N26 vs TransferWise

For sending money abroad, we'd go with Transferwise.

Last updated:

Which is better? Well, while they both stand out for their fresh approach to personal finance, they actually serve two different sets of needs. We’ve tried them both to find out which is good for what.

Promoted
TransferWise

Finder's pick for sending money overseas

  • Sign up and start sending money within minutes with this peer-to-peer transfer service
  • Transfer money at the mid-market exchange rate
  • No hidden fees
  • Transfers from pounds typically only take one day

N26 vs TransferWise: Key differences

Short answer: N26 is all about banking, TransferWise is all about money transfers. Long answer:

  • N26 no longer operates in the UK. As of early February 2020, the European fintech has chosen to shut up shop in the UK and focus its operation on the EU and US.
  • N26 is a fully licensed European bank. Your money will be protected up to €100,000 thanks to German deposit protection.
  • The N26 app has more features. These include saving goals and spending categorisation, which can really help you with budgeting.
  • TransferWise gives you a multi-currency account. This comes with full bank details for UK, EU, Australian and US accounts. N26 only does UK sterling accounts.
  • You can’t send or receive international transfers with N26. You might have heard that N26 has a partnership with TransferWise for international money transfers – that’s true in the rest of Europe, but not in the UK.

N26 vs TransferWise: Fees

Monthly feeNo monthly feesNo monthly fees
Card paymentsUnavailable in the UK but free abroadFree in the UK and abroad, but currency conversion fees apply
Currency conversionFree for both card payments and ATM withdrawals0.35%-2.85% depending on the currencies involved
ATM withdrawalsUnavailable in the UK. Abroad: 1.7% feeFree up to £200 a month; 2% fee after that
International money transfersNot available£0.65 fixed fee (can vary according to the currency) + currency conversion fee
Visit N26Visit Transferwise

The verdict

Given N26 has recently closed in the UK, we’d go for Transferwise.

Transferwise offers one of the best products on the market for sending money overseas and has an app that’s constantly evolving to offer new features.

When it comes to sending money abroad, Transferwise is tough to beat.

Promoted
TransferWise

Finder's pick for sending money overseas

  • Sign up and start sending money within minutes with this peer-to-peer transfer service
  • Transfer money at the mid-market exchange rate
  • No hidden fees
  • Transfers from pounds typically only take one day

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