N26, what is the account created on a smartphone and how it works

N26

That modern technology that we all carry in our pockets, today allows us to join new credit management systems free from delays, bureaucracy and everything that generally affects the management costs of a common bank account. The Internet revolution has generated what today we commonly call online banking, and the services that have literally attacked the market by revolutionizing it are many and all aimed at reducing costs. In this article we want to talk about N26, a product that started out as a common prepaid card, but actually offers much more.

What it is How it works Types of cards How much it costs Who should use it

What è N26

N26 was born as a direct bank, that is a credit institution that does not use physical branches, but which alternatively has an online system for managing banking operations. It is based in Germany, in the city of Berlin, and offers financial services to clients from the Eurozone, with the exception of Cyprus and Malta, as well as the United Kingdom.

Founded in 2015 in Berlin from the idea of young Austrian Valentine Stalf, N26 quickly reached the valuation of 3.5 billion dollars, becoming one of the most successful cases of European digital entrepreneurship. After obtaining the full banking license from the European Central Bank in 2016, it has reached the considerable figure of 3.5 million customers in 24 countries of the European Union. An unprecedented phenomenon in the banking sector. But what is so innovative about other banks that offer online services?

N26 is proposed as a smart current account, with the possibility of ordering a prepaid card with the Mastercard circuit, also equipped with an Italian IBAN; both tools are fully manageable through a dedicated app from which you can make transfers, request money, have your salary credited and even take advantage of an unprecedented cash withdrawal and payment function through affiliated businesses. The N26 basic account allows you to carry out all the operations just mentioned at no cost by opening the account in just a few minutes and always completely free.

How N26 works

How to open an account

In fact, one of the surprising things about N26 is the time required for the bank account opening procedure: only 8 minutes. It is possible to start the opening procedure from both PC and smartphone with the dedicated app available for Android and iOS, but the latter will become essential for activation and final use. After starting the registration procedure on the official page of N26, you need to download the app "N26 - The Mobile Bank", enter the username corresponding to the email used during registration and the chosen password.

Una upon entering, we are asked to choose between a completely free N26 Standard account and an N26 Smart account, which costs € 4.90 per month, or N26 You at a cost of € 9.90 per month. If you have made your choice, it is time for authentication as an individual, which will be performed by scanning an identity document and taking a selfie, all through the N26 app. At the end of the procedure, you will receive a message in the app asking you to wait a maximum of one working day for the document and your photo to be verified. However, in the course of our experience, we encountered some minor difficulties in recognizing the photos of the document - despite the fact that the shots were of excellent quality. If you encounter any difficulties, a dedicated section for solving the problem is available on the official website.

Click here to register for N26

How can I recharge N26?

Once your account is verified, there are three ways to top up your account. In the first case it involves making a simple SEPA transfer, using the IBAN provided with the new N26 account, while the second method involves requesting money from a friend through the N26 app. The third and last method concerns the innovative CASH26 system (currently available only in Italy, Germany and Austria), which allows you to pay or request money through a partner shop such as those of the Penny Market and Pam chains with over 500 points of sale. br>
You can find the partner supermarket PENNY Market or Pam (Pam supermarkets, Pam superstores, Pam Panorama and Pam local) closest to you directly from the N26 app.

Monthly deposits are free up to a maximum of 100 €. Beyond this amount, a 1.5% commission is applied to the total amount of the deposit. You can deposit up to € 999 in 24 hours (minimum € 50 per single deposit). You can withdraw cash for free whenever you want, with a limit of € 200 per single withdrawal. The daily limit for withdrawals with CASH26 is € 900.

N26 account functions

N26 is a real bank in your smartphone. By providing an Italian IBAN, with N26 it is possible to carry out all the usual banking operations, such as crediting salaries or pensions, debiting bills, consulting the current account, sending and receiving wire transfers and payments. by means of the card, they are fully manageable with the official N26 app. With the app it is possible to receive push notifications in real time on the transactions carried out through the card, send and receive money instantly between your friends with the Moneybeam function, and in addition, there are two sections dedicated to asset management, or a savings plan and splitting the account into special "spaces" to channel the desired sums to specific expenses such as holidays.

With the prepaid Mastercard circuit card number you can make payments on the Internet or, if you need the issue of the physical card, this is free and is delivered to your home in about ten working days, being practically transparent and rather attractive in its aesthetics. Are you in a hurry? Pay for express delivery at the price of 25 euros and the new Mastercard N26 will arrive within three working days, five working days for the Metal card.

Please note that the N26 account is compatible with the Google Pay payment service , while it is not yet enabled with Apple Pay.

Types of cards

The N26 offer is not limited to just the standard card, but there are currently 5 different solutions suited to different needs of the customer. We show you their characteristics below.

N26 Standard

The free personal account that does not involve any expense in basic operations. It allows you to have a free-of-charge virtual Mastercard card and a physical card at the user's request with an additional cost of 10 euros for the issue. Both solutions allow payments with free Mastercard circuit, free SEPA transfers, free foreign currency transfers, 3 free Mastercard withdrawals per month from ATMs (the following ones cost 2 euros), while there is a 1.7% commission on withdrawals in foreign currency. There are no monthly or annual fees and it has no duration restrictions.

(more information)

N26 Smart

N26 Smart includes all the benefits of N26 Standard but gives you access to a wide range of additional features. N26 Smart includes a physical and free Mastercard N26 debit card available in 5 colors (as for YOU), savings management, special offers from the best Italian and world brands (for example, Profumeria Web, NeN and YOOX), unlimited free withdrawals from any branch in Italy and in the euro area and a dedicated customer support. It costs € 4.90 per month.

(more information)

N26 You

Offers the same offer as the Standard account plus offers free ATM withdrawals worldwide and in any currency, Customer Support in 5 languages ​​available 24 hours a day, 10 active spaces to save with Spaces, the possibility of associating an extra card with the account, discounts from selected partners such as YOOX, GetYourGuide and Hotels.com and an Allianz insurance package. It costs 9.90 euros / month.

(more information)

N26 Metal

Offers the same conditions as the Standard account and the You account, plus includes a Metal Mastercard, free Mastercard payments, foreign currency transfers, cell phone theft insurance, travel insurance, ATM theft protection, extended warranty and purchase protection, unlimited free Mastercard withdrawals from ATM (no commissions on foreign currency withdrawals), free Express card shipping and, finally, exclusive Partner offers and dedicated customer support. It has a minimum duration of 12 months and costs € 16.90 / month.

(more information)

N26 Business

If you are looking for a current account for your professional activity, N26 offers a free business account. Includes a Business Mastercard card, free Mastercard payments and 0.1% cashback on card purchases. The other conditions of the Standard account remain unchanged, i.e. free SEPA transfers, free foreign currency transfers, up to 3 free Mastercard withdrawals from ATMs (the following ones cost 2 euros), while there is a 1.7% commission on withdrawals in foreign currency. There are no monthly or annual fees and it has no duration restrictions.

In addition, the N26 Smart plan is also available for Business with a subscription of only € 4.90, which includes the possibility of having unlimited free withdrawals, choice of card and telephone support included



(more information)

How much does N26 cost?

After our overview, you will have understood that N26 offers high flexibility with costs close to zero. However, it is always necessary to distinguish the accounts offered by the German company, which, except for the standard one, involve some expenses. The fee for issuing the virtual N26 card, however, is always free, regardless of the model chosen, while the physical version is paid only for the issue in the Standard plan, and always free in the other plans.

N26 Standard and N26 Business accounts have a free fee and the only expense will be a 1.7% commission for withdrawals in currencies other than the euro. Instead, we remind you that in the case of N26 Smart the cost is € 4.90 per month, while for N26 You there is a fee of € 9.90 per month (but you will not pay anything on withdrawals with foreign currency), while for N26 Metal is expected to pay a fee of € 16.90 per month.

We cannot disdain the possibility of withdrawing in cash completely free of charge in euro currency, a feature sometimes excluded even in traditional current accounts, while reloading the account is always free (unless there are costs foreseen by the bank issuing the transfer).

Who should use N26

N26 is a prepaid card with zero costs perfect for the very young, but also a sustainable current account for those who have no fixed income, exempt from stamp duty (if a deposit of 5,000 euros is not exceeded) and from the fees of traditional banks, without counting the withdrawals from any bank completely free for those who adhere to Smart, You and Metal plans. Excellent for web payments thanks to the Mastercard circuit, which makes it operational in Italy and abroad at no additional cost. The user experience is aimed at minimalism, with an app with a simple and intuitive interface, optimized security with fingerprint recognition and a customizable card PIN. N26 provides an Italian IBAN, which offers full freedom to all those customers who want to use the N26 account as a primary current account for salary credit, retirement, home utilities (such as telephone and electricity bills). , water and gas) and charge the cost of subscriptions (such as those of streaming services, or the monthly gym, for example), all managed entirely by the official N26 app. All N26 accounts are protected by the German Deposit Protection Fund up to € 100,000.

If you do not need to withdraw in foreign currency, the N26 Standard and N26 Business itself are practically suitable solutions to all. On the other hand, the N26 You and N26 Metal versions, despite having interesting insurance packages and some exclusive offers, provide for a monthly fee that sometimes exceeds the costs of a traditional account, resulting, ultimately, not very interesting.

Se everything you have read convinced you to open an N26 account, you can do it from this page.