N26 is a Germany-based neobank that provides online bank accounts and gives its customers the ability to carry out cross-border fund transfers. TransferWise, on the other hand, is a UK-based overseas money transfer specialist. Incidentally, N26 has partnered with TransferWise to carry out overseas money transfers. Selecting either N26 or TransferWise depends on the services you are after.
One way to look at where the TransferWise vs. N26 comparison stands in the real world is to take it to Trustpilot, a review-based website. On this website, while TransferWise gets an average score of 9.2 out of 10, N26 averages at 7.7 out of 10.
Since the services offered by both businesses are not the same, selecting TransferWise or N26 requires that you consider different aspects. These include:
- Exchange Rates
- Multi-Currency Bank Accounts
- Debit/Travel Cards
- Ease of Use
- Regular Overseas Payments
This section of the TransferWise vs. N26 comparison requires particular attention, because the fees you pay through both might vary in different situations.
- The company charges a percentage of the transfer amount as fees
- The currencies involved and the transfer amount might affect transfer fees
- The TransferWise fee breakdown table provides more information about the company’s pricing structure
- The TransferWise Borderless account offers free receiving accounts in different currencies
- You pay no fees to receive money and add funds in your Borderless Account, but you need to pay fees when withdrawing money to your bank account
- Using the prepaid Mastercard requires that you pay fees in different scenarios
- If you use N26 to send money overseas, TransferWise transfer fees apply
- The N26 account comes with no monthly fees, as does the N26 Business account
- If you opt for the N26 Black account, you need to pay €9.90 per month
- The N26 Metal account comes at a cost of €16.90 per month
- The company does not charge a conversion fee when you use its debit Mastercard in foreign currencies
- All N26 cards offer free ATM withdrawals in euros
- The N26 Black and Metal cards offer free withdrawals globally
- You may find other region-specific fee details online
Both companies provide cards linked to their accounts, and you may use the cards globally.
- Provides access to funds in your Borderless Account through a prepaid Mastercard
- The Mastercard is available for Borderless account-holders in:
- ATM withdrawals of up to £200 every 30 days are fee-free
- You may apply for an N26 debit card if you live in:
Ease of Use
This section of the N26 vs. TransferWise comparison rates both companies well. Signing up with them is fairly straightforward, as is using their services.
- Use your Facebook or Google account to hasten the registration process
- Sign up as an individual, a business, or an online seller
- Operates a multilingual website
- Depending on where you live, pay for your transfer using a bank account, a debit card, or a credit card
- Use TransferWise apps with devices that run on iOS or Android
- Serves individuals and businesses
- Website access in different languages
- Top up your account using SEPA transfers
- If you live in France or Germany, you may use CASH26 to top up your account
- Use Spaces to segregate funds within your account
- Use Moneybeam to transfer funds to other N26 users instantly
- Allows integration with Apple Pay and Google Pay in some regions
- Provides apps for iOS and Android
Regular Overseas Payments
Turning to either TransferWise or N26 will not do you much good if you wish to schedule transfers because both do not offer this feature yet. If setting up scheduled transfers is your top priority, consider turning to alternatives such as OFX, Currencies Direct, HiFX, or TorFX instead.