N26 vs. Revolut - Which Digital Bank is Best for You
Mobile banking, also known as digital banking, has become increasingly popular in the past decade, as people seek more convenient and cost-effective ways to manage their money. Two of the most popular digital banks are N26 and Revolut. In this post, we will compare N26 vs. Revolut in terms of fees, features, and usability, to help you determine which is the best digital bank for you.
Fees
One of the significant benefits of using a digital bank is avoiding the fees of traditional banks. Both N26 and Revolut claim to offer zero or low fees. However, there are potential fees to keep in mind:
N26
- N26 Basic: No monthly fees, free ATM withdrawals in Euros, a 1.7% foreign transaction fee
- N26 Smart: €4.90 monthly subscription, free ATM withdrawals worldwide, a 1.7% foreign transaction fee
- N26 You: €9.90 monthly subscription, free ATM withdrawals worldwide, no foreign transaction fees
- N26 Metal: €16.90 monthly subscription, free ATM withdrawals worldwide, no foreign transaction fees, various travel insurances
Revolut
- Standard: No monthly fee, free ATM withdrawals up to €200 per month, a 2% foreign transaction fee
- Premium: €7.99 monthly subscription, free ATM withdrawals up to €400 per month, no foreign transaction fees, various insurances
- Metal: €13.99 monthly subscription, free ATM withdrawals up to €600 per month, no foreign transaction fees, various insurances, cashback on all card purchases
Overall, N26 has lower fees for foreign transaction fees, but you need to pay a monthly fee to access free ATM withdrawals worldwide. On the other hand, Revolut has generous ATM withdrawal limits, but it charges a higher foreign transaction fee unless using a paid account.
Features
Both digital banks offer similar core functionalities. Here are some highlights:
N26
- Virtual and physical credit cards
- Wide range of cards, based on needs
- MoneyBeam feature, which allows N26 users to transfer money easily between devices without requiring bank account details
- N26 Spaces, which let you put money aside in a saving plan
Revolut
- Virtual and physical credit cards available, with various designs
- Up to 28 different currencies available to exchange in the app
- Vaults feature, which allows users to budget and save
- Card payments categorised by retail vertical
Overall, both digital banks offer similar features; the primary difference comes down to the design and user experience.
Usability
The ease of use of a digital bank is crucial in guaranteeing the efficiency that users are after. Here's how N26 and Revolut compare:
N26
- Simple and elegant interface, user-friendly
- A variety of filters for transactions and categories
- Instant push notifications for transactions and card usage
- 24-hour customer service via app chat or email
Revolut
- A user-friendly interface, with a focus on interactive data vis
- Dynamic transaction categorisation
- Automated budget and saving tools available
- 24/7 customer support via the chat option
Conclusion
Overall, determining which digital bank is best depends on the user's preferences of your particular use case here are some recommendations:
- For frequent travellers or expats looking for reasonable pricing on foreign transactions with ATM withdrawals, N26 You seems to the best option.
- For those who want more editorial control over their money and functionality, Revolut offers a more curated customer experience.
Remember, digital banking is not always like traditional banking. It caters to online banking and smartphones, giving its customers the power to do a lot of their banking right away, without needing to visit an actual bank. However, digital banking can also come with its unique product offerings, therefore ensuring that the many available products meet your needs is important in deciding which digital bank to choose from.
References
- "N26 Pricing", Retrieved from https://n26.com/en-eu/pricing
- "Revolut Pricing", Retrieved from https://www.revolut.com/en-PL/pricing