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 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.
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. The company received a banking license from the European Central Bank and Bafin in 2016.
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 has left the UK market because of Brexit.
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.
Read also: Revolut vs Bunq
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.
There are two main N26 account types. It has a personal and N26 business bank account. On N26 personal bank account, the company has three types of accounts: N26, N26 You, and N26 Metal. On business, it has a N26 Business and N26 Business You.
- N26 – 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 gives you a metallic Mastercard debit card. It also offers a number of insurance services.
- N26 Business – 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.
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 invest for you.
- Travel card and coverage – Bunq offers quality travel insurance to customers as well as Bunq Easy Travel Personal travel card for 9.99 euros once and Easy Travel Business at 2,99 euros a month.
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.
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.
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.
Also read: N26 vs Bunq vs Revolut
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
Bunq is available in all EU countries as well as Iceland and Norway.
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.