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.
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 fee||No monthly fees||No monthly fees|
|Card payments||Unavailable in the UK but free abroad||Free in the UK and abroad, but currency conversion fees apply|
|Currency conversion||Free for both card payments and ATM withdrawals||0.35%-2.85% depending on the currencies involved|
|ATM withdrawals||Unavailable in the UK. Abroad: 1.7% fee||Free up to £200 a month; 2% fee after that|
|International money transfers||Not available||£0.65 fixed fee (can vary according to the currency) + currency conversion fee|
|Visit N26||Visit Transferwise|
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.
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