N26 Business Account Review [2024]: Features & Fees

N26 is a German 100% bank. It was formerly operated as Number 26 before obtaining a full European banking licence from the Federal Financial Supervisory Authority (BaFin) in 2016.

With headquarters in Berlin, N26 Bank provides a range of financial services to 8 million customers in 24 countries. Their services include current accounts for personal and business clients, low-cost international bank transfers, and Mastercard® debit cards. As a fully licensed German bank, funds deposited with N26 are protected under the German Deposit Protection Scheme, covering up to EUR 100,000.

Recently, N26 expanded its investment products to 12 more countries, including Belgium, Denmark, Estonia, and Finland, following an initial launch in Austria and Germany. This feature aims to help clients grow their assets and build future wealth.

While N26 offers banking services to individuals, this review will focus on N26 business accounts and business banking services.

Business Accounts

N26 offers four tiers of business current accounts: N26 Standard, N26 Smart, N26 You, and N26 Metal. They are designed for individual freelance or self-employed users. Below are key features of N26 business accounts.

• Send and receive Euros through the SEPA payment network, with options for regular (no limits) and instant transfers (maximum of EUR 100,000 per day). 
• Make instant transfers between N26 accounts using MoneyBeam, up to EUR 1,000 per day.
• Receive international payments via the SWIFT network. Currently, only business accounts with German Ts&Cs can send money overseas.
• Organise and manage your finances with subaccounts or “Spaces,” which can create up to 10 spaces (available on N26 Smart, N26 You, and N26 Metal).
• Secure your account with two-factor authentication (2FA) for log-in and Mastercard®’s  3D Secure protection for online purchases.

The table below shows some key features of each N26 business account.

N26 Metal includes all the features listed above.

Payment Cards

All N26 business accounts come with virtual and physical cards that allow contactless, mobile (Apple and Google Pay), and unlimited fee-free card payments in any currency worldwide. N26 Standard customers can request the first physical card for EUR 10, which is free for other tiers.

N26 Standard, N26 Smart, and N26 You can benefit from 0.1% monthly cashback on all N26 Mastercard® spendings. N26 Metal also gets the same feature but receives 0.5%.

Investment Options

N26 offers investment products to business clients directly through the N26 app, including:

• Stock and ETFs: Choose from over 500 stocks and 350 ETFs, including popular options like Apple, Tesla, and Netflix.
• N26 Crypto: Instantly trade almost 200 coins, including Bitcoin and Ether, with a daily transaction limit of EUR 100,000.

Other Services

N26 also provides additional services apart from current accounts, including:

• CASH26: Deposit and withdraw money at thousands of partner retail stores in eligible countries by generating a scannable barcode in your N26 app.
• Overdraft: N26 offers an overdraft facility at an interest rate of 13.4% for your business spending needs. Interest is charged quarterly and debited from your N26 account. (available in Germany and Austria)
• N26 Insurance: You can also protect your laptop, tablet, smartphone, and smartwatch in cases of theft or malfunctions with the N26 insurance plans.

N26’s Feature Rating is 3.8/5

N26 offers comprehensive features that cater well to freelancers and the self-employed based in Europe. It provides versatile banking solutions and modern features.

However, the specificity of services tailored exclusively to individual business users limits their applicability to a broader range of potential users, such as companies, who could benefit from these features. Additionally, the restriction on international payments might be a significant drawback for users sending cross-border transactions frequently.

Nevertheless, the inclusion of cryptocurrency trading, solid fundamental banking capabilities, and a secure mobile banking app make N26 a noteworthy option for business customers.

While opening an N26 business account is free, they charge a monthly fee for some account plans.

Additionally, N26’s fees may vary slightly depending on your country of residence. Accounts opened with an address in Germany, Austria, France, Spain, or Italy may have different fees for some additional services than the rest of Europe. For accurate pricing, we recommend checking the specific price list for each country.

Below are the standard fees charged by N26 in most European countries.

N26’s Fee Rating is 3.5/5

N26's fee structure is fairly competitive, particularly for freelancers and self-employed in the EU, with a free account plan and unlimited free incoming and outgoing local bank transfers. 

However, while premium users can benefit from free ATM withdrawals in other currencies, the 1.7% fee for standard accounts is slightly high. In addition, the incoming SWIFT transactions fee is also a consideration for those handling frequent international transfers.

If you have a bank account with N26, you can contact the customer support team via a secure chat through the N26 app. The chat support is available daily, including weekends and bank holidays, from 7 a.m. to 11 p.m. (GMT+1). You can also chat in English, German, French, Spanish, and Italian.

Phone support is only available for premium account customers (N26 You, N26 Smart, and N26 Metal), and you must call from the number registered in your bank account. 

For general enquiries, you can contact N26 through a visitor chat on their website or by emailing support@n26.com.

N26 does not have a physical branch.

N26’s Customer Support Rating is 3.5/5

N26 offers multi-channel customer support with online chat in the app and exclusive phone support for premium accounts. The multilingual chat feature and extensive operating hours are helpful, but the lack of 24/7 support and limited phone access for Standard account holders could be improved. These limitations may affect users who need more immediate or direct help, especially for more complex issues.

To be eligible for an N26 business account, you must be:

• A freelancer enrolled in a profession, such as architects, lawyers, pharmacists, and nurses.
• A self-employed or individual entrepreneur with a VAT number, such as designers, photographers, electricians, or owners of B&Bs and holiday homes.
• A sole proprietorship registered in the Business Register of the Chamber of Commerce.
• Based in a European country. 

Partnerships and capital companies (e.g., LLCs and INCs) are not eligible to open an account with N26 Bank. You cannot open a business account if you already have a personal account with N26.

As an app-based bank, you can apply to open an account online through the N26 app or their website. The application will take around 10 minutes, and you can access the account once you have completed the identity verification process.

The Ease of Opening an Account for N26 is 4.5/5

N26 offers a quick and efficient process for opening a business account. The fully online application takes about 10 minutes and requires minimal documentation, making it straightforward for users to get started.

Overall, N26 provides a convenient and user-friendly digital banking experience that fits the needs of freelancers and individual business users.