In this article, Bunq vs N26 review, we will look at how these online banks differ with one other. We will answer the questions you have about choosing N26 or Bunq. We will look at N26 Bunq similarities and differences.

The world is going through a digital transition. Virtually all sectors are being digitized. The fintech industry is also seeing incredible changes with the emergence of virtual banks and crypto banks around the world.

What is a Virtual Bank?

The banking sector has been going through significant changes. The traditional approach to banking has always been based on brick and mortar. One had to go to a bank and deposit. Also, one had to go to a bank or an ATM to withdraw funds. As a result, banking was expensive to its customers.

Virtual banks are changing this. Online banks are those that enable people to do banking through a mobile application. In recent years, the number of such banks has been on an upward trend. As a result, many venture firms have made investments in virtual banks.

What is N26?

N26 bank is one of the biggest online banks in the world. N26 Europe started in 2013 by Valentin Stalf and Maximilian Tayenthal in 2013. N26 offers personal IBAN and business IBAN in the SEPA zone. It also offers low cost international money transfer in partnership with Wise, formerly Transferwise.

N26 launched N26 bank USA in 2019 and stared operating in the UK in 2018 before leaving the UK in 2020. Over the years, the company has attracted more than $682 million from venture capitalists and is valued at more than $3.5 billion. The company has more than 5 million customers and is headquartered in Berlin.

N26 ranks number 1 on Forbes’ list of the world’s best banks in 2021. It is the first best bank in Austria and Italy, the second-best bank in France, the fourth best bank in Spain and 13th in Germany.

N26 has left the UK market because of Brexit. !! The bank will also no longer be available in the US after January 18, 2022.


What is Bunq?

Most people ask, “Is Bunq a real bank?” yes, it is. Bunq is a virtual bank that was started in 2012 by Ali Niknam. Bunq banking license was granted by the Dutch Central Bank (DNB) in 2014. The company has more than 9.1 million users and has raised more than 44 million euros from venture capital firms. It is valued at more than $1.7 billion,and is headquartered in Amsterdam.


N26 Features

N26 operates a relatively simple banking platform. One can sign up and get an account within five minutes. They are required to provide information like their names, phone numbers, email address, and proof of residence. After signing up, you will receive a bank account number and a debit card. Some of the features of N26 are:

N26 free debit card – The bank gives you a free N26 Mastercard debit card whenever you sign-up. You can choose different N26 card types depending on the type of account you have opened.
Easy money transfer – The company has partnered with Transferwise to provide fast international funds transfer.
N26 Spaces – This is a free sub account that lets you save towards your financial goal.
Spending dashboard – A dashboard that shows you your spending habits.
N26 shared spaces – This is N26 joint account feature that allows you to share spending with a friend or family member through N26 bank joint account.
N26 Cashback from multiple online companies.

N26 Account Types and N26 Fees
There are two main N26 account types. It has a personal and N26 business bank account. On N26 personal bank account, the company has four types of accounts: N26 Standard, N26 Smart, N26 You, and N26 Metal. For business accounts, it has a N26 Business Standard, N26 Business Smart, N26 Business You and N26 Business Metal.

N26 Standard – This account has no monthly fees. Users get a free Mastercard, free online payments, up to 5 free ATM withdrawals, a 1.7% fee on foreign currency withdrawals, and 2 sub accounts.
N26 You – This account charges EUR9.90 per month. Features are the same as those of the previous account. The difference is that you have up to 10 sub-accounts, account sharing, medical insurance when travelling, and flight insurance delay among others.
N26 Metal – This account costs €16.90 per month, with a 1-year commitment period and gives you a metallic Mastercard debit card. It also offers a number of insurance services.
N26 Business Standard – This account has no fees and has similar features to the previous ones. It has a 0.1% cashback on all purchases.
N26 Business You – This charges EUR 9.9 per month. It has same features as the You personal account.
Read: Full Review of N26 Business Bank Account

Bunq Unique Features

Bunq is an online bank that offers a number of features.

Instant payments – The company offers instant payments to various platforms.
Interest – You earn interest on all your accounts every month.
Robo investing – You can let the company make investments for you.
Travel card and coverage – Bunq offers quality travel insurance to customers.
Types of Bunq Bank Accounts and Bunq Fees
As with N26, Bunq offers both personal and business banking services.

Bunq Easy Money Personal accounts (formerly Premium) – This is an account where you can deposit money, withdraw, and spend. This account charges EUR 7.99 per month.
Bunq Easy Green Personal – This is a personal account for 16.99 EUR a month.
Bunq Easy Money Business – This is an account that is tailored to businesses. This one charges EUR 9.99 per month.
Bunq Easy Green Business – This is also a business account, which incurs 19.99 EUR a month
Bunq Pack – This is a discounted plan for 19.99 EUR a month that comes with 3 personal Personal accounts + 1 Business account or 4 personal account.
Bunq +1 – This is a joint account for you to share with anyone at 2,99 EUR a month.
Bunq Green Card
A unique feature that Bunq offers is a Green Card. This is a debit card that rewards you indirectly when you shop. It rewards you by planting a tree whenever you buy something worth EUR 100. The company has partnered with a non-profit organization called Eden Restoration Projects that plants trees in the emerging markets.

N26 Revenue Model vs Bunq Revenue Model

Both Bunq business model and N26 business model are subscription based. As shown above, members of the two banks pay between EUR 7.99 to EUR 9.99 for certain perks. The two companies have also partnered with companies like Wise, formerly Transferwise, and travel insurance companies.

The banks take a small commission from these partnerships. As with all banks, they also make money by investing in safe financial products like bonds.


N26 Supported Countries

N26 is available in the following countries: Germany, Austria, Ireland, France (excluding overseas territories), Spain, Italy, the Netherlands, Belgium, Portugal, Finland, Luxembourg, Slovenia, Estonia, Greece, Slovakia, Poland, Sweden, Denmark, Norway, Liechtenstein, Iceland, and the USA.

!! N26 bank has decided to focus on the European market. Therefore, N26 bank will no longer be available in the US after January 18, 2022.

Bank account in Germany without Schufa

One of the main challenges you face when opening a bank account in Germany is the Schufa, the German credit score. You can only get the German credit score if you have lived in Germany before or had a German bank account. Thankfully, there are ways around this, for example by opening a bank account in Germany without Schufa with N26 Flex account.
Bunq Supported Countries
Bunq is available in all EU countries as well as Iceland and Norway.

Bunq German IBAN and Bunq French IBAN

On April 22, 2021, Bunq became is the first online bank outside of Germany to offer German IBANs. For now, Bunq IBAN for German account holders is available for new account holders with Personal accounts. Bunq also started offering French IBAN. You can integrate your Bunq account with a compatible RIB because of the new French IBANs.
Bunq vs N26: Which One Is Better?
Generally, if you want an online bank, the two banks are ideal. They offer more or less similar services and products. Their fees are relatively the same as well. In this artcle, we have helped you with information to help you choose Bunq or N26.

So, is Bunq better than N26? We believe that N26 is a slightly better alternative because it is available in the US and the European Union. This can be a plus if you travel regularly between the two sides of the Atlantic. N26 also has more services than Bunq.