Guide to Account Opening and Management for N26
This article introduces the account opening process, fees, and some common questions about the German virtual bank N26.
N26 is a licensed German bank established in 2013, with its stock code being N26. It currently serves over 5 million customers across more than 20 countries.
As a virtual bank, N26 stands out by simplifying processes and offering electronic services, providing diversified banking solutions to its clients.
Company Overview
N26 provides both personal and business accounts, including four distinct account types: N26 Standard, N26 Smart, N26 You, and N26 Metal. These accounts range in monthly fees from free to €16.90, offering varying levels of services and benefits.
N26 ensures deposits are protected up to €100,000 within the European Economic Area and Switzerland.
Main account types
- N26 Standard: Basic account with no monthly fee.
- N26 Smart: €4.90 per month, offering enhanced services.
- N26 You: €9.90 per month, providing higher-tier services and insurance.
- N26 Metal: €16.90 per month, featuring increased limits and exclusive perks such as premium insurance and special events.
Core services
- Spaces²: Allows creation of multiple sub-accounts to meet various needs, with upgraded members able to share accounts with other N26 users.
- CASH26³: Enables free withdrawals and 1.5% fee deposits at over 15,000 partner merchants like supermarkets and pharmacies, using a one-time barcode.
- MoneyBeam⁴: Offers instant transfers similar to local bank transfers, with a daily limit of €1,000.
- Travel Insurance⁵: Upgraded members enjoy various insurances including travel and accident coverage.
Account Opening Process
The account opening process with N26 is entirely conducted through its mobile application, involving these steps:
- Download and register on the N26 app.
- Choose the desired account type and provide personal and tax information.
- Complete video identification (Videoident) to verify identity.
- Activate the account by initiating a bank transfer or using CASH26 for deposits.
- Upon verification, the bank card will be dispatched within a few days.
Fee structure
- Opening Fee: Free.
- Monthly Fees: Range from free to €16.90, depending on the account type.
- Transfer Fees: Free for Euro transfers within the European Economic Area and Switzerland; fees vary for other transfer methods.
- ATM Withdrawals: Free monthly withdrawals vary by account type; exceeding limits may incur charges.
- International Transfers: Collaborates with Wise to offer competitive market rates and low-cost international transfer services.
Remittance Services and Advantages
For users requiring remittance services, N26 partners with Wise to facilitate international transfers.
Users can enjoy favorable market rates and low transfer fees by using the N26 app, ensuring a straightforward process by simply entering recipient information.
FAQs
- Identification Requirements: Accepts international IDs including Chinese passports, provided applicants are residents of serviced regions and can furnish valid address proof.
- Credit Card Services: Offers Mastercard and Maestrocard as debit cards without credit lines.
- CASH26: A service where partner merchants provide one-time barcodes for convenient withdrawals and deposits.
In conclusion, N26 sets a new standard in modern financial services with its straightforward account opening process, cost-effective international remittance services, and diverse account options, making it an ideal choice for users seeking efficient and convenient banking solutions.
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