Revolut vs N26 Digital Banking Comparison Guide

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With the rise of digitization, it’s no surprise that traditional banks are losing their relevance in our lives, and mobile-only banks are springing up all over the place.

These platforms allow us to bank from the comfort of our own homes, but they also (typically) include a variety of money-saving features. With so many benefits to offer, it’s no surprise that these banks have become increasingly popular.

Two such digital banks are Revolut and N26. Both have created a reputation for themselves in internet banking, and we’ll compare the two in this article to see which is the best.

Let’s get started! There’s a lot to discuss, so let’s get started!

Who’s N26?

Banks, according to N26, should be as mobile and flexible as their customers. Keeping with this ethos, they provide a fully digital banking experience as transparent and straightforward as possible.

This is our own Service Offered by the Blog Author.

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N26, founded in 2013, now has a team of over 1,500 people from 80 different countries, five offices around the world, and over 5 million customers!

Keep in mind that N26 is particularly popular in Europe as we go along. While their services are available in the United States, they are significantly limited. As a result, the following analysis is more applicable to European users. It’s also worth noting that N26’s services in the UK have been suspended as of this writing.

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Who’s Revolut?

Revolut (read our full Revolut review) is a single app that helps you manage your daily spending and financial planning. They have over 12 million personal subscribers and 500k commercial clients by the start of 2021.

Unlike N26, which began in Germany, Revolut was founded in the United Kingdom in 2015. They concentrated on money transfer and foreign exchange services at the time. They’ve now expanded to provide clients with the tools to improve their financial health and gain more control over their finances.

Revolut, like Revolut, concentrates on the European market and has found a lot of success there. They have, however, expanded their services to encompass the United States.

Unlike N26, most of its features are likewise available to residents of the United States. So, if you’re based there, we’ll save you some time and tell you right away that Revolut has more to offer!

Their Pros and Cons

Let’s look at the most beneficial parts of these services and where their drawbacks can be identified for a quick and easy comparison.

N26’s Pros 

  • Shipments of cards are free.
  • A free card, as well as a bank account, are accessible.
  • ‘Spaces’ help you better manage your expenditures, making it easier to stick to a budget.
  • In only a few minutes, you can set up an authorized overdraft.
  • There’s also a PC version (with a dark mode!) available.
  • N26 is a fully licensed bank.
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N26’s Cons 

  • N26 offers limited services in the United States and has terminated all accounts in the United Kingdom.
  • 1.70 percent transaction fee is applied to international withdrawals.
  • Your savings account earns no interest.
  • N26 costs €2 for each ATM withdrawal once you’ve used up your free cash withdrawals for the month.
  • Credit cards are not accepted at N26.

Revolut’s Pros 

  • Revolut offers a complete service worldwide, with a strong focus on the United States.
  • Junior accounts are included with Revolut, so if you have a family with little children, you may use Revolut’s junior features to educate them on how to save money.
  • A free card and account are available.
  • Depending on your account withdrawal limit, you can make free withdrawals abroad. After the limit is reached, each overseas withdrawal is subject to a 2% fee.
  • To better plan and manage your money, you can create budgets within the app.
  • On your savings, you can receive interest.
  • You can make international transfers for free.
  • Revolut now has a web-based banking app.

Revolut’s Cons

  • Unless you choose the Premium or Metal account, you will have to pay shipping expenses to obtain your card.
  • Despite receiving an EU banking license in 2018, Revolut cannot provide financial security services such as the FSCS deposit guarantee. They’re also incapable of handling cash or checks.
  • Revolut does not offer phone support.
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N26 vs. Revolut: Their Core Features Compared

When we talk about mobile banking, a few basic things come to mind. Naturally, both N26 and Revolut allow you to send and receive money, store and safeguard your cash, withdraw monies, and issue cards that can be used in physical stores. You can load money onto your card and use it to make contactless payments at stores.

This portion of the evaluation looks at the additional features these banks have to offer…

N26’s Features

Before we get into the details, it’s worth noting that N26 has recently launched a web app. You may access the same functions as their mobile app on a larger screen. Isn’t it convenient?

This is our own Service Offered by the Blog Author.

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Managing and Tracking Your Money

N26 enables you to better manage your money by allowing you to create sub-accounts (dubbed ‘Spaces’ by N26). Like savings accounts, these are fantastic. From within your N26 current account, you may define, display, and track your savings goals. You can obtain a quick snapshot of all your transactions and see how close you reach your savings goals with just a few taps.

You may also use rules to set up recurring bank transfers between your primary and sub-accounts. Once you’ve put up a rule, your account will take care of it.

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Furthermore, N26 allows you to create ‘Shared Spaces,’ where you can instantly exchange money and save with your friends and family towards the same financial goals.

Budgeting

N26 sends push notifications to your smartphone in real-time, so you’re always up-to-date on your finances. All transactions, mobile payments, ATM withdrawals, direct debits, and transfers will trigger notifications.

From the comfort of the N26 app, you can also establish a daily spending restriction and lock/unlock your card.

With N26’s statistics, you’ll also find it easy to keep track of your costs. Your spending is automatically divided into categories to see precisely where your money is going from one simple dashboard. You can construct your spending categories using tags to personalize these statistics further.

Extras

N26 provides travel insurance and other benefits like free ATM withdrawals overseas, card color customization, and unique partner discounts.

Travel health insurance is included with certain N26 accounts (the You, Business, or Metal bank accounts) and emergency medical insurance and compensation for airline or baggage delays. You’re even protected if your vacation is canceled or shortened!

Mobility coverage for vehicle rentals and mobile phone insurance is also available. Allianz provides all N26 insurance.

Revolut’s Core Features

Revolut comes with a wide variety of features. So many that going over each one in detail would take a long time. Instead, we’ll go over the many feature categories and some of the most popular features.

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Like N26, Revolut now has a web app that you can use from your computer (since December 2020).

Account Features

The account features on Revolut are designed to make managing and seeing your money simple. In such vein, Revolut proposes:

Bank accounts that are linked. By adding external bank accounts to Revolut, you can manage all of your money in one spot. This allows you to keep track of your expenses from one location. Using the preauthorized link account, it’s straightforward to transfer money between accounts.

Budgets and analytics are two topics that come up frequently. You may utilize the analytics tool and set spending budgets to help you manage your money more effectively. Your purchases are automatically classified in real-time, so you can see where you’re spending the most. Revolut also provides sound forecasts to assist you in making financial decisions.

Junior bookkeeping. You can open bank accounts for your children to help them develop good financial habits. This package includes a card and a child-friendly app that you, as the parent, can manage. Most age-restricted stores don’t accept junior cards, and you can always freeze or unfreeze your child’s card to limit their spending.

Pockets. These aid in the management of your finances. Direct debits, subscriptions, and periodic payments can all be organized into distinct’ pockets.’ When bills are due, they are automatically paid from these pockets. You can also set money aside to cover these recurrent payments, allowing you to use your primary bank account balance without overspending.

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Wealth Features

Revolut has several options that might help you enhance your wealth through financial investing. Revolut, for example, can help you invest in:

Stocks. With as little as $1, you can invest in stocks commission-free within your monthly allocation. Buying and selling stocks has never been easier than with Revolut. Please keep in mind that the amount of transactions you can make is determined by the card you choose.

Crypto. Invest in cryptocurrencies with as little as $1 and quickly swap bitcoin, ether, stellar, and 30+ more currencies.

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Commodities. Commodities such as gold, silver, and precious metals can be traded in-app starting at $1.

You can also deposit money in vaults to assist you in attaining your savings goals. You can then withdraw money immediately while earning 0.65 percent daily interest on your GBP savings. You can keep commodities and cryptocurrencies in separate personal vaults for different currencies (euros (EUR), USD, GBP, and so on). You may also create group vaults with your friends and family to save together.

Payment Features

You can transfer and request money with just a tap on Revolut, and there are no hidden costs. You can send money to other Revolut members in over 30 countries for free – and make them laugh by including a gif with your payment. Win-win! It’s also free to send money to local bank accounts, and international money transfers have low conversion rates.

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You can get your paycheck up to two days early if you set up direct deposits with Revolut.

You can even share expenses and bills with your friends. For example, if you’re going on a trip with friends, you can create a group bill to consolidate your spending into one spot.

Extras

These are some of the other things that Revolut has to offer:

Rewards. Personalized discounts and cashback might help you save money. These are based on your spending patterns. When you use the Revolut card, cashback is automatically sent into your account.

Donations. Donate to causes you care about with a single tap.

The benefits listed below are already accessible in Europe but will soon be offered to US account holders:

Overseas insurance is a type of insurance that covers you while away from home Pay-per-day travel medical insurance is available through Revolut. Using geolocation technology only costs you for the days you are abroad. Medical and dental insurance can be purchased for as little as £1 per day.

Insurance for electronic devices. Get global coverage against accidental damage for as little as £1 per week with mobile phone insurance.

N26 vs. Revolut: Their Cards and Costs Compared

You can get various cards from any bank, each with its own set of benefits. This is also true for N26 and Revolut. So, let’s have a look at the accounts they have available…

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N26 Charges

N26 Standard

The Standard N26 account is entirely free. All of the total spending, saving, and monitoring capabilities are included. It also comes with a free MasterCard that is accepted worldwide. The N26 app allows you to establish daily spending restrictions, lock or unlock your card, and reset your pin from anywhere.

Chatbot support is available 24 hours a day, 7 days a week on all plans.

N26 Smart

You can customize the color of your card with this premium N26 account (ocean, sand, rhubarb, aqua, or slate). You also get five free ATM withdrawals per month and no foreign transaction fees when you spend outside the United States. You may even use mobile payments such as Apple Pay to make purchases before your actual card comes in the mail!

The Smart account also grants you access to ten ‘Spaces,’ which you may use to manage your finances better. You can also request an extra card for more flexibility and save money on every purchase using round-ups. Premium partner offers, chosen based on your purchasing habits, will also be available to you.

The monthly fee for the N26 Smart account is €4.90. You’ll also have access to a direct hotline for phone help, starting with this package.

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N26 You

This debit card costs €9.90 a month and is ideal for managing your daily and travel-related money. You also get unlimited free withdrawals in any foreign currency, medical travel insurance, trip insurance, airline insurance, luggage coverage, and all of the perks listed above. You can also acquire winter sports insurance and mobility insurance.

N26 Metal

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Finally, the Metal card, which costs €16.90 a month, is N26’s most premium card. Everything from the previous account is included here, plus an 18-gram metal card, and your free withdrawal limit have been increased from five to eight (within the Eurozone). Car rental insurance when away from home and phone insurance are two of your insurances (against damages and theft).

On top of the premium partner deals, you’ll get unique experiences selected just for you. Furthermore, your customer service is upgraded to a particular N26 metal line for priority assistance.

Revolut Charges

Revolut’s plans are highly comparable to N26’s for simple comparison. This is particularly true in the case of the Metal card.

Standard

Revolut’s regular card, like N26’s, is also free. At the interbank exchange rate, you can spend in over 150 currencies. ATM withdrawals up to €200 per month are free of charge. You will, however, be charged for the delivery of your Revolut card (about €5).

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You’ll also have access to two cryptocurrencies, and a Revolut Junior account for one child. Your savings, on the other hand, do not earn daily interest.

Plus

For €2.99 per month, you can open a Revolut account. You can earn 0.3 percent daily interest on your savings here, and your card can be customized. You also get priority customer service 24 hours a day, 7 days a week, worldwide express delivery, and international medical insurance. Junior accounts for up to two children are included in the Plus plan.

Revolut now offers purchase protection up to €1000 per year, including ticket and return protection.

Premium

For €7.99 a month, the Premium card increases your no-fee ATM withdrawals to €400 per month. You can also pick from a variety of unique card designs and make unlimited international cross-border payments and one SWIFT transfer.

The Premium account includes an unlimited number of disposable virtual cards for safer online shopping. You’ll also get a discount on your device insurance (20 percent off regular coverage). In addition, your daily savings interest rate has been raised to 0.65%.

The Premium account also includes the following features for travelers:

  • Overseas medical insurance is a type of insurance that covers you while you are away from
  • Baggage delay and flying insurance
  • If your flight is delayed by more than one hour, SmartDelay offers complimentary lounge access.
  • Your card will be shipped to you with free express shipping starting with this plan. Monday through Friday, you’ll have an unlimited no-fee currency exchange.
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Metal

The monthly fee for the Metal card is €13.99. You get up to €800 in surcharge-free ATM withdrawals per month in exchange. You’ll also get an exclusive Revolut metal card and cashback on card purchases. Cashback is 1 percent outside of Europe. Five junior accounts are included with the metal card.

N26 vs. Revolut: Customer Support

Money is an essential topic of discussion. You may need to contact your bank to clarify or ask questions about specific issues. This is where excellent customer service shines. Let’s see how N26 and Revolut stack up in this regard…

N26

N26 can be reached via live chat on their website or in-app. If you upgrade to a Premium account, you’ll also gain access to phone support. On the other hand, the Metal card will give you access to priority support via a dedicated hotline. Of course, N26’s website has an online help center where you can look over various self-help resources.

Revolut

Revolut also provides customer service 24 hours a day, 7 days a week. However, they do not have a phone line and only offer live chat and email support. There is also an online help center on their website where you can find guides and answers to frequently asked questions.

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Our Final Verdict on N26 vs. Revolut

N26 and Revolut are two mobile banks that will usher you into the new age of financial management if you’re tired of traditional banking. They compete well in terms of in-app functionality. From budgeting tools to simple card freezes, you’ll find many useful features. Both systems will keep you updated on what you’re spending and where you’re spending it, assist you in accomplishing your savings goals, and give you more control over your money.

It all comes down to your personal needs when deciding which service is best for you. The costs charged by N26 and Revolut differ slightly and depending on how you use their services, you may wind up spending more with one than the other.

For example, when it comes to foreign transfers and withdrawals, Revolut has slightly lower fees. This may make it a more suitable travel card for you.

Additionally, your region may limit your selections, as N26 does not provide banking services in the United Kingdom and only offers limited functionality in the United States. N26, on the other hand, is a fully licensed bank and can offer a few additional safeguards and services.

So there you have it – the decision is yours to make! What are your thoughts on mobile banking? Have you tried any of these challenger banks, such as Monzo, Transferwise, or Moneybeam? Please share your thoughts and experiences in the comments section below.