N26 is a Berlin-based neobank that was founded in 2013 as a financial technology (fintech) company that relied on a partner bank’s core platform. Since July 2016, N26 has been a fully licensed bank that operates in various member states of the Single Euro Payments Area (SEPA). It complies with all the regulations set forth by the European Central Bank and can provide services customers typically expect from a traditional bank—checking and savings accounts, debit and credit cards, loans, peer-to-peer payments, and more.
N26 does not have traditional offices full of stiff, suited clerks. Rather than employing branch managers, N26 bank has developed an advanced mobile app that provides financial services on demand. Here’s an in-depth review of the N26 mobile app to show what it offers individuals and businesses.
N26 app review
In contrast to many fintech companies (e.g., Revolut) and banks (e.g., Intesa Sanpaolo), N26 has a single app for both personal and business use. It’s pretty convenient as you don’t have to keep multiple apps on your phone and remember many passwords to access every account.
N26 mobile app (Google Play)
Category: Finance
Released: Jan 23, 2015
Current version: 3.103
Latest update: Apr 26, 2023
Downloads: over 5 million
Rating: 3.4
The latest version of the app (3.81) makes sending money via the MoneyBeam payment system more fun. From May 9, 2022, users can include GIFs with their money transfers.
Onboarding
N26 declares that the registration process takes only 8 minutes. If users are new to mobile banking services, it may take as long as 20––25 minutes to sign up. Still, it’s much more comfortable and faster than opening an account in a traditional bank. There’s no need to make an appointment with a manager, drive to the bank office, and then wait in line.
Once the N26 app is installed, users need to specify their countries of residence and provide personal details such as their names, dates of birth, physical addresses, and email addresses. Next, the customers have to show their IDs to prove their identity. The two options are video verification and photo verification. However, the method one chooses for showing their ID will differ depending on nationality, place of residence, and ID type. If a customer is an Andorran living in Spain, video verification of your passport is not possible. Only a photo will be accepted.
The virtual card can be used immediately after the verification process is complete. Then, if the chosen N26 plan supposes issuing a physical card, the client will receive it within the next ten-fifteen days.
Services
N26 services vary according to the chosen plan. Both for individuals and businesses, there are four service packages: “Standard” (free), “Smart” (€4.90/month), “You” (€9.90/month), and “Metal” (€16.90/month). The free plan includes a virtual debit card, no-fee money transfers worldwide, insights on your spending, Google Pay and Apple Pay, and up to 3 free euro withdrawals a month. It’s a pretty good deal. However, the N26 Metal rate is comparable to any other European bank’s fees, but customers get so many more perks:
- Free debit card and an optional extra card if you need more flexibility
- Unlimited free withdrawals in any currency
- Round-ups for every transaction to save with every purchase
- A handful of insurances: trip, medical travel, luggage coverage, mobility insurance for car-sharing and rentals, etc.
- Possibility to create shared sub-accounts (e.g., for your family budget)
- Unique world-class brand offers and discounts
- Personal access benefits and rewards
The N26 individual and business plans are the same, except that a business or freelancer has more use of sub-accounts in the “N26 Smart” and “N26 Metal” packages. Small firms and freelancers can easily organize their business finances using these sub-accounts. One can create up to ten separate spaces to put money aside for various purposes, such as software and hardware purchases, work trips, and saving for a future project.
Design & usability
Like other mobile-first products, N26 relies heavily on its mobile app, so creating a smooth user experience is paramount. The team behind this app does an excellent job. Most N26 users agree that the app is informative, intuitive, and responsive. It has clear graphs and charts for all analytics, easy-to-tap buttons, and gamification elements accompanying each payment with fun GIFs. The only complaint about the N26 app is the complicated verification process, but this is more due to differing bank regulations in different countries than a fault of N26.
Reliability & security
Whether one chooses the free Standard plan or the Metal plan, customer data and money are secure. N26 adheres to all safeguard regulations that apply to banking institutions as a regulated German bank. Deposits are protected by the German Deposit Protection Scheme, which guarantees compensation of up to €100,000. The app is secured as well. Among the features of the N26 app are multi-factor authentication, biometric verification, and artificial intelligence anti-fraud systems such as the 3D protection system. Whenever a customer pays with an N26 card, the 3D system makes sure they are the rightful card owner before the transaction is completed.
MasterCard SecureCode provides a separate layer of protection. Additionally, N26 lets users re-set their PINs, lock their cards, and disconnect foreign and online payments within seconds via the app. Plus, there’s a Discreet mode—the option that allows users to blur their account balance with just a swipe of a finger. This is ideal when you need to use the app in public places.
Users have also noted that the app is stable and reliable. It doesn’t seem to be predisposed to sudden crashes, downtimes, glitches, or other issues of this kind. N26 employs cloud-native software development, artificial intelligence, and machine learning to ensure stability and security. These modern technologies also help implement innovative features as quickly as possible.
Support
The N26 app has a live chat window for customers to interact with a support agent. Live assistance is available from 7 am to 11 pm, every day of the week, including Sundays and bank holidays. After sending a request, a customer sees where they stand in the queue, which is very helpful for time management. Alternatively, there is an option for self-help in the N26’s online Support Center (FAQs).
Our verdict
4,.5 stars out of 5. N26 is in the avant-garde of modern banking in Europe. It’s a safe, licensed European bank that lets clients spend, save, and manage their money with just a few taps on a smartphone. But still, there are downsides, such as detailed verification.
What we like about N26:
- Easy onboarding
- Intuitive navigation
- Free to open an account
- No monthly fees for the standard plan
- Moderate monthly fees for other packages
- Free withdrawals
- No additional currency conversion fees
- No foreign transaction fees
- MoneyBeam built-in feature (instant money transfers)
- Budgeting and bill splitting tools
- Spending track and analytics
- Deposit protection
- High level of data security protection
What we dislike about N26:
- ID verification process is complicated at times
- Customer accounts can be temporarily suspended for security reasons
- No physical credit card for the “N26 Standard” plan
- No phone support
How is N26 different?
N26 is a neobank or a “challenger bank” an online-only financial institution with no traditional branch network. On one side, it’s a fully licensed bank that provides traditional banking services such as debit and credit cards, loans, etc. On another side, it’s a fintech company that utilizes advanced technologies to streamline banking, lower fees and provide a more comfortable and affordable alternative to brick-and-mortar banking.
Value for customers:
N26’s ease of use and real-time payments worldwide and its analytical tools make it an ideal platform for small businesses and freelancers. Additionally, it simplifies the life of those who travel on missions quite a bit, as the N26 You and N26 Metal packages include travel, car-sharing, and car rental insurance. Individuals find N26 a convenient account for daily operations: free cash withdrawals, fast money transfers, safe online purchases, and low foreign exchange fees (it’s a blessing for travelers!).
Value for partnering businesses:
Being a well-established bank with 7+ million customers in 24 markets, N26 can be:
— A fantastic opportunity for startups. Entrepreneurs can apply for an N26 partnership if they want to sell or finance an innovative digital solution.
— A tool to improve brand visibility. Businesses can improve brand recognition, attract new audiences, and boost sales by offering special promotions to N26’s clientele.
