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Can I open an N26 Business account in Canada?

You can't open an N26 Business account if you live in Canada, but there are alternative digital banking services to consider instead.

Please note: All information about N26 has been collected independently by Finder and this product is not available through this site.

German-based digital bank, N26, offers personal and business bank accounts designed with the jet-set lifestyle in mind. Customers get a generous suite of complimentary travel, mobility and lifestyle insurance plus free foreign currency ATM withdrawals.

N26 also provides special discounts for customers through its partner companies, which include Hotels.com (for European account holders) and Udemy, Fiverr and Skill Yoga (for US account holders). What’s more, Business account holders can earn cash back on many of their everyday purchases.

But can business owners take advantage of these benefits if they live in Canada? Are there any good alternative services in Canada?

Can I open an N26 for Business account in Canada?

Unfortunately, no. To open a business account with N26, you have to live in one of the following countries:

  • Austria
  • Belgium
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Netherlands
  • Portugal
  • Slovakia
  • Slovenia
  • Spain
  • Switzerland
Personal N26 accounts can also be opened in Denmark, Iceland, Liechtenstein, Norway, Poland, Sweden and the United States.

Account holders must provide personal details (including a shipping address) and ID, which could include a passport, national ID card or residency permit. N26 staff may use video calls to verify that customers identities match the photo ID they provided to open an account.

The type of ID that’s acceptable depends on where you’re from. For example, if you’re Canadian but living in a country where you can open an N26 account, you can use either a passport or residence permit to do so. But, if you’re living in the UK, only a passport is acceptable.

So, if you’re Canadian, you could potentially have an N26 account if you live outside Canada. But if you live in Canada, you’re out of luck.

Are there any alternatives to N26 for Business in Canada?

Yes. There are a number of digital banking services in Canada that offer low fees, financial support tools and strong, user-friendly digital platforms. Read our reviews of the companies below to learn more about convenient ways to handle your money online and on your smartphone.

Digital Banking in Canada

Fintech business bank accounts available in Canada

1 - 7 of 7
Name Product CAFSA-BUS Monthly Account Fee Multi Currency Accounts FX Fee Corporate Credit Card Accounting Integration Offer
RBC Digital Choice Business Account
$6
CAD only
Varies
Quickbooks, Sage, Xero
Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.
Sole proprietorships and corporations accepted.
Airwallex Business Account
$0
CAD, USD, GBP, EUR, AUD, HKD, CNY, JPY, SGD + 12 more
0.5% - 1%
Quickbooks, Xero + more
Sign-up and get a $500 bonus in FX conversions. Open and manage multiple global accounts with no monthly fees. Send and receive payments in 16 different currencies and avoid costly conversion and transaction fees.
To be eligible, you'll need to have a registered Canadian corporation.
Jeeves Business Account
$0
CAD, USD, EUR, GBP, MXN, BRL
From 0.20%
Quickbooks, Xero
Issue unlimited pre-funded corporate cards in local currencies, send payments to 150+ countries, and manage global expenses all from one platform.
To be eligible, you'll need to have a registered corporation and a revenue of at least $50,000/month.
Loop Global Business Banking Account
$0
CAD, USD, GBP, EUR
0.1% - 0.5%
Quickbooks, Xero
Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.
To be eligible, you'll need to have a registered Canadian corporation and provide proof of an active business (bank statements, contracts with suppliers, financial or CRA statements, etc.)
Wise Business
$0
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
0.43%
Quickbooks, Xero + more
No hidden charges, high rates or monthly fees. Get the mid-market exchange rate. Pay employees, get paid and manage your cash flow in over 70 countries.
To be eligible, you'll need to have a registered Canadian corporation.
RBC Flex Choice Business Account
$7
CAD
Varies
Quickbooks, Sage, Xero
Bank both digitally and in-branch and only pay for what you use. No minimum or maximum transaction limits.
Sole proprietorships and corporations accepted.
Vault Business Banking Account
$0
CAD, USD, GBP, EUR
0.25%–0.45%
Quickbooks, Xero
Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations. Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers.
To be eligible, you'll need to have a registered Canadian corporation.
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About N26

N26 is a digital bank founded in 2013 and headquartered in Berlin, Germany. N26 has millions of customers throughout most of Europe as well as the United States.N26 currently offers both personal and business bank accounts. Business account holders can earn cashback rewards on their everyday purchases. Other perks include discounts with partner companies, a wide suite of complimentary insurance coverage, and well-rated, user-friendly apps for Android, iOS and the web.

Pros and cons of N26 Business accounts

Pros

  • Free to open and no account maintenance fees
  • No minimum deposit
  • Free Mastercard debit cards
  • Business account holders can earn cashback on their debit purchases
  • No fees for foreign currency transactions
  • Offers low-cost international money transfers through Wise (formerly TransferWise)
  • Google Pay and Apple Pay payments are accepted
  • Range of in-app security features, such as card freeze/unfreeze
  • Free financial planning and budgeting tools
  • Push notifications for payments and transfers

Cons

  • Percentage fee for foreign currency withdrawals
  • Small fee for each ATM withdrawal (first few withdrawals are free)
  • Can’t hold a personal account and business account simultaneously
  • You can’t have your company’s name on your account or card
  • No access to business overdraft accounts
  • No physical branches for in-person service

How do I find the right digital banking company for my needs?

With a growing number of financial service providers popping up online, narrowing down your options may seem overwhelming. Consider the following points when comparing different online banking services:

  • Which companies offer the most suitable range of accounts and products?

Some digital banks like Tangerine offer a wide range of accounts and products and are designed to be customers’ primary banking platform. Other companies may be new to the market or intentionally focusing on offering a few products to service a specific need.

If you have limited and specific financial needs (i.e. transferring money overseas or handling everyday expenses), then you may want to take advantage of a service with limited, yet highly-competitive, offerings. But for more general banking needs, you may want to look for a digital banking service with a variety of products and financial solutions.

  • Which companies will keep my costs as low as possible?

Besides saving money by not having fully-staffed, brick-and-mortar branches, digital banking services may also cut down on costs by designing unique pricing tiers for their products. Some examples include monthly or yearly account maintenance fees, foreign transaction fees, money transfer fees or tiered interest rates on credit products. Look for companies that offer low fees and/or interest rates on the products you’ll use the most, and read the fine print to make sure you know what costs to expect.

  • Are there flexible options for managing my money?

The most popular digital banking companies tend to have easy, flexible ways of transferring to and from your accounts – including accounts held at other financial institutions. It’s not uncommon to find companies that offer free Interac e-Transfers, email money transfers and bill payments, while some charge a small fee per transaction. Check out customer reviews on sites like the Better Business Bureau and Trustpilot to find out which companies handle customers’ money safely and reliably.

  • What customer support options are available?

Perhaps the biggest trade-off of banking with a digital company is that you don’t have the familiarity and accessibility of interacting face-to-face with real customer service representatives. Look for companies that offers many ways to connect with support staff including live chat, phone, email and online contact forms. 24/7 availability is a huge plus. At the very least, it can helpful to have access to a robust online database of how-to articles and FAQs for when you can’t get in touch with representatives.

Compare other digital banking products in Canada

1 - 3 of 3
Name Product CAFSA Finder Rating Promo Rate Regular Interest Rate Transaction Fee 1 Year Return Offer
EQ Bank Notice Savings Account
Finder Score:
★★★★★
4.3 / 5
N/A
4.25%
$0
$425.00
Earn 4.25% interest with a 30-day withdrawal notice period, or 4.00% interest with a 10-day notice period.
Simplii High Interest Savings Account
Finder Score:
★★★★★
3.9 / 5
6.25% for 5 months
0.35%
$0
$287.00
Earn 6.25% interest for 5 months on up to $1,000,000 in savings. Apply by October 31, 2024.
KOHO Earn Interest
Finder Score:
★★★★★
4.1 / 5
N/A
5.00%
$0
$500.00
Pick one of four KOHO plans and opt-in to earn up to 5% interest, plus earn up to 5% cash back on spending with your KOHO prepaid card.
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To make sure you get accurate and helpful information, this guide has been reviewed by Romana King, a member of Finder's Editorial Review Board.
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Written by

Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio

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Co-written by

Senior writer

James Martin is a senior writer at Finder. He has written on a range of finance and business topics for over five years and his work has been featured in publications including The Irish Times, Companies 100, In Business and Q Magazine (UK). As a trained journalist, James can drill into the finer details of financial products to help you save time and money. In his spare time, James is a committed sports fan, novel reader and Thai food enthusiast. See full bio

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