Two of the most popular and successful new online banking services are Transferwise and N26. In many respects, they offer similar features, since N26 uses TransferWise for their customers’ international money transfers.  N26 now has nearly 6 million users, and Transferwise is the leading UK-based bank with more than 9 million users who conduct over £4 billion in transfers each month as reported in the last quarter of 2020, putting both on the fast growth track.

One important difference is for residents of the UK. N26 has decided to pull out of that market, concentrating on Europe and growing into the US. So if you are looking for a bank to handle your finance, how to decide between Transferwise vs N26 should take this into account. We are here to help you make the right decision based on your own needs.

Before dealing with the advantages of choosing either Transferwise or N26, consider the following table of features of N26 vs Transferwise showing common features and main differences as we summarize here:

Feature: Transferwise Borderless N26
Multiple debit cards only allows one card per account only allows one card per account with max. 2 sub-accounts (N26 Spaces)
Debit card top-up transferring with the app. Not with cash. Costs 0.4% – 0.5% Only the first top-up is free, then there’s a 3% fee every time.
account options Only 1 for both personal and business Choice of 3  for personal and single for business
ATM Withdrawal Free to withdraw £/€200 then 2%  Three free withdrawals per month then €2 charge per withdrawal.
International Money Transfer

0.4% – 2%

£0.65 fixed fee (varies  according to the currency) + currency conversion fee

Converting currencies between accounts : 0.3% – 0.6%

Currency conversion 0.35%-2.85% depending on the currencies involved Free for both card payments and ATM withdrawals
Supports international transfers

supported countries vary with different services having different supported customer countries and destination countries.

Send from 23 countries plus SEPA; Send to over 60 currencies

In EU only, and excludes UK
App language availability
5 languages. Customer support available in English, French, Spanish, German and Italian.
Multi-currency balance multi currencies GBP or EUR only
Withdrawing cash abroad withdraw the equivalent of €200 a month free, then 2% fee Charges a 1.7% fee
Banking license advantages important for customers outside EU – no funds guarantees. Has a German banking license, important for business customers in the EU.
Interest on savings nil Euro accounts – up to 1.57% protected up to €100,000
Access portals Mobile & desktop Mobile only
Funds top-up methods Bank transfers Cash (DE, IT, AT), bank transfer
Direct debit currencies Multiple EUR & GBP only
Unique features Send money to email address; Offer features like overdrafts, interest on savings accounts and other functions similar to normal banks (Germany & Austria only).

Overall, there is no clear winner in the competition of Transferwise vs. N26. Each one has shared general features that are basic to everyone’s requirements, and both are good choices. Making the difference would be things that are particular to your own specific requirements.

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