We tell you in depth how N26 works, one of the most popular digital banking entities today
With the neobanks being an upward trend in the financial and technology sector, N26 bank It is one of the ones that is attracting the most attention today. This entity, which has been operating in Spain for years, has a series of products and services that have been attractive enough for more than 1 million customers have started using them. If you want to know more about N26, at Andro4All we will tell you All the details.
Origin of N26
N26 was born in Germany in 2013 with the aim of creating a banking entity more aligned with the cutting-edge offered by technological advances. Similar in proposal to that carried out by entities such as Revolut, which we have also talked about previously, this company fintech tried to find an approach focused on those people who They need to have their money available in more than one country.
Little by little, the company grew and advancing in general services and products: improving the available service, providing coverage for systems such as Bizum, the implementation of the Spanish IBAN by N26 in our country, and much more. In fact, in recent days one of its new initiatives to attract self-employed workers also came to light by designing an attractive cashback system on their social contributions, or the possibility of manage crypto wallets.
Existing account types
Like any other financial institution, N26 has multiple account types, designed in different categories to adapt to the interests and needs of its clients. In fact, the company segments two large types, whose main division divides them into different tiers whose price and advantages increase proportionally:
- personal standard. The simplest N26 account and completely free. It allows access to the basic services offered by the company without having to pay any fee, beyond the issuance of the card.
- Business Standard. This is the standard version of the account focused on the self-employed. For the most part, it has the same services as the personal account, but it also includes additions such as cashback on purchases, payment of fees, or a breakdown of the list of transactions that have been carried out through said account.
- Smart staff. For those who have outgrown the free standard account service, for 4.90 euros per month you can upgrade the bank account category. With this, come interesting improvements in what N26 offers, such as
- SmartBusiness. In the same way as the personal one, the Smart Business account is perfect for those looking for an account focused on self-employed people with improvements compared to the standard service. It has the same basic services as the standard Business account, but with the extras that the Smart account has.
- You personal. The You account is once again one step above the Smart account. With a price of 9.90 euros per month, the You account is the most suitable for those looking for extensive coverage abroad, as well as benefits for flights, facilities for using international ATMs, etc.
- You Business. If you are interested in the privileges of the You account but maintaining the advantages for self-employed people, the You Business account is available at the same price, also offering the cashback service for purchases and installment payments, in addition to the transaction history to manage the information of your sales.
- metal staff. This is the most valuable and exclusive account on N26. It is also the most expensive, since it costs 16.90 euros per month, but the price is justified by the great qualitative leap it offers in terms of products, services and guarantees. Among other details, the Metal account allows up to 8 commission-free withdrawals monthly, breakage and theft insurance for your mobile phone less than 2 years old, or exclusive offers for unique experiences.
- Metal Business. If you are looking for the most premium services from N26, but also want freelance service privileges, the Metal Business account also exists. It has all the services of the personal Metal account, but also has the cashback of the other Business accounts, as well as the transaction history.
Main advantages of N26
N26 has gained great popularity for the interesting approach it has for people who travel frequently. Your card allows pay in other currencies no need to worry about exchange rates or fees, and even allows a limited number of withdrawals without any commission cost at any ATM of the Euro Zone. Then, in the most valuable categories, ATMs from the rest of the world are also added.
Furthermore, as it is a bank that has a European license, every bank account is protected by the German Guarantee Fund of up to 100,000 euros in case of loss or theft. The Spanish IBAN, for its part, makes it one of the few neobanks that can also operate with the majority of most sought after traditional services in bankingsuch as the direct debit of income and expenses, the payment of taxes or the use of Bizum.
Cost of your service
The service cost of N26 It will depend mainly on the services you hire. However, it should be noted that the cut start from 0, since its basic services are completely free of maintenance. However, if you choose one of the paid rates, you will have to pay the corresponding monthly fee. Free ATM withdrawals are also limited, so when you exceed them, you will be charged 2 euros commission each time until the next monthly cycle.
Likewise, N26 also has a purchase financing program. By not offering loans or credit cards, the neobank opts for this debt system that the client can choose when they want to make a large purchase. The interests financing They can vary from 8.99% to 16.49%, according to the entity’s study. On the other hand, if you want to take out any of their insurance, their prices vary depending on the coverage, but for just over 4 euros per month you will find the most affordable ones.
How N26 works
N26 performance is sufficient clear, intuitive and simple such that, being a young financial institution and much less rooted than the historical entities of Spain, it already has more than a million clients in our territory. In fact, part of the blame for its success is that, in addition to offering cutting-edge neobanking services, it is also compatible with many other traditional banking services Spanish that provide added value.
In the case of N26, SEPA transfer service is fully operational. This concept, which encompasses direct money fluctuations between accounts in the Euro zone, includes both the possibility of making standard and instant transfers. In fact, N26 allows you to connect Bizum to your service to carry out any transfer completely immediately.
N26 is another of the neobanks that has a Spanish IBANsomething that, in addition to providing space for all the services that fintech can offer as a digital bank, also allows traditional tasks to be carried out, such as tax payment, direct debit of payroll and invoicesor the granting of financing services, among many other possibilities.
Where to withdraw physical money
Withdrawal of physical money at N26 can be carried out at any ATM, not only from Spain, but from the entire Euro zone. There is also the possibility of withdraw money at international ATMs, but this implies being subscribed to a You or Metal account, the two most exclusive of the company. In addition, depending on the category of your account, you will have a number of monthly withdrawals without commission, which will become 2 euros if you exhaust them.
Types of cards in N26
N26, like any self-respecting neobank, also has various debit cards available, which usually go online according to the category of the account that is contracted. However, for the moment does not offer credit cards. Therefore, in this way, the cards available, always under the Mastercard signature, are the following:
- virtual card. It is the one that offers the standard account for free, and allows you to carry out all types of transactions through the NFC chip of your smartphone or wearable. You can have a virtual card without having to have had the physical card.
- N26 card. It is the standard debit card, delivered free of charge to Smart accounts, and for 10 euros to standard accounts.
- N26 Business Card. It is written Business, but it is pronounced cashback, since this is the card that reimburses a small amount of the purchases you make with it for your business.
- N26 You Card. The ideal card for traveling abroad, thanks to the advantages and privileges it offers compared to lower category cards.
- N26 Metal Card. The most exclusive card from N26, something that is noticeable to the eye and touch because it is a stainless steel card. It gives access to the best N26 services, making this card the highest category in the brand.
To always be up to date with the latest in technology, subscribe to our official and verified Andro4all channel on WhatsApp.