N26 vs PaySera

Virtual banks are transforming the banking sector at a high speed. With busy schedules, people are seeking to sign up with a virtual bank for easier and faster transactions. Clients seeking to sign up for an account with an online bank will consider costs, speed and the bank’s security system. Both N26 and PaySera are reliable banks. However, the choice you make depends on your needs.

What is N26?

N26 is a neobank headquartered in Berlin, Germany. It was founded in 2013 and launched in 2015. N26 operates in several member states of the Single Euro Payments Area (SEPA) and the United States.  It is licensed by the European Central Bank.

What is PaySera?

PaySera is an online bank based in Vilnius, Lithuania. It was founded in 2004 and it aims at helping individuals, freelancers, and online businesses with financial services. PaySera is regulated and licensed by the Bank of Lithuania, allowing it to offer services throughout Europe.

N26 Supported Countries vs PaySera Supported Countries

N26 and PaySera are used in many countries. However, it is still best to confirm the supported countries before you choose to open an account with either of the online banks.

N26 Supported Countries

N26 provides financial services in the following countries; United States, Denmark, Greece, Austria, Norway, France, Finland, Luxembourg, Germany, Ireland, Slovenia, Portugal, Estonia, Poland, Iceland, Slovakia, Spain, Sweden, Liechtenstein, the Netherlands, Italy, and Belgium.

PaySera Supported Countries

Countries in the European Economic Area can sign up for a PaySera account. They include Austria, Romania, Denmark, Portugal, France, Lithuania, Sweden, Malta, Slovakia, Estonia, the Netherlands, Luxembourg, Spain, Croatia, Finland, Belgium, Bulgaria, Latvia, Cyprus, among others. You can send money to over 180 countries.

PaySera vs N26: Account Opening and Topping Up

Both N26 and PaySera offer lucrative virtual products to customers. You might want to know the account opening process of the two bank accounts.

How to Open a PaySera Account

PaySera allows customers to open two types of PaySera accounts; Private and Business accounts.

To open a PaySera bank account, you will first need to register with PaySera on the website and get instant access to your new account. Before you can start using the account, you will need to go through the identity verification process. Here, you will need to confirm your email address and telephone number. After, you will be required to upload your driver’s license, passport or ID card. Upon doing this, your PaySera account will be unlocked within 48 hours ready for use.

How to Add Money to PaySera Account

You can deposit funds in your PaySera account with normal bank transfers from any bank. The fees for bank transfer deposits vary between €1 and €10.14, depending on your bank and country.

How to Open an N26 Account

If you choose to open an N26 bank account, you must be at least 18 years old, be a resident of a supported country, possess identification documents, and have a compatible smartphone. You can sign up via the N26 website or download the N26 mobile app. After confirming your personal details and shipping address, select the type of account you want.  Then you will need to verify your identity and connect your smartphone to your new account. Top up your account to start using it. You can always access the account via the N26 app or N26 WebApp on desktop.

How to Add Money to N26 Account

Upon signing up for a new N26 bank account, you will need to top up so you can start using it. You process N26 top up through bank transfers or cash deposits.

N26 vs PaySera: Services

N26 and PaySera offer a wide range of services to its customers. They include the following:

N26 Services

The bank offers N26 Personal Account and N26 Business Account.

N26 Personal Accounts

N26 Personal accounts are in three categories.

  • N26 account (free). It comes with a free card, no monthly fees, and you can use this account to make up to 5 free ATM withdrawals.
  • N26 You (£9.90 per month). N26 You account features medical insurance, flight insurance, and all benefits of the N26 free account.
  • N26 Metal (£16.90 per month). It features a stainless MasterCard and offers travel insurance.

N26 Business Accounts

There are two N26 Business Accounts (the N26 Business account and N26 Business You) ideal for freelancers and the self-employed. They allow you to send money, spend, and receive payments from clients. Your business finances are separated from your personal finances.

  • N26 Business (free). It comes with a free N26 card and it offers business cashback (0.1% on purchases made using the card every month) plus all benefits of a basic personal account.
  • N26 Business You (£9.90 per month). It does not charge ATM fees for international withdrawals and it offers theft insurance.

PaySera Services

PaySera offers several services including current accounts, one debit card for daily payments, a payment gateway for online shops, cheap and fast international bank transfers, and currency exchange in over 30 different currencies.

PaySera Bank Account (Private)

PaySera offers IBAN accounts to users within the SEPA system.  If you use the PaySera account completely online, you will not incur any fees. However, you will pay a small fee when you buy a PaySera credit card (card delivery fee worldwide is €3.00). PaySera offers a multi-currency account that allows you to receive and exchange multiple currencies at low costs.

PaySera Business Account

You will spend more on a PaySera Business account since you will pay for SEPA transfers. However, since international bank transfers are cheap, the PaySera business account is ideal for freelancers and international entrepreneurs.

N26 vs PaySera: Security

Before you choose an online bank, it is best to check how secure your money will be. You should be the only person authorized to carry out transactions from your account. Additionally, in case the bank goes bankrupt, it should be in a position to give you a refund.

Is N26 Safe?

N26 ensures the safety of funds and customer information. Since N26 has a full banking license, your money is protected up to €100, 000 under the German Deposit Protection Scheme. Additionally, you have authority over your account 24/7. When logging into your account, you can use fingerprint or FaceID to verify your identity. You can lock and unlock your MasterCard through the mobile app. You can also enable and disable the account for usage abroad and modify the daily limits for card payments and cash withdrawals.

Is PaySera Safe?

PaySera has put in place security features that ensure safety of customer information and funds. Before you are verified for account opening, you will need to perform an identity check. This ensures that the bank knows who their customers are.

Your PaySera VISA card is protected with Verified By Visa. This card contains a code only known to you that you use to complete payments.

N26 vs PaySera: International Money Transfers

Both N26 and PaySera offer convenient international money transfer services faster and at low costs.

N26 International Money Transfers

N26’s partnership with TransferWise enables its customers to make international money transfers in more than 30 currencies directly within the N26 app. N26 provides transparency on the fees and the estimated time of arrival of the transfer. However, it is important to note that the extended TransferWise functionality is currently not available for N26 Business, N26 Business You, and N26 Metal customers.

PaySera Money Transfer

You can use a PaySera IBAN account to send money around the world in 30 different currencies. Euro transfers (SEPA) are free of charge and unlimited for private accounts (in terms of number and amount). However, transfers for business accounts cost 0.20 EUR. You can also conduct money transfers between PaySera users by email address or by phone number.

PaySera Customer Support vs N26 Customer Support

A reliable online bank will provide excellent customer support to its customers since there are no physical branches to visit. Both PaySera and N26 have good customer support.

In case of any question, you can contact the PaySera support team by email or by telephone +44 20 8099 6963/+370 700 17217. Customer support is available from 8:00 to 20:00 seven days a week.

N26 provides customer service in German, English, Italian, Spanish, and French via the in-app chat. You can also visit the N26 online Support Center to get answers to frequently asked questions. Customer service is available every day from 7:00 to 23:00, including public holidays.

PaySera vs N26: Final Thoughts

Both N26 and PaySera offer essential virtual products to their customers. N26 services are faster and cheaper, especially its international money transfers service. On the other hand, PaySera provides a wide range of financial services to both private and business clients and does not charge account maintenance fees. Depending on your personal and business needs, you should be in a position to make the right choice.