Comparing Revolut, N26, and Bunq: Virtual Banking in Europe

Revolut, N26 and Bunq are all online banks that offer virtual bank accounts. You can open an account online, deposit money, send money, and receive money. You can access banking services via their mobile apps or web without having to visit physical banking premises. These banks also allow you to hold and transact in different currencies. We have been using the three banks and we are going to share our experiences. Ultimately, there are some areas where each bank works better than the others.

What are the Main Differences Between Revolut, N26 and Bunq?

Revolut is a digital bank that was founded in 2015 by Nikolay Storonsky from Russia and Vlad Yatsenko from Ukraine. Revolut offers money management tools, and investment opportunities and also supports SEPA. You can open an account with Revolut and get local bank account details in the UK and countries with the EU and EEA. However, for Dutch or Lithuanian bank account numbers, the options are limited and you can’t choose.

N26 is a German neobank that was founded in 2013 by Valentin Stalf and Maximilian Tayenthal. It offers savings accounts that earn interest and local IBANs in Germany, France, Italy, and Spain. It also supports SEPA transfers.

Bunq, on the other hand, is an online bank founded in 2012 by Ali Niknam in Amsterdam, Netherlands. It offers savings accounts that earn interest and multiple EU IBANs. You can get local account details in German, French, Spanish, Irish, and Dutch. Bunq also supports SEPA payments.

How Does Revolut, N26 and Bunq Savings Account Compare?

Revolut offers a “flexible” investment account that markets as a savings account. Returns for the savings account are high, but they are not guaranteed. In fact, they state that your ‘capital is at risk.’ Revolut promises an interest rate of up to 5.34% and is only available for the highest plan which costs €50 per monthly.

N26 offers a free savings account, only to customers with a Spanish IBAN and are residents of Spain. Deposits to the N26 savings account earn an interest rate of 2.26% which is calculated daily and paid out monthly. You can access your money in the N26 savings account anytime you need it. N26 savings are protected up to €100,000 by the German Deposit Guarantee Scheme.

Bunq, on the other hand, provides a free savings account that earns an interest rate of 2.46%, paid out weekly. You can earn higher interest rates by opening a premium account. You can also open a current account for a minimum of €2.99 per month. You don’t need to keep a minimum deposit and your deposits are insured up to €100,000. One of the things I have come to like about Bunq is that you can pay for your premium account after you have deposited some thousand euros.

From our experience, Bunq offers a better user experience when it comes to savings accounts. It offers a higher interest rate of 2.46% that is paid out weekly unlike N26 which offers a 2.26% interest. However, the downside of Revolut is that it has a confusing savings feature which is more of an investment feature.

Comparison Between the Main Features

Revolut, N26 and Bunq offer distinct features and banking experience. They have varying services and features and this is how they compare:

Revolut offers banking services and a multicurrency IBAN that supports 25 currencies. Revolut also supports investment opportunities in stocks and cryptocurrencies, allowing you to buy and sell these assets. You can also buy gold and silver using the Revolut app. You can access Revolut features through their web or mobile app.

N26 offers local IBANs in Germany, France, Italy and Spain. It also allows you to transact in 38 different currencies. You can create up to 10 space subaccounts which you can share with your family and friends to save together. You can use these Spaces to help you manage your finances by categorizing your expenses and budget better. N26 also has investment opportunities that can help you grow your money.

Bunq offers online banking services, local IBANs in 16 different currencies, multi-currency savings, payment sorter and travel assistant. Bunq allows you to create subaccounts for proper financial management. You can use your premium account to create multiple bank accounts which you can use for various purposes.

How Revolut, N26 and Bunq Cards Compare

Revolut, N26 and Bunq all offer physical and virtual cards. The first Revolut physical card is usually free while an additional or replacement costs $4.99 each along with a delivery fee. If you have a premium account, you will not be charged for a physical card. You can use your Revolut app to multiple create virtual cards and single-use cards.

N26 offers a debit card that is linked to your current account. Premium accounts come with physical cards, unlike Standard account that does not offer a physical card. If you have a Standard account, you can create a virtual card. Premium customers can replace physical cards free of charge but are required to pay a fee of between €10 and €30 depending on the speed of delivery.

Bunq, just like the rest offers both physical and virtual cards. Bunq gives you the option to order a debit card or a credit card. If you are an Easy Green customer, you get a 2% cashback on public transport while Easy Premium customers get a 1% cashback in bars and restaurants.

Fees and Pricing

Revolut, N26, and Bunq offer varying fees. As such, it can be confusing to compare the three. Each bank offers various perks at varying prices. Revolut and N26 have free plans and premium plans. However, Revolut premium plan prices vary depending on the country you are in. Bunq on the other hand has a free savings account and premium plans.

Extra Benefits of Revolut and N26

Revolut and N26 offer additional perks such as personal loans and travel insurance, but Bunq doesn’t. the following are the additional benefits you will get with Revolut and N26.

• Personal loans. Revolut and N26 offer personal loans to their customers. Revolut offers personal loans of up to €35,000 with interest rates starting from 5.99%. You need to pass credit checks to qualify for Revolut loan. N26, on the other hand offers personal loans of between €1,000 and €25,000 with N26 Credit for German customers with a Schufa report.
• Travel insurance. Revolut and N26 offer travel insurance. Revolut offers travel insurance for Premium and Metal account holders. Revolut has partnered with Allianz Partners to cover trip cancellation, trip interruption, and any illness. N26, on the other hand, offers travel insurance that covers travel delay and cancellation, trip interruptions, baggage coverage, mobile phone insurance, and personal liability coverage up to €500,000 while traveling. You, your spouse, and your kids are all covered.

Investment Options

Revolut offers an investment feature that allows you to trade in stocks and cryptocurrencies. You can also buy gold and silver using their mobile app. However, you need to be aware that Revolut makes a profit from every investment transaction you make. They also stand to gain when there is a market panic. They send you many notifications when there is a price drop in the market so that you can make an investment trade from which they stand to benefit.

N26 can help you trade cryptocurrencies. N26 gives you access to over 200 cryptocurrencies within your banking app. You can buy crypto and see details related to your cryptocurrencies such as current prices, and price fluctuations over time.

Bunq also has an investment opportunity whereby it puts your spare change into investment. When you spend money, your payments are rounded off to the nearest € and the difference is added to your investment portfolio. Bunq allows you to invest depending on your risk threshold. Bunq offers three portfolio strategies based on the level of risk:

• Less Risk: Lower risk with a lower expected return.
• Some Risk: Offers a balance between risk and return stability.
• Vegas Baby: Involves more risk with a higher expected return.

Similarities in Revolut, N26 and Bunq

• SEPA transfers. Revolut, N26 and Bunq support SEPA transfers. Revolut Euro account helps you make SEPA instant payments without extra fees. You can pay or get paid through N26 instant payments and is free for premium customers and costs €0.99 for N26 Standard customers. Bunq also supports instant SEPA payments at no extra cost.
• Mobile app. Revolut, N26, and Bunq are all mobile banks and you can access all their services through a mobile app. You can download their mobile applications from the Play Store or App Store.
• Customer support. Revolut, N26 and Bunq have customer support. Revolut customer support is available through email or phone, while N26 customer support can only be reached through an in-app chat. However, N26 premium customers can reach customer support through a phone call. Bunq offers 24/7 customer support through email and chat.
• Deposit insurance. Your deposits in N26 and Bunq are insured through the deposit guarantee scheme by the German Deposit Guarantee Scheme and the Dutch Deposit Guarantee Scheme respectively, up to €100,000. Your deposits in Revolut Bank UAB are aggregated and insured up to €100,000.

What Do People Say about Revolut, N26 and Bunq?

Revolut, N26 and Bunq have both positive and negative reviews. Most of the reviews are related to customer support and user experience.

• Revolut has a 4.3 rating on Trustpilot. Many reviewers have commended the bank for its investment options, user friendliness and responsive customer support. However, there are complaints about customers’ accounts getting terminated without clear reasons.
• N26 has a 3.1 rating on Trustpilot. Receivers have commended the bank for its good user experience, and responsive customer support. However, there are challenges with their accounts getting blocked without clear reasons or communication from customer support.
• Bunq, has a rating of 3.4 on Trustpilot. A majority of positive reviews are in relation to the bank offering good saving features. However, there are complaints about the lack of human customer support. Also, if you sign up for a free trial, Bunq does not remind you at the end of the trial period and you get charged and you can’t get a refund.

Which is Better, Revolut, N26, or Bunq?

The choice between the three banks will depend on your banking needs and priorities. Each bank offers unique features and services that differ from each other.

From our experience, if you are looking for a bank that can give you a streamlined saving experience and earn interest, Bunq would be a better choice. It offers a higher interest rate of 2.46% which is calculated daily and paid out monthly.

If you are a crypto enthusiast and are looking for a bank that can help you invest in cryptocurrencies, N26 is a better option. You can easily trade cryptocurrencies and enjoy other benefits such as interest-earning deposits of 2.26% and travel insurance.

However, it is worth noting that these three banks have received both positive and negative reviews. It implies that each of them has some areas where it works best compared to the other banks.