N26 is a bank that is designed to be 100% digital. They don’t have bank branches, nor do they offer many of the options that a bank like Barclays would. If a N26 client wants to get their cash out of the bank, they would have to go to an ATM.
Using N26 abroad
Travelling with N26 is cheaper than using most cards from traditional banks, as it doesn’t charge any fees for foreign currency transactions.
However, while cash withdrawals in pounds are free of charge, for ATM withdrawals in other currencies, N26 makes a surcharge of 1.7% of the withdrawal.
In addition to this, N26 has partnered with TransferWise, which makes transfers into European currencies seamless.
N26 fees and limits
N26 does have some rates and limits that you should be aware of.
- UK customers get fee-free cash withdrawals, up to the daily limit of £500.
- If you make foreign cash withdrawals with your debit card, you’ll be charged 1.7% of the amount taken out.
- The maximum daily limit for in-store or online payments is £5,000.
- The maximum monthly limit on card payments is £20,000.
Is N26 safe?
Every n26 bank account has deposit protection: the compensation scheme of German banks guarantees up to €100,000 (about £85,000 – the same amount as the UK equivalent scheme).
N26 also offers a Bug Bounty programme. This means cash rewards to encourage security researchers to track down bugs or vulnerabilities.
The app itself has a three-tier security procedure protecting your account and transactions. Your account can only be paired to one smartphone at a time, you must log in to your account using your password or fingerprint, and you must verify all online and offline transactions with your PIN.
Pros and cons of N26
- Easy to manage and track your spending real time
- Your account can be accessed on your phone or via N26’s web app
- In-app security features such as card lock/unlock
- All payments, both national and international, completed within one working day
- Fee-free card transactions abroad
- Safe and secure.
- Partnership with TransferWise means seamless transfers from Euros to 19 currencies
- MoneyBeam lets you transfer money to friends and family instantly
- Unlimited cash withdrawals in GBP
- 1.7% surcharge for foreign currency withdrawals, although this is competitive with other European banks
- No bank branches so not for you if you like face-to-face service