like travel insurance and Shared Space (for saving and budgeting with others).

However, there are some downsides to consider. N26 doesn’t have physical branches, so if you prefer in-person banking, it might not be the best fit. Additionally, the bank’s limited cash deposit options could inconvenience customers who frequently deal with cash transactions. Currently, cash deposits are only accepted in Germany, Austria, Spain, and Greece. Furthermore, N26 does not offer multi-currency accounts, meaning that the account is denominated in the currency of the country in which it is opened, which could be a disadvantage for individuals conducting international transactions or dealing with multiple currencies regularly. Note that N26 is no longer available in th US, UK, and Brazil.

We encourage you to carefully evaluate the pros and cons before making a decision to ensure that N26 aligns with your financial goals, needs, and preferences.

Go to N26 website

N26 Alternatives

Several N26 alternatives are available for you to consider, but their availability may vary depending on your country of residence. They include the following:

• Revolut
• Monese
• Wise
• Bunq
• Monzo (UK only)

This post is also available in de_DE, es_ES and nl_NL.