The N26 business account is a digital bank account designed specifically for freelancers and self-employed individuals. It offers a range of features to help you manage your business finances more efficiently, including travel insurance, free ATM withdrawals, expense tracking, virtual assistants, and potential cashback rewards.
What’s Special About N26 Business Account
- It has a free plan, free Mastercard virtual debit card, and no minimum deposit.
- The account offers robust expense tracking tools to monitor and categorize business expenses.
- You can send or receive payments instantly through SEPA Instant Credit or MoneyBeam and spend with Apple Pay or Google Pay on your smartphone.
- Zero foreign currency fees and free ATM withdrawals abroad.
- You can buy and sell cryptocurrencies with N26 app.
Contents
- 1 How N26 Business Account Works
- 2 N26 Business Account Features
- 3 Types of N26 Business Accounts
- 4 N26 Business Account Fees
- 5 N26 Business vs Personal Account
- 6 N26 Supported Countries and Languages
- 7 N26 Customer Support
- 8 Is N26 Bank Safe and Legit?
- 9 N26 Business Account Alternative
- 10 Is N26 Business Account a Good Choice?
How N26 Business Account Works
The N26 Business Account is designed to meet banking needs as a freelancer or self-employed individual. N26 Business account opening is straightforward – just register online and verify your identity. You can sign up for an account through the web or N26 app. To be eligible, your business must operate under your name, and you must reside in a country where N26 operates. It’s important to note that you cannot have an existing N26 account when applying for the N26 Business Account; you must choose between the personal and business account options. Additionally, your N26 Business Account must primarily serve business-related transactions and activities.
Once approved, you’ll gain access to a range of features designed to simplify your professional finances. With your new account, you’ll receive a dedicated business Mastercard, both physical and virtual, and a mobile banking app equipped with easy-to-use expense tracking tools, allowing you to monitor your business spending effortlessly. Customers in the Netherlands, Austria and Germany are eligible for Maestro Card.
Managing your funds is hassle-free with multiple options available for adding money to your account depending on your preference and location. You can easily initiate a transfer from another bank account within the SEPA zone using your N26 IBAN and name. However, it’s important to note that it may take 1-2 business days for the funds to appear in your N26 account. Additionally, N26 has established partnerships with select physical locations in certain countries, such as CASH26 in Austria and Germany, where you can conveniently deposit cash directly into your account.
N26 account holders also enjoy the added convenience of using MoneyBeam, which enables instant sending, receiving, and requesting of money. If you are seeking the fastest way to top up your accounts, using a debit or credit card or payment platforms like Apple Pay and Google Pay is often the preferred method.
Unlike business accounts such as Revolut Business and Wise Business, N26 does not offer multicurrency accounts. N26 accounts store only one main currency. The account is in the currency of the country it is opened in.
In addition to traditional banking features, the N26 is a crypto friendly bank that supports cryptocurrency trading, allowing you to buy, sell, and hold various cryptocurrencies directly from your account.
N26 Business Account Features
You can enjoy the following benefits using N26 business account.
- Physical and virtual cards. When you open a N26 business account, you get a free business MasterCard and Maestro (where it is supported). The card will have your name.
- Cashback on card purchases. Any time you use N26 business card for purchases, you get 0.1% cashback.
- Overdraft. You can apply for an overdraft directly through the N26 app. The maximum overdraft limit is €10,000 and the current interest rate for overdraft is 8.9% per year, charged quarterly.
- Notifications. For every transaction in your N26 business account, you get a notification through the app. This helps you to manage your business finances. The app will then categorize your transactions into categories, and this will help you track your spending.
- Free ATM withdrawals. N26 business offers free ATM withdrawals in Euros. Currently, N26 is only available in Europe and customers get free ATM withdrawals.
- Money transfers. You can send and receive euro payments using various methods such as SEPA, SWIFT, and MoneyBeam. Additionally, you receive your unique IBAN.
- Buy and sell crypto. With N26 Crypto, converting your cash into cryptocurrency, or vice versa, is made directly from your N26 app.
N26 ranked #1 on Forbes’ list of the world’s best banks in 2021. It was rated the first best bank in Austria and Italy, the second-best bank in France, the fourth-best bank in Spain and 13th in Germany.
Types of N26 Business Accounts
You can open three types of business accounts with N26. They are:
N26 Business Standard Account
The Standard account is a fee-free account that offers the following features:
- Comes with a free debit MasterCard and virtual card to spend in stores and online
- Free 3 ATM withdrawals in the Eurozone
- 0.1% cashback on all card purchases
- Easily manage your finances under one app
- Free bank transfers with N26 MoneyBeam and SEPA instant credit transfers
N26 Business Smart
N26 Business Smart account offers the following features:
- Comes with a free debit MasterCard for online and contactless payments
- You can get an extra debit MasterCard
- 0.1% cashback on all card purchases
- Free 5 ATM withdrawals in the Eurozone
- Free and unlimited payments worldwide
- 10 spaces sub-accounts you can use to save together with others
N26 Business You
N26 Business You account offers the following features:
- Comes with a free debit MasterCard for online and contactless payments
- You can get an extra debit MasterCard
- 0.1% cashback on all card purchases
- Free and unlimited payments worldwide
- Medical travel, flight, pandemic coverage and trip insurance
- 10 spaces sub-accounts you can use to save together with others
N26 Business Metal
N26 Business Metal account offers the following features:
- 18-gram metal card accepted worldwide and supports mobile and contactless payments
- 0.5% cashback on all card purchases
- Free payments worldwide in any currency
- Up to 8 free withdrawals in the Eurozone
- Unlimited free cash withdrawals
- Medical travel, trip, flight insurance and pandemic travel coverage
- Phone insurance of up to 1,000 euros
- Compensation of up to 10,000 euros in the vent that a trip is canceled
N26 Business Account Fees
These are N26 fees for your business account:
| N26 Accounts | N26 Fees |
|---|---|
| N26 Business Standard | €0.00/month |
| N26 Business Smart | €4.90/month |
| N26 Business You | €9.90/month |
| N26 Business Metal | €16.90/month |
For cryptocurrency transactions, there is a 1.5% transaction fee for Bitcoin and a 2.5% transaction fee for other cryptocurrencies.
N26 Business vs Personal Account
N26 provides both personal and business banking options. However, it’s important to note that if you already have a personal account with N26, you cannot open a business account with them. Here are the main differences between the two types of accounts.
| Feature | N26 Personal | N26 Business |
|---|---|---|
| Target audience | Individuals | Freelancers and self-employed |
| Features | Mobile app, debit Mastercard, money transfers, budgeting tools, Spaces subaccounts, optional premium accounts | Mobile app, debit Mastercard, money transfers, budgeting tools, Spaces subaccounts, separate business and personal finances, expense tracking, virtual assistants, priority customer support |
| Fees | €0.00/month, €4.90/month, €9.90/month, €16.90/month | €0.00/month, €4.90/month, €9.90/month, €16.90/month |
| Cashback | None | 0.1% |
N26 Supported Countries and Languages
N26 is supported in the following countries: Austria, Belgium, Norway, Poland, Liechtenstein, Luxembourg, the Netherlands, Portugal, Slovakia, Slovenia, Denmark, Estonia, Finland, France (not available for residents in the DOM/TOM), Germany, Greece, Iceland, Ireland, Italy, Spain, Sweden and Switzerland.
N26 is no longer be available to customers in the US, UK, and Brazil.
N26 has multilingual customer support available in the following languages English, German, French, Italian, and Spanish.
N26 Customer Support
N26 has responsive customer support 24/7. The customer support is available in French, English, Italian, Spanish and German. You can reach N26 customers through the live chat on their app or call them through their priority support hotline available for premium customers.
Is N26 Bank Safe and Legit?
N26 is a safe and legitimate European online bank. N26 is fully licensed by the European Central Bank. You also get up to 100,000 deposit protection by the German Deposit Protection Scheme. Also, all your online payments are secured using 3D security technology. N26 also uses two-factor authentication for secure log in to your account.
The bank has a solid reputation with millions of customers and generally positive reviews on platforms like Trustpilot and Google Play. They have received awards and recognition from various financial institutions and publications.
N26 Business Account Alternative
You can open a business account with these N26 bank competitors.
- Wise Business Account
- Revolut Business Account
- Monese Business Account (for UK registered companies)
Is N26 Business Account a Good Choice?
N26 is one of the best online banks for freelancers and self-employed who want a business account in Europe. With features like easy account opening, free Mastercard/Maestro, and the ability to apply for an overdraft directly through the app, N26 caters to the financial needs of freelancers and self-employed individuals who want to manage their business and personal funds separately. This simplifies bookkeeping and tax filing, a major pain point for freelancers.
Whether N26 is a good business account depends on several factors such the importance of specific features. For example, if you’re in search of a business account that supports overdraft, N26 could be a solid option for you. However, if you regularly engage in multicurrency transactions, N26 may not be the ideal fit for you. Unlike some other banking options, N26 does not offer multicurrency accounts, meaning you’ll be limited to conducting transactions in the currency of the country where your account is opened. This could potentially result in additional fees and complexities if you frequently deal with international clients or suppliers.
Furthermore, while N26 does provide a range of benefits such as free ATM withdrawals, instant payment options through SEPA and MoneyBeam, and cashback rewards on card purchases, it’s important to weigh these against your specific business needs and preferences. If these features align with your requirements for efficient banking, then N26 could indeed be a good choice for you. Note that you can no longer open N26 accounts in US, UK, and Brazil.
