A few months ago, I discovered N26, a German bank available in most countries in Europe and since a few weeks ago, in the US. I used to spend hundreds of dollars each year, either in banking fees or in crappy exchange rates applied by the bank. Everything changed with N26. You pay the monthly subscription fee, and that’s it. You can use your card anywhere in the world, as much as you like, without any fee and current mid-market exchange rate.
As I said, N26 is also available in the US, but the conditions are not as great as the ones for Europeans. It’s probably no better than any other regular bank, I’ll advise you to wait and see how their offer evolve. You can check out what they offer for now, here.
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How does it work?
With the basic plan, the card is free, but you only get 5 withdrawals in euros per month and free payments in any currency.
With the N26 You plan, you get all this, plus free withdrawals worldwide (you just have to pay the local bank fee, but you can usually find banks that don’t charge you), travel insurance, and discounts and offers from selected partners.
With the N26 Metal plan, you get all of the above, plus dedicated customer support and more rewards and discounts.
They also have business plans, mostly adapted to freelancers and self-employed, with a 0,1% cashback.
They work with MasterCard, so you don’t have to worry about having your card accepted. You can manage everything from the app, even block it if you lose it and order a new one. It takes 5 minutes to open your bank account, and it’s designed to be super easy. Like any bank in Europe, founds are guaranteed.
Who can apply to it?
People with an address in Austria, Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, Sweden, the UK, Norway, Denmark, Poland, Iceland, and Liechtenstein can apply for an N26 account.
Conditions can vary a bit from country to country so always check the fine prints. You can easily find the details of the contract on the N26 website. For instance, in the UK, travel insurance only comes with the N26 Metal plan and not the N26 You plan. The N26 You plan is not available in Greece and Slovenia.
How much does it cost?
The N26 YOU cost 9.90 euros per month for euro countries and 4.90 pounds for the UK. After you pay this, there shouldn’t be any more fees.
The N26 Metal is 16.90 euros a month or 14.90 pounds.
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