2. N26 does not list fees or exchange rates for N26 on their website, as they are only available from within the app when you decide to make a transfer. I though that if they have a bank license this means that deposits are secured by European Deposit Insurance Scheme… But it seems they are not. I do have both accounts, N26 and Revolut, so I think I know both of them. I know you can receive money in every currency as long as it’s enabled. First, N26 is available in 23 countries in Europe. N26 account. Thank you for your response! For younger people who don’t want to get hit with high fees for basic banking services, N26 is a great option. Finally, Revolut is also available in Australia, Canada, and Singapore. I have not heard any news about doing anything with the license which is a bit weird. However, in Germany, customers are covered for up to €100,000. Let’s see how do they compare to each other. On the other hand, Revolut only offers transfers for free under some conditions! “Vaults”, a money-saving feature in which a transaction is rounded up to the nearest whole number and the difference goes into the vault. N26, on the other hand, offers free currency exchanges! I’ve heard people transferring from US banks to USD balance Revolut, but it’s considered a SWIFT transfer and therefore incurs fees somewhere along the process. Revolut is sending money from multiple Currencies Account while N26 uses Transferwise and offers a EUR Account only. But for that, there has never been any trustworthy source. An awesome thing with N26 is that your money is insured! This makes the N26 and Revolut one of the best debit cards for travelers, digital nomads and people who prefer to pay fewer fees in exchange for 100% digital banking. Another strong member of the new generation of financial service providers is Revolut, a UK fintech company that offers a prepaid debit card, currency exchange and peer to peer payments. Also, in the same year, there was a significant security breach at N26. N26 offers many more free withdrawals in euros than Revolut! So the fact that you cannot withdraw in CHF with N26 is not a big deal. Since N26 has no Swiss bank account, it is difficult to top it up for free! 200 Euro ATM withdrawal for free. Either way, N26, and Revolut have definite perks, particularly the low costs. I really hope they are using this license. Yeah. At this, Revolut has super-fast transfer speeds. For transactions more than 1,000€, a small 0.5% fee is charged. It seems that transfers using the Cumulus credit are still free if you are below a certain limit. TransferWise is a much-loved way to send money abroad, with superb exchange rates and low, transparent fees. You will still get an IBAN where you can receive money as a beneficiary. It is because you can convert more money for free. And you can transfer up to 100’000 EUR per month. They have a straightforward system for limits. But I am going to focus on standard accounts for this comparison. I don’t know, if you actually would be charged the fee with these companies. It was created in 2015. Send, receive and request money for free. As founder Nik Storonsky noted ‘We are not the same company we were nineteen months ago.”. However, with Revolut, you will not get a unique IBAN. I will start by introducing the two companies. MoneyCheck™ Copyright © 2018 - 2020 Kooc Media Ltd. All rights reserved. Hi ! I am very sorry, but I think the article is not good. I never used it to send francs. I am going to focus on the free accounts of both N26 and Revolut. Both N26 and Revolut give clients some great metrics that make budgeting a lot easier, and also some unique safety features that help to prevent losing money when a card is lost, or you are just out for a night on the town! Check service status Get updates on issues & maintenance. So, let’s compare the free accounts of N26 and Revolut. One of the major differences between N26 and Revolut is in the way they approach foreign currency transactions and ATM withdrawals: Times vary for foreign currency transfers with TransferWise (but you’ll see an estimated transfer time on the quote screen). Also, both premium options give you access to some perks. It would be nearly impossible to have your main account at a regular bank compromised, and serious financial damage done. They call it something like CHF transaction outside Switzerland. Revolut also has a system of Vaults where you do spare change savings. The Poor Swiss. International transfers take 3-5 business days. This is great, but I don’t know if this was a one time courtesy, or if it is below a certain amount or whatever. Funding methods include bank transfer, debit card, and credit card. Transferwise est un système qui permet d’effectuer en ligne des transactions d’un compte bancaire français vers un compte étranger. But it’s not that bad. But you cannot do it with N26. And they also increased their weekend fees. You could also use Revolut to top up N26 for free! Some Swiss banks follow the same principle, using a unique IBAN to deal with multi currencies. He grew up in Ann Arbor, Michigan with a father that would read him the Wall St. Journal along side of other bed-time fare. When you spend currencies with your card or with a bank transfer, the money from the specific account will first be used if there is enough. Revolut and N26 also have desktop versions meaning you can access your account on a PC or laptop as well as your smartphone if you prefer. And I completely agree that the tone of the blog post is really misleading. have i done anything wrong here? Registered Company No.05695741 Simplifying the World of Finance, for Everyone. When they received the banking license, they even stated that for the time being it would not change anything and the protection was not yet applied. The apps from both companies have many great features, with subtle differences to distinguish them from each other. Customers of N26 bank and Revolut benefit from the best currency exchange rates, fast and secure access to their accounts, fast money transfer and low fees across all verticals.. It started under the name Number 26, but it quickly changed the name to N26. It will take approx 1 day to arrive. The transfer fees will depend on the foreign currency used and the amount. N26 vs Revolut – Debit Card. With both services, you can limit the account from the app. MoneyCheck is a fast-growing online publication launched in 2018 with the aim of covering personal finance and investment news. N26 is cheaper but offers more features. For larger purchases in other currencies – such as a car- you should consider the online currency exchange marketplace Currency Fair . But there is a considerable difference between these two services in Switzerland. 1000 CHF exchange on the Revolut will result in 934.91 (I did change money last week). This service is free up to a certain number of trades per month. This IBAN is unique to you. However, since Revolut reduced the total of free transaction exchanges to 1000 GBP (1250 CHF) in June 2020, they are becoming less interesting. The Competition and Consumer Protection Commission (CCPC), which scrutinises proposed deals to ensure they are not anti-competitive, said today that it had been notified of plans for the proposed joint venture. Revolut and N26 both have generated quite the controversy at different times in their short history. Both N26 and Revolut offer consumers a fully in-app way to control their finances. Overall, we can see that both services have advantages and disadvantages. Once you reach this limit, you will have to pay a 0.5% fee on each transfer. There is no foreign exchange purchase fee and the foreign exchange rate is linked to Mastercard. What about you? Set up recurring payments. It makes a lot of sense! The company has responded to the allegations, with a shift in the management team and promises to refine the work environment. N26 offers free currency exchanges for all currencies and without limit. N26 will charge their basic customers a 1.7% fee when taking cash out abroad, while with Monzo you get the first £200 in a thirty-day rolling period without any extra charge. N26 You account. In that sense, it’s virtually a domestic transfer. You can do bank transfers from your account or directly transfer money to other people using N26. Most people use the same credit or debit card for everything, but a digital account could be a better option. Unfortunately Cembra introduced a 1.5% fee for top up a revolut account. Most of the time, you will probably use the card directly to pay purchases in other currencies. Most of these banks offer the option to set up a multi-currency account. This is often the case when you rent a car or reserve a hotel. It is the free account that we are going to focus on in this article. Actually, you are right, I was not very clear. They also have started offering access to cryptocurrencies and stocks. This account will cost you 6.99 EUR per month. Revolut Standard account. On top of that, both companies also offer business services. Revolut se place également sur le … The Poor Swiss a message here. I would be interested, what other people think about this. Need to get funds into your account straight away? Other negative publicity has battered the company, when in February 2019, an undercover story about the toxic work culture at the company broke in Wired magazine. It means it is more complicated to deposit money for free on your N26 account. 1000 CHF exchange on the N26 will result in 930.75 (4.05 CHF fee, as they are using transferWise in the background, as far as I know) Both N26 and Revolut support Apple Pay and Google Pay. But they are not so great in Swiss francs, for instance. It would be interesting if someone had some experience with paying the fee on a Swiss-looking website with an account on another country. International Money Transfers For me it will be even, that I will start using my Revolut card for those shops in Switzerland. With N26 and Revolut, you can track your expenses. 18 May 2018 02:40 #10. Revolut has a Swiss IBAN to transfer CHF directly. We have been spoiled by instant transfers now! Since Revolut has a Swiss IBAN, Revolut is the winner for availability in Switzerland. 1 Like. And a colleague of mine had the same experience in Canada for a hotel and a car. It is interesting to note that Revolut offers 3DS only since August 2019, while N26 offers it since July 2017! Both companies offer free services. Fees and charges. Money Transfer Services – N26 vs Revolut. And you can also send money directly to other customers. These mobile apps offer options to check your balance, transfer money, set security settings and limits, and a lot more! Most of their services are based upon their cheap currency exchange systems. Also – currency conversion of over €1000 on Revolut will be charged at 0.5%. Guillaume Let’s start with Revolut. – using on debit card and get only charged in the “right” currency, also on holidays in the USA, if you have USD in your account. If you are working with other currencies, the equivalent in GBP is taken into account. This site does not include all financial companies or all available financial offers. I will mention the fact that you can keep several currencies on a Revolut account and not on N26, this is indeed a great advantage of Revolut. And with Revolut, you will get a Swiss IBAN to deposit CHF directly to your account. If you need to make international transfers on a regular basis or travel frequently, Revolut offers you some compelling options. Our goal is to simplify and explain in clear language, what can be a confusing jumble of terms and concepts. They have more than 1300 employees. Although I briefly mentioned the fees and processes earlier, it is worth noting that both N26 and Revolut cards operate much like any other debit card in the market. But they are out of the scope of this article! That’s a good point! It seems like we will have to rely on bank transfers again. All their limits are significantly higher than N26. Getting some cashback is good, but the savings from Revolut are more important than the cashback. So, for withdrawal, N26 is significantly better than Revolut. – https://www.campz.ch/. Nice article. Some optional details is ok to leave behind. Revolut is a very good choice for anyone who travels a lot. With Revolut, they are only free up to 5000 GBP a month. I tested it with the lowest amount possibel: CHF 10. Type above and press Enter to search. Link which you provided is more then a year old and I`m wondering if they are working on securing deposits or not.. But if you prefer simplicity, you choose Revolut or N26. Depending on the bank, it could take as many as 3-5 business days. To use TransferWise, just open your N26 app and go to the “Actions” tab that’s found in the bottom navigation bar. In that sense, it’s virtually a domestic transfer. One very cool feature of Revolut is that you can have virtual cards. Since neither of them offers a personal IBAN, you will not be able to use either service for your main bank account. Overall, I would say that both N26 and Revolut have the same bad reputation. And you can spend up to 5000 EUR per day in a store or online using your card. On the other hand, the cashback from Revolut premium accounts can also be attractive. Recipients can receive money into their bank accounts and Revolut current accounts. Both companies offer different services as well. Revolut currently offer accounts to residents of atotal of 32 countries, which includes all the EEA (European Economic Area) countriesand Switzerland.. It is also a straightforward system with relatively high limits. And this is not a wallet. Transferring money to other account Revolut users or other accounts in Ireland is free. Transferwise is more expensive and be very strict ( blocks some accounts without reason)! Kooc Media Ltd Company No.05695741 International House, 61 Mosley Street, Manchester, M2 3HZ UK, Hours Monday—Friday: 9:00AM–5:00PM Saturday & Sunday: 11:00AM–3:00PM. N26 has a UK banking license and provides customers with a UK account number and sort code, which facilitates direct deposits and payments. Stay tuned! When receiving JPY for example, if the Japanese yen account is activated, Revolut will allocate the sum on it directly. Revolut lets you withdraw $300 a month at foreign ATMs with the Standard Plan, $600 with the Premium Plan and up to $1,200 under the Metal plan, but charges a 2% fee after that. Which is more time wasted. If you want to avoid exchange-rates or fees for “payments in foreign currencys”, you’d need a EUR-account somewhere… Hi. Customers of N26 bank and Revolut benefit from the best currency exchange rates, fast and secure access to their accounts, fast money transfer and low fees across all verticals.. 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