N26 is one of the most popular virtual banking services provider founded in 2013. With N26, you can open your account in less than eight minutes from your device. You can open a personal or business bank account with N26. In this review, we will have a look at the Business Account option that has taken the business world by the storm.
What is N26 Business Account?
The N26 business account aims at offering service to the self-employed people, freelancers, as well as medium-sized and small companies. More so, you can open a free business account or a premium one where you get to choose the plans available. Afterwards, with the available MasterCard, you get to manage your account and finances using the N26 application for Android and iOS or on N26 website.
Requirements for N26 Business Account
To be eligible for N26 business account, you need to meet the following minimum requirements. Your account must be for business and you must not have a personal account with N26. You also need to be a resident of one of the supported countries. These countries include Germany, Austria, Slovakia, France, Italy, Estonia, Spain, Portugal, Luxembourg, Ireland, Greece, Belgium, the Netherlands, Finland, Lithuania, Latvia or Slovenia.
Once you meet these requirements, you can choose one of the three business account options, which are N26 Business, N26 Business You, and N26 Business Metal.
Most importantly, once your account is active, you can operate your account as you would any traditional account. You can make transfers, purchase goods and manage transactions while at the same time getting real-time notifications for your activities.
N26 Business vs Personal
The difference between N26 business and personal is simple. N26 personal account cannot be used for business purposes. With N26 business account, you can benefit from 0.1% cashback on purchases. Other differences include monthly charges.
N26 Business
This is a free bank account for freelancers and self-employed people.
Features and Benefits
- You have a transparent and worldwide accepted debit card.
- Make contactless payments via the NFC technology.
- You have 100% mobile banking transactions, and you can make mobile payments with your smartphone.
- You get 0.1% cashback on the purchases you make.
- Payments are free worldwide in any currency.
- You have three free withdrawals to make in the Euro-zone.
Can I use N26 Business for personal spending?
N26 Business is the online bank account designed for freelancers, therefore you’re expected to use it mainly for business purposes. However, you can also use it for private purposes as long as these are in a minority compared to your business spending. You may also use it to receive payments from customers, for spendings related to your business activity such as traveling, or to pay the rent.
N26 Business You
This is a suitable option for you as a freelancer with travel insurance from Allianz.
Features and Benefits
You will enjoy all the features and benefits provided in the N26 Business. You will also enjoy the following benefits:
- You get to make up to 5 free withdrawals in the Eurozone.
- Free worldwide ATM withdrawals.
- Your partner and kids have the advantage of medical travel insurance in case of an emergency.
- There is the compensation of up to 10000 Euros in the event that a trip is cancelled or curtailment of a covered event.
- You can enjoy insurance packages for flight (in case of delays or cancellation) luggage (in case of loss or delay) lifestyle insurance for mobility and winter sport.
- The shared sub-accounts provide spaces to save money with friends.
N26 Business Metal
This is the premium bank service with a metal card and fantastic cashback offers.
Features and Benefits
In addition to enjoying the same benefits under the the other two options, N26 Business Metal comes with the following features and benefits.
- You get 0.5% cashback on the purchases you make.
- Your partner and kids have the advantage of medical travel insurance in case of an emergency.
- There is the compensation of up to 10000 Euros in the event that a trip is cancelled or curtailment of a covered event.
- You can enjoy insurance packages for flight (in case of delays or cancellation) luggage (in case of loss or delay) lifestyle insurance for mobility and winter sport.
- There is compensation for any away from home rental car hires of up to 20000 Euros.
- In the case of phone theft or damage, you have phone insurance of up to 1000 Euros.
- Unlike the N26 business or the N26 business you, you get to enjoy the utmost dedicated N26 metal line whereby you have a priority line to contact the customer service directly via phone.
How Safe is Your Money With N26 Business Account?
Indeed, you can be confident that your money is secure with N26. The reason being, having complied with the rules of the German Financial Regulatory Authority, the organisation is fully licensed by the European Central Bank. Your money is protected up to €100,000 by the German Deposit Protection Schemes.
Conclusion
N26 Business account is an ideal choice for you if you are a freelancer or self-employed. The account comes with 3D protected N26 MasterCard, with no additional fees. Moreover, you have good customer support team on standby to give you service and help you with any clarifications in case you are stuck.
