N26 business accounts review

What you need to know about the popular digital banking app in Ireland.

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N26 business account cards
N26 has now passed 100,000 users in Ireland – and the Germany-based challenger bank says that plans are afoot to “significantly” scale up investment in the country in the coming year. But is a business account with N26 the best option for your company?

This review looks at the key features, and costs, of N26’s business accounts to make the process of comparing that little bit easier for you.

Product NameN26 Business
Monthly fee€0
Number of users10
Fee for additional users€14
Free monthly Euro transfersUnlimited
Free international transfer limitUnlimited
More Info
Product NameN26 Business You
Monthly fee€9.90
Number of users10
Fee for additional users€14
Free monthly Euro transfersUnlimited
Free international transfer limitUnlimited
More Info
Product NameN26 Business Metal
Monthly fee€16.90
Number of users10
Fee for additional users€14
Free monthly Euro transfersUnlimited
Free international transfer limitUnlimited
Currency conversion fee0%
More Info

Who is N26?

N26 is a digital bank, founded in 2013. They’re currently headquartered in Berlin. While being run from Germany, N26 is available in a number of countries throughout Europe and has an estimated 2.5 million customers across the continent. N26 currently offers a number of personal and business bank account options, the N26 app and cards.

What are the main business accounts offered by N26?

There are two business accounts offered by this online-only bank: N26 Business and N26 Business You. These accounts are aimed specifically at freelancers and the self-employed – your account can only be registered in your name, not your company.

Here are some of the pros and cons of choosing N26 Business:

  • Free to open and manage your account
  • No minimum deposit
  • Free Mastercard debit card
  • Get 0.1% cashback as you spend
  • Five free ATM withdrawals in Euros per month
  • No fees for foreign currency transactions
  • All payments are completed within one working day
  • Make fee-free card transactions abroad
  • Transfer money into 19 currencies using TransferWise
  • 3D Secure – giving you an extra layer of security in helping to prevent fraud
  • Google Pay and Apple Pay payments are accepted
  • Range of in-app security features, such as card freeze/unfreeze
  • Free planning and budgeting tools
  • Push notifications for payments and transfers
  • 1.7% charge for foreign currency withdrawals, although this is competitive when compared to many
    banks in Ireland
  • €2.00 fee for each ATM withdrawal in Euros after your monthly allowance ends
  • It costs €6.00 to get a replacement card if you lose yours
  • Travel insurance cover with Allianz
  • Unlike N26 current accounts, you can’t make foreign currency transfers in the app
  • Existing N26 users can’t switch to a business account
  • You can’t have your company’s name on the account or card
  • No access to an overdraft
  • No physical bank branches

Meanwhile N26 Business You, which costs €9.90 per month, includes the following pros and cons:

  • Free to open and manage your account
  • No minimum deposit
  • Free Mastercard debit card
  • Get 0.1% cashback as you spend
  • Free foreign currency withdrawals from ATMs in other countries
  • Five free ATM withdrawals in Euros per month
  • No fees for foreign currency transactions
  • Travel insurance cover with Allianz
  • All payments are completed within one working day
  • Make fee-free card transactions abroad
  • Transfer money into 19 currencies using TransferWise
  • 3D Secure – giving you an extra layer of security to help prevent fraud
  • Google Pay and Apple Pay are available
  • Range of in-app security features, such as card freeze/unfreeze
  • Free planning and budgeting tools
  • Push notifications for payments and transfers
  • €2.00 fee for each ATM withdrawal in Euros after your monthly allowance is used up
  • It costs €6.00 to get a replacement card if you lose yours
  • Unlike with N26 current accounts, you can’t make foreign currency transfers in the app
  • Existing N26 users can’t switch to a business account
  • You can’t have your company’s name on the account or card
  • No access to an overdraft
  • No physical bank branches

Compare all N26 for business products in Ireland

Data indicated here is updated regularly
Name Product Monthly fee Number of users Free monthly Euro transfers
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
N26 Business Metal
€16.90
10
Unlimited
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What other features does N26 offer?

N26 has a range of features that can help to organise your business expenses or let you put money aside for your projects. These include:

  • Categories. See a clear breakdown on the app of everything you’ve spent, to help you track things like transport or food expenses
  • Hashtags. A range of default hashtags which can help you follow the time, type or location of your spending. Plus, you can add your own hashtags which are tailored to your company’s needs
  • Export transactions. You can export your bank statement as a spreadsheet file onto your phone or computer
  • WebApp. Log in to this app on your computer, to show your statements on a bigger screen

What other costs should I be aware of?

N26 customers with a legal address in Ireland have to pay a stamp tax duty on cash withdrawals made in the country. This charge (which is included in monthly billing) costs €0.12 per ATM withdrawal.

Is my money secure with N26?

You can feel confident that your money is secure with N26. Since 2016, the organisation has been a fully licensed bank by the European Central Bank meaning it must comply with the rules of the German financial regulatory authority. Essentially this means that all customer deposits of up to €100,000 are held in the member states of the European Union.

How do I open a business account with N26?

Opening a business account with N26 can take just eight minutes, according to the bank. The paperless application process can be started from either your phone or computer. After confirming your email address and downloading the app to your smartphone, you’ll have to complete an ID verification. This is done by taking a selfie and a photo of your ID through the app. You’ll then have to pair your smartphone with your new account. After these steps, you’ll be able to add funds to your new business account.

You can then start using your account immediately, there’s no need to wait for your card to arrive in the post.

Compare N26 with other digital banks for business in Ireland

Data indicated here is updated regularly
Name Product Monthly fee Number of users Free monthly Euro transfers
bunq Business
€9.99
20
N/A
Benefit from multiple accounts, the ability to link your bookkeeping software, receipt linking, employee access, and simple payments.
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
Soldo Pro
Soldo Pro
€5
Unlimited
40.000 €
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
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Frequently asked questions

Bottom line

N26 stands out against other digital banks in Ireland is with its offer of 0.1% cash back on purchases. This might not sound like much, but it can add up quickly, especially if your company has a lot of outgoings a lot each month. For example, you’d get €100 in your company’s coffers for each €10,000 you spend. N26’s business accounts have lots of other things going for them; including its easy-to-use app with handy features that can help you stay on top of your finances. However, it’s a good idea to look into a range of different accounts, including all their benefits and costs, before settling on one that meets the needs of your business.

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