Revolut vs N26

We take a closer look at two of the "challenger banks" making big strides in digital finance: Revolut and N26.

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In recent years, “challenger banks” have drastically changed the face of banking. A wave of mobile only banks such as Revolut and N26 mean that these days, you don’t have to go into a physical branch to open an account.

By offering a number of features and quirks that traditional banks don’t, these mobile banks have seen a surge in popularity.

Here we cover two of the major companies in banking apps, Revolut vs N26.

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Revolut or N26 – side by side comparison

Revolut (Standard)N26
NameRevolut (Standard)N26
Fees and chargesFree with finder.com, otherwise card delivery is £4.99Free
Delivery speedUp to 9 working days5-7 working days
PaymentsEasy UK payments and can transfer money between 23 countriesUse MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
UK ATM withdrawals £200 free monthlyFree
Spending insightsShows spending by category, merchant, country, and monthPULSE26 analytics offers insights like the restaurant you visit most. Monthly reports help understand your spending habits.
Categories10+ categories20+ categories
Direct debitsRevolut currently only supports direct debits with the Euro IBAN accountYes
Top upVia bank transfer. Longer term users can pay in with the auto top up feature.Via bank transfer - IBAN needed and details needed
Freeze your cardYes: touch of a button in appYes: touch of a button in app
AlertsSends realtime transaction notificationsAlerts for withdrawing money and paying
InterestNo interestNone
Savings goalsSet budgets in the appn26 'Spaces' feature lets the user open sub-accounts to stash your money away
VisualisationSpending graphs show which days you've spent most/least moneyMonthly spending statistics shown in pie chart
Foreign ATM withdrawals£200 free monthly1.7% of amount drawn
Foreign transactions feeNo feesNo fees
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N26

Download N26 now for free

  • Take control of your finances with one app
  • Manage everything directly in the N26 app
  • Set payment limits; change your PIN; lock and unlock your card
  • Make no-fee transactions anywhere in the world
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Revolut vs. N26: the verdict

Using the app

In terms of the actual app, there’s not much separating these two. Both Revolut and N26 offer stylish graphics and spending insights, categorising your transactions and showing you how much you’ve spent in a category or at a particular shop. Budgeting with both apps is easy and structured, although N26’s ‘Spaces’ feature might put them above Revolut in this respect.

With ‘Spaces’ you can open sub-accounts to store away money for a particular saving goal.

Using your card abroad

When compared with using your traditional bank card, both Revolut and N26 will save you more money abroad. Revolut is probably the better option out of the two, though.

  • Card transaction fees: Neither charge you any fees for card transactions, while your usual bank invariably will. Usually somewhere between 2% and 3%.
  • Number of countries: With Revolut, you can take money out in 120 different countries and 23 different currencies. This is marginally better than the 19 offered by N26.
  • ATM withdrawals abroad: Revolut gives you your first £200 worth of ATM withdrawals fee free, before charging 2% interest every time to take money out. N26 will charge its basic customers a 1.7% fee every time they take cash out. Moreover, after your first 5 free cash withdrawals for the month, N26 charges you €2 for each ATM withdrawal.

N26 comes to the UK

  • N26 is a German bank that has recently come to he UK. It had been operating across Europe before this, in a whole host of places. This includes Ireland, Spain, Italy, France and Germany.
  • UK customers can now get the basic, free current account. For now, you’ll have to wait if you want to get the black or metal account in the UK.
  • It is a fully licensed bank in Germany, so you’re money is protected.
  • UK customers get unlimited ATM withdrawals in GBP, up to the daily take-out limit of £2,5000.

Security

Unlike N26, Revolut doesn’t actually have a banking license. This means with Revolut, you’re money isn’t protected by the Financial Services Compensation Scheme (FSCS). N26 isn’t currently in the UK. However, in Germany, customers are covered for up to €100,000.

Transfer money abroad

Foreign transfers might be Revolut’s strong suit. While N26’s partners Transferwise charge a small fee for international transfers, with Revolut they’re free. Both charge the mid-market rate, though. This is usually the best exchange rate you can get.

Video: Alex Weber, head of international markets, on why N26 is different

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4 Responses

  1. Default Gravatar
    GlenApril 15, 2019

    I was reading your article and there’s 2 errors in it! First you mentioned that n26 wins due to having an extra perk called spaces for saving but revolut has vaults for saving so it’s the exact same thing actually… And 2nd revolut has a banking license now.

    • Avatarfinder Customer Care
      johnbasanesApril 16, 2019Staff

      Hi Glen,

      Thank you for your insights.

      We will have this forwarded to our publishers for validation and updates will be processed once done. Hope this helps!

      Cheers,
      Reggie

  2. Default Gravatar
    EdFebruary 2, 2019

    Im wondering what are the actual addresses of these banks? Do they exist? When I want to add my N26 account as a payee, I need the address.

    • Avatarfinder Customer Care
      JoshuaFebruary 7, 2019Staff

      Hi Ed,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Revolut and N26 are both legitimate and registered banks. They exist and they have been providing services to thousands of people for many years now.

      The address of Revolut is as follows:

      Revolut Limited
      4th Floor, 7 Westferry Circus
      E14 4HD London, United Kingdom

      Alternatively, you can also know the address of Revolut in the “SWIFT” section of your app when making a bank transfer.

      The address of N26 is as follows:

      Klosterstraße 62, 10179 Berlin, Germany

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

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