N26 features a safe mobile banking platform in Eurozone countries.

Country: Germany

Year: 2013

Concept

  • The mobile bank features a core banking account, MasterCard and personal banking functions like MoneyBeam for instant cash transfers between contacts.
  • N26 charges no fees for basic banking transactions, but for German customers only, it introduced a Fair Use policy. Depending on the customer’s profile, it limits the number of free ATM withdrawals.
  • Features such as TransferWise, allows international money transfers into 19 different currencies.
  • It also features real time account activity push notifications and automatically categorize the spending of the users.

Consumer Benefits

  • High safety and security ensures users that their money is protected by the German Deposit Protection Fund for up to €100.000.
  • Under German data protection requirements, users’ data is secured.
  • Users can have a one-spot financial service within an app.
  • On top of the basic function, consumers can even choose to manage investments, credit line, insurance, savings and other products.

How To Use

  • Consumers are able to open a basic bank account with N26 for free.
  • Application for bank account only requires 10 minutes and the steps are simple.
  • The N26 app access the users’ contacts in their smartphone and automatically identify the other N26 users. Consumers can then transfer funds to these contacts without having other hassles. This service is called MoneyBeam and transfers are executed instantaneously.
  • The application allows customers to lock and unlock their MasterCard easily. They can also enable and disable overseas usage, online usage or modify the daily limits for cash withdrawals and card payments.

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