With growing digitization, it is no surprise conventional banks not play such a necessary function in our lives, and of their place, mobile-only banks are popping up all around the present.
Not solely do these platforms conveniently allow us to financial institution from the consolation of our houses, however (often) additionally they supply a spread of money-savvy options. With so many perks available, it’s no surprise these banks have loved such an inflow in recognition!
Revolut and N26 are two such digital banks. Each have made huge names for themselves on the planet of on-line banking, so on this article, we’re evaluating the 2 to see which is greatest.
There’s heaps to speak about, so let’s dive in!
N26 vs Revolut: Who’s N26?
N26 believes banks must be as cell and versatile as their shoppers. In mild of that ethos, they provide a completely digital banking expertise designed to be as clear and easy as potential.
Based in 2013, N26 now has a crew of over 1,500 folks throughout 80 nationalities and boasts 5 places of work worldwide and over 5 million clients!
As we proceed, keep in mind that N26 is very common in Europe. Whereas their companies can be found in the USA, they are much extra restricted as compared. As such, the next evaluation is extra related to European customers. It’s additionally price noting that on the time of writing, N26 has shut down its companies within the UK.
N26 vs Revolut: Who’s Revolut?
Revolut (learn our full Revolut evaluation) gives one app ‘for all issues cash,’ that will help you with on a regular basis spending and monetary planning. Firstly of 2021, that they had over 12 million private clients and one other 500k enterprise clients.
Whereas N26 began in Germany, Revolut was born within the UK in 2015. On the time, they targeted on providing cash switch and international trade companies. Now, they’ve branched out to offer clients with the options they should get pleasure from higher monetary well being and extra management over their cash.
Revolut too focuses on the European market and has discovered a lot recognition there. That stated, they’ve additionally expanded their companies to incorporate the US.
In contrast to N26, most of their options are additionally obtainable for US residents. So if that is the place you are primarily based, we are able to prevent a while and say from the get-go that Revolut has extra to give you!
N26 vs Revolut: Their Professionals and Cons
For a fast and easy comparability, let’s evaluation probably the most advantageous facets of those companies and the place their flaws may be discovered.
N26’s Professionals 👍
- Free card shipments
- There’s a free card and a checking account obtainable.
- ‘Areas’ let you arrange your spending higher, which makes budgeting your cash simpler.
- You may arrange a licensed overdraft inside a few minutes.
- There is a desktop model obtainable (which comes with a darkish mode!)
- N26 has a full banking license
N26’s Cons 👎
- N26 gives restricted companies within the US and is not obtainable within the UK, the place all accounts had been closed.
- Withdrawals overseas are charged with a 1.70% transaction charge.
- You do not earn any curiosity in your financial savings.
- After your free money withdrawals for the month, N26 fees you €2 for every ATM withdrawal.
- N26 does not supply bank cards
Revolut’s Professionals 👍
- Revolut gives a complete service all around the globe, together with well-represented US options.
- Revolut comes with junior accounts included, so when you have a household with younger youngsters, you’ll be able to faucet into Revolut’s junior options to show them to save cash.
- There’s a free card and account obtainable.
- You may make free withdrawals overseas, relying in your account withdrawal restrict. After the restrict is hit, every international withdrawal is charged at 2%.
- You may set budgets inside the app to raised plan and oversee your cash.
- You may earn curiosity in your financial savings.
- You may make free worldwide transfers.
- Revolut now presents an online app for banking.
Revolut’s Cons 👎
- It’s important to pay transport charges to obtain your card except you go for the Premium or Metallic account.
- Though Revolut was granted an EU banking license in 2018, they can not supply monetary safety companies such because the FSCS deposit assure. Additionally they can’t deal with money or cheques.
- Revolut does not present telephone help.
N26 vs Revolut: Their Core Options In contrast
Once we discuss cell banking, you’ll count on a couple of core options from such a service. In fact, N26 and Revolut each let you switch and obtain cash, preserve your money safe, withdraw funds, and challenge playing cards that can be utilized in bodily shops. You may high up your card and use it to pay contactless in-store.
On high of the fundamentals, this part of the evaluation seems on the different options these banks have to supply…
N26’s Options
Earlier than we delve into the nitty-gritty, we wish to spotlight that N26 has lately launched a web-app. Right here you’ll be able to entry the identical options as their cell app however on a much bigger display. Useful, proper?
Managing and Monitoring Your Cash
N26 helps you to handle your cash extra effectively by launching sub-accounts (which N26 calls ‘Areas’). These work wonders as financial savings accounts. Right here, you’ll be able to set, show, and observe your financial savings targets from inside your N26 present account. Inside a couple of faucets, you will get an outline of all of your transactions and see how shut you might be to your saving objectives.
You may even create guidelines to shortly arrange recurring financial institution transfers between your central and sub-accounts. As soon as a rule’s arrange, your account takes care of it independently.
On high of that, N26 lets you create ‘Shared Areas,’ the place you’ll be able to share cash extra shortly and save along with your family and friends in the direction of the identical monetary objectives.
Budgeting
N26 sends instantaneous push notifications to your smartphone, so that you’re stored totally updated on the state of your funds. You’ll obtain notifications in any case transactions, cell funds, ATM withdrawals, direct debits, and transfers.
You may as well set a every day spending restrict and lock/unlock your card from the comfort of N26’s app.
You may additionally discover it simpler to remain on high of bills with N26’s statistics. From one easy-to-read dashboard, your spending is mechanically damaged down into classes so you’ll be able to see precisely the place your cash’s going. You may even create your individual spending classes utilizing tags to personalize these stats additional.
Extras
N26 presents journey insurance coverage and extra perks, together with free ATM withdrawals overseas, your alternative of coloration in your card, and unique associate reductions.
With a number of of N26’s accounts (the You, Enterprise, or Metallic financial institution accounts), you’re lined for journey medical health insurance, together with emergency medical insurance coverage and compensation for flight or baggage delays. You’re even lined for journey cancellation or curtailment!
You may as well get mobility protection for car leases and cell phone insurance coverage. Allianz gives all N26 insurance coverage.
Revolut’s Core Options
Revolut presents a formidable checklist of options. A lot in order that it will take a very long time to enter all of them intimately. As an alternative, we’ll take a look at the characteristic classes and contact on among the hottest features in every.
Please notice, like N26, Revolut now additionally presents an online app that you should use out of your desktop (since December 2020).
Account Options
Revolut’s account options goal to make it simple to handle and consider your cash. In that spirit, Revolut presents:
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- Linked financial institution accounts. You may oversee all of your cash from one place by linking exterior financial institution accounts to Revolut. This empowers you to trace all of your spending from one centralized hub. It is also simple to ship cash between accounts utilizing the preauthorized hyperlink account.
- Budgets and analytics. You may set spending budgets and use the analytics software that will help you handle your cash smarter. Your spendings are categorized in real-time, so you realize the place you’re spending probably the most. Revolut additionally gives helpful predictions that will help you plan your monetary future.
- Junior accounts. You may arrange financial institution accounts in your children to assist them construct wholesome cash habits. This comes with a card and a child-friendly app that you simply, the father or mother, can management. Junior playing cards can’t be used with most age-restricted retailers, and you may at all times freeze or unfreeze your child’s card to restrict their spending.
- Pockets. These assist you to arrange your spending. You may kind your direct debits, subscriptions, and scheduled funds into totally different ‘pockets.’ Payments are paid mechanically from these pockets once they’re due. You may as well set cash apart to cowl these recurring transfers, so your principal checking account steadiness is free so that you can use with out overspending.
Wealth Options
Revolut presents a number of options to assist develop your wealth by way of monetary investments. Most notably, Revolut helps you spend money on:
- Shares. You may spend money on shares commission-free inside your month-to-month allowance with as little as $1. With Revolut, shopping for and promoting shares is accessible for all. Please notice, the variety of trades you’ll be able to place relies on the cardboard you’ve got opted for.
- Crypto. Spend money on cryptocurrencies ranging from $1—trade bitcoin, ether, stellar, and 30+ different currencies immediately.
- Commodities. Change commodities like gold, silver, and treasured metals in-app, once more, ranging from $1.
To assist attain your saving objectives, you can even put cash apart in vaults. From there, you’ll be able to withdraw cash immediately whereas having fun with a 0.65% every day curiosity ratio in your GBP funds. You may create separate private vaults for various currencies (euros (EUR), USD, GBP, and many others.) and preserve commodities and cryptocurrencies. You may even open group vaults to avoid wasting with family and friends.
Cost Options
Revolut lets you ship and request cash with only a faucet and no hidden charges. In reality, you may make free transfers to different Revolut customers in over 30 nations – and add a gif to your funds to make them snort. Win-win! Sending cash to native financial institution accounts can be free, and worldwide cash transfers come at low-cost trade charges.
In the event you arrange direct deposits with Revolut, you can even get your paycheck as much as two days earlier.
You may even break up payments and prices with associates. Say, for instance, you’re taking a visit with others, you’ll be able to arrange a bunch invoice to share appreciable bills in a single place.
Extras
These are among the extra options Revolut presents:
- Rewards. Get monetary savings with personalised reductions and cashback. These are chosen primarily based in your spending habits. Cashback is distributed proper to your account while you use the Revolut card.
- Donations. Donate with a faucet to causes you care about.
The next perks are already obtainable in Europe however are quickly coming to US account holders:
- Abroad insurance coverage. You may decide into Revolut’s pay-per-day journey medical insurances. It solely fees you for the times you are really overseas, utilizing geolocation know-how. Medical and dental protection begins from as little as £1 a day.
- Machine insurance coverage. Get cell phone insurance coverage from £1 every week with international protection towards unintended injury.
N26 vs Revolut: Their Playing cards and Prices In contrast
With any financial institution, you’ll be able to select from totally different playing cards that always include their very own perks. That is true for N26 and Revolut as effectively. So, let’s check out what accounts they provide…
N26 Costs
N26 Normal
The Normal N26 program is a free account. This comes with all the essential spending, saving, and monitoring options. The MasterCard that comes with additionally it is free and accepted worldwide. You may set every day spending limits, lock or unlock your card, and reset your pin wherever you might be, utilizing the N26 app.
24/7 chatbot assist can be obtainable on all plans.
N26 Good
With this premium N26 account, you’ll be able to select your card’s coloration (ocean, sand, rhubarb, aqua, or slate). You additionally get 5 free ATM withdrawals each month and nil international transaction charges while you spend overseas. You may even allow cell funds like Apple Pay to begin spending earlier than your bodily card arrives within the submit!
The Good account additionally unlocks entry to 10 ‘Areas’ to raised handle your cash. Plus, you’ll be able to request an additional card for extra flexibility and use round-ups to avoid wasting on each buy. You may additionally profit from premium associate presents, that are chosen primarily based in your spending habits.
The N26 Good account is out there at €4.90 a month. From this plan onwards, you’ll additionally be capable to entry telephone assist by way of a direct hotline.
N26 You
At €9.90 a month, this debit card is greatest for managing your every day and travel-related funds. On high of all of the options talked about above, you additionally get limitless free withdrawals in any international foreign money, medical journey insurance coverage, journey insurance coverage, flight insurance coverage, and baggage protection. You additionally get mobility insurance coverage and winter sports activities insurance coverage.
N26 Metallic
And eventually, N26’s most premium card is the Metallic card, for €16.90 a month. Right here you will get the whole lot within the earlier account, plus an 18-gram steel card and your free withdrawal restrict is raised from 5 to eight (inside the Eurozone). Your insurances embody Automobile rental insurance coverage away from house and telephone insurance coverage (towards damages and theft).
Your perks additionally embody distinctive experiences curated for you, on high of the premium associate presents. To not point out, your buyer assist improves to a devoted N26 steel line for precedence assist.
Revolut Costs
For straightforward comparability, Revolut has very related plans to N26. That is very true of the Metallic card.
Normal
Like N26, Revolut’s customary card can be free. You may spend in over 150 currencies on the interbank trade charge. There isn’t any value for ATM withdrawals as much as €200 per thirty days. Nonetheless, you’ll be charged for the supply of your Revolut card (card supply is round €5).
You additionally acquire instantaneous entry to 2 cryptocurrencies, and a Revolut Junior account for one child. Nonetheless, you don’t accumulate every day curiosity in your financial savings.
Plus
This Revolut account is out there for €2.99 a month. Right here, you’ll be able to earn 0.3% every day curiosity in your financial savings and luxuriate in a customizable design in your card. You additionally acquire entry to precedence 24/7 buyer assist, international specific supply, and abroad medical insurance coverage. On the Plus plan, you additionally get junior accounts for as much as two children.
Moreover, Revolut gives buy safety as much as €1000 a 12 months, together with ticket and returns safety.
Premium
The Premium card is out there for €7.99 a month and elevates your no-fee ATM withdrawals to €400 a month. You may as well select from a spread of unique card designs and make limitless cross border worldwide funds, plus one SWIFT switch.
The Premium account additionally comes with limitless disposable digital playing cards for safer on-line procuring. You may additionally profit from discounted gadget insurance coverage (20% off common protection). Plus, your every day financial savings curiosity is elevated to 0.65%.
For vacationers, the Premium account additionally comes with:
- Abroad medical insurance coverage
- Delayed baggage and flight insurance coverage
- Free lounge entry with SmartDelay in case your flight is delayed by multiple hour.
From this plan onwards, your card is shipped to you with free specific transport. You’ll additionally acquire entry to limitless no-fee foreign money trade Monday to Friday.
Metallic
With the Metallic card, you’re charged €13.99 a month. In trade, you acquire surcharge-free ATM withdrawals for as much as €800 per thirty days. You’ll additionally obtain the unique Revolut steel card and cashback on card funds. Outdoors of Europe, cashback is 1%. The steel card additionally comes with 5 junior accounts.
N26 vs Revolut: Buyer Assist
Cash is a major speaking level. Generally you might want to get in contact along with your financial institution to make clear problems with concern or ask questions. That is the place high-quality customer support comes into its personal. So, let’s examine how N26 and Revolut examine on this division…
N26
N26 may be contacted 24/7 by way of stay chat on their web site or in-app. In the event you go for a Premium account, you will additionally unlock telephone assist. Or, with the Metallic card, you will amp issues up a notch with entry to precedence assist by way of a devoted hotline. In fact, N26’s web site additionally gives a web-based assist middle the place you’ll be able to peruse by loads of self-help supplies.
Revolut
Revolut additionally presents 24/7 customer support. Nonetheless, they solely present stay chat and e-mail assist – they do not have a telephone line. Their web site additionally options a web-based assist middle the place you’ll discover guides and solutions to continuously requested questions.
N26 vs Revolut: Our Last Verdict
In the event you’re uninterested in old-school banking, N26 and Revolut are two cell banks that can take you into the brand new age of monetary administration. By way of in-app options, they compete effectively. You’ll discover all kinds of nifty options, from budgeting instruments to simple card-freezes. Each platforms will preserve you posted on what you are spending and the place, assist you to meet your financial savings objectives, and supply better visibility over your cash.
When selecting which service is healthier for you, it comes all the way down to your private wants. N26 and Revolut’s charges are barely totally different, and relying on the way you select to make use of their service, you would possibly find yourself paying extra with one over the opposite.
For instance, Revolut presents barely higher charges in relation to worldwide transfers and withdrawals. Maybe this makes it a greater journey card for you.
Additionally, your choices may be restricted by location, as N26 doesn’t supply its banking service within the UK and solely launched restricted options within the US. That stated, N26 is a completely licensed financial institution and may present a couple of extra protections and companies.
So, there you will have it – the selection is yours! What’s your expertise with cell banking? Have you ever tried both of these or different challenger banks like Monzo, Transferwise, or Moneybeam? Please share your experiences within the feedback beneath, and tell us what you assume.
