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N26 — How does N26 work? This is what you should know before opening an account!

N26 ( www.n26.com ) is a direct bank without branches that offers its products exclusively online. A separate app serves as the administration center, which customers can use to view their account balance or initiate transactions. In addition to low costs, a mobile bank also has other advantages, but not having a contact person on-site can also have disadvantages. In this article, you will find out what N26 is, for whom the bank is suitable, and how the company differs from conventional banks.

What is N26?

As a project that emerged from the Axel Springer Incubator, the start-up led by founder Valentin Stalf was called “Papayer” at the beginning, which became “number26” and finally “N26” — a company with its banking license that investors invested with one billion euros is rated and, according to its statements, has over 500 employees and 1.5 million customers.

Who is N26 for?

The target group of N26 is tech-savvy and frequent travelers who want to manage their finances on the go. With N26, this is made possible by an app that acts as the main center for account management and an account opening that can be done from anywhere thanks to the online identification process.

What do you benefit from as an N26 customer?

As an N26 customer, you get a current account and a credit card. Both are connected to the app, which in addition to well-known functions, also brings some innovations in mobile banking.

In the following section, we present all features in detail:

The N26 current account

The account has its IBAN and can be opened from anywhere — and, according to N26, in just 8 minutes! Of course, the successful opening of an account is linked to some conditions.

Requirements for an N26 account:

• At least 18 years old ( full legal capacity )
• Residence in USA
• Smartphone with a stable internet connection

You can find the N26 app here:

• Google Play: N26 app for Android
• App Store: N26 app for iOS

After you have registered, you will be connected to an N26 employee for online verification of your identity via video chat. It would be best if you had your identity card ready for this.

You don’t get a giro card with the current account at N26, but a Maestro card. The main difference between the two cards lies in the acceptance of the shops that offer card payments. Maestro cards, like credit cards, are accepted worldwide. Girocards, on the other hand, are mainly used in USA. With the Maestro card, you are better positioned when traveling, but you could be turned away at some retailers in USA.

Since the Maestro card issuer is a Mastercard, it can also be used at all credit card terminals.

The N26 credit card

You get a credit card with your current account. The credit cards offered are master cards on a credit basis , which are also equipped with a chip for contactless payment. Anyone interested in other offers and card designs can choose either the “Black Package” or the “Metal Package” .

Tip: Withdraw money abroad free of charge

With the Black and Metal package, cash can be withdrawn worldwide free of charge in the respective local currency.

Here are just a few of the brands we’ve partnered with globally:

Use N26 with Apple Pay and Google Pay

Both Apple Pay and Google Pay payments are possible in conjunction with the N26 credit card. All you have to do is add your credit card details to the respective manufacturer’s app. There are no additional costs.

The only requirement: your cell phone must have an NFC chip. Many online retailers already offer the option of paying with Apple Pay or Google Pay. Google Pay can be used offline wherever contactless payment is accepted. Apple has now also launched its payment service in USA and, like Google Pay, can now be used on NFC-enabled payment terminals.

Apply for loans via the N26 app

At N26, the conclusion of a loan agreement is paperless via the app. If you meet the credit check requirements, the desired consumer credit is also applied for in the app.

With an amount of up to € 25,000, you benefit as a customer from the quick processing and — in the case of a grant — the quick transfer of the loan amount to your account.

Manage investments via the N26 app

With the “Invest” function of the N26 app, money can be invested in up to 5 passive index funds. The compilation is made easier for the customer by being given a choice between 3 different portfolios. The progress is shown graphically in the app. In the background, an account is opened with the FFB Bank in the customer’s name for custody account management. This is done through N26 partner Vaamo, a digital company that specializes in asset management.

How to use the N26 app

N26 advertises its app as a central point for managing your finances. In principle, however, the account is also accessible and functional via a browser. Nevertheless, using it with a smartphone is worthwhile because you can receive all current account transactions via push notification. The TAN required for the transfer is also sent to the mobile phone in this way. However, these are not the only practical functions that can be found in the N26 app:

Send money quickly with “moneybeam.”

An interesting function for you is the “money beam,” which allows all N26 customers to send money to each other in a matter of seconds. Like the PayPal app, all you have to do with the money beam is add another N26 customer to your contact list to send money to him without entering an IBAN or BIC.

Save money with “spaces.”

As “spaces” are sub-accounts referred to in the app, which can be equipped with any number of purposes. If money is moved from the main account to a “space,” it can no longer be spent automatically. In this way, savings goals can be better defined and pursued. In the free model, up to 2 additional spaces can be set up. The black and metal customers have 10 spaces.

Withdraw cash without a card with “cash26.”

In “cash26” is a feature that allows you to withdraw cash — without a map. To do this, enter the desired amount with a few clicks and generate a barcode that can be scanned at the cash register of a participating retailer. The amount can then be paid out in cash and debited from your account without further ado.

Withdraw money without a mobile phone:

If you leave your cell phone at home but don’t want to go without cash, you can use both the Maestro card and the N26 Mastercard at all ATMs, but you have to pay a fee. This varies from bank to bank and can be up to € 10.

N26 business account

The N26 business account also has a very specific target group. Here are freelancers and self-employed particularly addressed — i.e., persons who carry out their business activities under their name and not legal persons. The business account has the functions mentioned above of the N26 app as well as some other additions:

Money-back thanks to cashback

If you have an N26 business account, you also get a Mastercard credit card. For every payment made with it, you get 0.1% of the value back as cashback.

Unlike other point collection systems, you don’t have to open any extra accounts or use additional cards. The money is credited to your business account at the end of each quarter.

No more than one account with N26

According to N26, you can only have one account with the direct bank, so you would have to choose between a private or a business account.

N26 remedies this situation by adding a Maestro EC card to the business account in addition to the Mastercard credit card. This means that private and business expenses can be separated when made with the Maestro EC card.

Intelligent categorization in the app

The presentation and categorization of business and personal spending is facilitated in the app, according to N26 by artificial intelligence. This means that the app assigns all expenses to different categories based on the subject line.

Should an issue slip into the wrong category, you can help manually. The app will learn from this type of input over time and will be able to organize positions better and better. The whole thing can then be exported in CSV format and inserted into an Excel table for your documents, for example.

Costs and fees for the business account

You do not have to pay any account management fees for the business account at N26. Individual bookings are also not charged. The same conditions apply to withdrawals and deposits as to the private account:

• Withdrawing cash is free five times a month and then costs € 2 per withdrawal.
• Paying into the account is free for up to € 100 per month, after which 1.5% of the total amount is charged.
• Transfers abroad are not possible.

Contact and support

N26 offers its customer support in the following languages: English and Spanish.

Contact to N26:

• Email : support-us@n26.com
• Call us at 1–888-N26–0-N26 (1–888–626–0626)*

(Mon-Fri 9 a.m.-9 p.m. EST)

• Chat directly from the N26 mobile app, web app (new tab) or from certain Support Center articles, such as this one.
• (call up an article about your concern and click on “Start a chat” at the bottom of the screen )
• Via Android app: N26 app for Android
• Via iOS app : N26 app for iOS

Tip: Use the cancellation form

For cancellations, N26 has prepared a cancellation form, which is not mandatory but still helpful. You can find the form here: Cancellation form N26

In addition, the account balance must be € 0 before cancellation, there must be no outstanding fees, and the cards must be cut after cancellation. All data will then be stored at N26 for ten years. A new account opening within this period is excluded according to N26.

Advantages and disadvantages of N26

Here you will find all the advantages and disadvantages of having an account with N26, clearly summarized:

Advantages

• Modern and clear app with many useful functions
• Fast account opening on the go
• Free basic account
• Credit cards with modern designs
• Further account types ( “Black” & “Metal” ) with further advantages.

Disadvantage

• No branches and therefore no bank consultants
• Fees for withdrawals and deposits above a certain limit
• Partial cancellations due to too many withdrawals