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N26
Digital bank offering fee-free accounts, no foreign transaction fees, and multilingual support ideal for expats.
About
N26 is a fully digital bank popular with expats for its easy online account setup, English interface, and no need for local registration in Germany. It offers fee-free accounts, real exchange rates, and no foreign transaction fees, with setup requiring just an ID and proof of address. N26 supports 19 currencies via Wise, offers multilingual support, and includes travel insurance with premium plans. While ideal for Eurozone users, it’s less competitive for non-European currencies compared to some alternatives.
Features
- 100% digital banking with no physical branches
- No foreign transaction fees worldwide
- Free standard account with no monthly fees
- No local registration required to open an account
- Limited free ATM withdrawals (2-8 per month depending on plan)
- Integrated Wise currency transfers in 19 currencies
- Multilingual support in 5 languages (English, German, French, Spanish, Italian)
- Real-time transaction notifications and spending insights
- Premium plans with travel insurance and additional benefits
Benefits
- Quick account opening (often within minutes) without local registration
- No paperwork or branch visits required
- Fully English interface and support
- Real exchange rates for international transactions
- No foreign transaction fees for card payments worldwide
- Integrated international money transfers at competitive rates
- Intuitive app design with budgeting tools
- Travel insurance included with premium plans
Drawbacks
- No physical branches for in-person banking
- Limited free ATM withdrawals (only 2 per month in Germany on Standard account)
- 1.7% fee for ATM withdrawals outside Europe on Standard and Smart plans
- Cash deposits incur a 1.5% fee
- Customer service can be slow with reports of account blocking issues
- Limited investment options and advanced banking services
- Less versatile for non-European currencies compared to Revolut
- Fees for overdrafts (13.46% interest) and bounced direct debits
Frequently Asked Questions
Is my money safe with N26?
Yes, N26 has a full European banking license and deposits up to €100,000 are protected under the German Deposit Protection Scheme, just like traditional banks.
What documents do I need to open an account?
You'll need a valid government-issued ID (passport or ID card) and a smartphone for the video verification process. Unlike traditional banks, N26 doesn't require local registration (like Anmeldung in Germany), making it ideal for new arrivals.
How many free ATM withdrawals do I get?
The Standard account includes 2 free ATM withdrawals per month in Germany, Smart includes 3, You includes 5, and Metal includes 8. You and Metal plans offer unlimited free withdrawals abroad, while Standard and Smart accounts have a 1.7% fee for withdrawals outside the EU.
Are there any foreign transaction fees?
No, N26 offers free card payments worldwide with no foreign transaction fees and uses real exchange rates, making it ideal for expats and travelers.
How does N26 handle international money transfers?
N26 integrates with Wise (formerly TransferWise) for international money transfers, offering competitive rates in 19 currencies directly through the app.
How does N26 compare to Revolut and Wise for expats?
N26 is best for expats in Europe who prioritize simplicity and fee-free card payments, with excellent Eurozone functionality. Revolut offers better multi-currency support (30+ currencies) and is ideal for those needing advanced budgeting tools or cryptocurrency trading. Wise specializes in international transfers with the best exchange rates but lacks full banking features. Choose N26 for straightforward European banking, Revolut for multi-currency needs, or Wise for primarily transfer-focused services.
Are there any hidden fees with N26 that I should be aware of?
N26 is known for its transparency and minimal fees, but there are a few specific charges to be aware of. ATM withdrawals are limited based on your plan (e.g., 2 per month for Standard accounts in Germany), with additional withdrawals costing €2 each. Cash deposits incur a 1.5% fee. N26 doesn't charge for foreign transactions, account maintenance, or minimum balances. For expats needing frequent cash deposits or large international transfers, these fees might become significant over time.
How easy is it to set up an N26 account from outside Europe?
Setting up an N26 account from outside Europe is challenging due to residency requirements. You need a valid mailing address in a supported country (EU, EEA, or select non-EU countries like Switzerland) to open an account. Non-EU citizens must provide a biometric residence permit. The verification process requires a government-issued ID and is done via the N26 app. While some users attempt to bypass restrictions using VPNs, this may violate terms of service. Expats without European addresses may need to explore alternatives like Wise or Revolut.
Can I use N26 for international money transfers to non-European countries?
Yes, N26 integrates Wise (formerly TransferWise) into its app, allowing users to send money to over 35 currencies globally at real-time mid-market exchange rates. Transfers are made with transparent fees and you can view a detailed breakdown before confirming. Many transfers are completed within seconds or one business day, depending on the destination. However, some less common currencies may not be available, and transfers outside the Wise integration (e.g., SWIFT payments) may incur higher fees and longer processing times.
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