Revolut and N26 are both neo- banks. In this n26 vs Revolut comparison we will try to compare different services and bank charges offered and applied by these financial companies or neobanks. A neobank is a broad category of financial services providers that appeal to consumers who are comfortable with technology. They can also bring down banking costs and expand services to the underbanked.
Based on this principal n26 was launched in Germany in January 2015 and has been available to international customers since December 2015. It has more than 3.5million customers across Europe and they currently carry out transactions worth over € 2billion a month .
N26 has had a full European banking licence since 2016 – so any funds you have with it are covered by the German Bank guarantee (up to €100,000) . N26 Bank, is licensed by the European Central Bank and is regulated by the Central Bank of England for conduct of business rules in England.
With N26 you get a bank account number (IBAN) – the same as any mainstream bank – so you can get your salary etc paid in and you can also set up Direct Debits. N26 supports Apple Pay and Google Pay but, being branchless, N26 does not deal with cash or cheques – (but how often do you need to do that these days?)
N26 started off as just a smartphone based app – but since July 2018 N26 have upgraded their web based app so that most of their banking functions can also be carried out on tablets, laptops and PCs .
N26 Debit Card : – The N26 bank account comes with a Mastercard debit card (not a prepaid card) . The only fees on this are a €2 ATM withdrawal fee if you make more than 5 ATM withdrawals in Ireland a month.
The €2 fee does not apply to ATM withdrawals outside Ireland – but there is a 1.7% fee for all non-euro withdrawals. This 1.7% fee is lower than the “main” Irish banks – who all charge around 3.5% for non euro cash withdrawals.
There are no processing fees for using the N26 debit card to make purchases in currencies other than Euro. (See what the other banks charge here), this Mastercard also has no fees for contactless payments .
Signing up to N26 is free and is has to be done with a smartphone via a video call. (make sure you have good coverage). You just need to fill in an online form and show yourself and your passport. (Over 18s only, no joint accounts). They’ll send out your Mastercard after a few days.In November 2018 – N26 launched in the UK. More here about that.
Revolut is based in the UK and was set up in July 2015. Revolut has over 4 million users world wide . Revolut is NOT a bank – it is an “Electronic Money Institution”. Revolut is authorised in the UK by the Financial Conduct Authority under the Electronic Money Regulations. This mean that any money you deposit must be ring-fenced , so in the event there are any problems with Revolut, the money should be safe. Revolut was granted a banking license by Lithuania in Dec 12th 2018 but this is not yet operational .
With Revolut, as with N26, you get an EU IBAN , so you can get Euro bank transfers paid in. You also get a UK GBP account . (Revolut can accept incoming payments in several currencies.) There is no joining fee. Since May 29th 2019 Revolut now supports Apple Pay and Google Pay– but only on Mastercards issued before Sept 2018 for now. Google pay is also supported on Revolut using a revolut card.
Revolut Debit Card :- Using the Revolut prepaid debit card you can spend, transfer or exchange up to €5,000 in total every month (a 0.5% fee applies after this). Free ATM withdrawals are limited to the first €200 each month, after that a charge of 2% is added.
Direct Debits are also possible with Revolut and N26 both , they don’t cater for paying in cash or cheques.
Unlike N26 – Revolut will only work on a smartphone – you cannot currently use it from a PC or Laptop . With Revolut you can receive transfers from your employer, family, and friends directly into your Revolut account in a number of currencies: including :- USD, GBP, EUR, AUD, NZD, JPY, MAD, CZK, QAR, THB, and ZAR. and more.
Table of Comparison n26 Vs Revolut
|Delivery of First Debit Card||€6||Free|
|ATM Charges in Ireland||First €200 a month is free then a 2% fee.||First 5 withdrawals a month in Ireland are free – then €2 each. (No limit on free Euro ATM withdrawals outside Ireland)|
|Non Euro ATM Charges||2% fee on any amount over the equivalent of €200 in a month.||1.7% fee on all|
|Non Euro Spending||First €5000 worth of spending a month is free – then a 0.5% fee||No charges|
|Pay in Salary||Yes||Yes|
|Transfer or Loading Fees.||No||No|
|Full EU Banking License||Not Yet||Yes|
|Can be used on Laptop/PC||No||Yes|
|Apple Pay||Yes on cards issued up to Sep 2018||Yes|
Note: This n26 vs revolut comparison is to help our readers make an informed decision about their investments. Rules and bank charges may differ slightly for different countries.
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