When it comes to digital banking, N26 and Revolut have emerged as two popular options in recent years. With a range of services and features, these mobile-first banks aim to provide a modern and hassle-free banking experience. However, deciding between them can be a challenge. In this comprehensive comparison, we will delve into the key aspects of N26 and Revolut to help you make an informed decision.
Before we dive into the details, let’s briefly introduce N26 and Revolut. Both banks offer a variety of services, including simple current accounts. Revolut offers more investment options like stock and cryptocurrency trading. Their goal is to cater to customers seeking a seamless digital banking experience. However, there are notable differences between the two institutions that deserve your attention.
2. Comparing the two digital banks
|Accounts||Standard, Smart, Metal||Standard, Premium, Metal|
|Cards||Debit Mastercard, Maestro||Debit Mastercard, Visa, Virtual cards|
|Foreign transactions||Free in selected currencies||Free up to a certain limit, then a small fee|
|ATM withdrawals||Free up to 5 times per month||Free up to a certain limit, then a small fee|
|Customer service||In-app chat, phone, email||In-app chat, phone, email, social media|
As you can see, both banks offer a range of accounts and cards, but there are some differences when it comes to foreign transactions and ATM withdrawals. Revolut also offers cryptocurrency trading, which is not available on N26.
Considering the fees associated with a digital bank is crucial. Let’s compare the fees charged by N26 and Revolut:
|Account fees||Free, except for Metal account||Free, except for Premium and Metal accounts|
|Foreign transactions||Free in selected currencies, otherwise a small fee||Free up to a certain limit, then a small fee|
|ATM withdrawals||Free up to 5 times per month, then a small fee||Free up to a certain limit, then a small fee|
|Card delivery||Free, except for Express delivery||Free, except for Express delivery|
Both N26 and Revolut offer fee-free foreign transactions and ATM withdrawals up to a certain limit. However, there are variations in account fees and card delivery fees.
Finally, it’s important to consider the security measures taken by each bank. Both N26 and Revolut take security seriously, and offer features like two-factor authentication and fraud protection. However, there are some differences in the specific measures taken by each bank. For example, N26 uses end-to-end encryption to protect customer data, while Revolut uses a combination of encryption and tokenization.
So, which bank should you choose? Here are some pros and cons of using each bank:
- Simple account setup process
- Good customer support options
- Fee-free foreign transactions in selected currencies
- Limited ATM withdrawals per month
- No cryptocurrency trading
- Wide range of accounts and cards available
- Cryptocurrency trading available
- Foreign transaction fees after a certain limit
- Limited customer support options for free accounts
Both N26 and Revolut are great options for those looking for a modern, digital banking experience. However, there are some key differences between the two banks that you’ll want to consider before making a decision. If you’re looking for fee-free foreign transactions and good customer support, N26 might be the better option for you. On the other hand, if you’re interested in cryptocurrency trading or a wide range of accounts and cards, Revolut might be the better choice. Ultimately, the best bank for you will depend on your individual needs and preferences.
It’s also worth noting that the availability of each bank varies depending on the country you’re in. N26 is available in most European countries, as well as the US, while Revolut is available in Europe, the US, Canada, Australia, and Singapore. So, be sure to check whether the bank you’re interested in is available in your country before signing up.
In conclusion, both N26 and Revolut offer unique features and benefits that may appeal to different users. By comparing the features, fees, and security of each bank, you can make an informed decision and choose the bank that best suits your needs.