N26 is available in Switzerland – Save on Foreign Currency Fees

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N26 - A Digital Bank to save on Foreign Currency Fees

Everybody will agree with me that paying 1.5% of fees, or even more,  on each transaction abroad really sucks! That is not something you want to think about when you are on vacation or shopping online in other countries. Thanks to N26, this should never be necessary anymore!

N26 is a digital bank offering transfers in other currencies for free! Not only that. But the entire bank account is free! And they are a bank! Your money is insured according to European laws. You can even withdraw money for free several times a month! That sounds great, right?

In this post, I am going to cover everything you need to know about N26. And since I have already talked about Revolut on this blog, I will compare both services which are similar but not equivalent!

Stay tuned to find out how to save money on foreign exchange fees!


Balance on N26 Mobile Application
The balance on N26 Mobile Application

N26 is a digital bank, that was founded in Germany in 2016. For a short period, it was called Number 26. Its headquarters are in Berlin in Germany.

They first started as a simple interface in front of another bank. But they soon got a German Banking License. De facto, they are now a bank in all of Europe. They got a Full Banking License. They have the same rights as any other bank in Europe.

Since N26 is a digital bank, you will have to access it through your phone or your computer. They do not have bank offices where you can do transactions. It is the main reason they can cut the costs down.

You can receive payments into your account directly using your personal EUR IBAN. You can make your payments as well from your account. Also, if you know people using N26, you can directly send them money!

With your account, you will also receive a Mastercard Debit Card. You will be able to use it to make payments in foreign currencies for free as well! And you can also use it to make withdrawals in EUR for free.

N26 Mastercard
N26 Mastercard

Now, with this Mastercard lies the most significant caveat of N26. They do not offer any cashback on transactions!

While this card is absolutely perfect for payments in foreign currencies, you should not use it for payments in your home currency. This means you should still have a credit card with some cashback next to this one. It should be part of your credit card strategy.

N26 Fees

The most exciting thing about N26 is its very low fees! But, first of all, we have to talk about the three different accounts that are available:

  • N26: This is the standard account for most users. It is entirely free! You get some free withdrawals in EUR and all currency conversions for free!
  • N26 Black: This option is on top of N26 standard and comes for 9.90 EUR per month. You will get free withdrawals abroad as well, which is excellent! On top of the base features, you will also get protection from Allianz Insurance when you travel.
  • N26 Metal: This is the high-end option, for 16.90 EUR per month. You will get all the advantages of Black, plus dedicated customer support and exclusive partner offers. For instance, you can get 10% on some hotels.
International Transfer with N26
International Transfer with N26

Personally, the only service I am interested in would be the basic free option. For me, 9.90 EUR per month for a bank account is already too much. I do not really see the point of the Black and Metal cards. So, we are going to discuss the fees for the standard account here.

N26 also has a business plan. But this is not something that we should be concerned about. This is a plan for self-employed people and freelancers.

You can make five free withdrawals in euros per month. After that, you will have to pay 2 EUR for each extra withdrawal. You can also withdraw euros abroad for free. However, if you withdraw cash in other currencies, you will pay a 1.7% fee!

On the other hand, payments in other currencies than EUR are free! If you transfer money from EUR to GBP, you will not pay any fee. And the current exchange rate will be used. This is really great, and for me, this is the main reason I would use N26.

N26 in Switzerland

Euro Transfer With N26
Euro Transfer With N26

Since September 2019, N26 is available in Switzerland. This means you can use all services of the N26 service if you are a Swiss customer. This completes the already long list of countries supported by N26.

However, there are some limitations. First of all, they do not offer you a Swiss IBAN. This means you cannot transfer money directly from your Swiss bank account without fees.

However, if you have a bank account in euros, you can transfer money to your N26 account for free. And if you get paid in EUR, you can also receive your salary directly in your N26 account.

Another issue is that they actually have no support for CHF. This means you will not be able to use your card in Switzerland. This is a pretty big limiting factory. However, since this is not the main use for this card, you can still use it for your foreign transactions.

On the plus side, they offer a personal EUR IBAN. This can be pretty useful in Europe. And of course, all the services I have talked about before are available in Switzerland as well.

For the time being, I do not think N26 is a good fit for me as a bank account. Since I get paid in CHF and pay most things in Swiss francs, I need a good CHF bank account. As for a travel card, I really need an IBAN to be able to transfer money for free to the account.

However, N26 is still a very interesting option. And I am keeping up to date with this offer to see where it goes.

I am not sure I would change my bank account, but it is an interesting option. For now, my current bank account is free. But who knows how long it will remain free!

N26 vs Revolut

The main competitor of N26 is Revolut. We have already talked in details about Revolut. They both offer similar products, but there are some significant differences.

The biggest differences between these two services stem from the fact that N26 is fully a bank. On the other hand, Revolut is not yet a bank.

In 2019, Revolut got a European Specialized Bank License. However, they did not yet implement anything with that. Moreover, N26 got a Full Banking License while Revolut only got a Specialized Banking License. The difference is that Revolut cannot offer any investment services to its customers. On the other hand, N26 is free to do so. N26 got a banking license from Germany and Revolut from Lithuania.

One great thing about N26 is that your money is insured according to German law. If N26 goes bankrupt, the government ensures 100’000 euros. On the contrary, there is currently no such guarantee for your money on Revolut! Once Revolut becomes a bank, money on Revolut would also be insured under the same conditions. But they have not announced any information about having a real bank account.

Also, the fees system of N26 is much simpler than Revolut. Everything is free! With Revolut, some currencies have higher fees. And during the weekend, fees are higher as well. This is a bit complicated to keep track of.

A small advantage of N26 is that they will deliver your card to you for free. With Revolut, you will have to pay 6 EUR for that service. Another small advantage is that they offer web and mobile applications, while Revolut only has a mobile application. This is great for old-school people like me who do not like phones.

A small advantage of Revolut is that you are allowed to withdraw 200 EUR for free abroad. This is not much, but this can help. N26 will charge you 1.7% for this. After the first 200 EUR free, you will have to pay 2% at Revolut. So it is a bit more expensive than N26 if you withdraw more than 200 EUR a month.

The biggest advantage of Revolut over N26 is that they have better support in Switzerland. In fact, Revolut is quite better in its accessibility, supporting many more countries. But new countries have been announced for N26. So we will have to wait and see!

N26 may improve its support in Switzerland. For me, a Swiss IBAN would be necessary before I use N26.


There has been quite some controversy about N26 over the years.

In 2016, there has been a lot of talk about N26. First, many accounts have been terminated, and some customers could not do anything about that. The reason was that they were making too many withdrawals. Since that point, the company changed its policy on ATM withdrawals. They added the maximum of five free ATM withdrawals at this time.

Later that same year, researches found several vulnerabilities issues within N26. An attacker could use these vulnerabilities to access accounts from the users. Since that time, they all have been fixed, and apparently, no account has been compromised.

But there was some also more recent controversy about N26. In 2019, many users had issues contacting the bank after their credentials were stolen! It took up to two weeks for certain people to get back access to their accounts.

And in April 2019, German Bank Regulators ordered them to make changes to its process to avoid money laundering. Apparently, they did not make enough effort for that before. And they have been too slow to close money laundering accounts. Since then, they have acknowledged this and apparently started to take action.

I think every banking startup has seen some controversy since its inception. Personally, I would not worry about it too much unless I was storing a lot of money on the account. I never had more than 1000 EUR on my Revolut account, and I would not want to store more than 1000 EUR on N26 either at this time.


Overall, I think that N26 is a really great product! It can save you a ton of money on foreign exchange transactions. This is not only for when you are traveling but also when you are buying things online in other currencies. Compared to most standard banks that charge from 1.5% to 2.5% fees on these transactions.

And it does not only provide a great travel card, but it also provides an excellent free bank account. It is an official bank, and your money will be insured for up to 100’000 EUR!

Now, while it is a great bank account and travel card, you should not use its credit card too much in your currency. You should opt for a credit card that gives you some cash back! If you do not know where to start, read about my credit card strategy.

Overall, I think that N26 is better than Revolut. I am especially impressed by the fees. For instance, there is no such thing as weekend fees. And there is no limit after which foreign transactions are not free anymore. It is much simpler. I have not yet compared their mobile applications. But for my little usage, I do not think it matters much.

However, I think that it still needs a few more features in Switzerland. Before it gets a real CH IBAN, I do not plan to use it. However, once it does, it will become very competitive with services such as Revolut and TransferWise.

What about you? What do you think of N26? Are you waiting for its arrival?

About the author

Mr. The Poor Swiss

Mr. The Poor Swiss is the main author behind thepoorswiss.com. In 2017, he realized that he was spending more and more every year, falling into the trap of lifestyle inflation. He decided to cut on his expenses and increase his income. This blog is relating his story and findings. In 2018, he saved more than 40% of his income. He made it a goal to reach Financial Independence. You can send Mr. The Poor Swiss a message here.

14 thoughts on “N26 is available in Switzerland – Save on Foreign Currency Fees”

  1. Actually, you can already have N26, you just need to provide a German address, like a delivery address in Konstanz would do it, where they can send your Master card (this is how I did it). After transferring at least 150 EUR you can also ask for an EC card, for free of charge. As n26 is already available in the UK, they use there GBP as a base currency with UK IBAN so I suppose CH will get also a local IBAN and CHF as a default currency.

    1. Hi Andras!

      Thanks a lot for the tip!
      That’s a nice idea indeed. I am not desperate to get a N26 card yet. But this would be a great way to go to have it.

      How is your experience with N26?

      Thanks for sharing!

    1. I dont think it is possible to have a swiss IBAN with DKB.de . At least I could not read it out from the FAQ. It means you have to send EUR only with sepa to your account, and that is not good = unnecessary costs

  2. Hello, thanks for the great blog overall. I live in Switzerland and I’m thinking of switching my extremely expensive zkb account for a free one. Would you say N26 compares to Neon? Neon would be my preferred choice at the moment but i was also considering to wait for n26..
    Thanks for the help

    1. Hi Trippi,

      Yes, as a bank, they are both equivalents. I would not wait for N26. I would use Neon. You can always get an N26 card later on when they become available in Switzerland!
      If I had to choose a bank right now, I would use Neon.

      Thanks for stopping by :)

  3. Happy N26 user here as well. The app is extremely intuitive and you can manage every aspect of your account from there (temporary block, withdrawal limits, e-commerce access etc.). Bank transfers are also quicker than with regular banks.

    I would stick with the basic (free) plan however, since I’ve heard about quite a few issues with the travel insurance coverage provided by the premium plans – you’re not covered unless you have paid for the full travel with the card itself (flight tickets, accomodation etc.)

    1. Hi The Young Investor,

      Thanks for your review! It’s very helpful!

      Yes, I have also heard a lot of complaints about their travel insurance. If you buy a single thing on the travel with another credit card, they will simply cancel the whole insurance package for this trip. It seems a bit more extreme.

      Thanks for stopping by :)

  4. Hi,

    I’ve been using N26 for a while and works very well, just some tips..
    I used a personal (my sister) address in Europe and I had to give a TIN from the country… already 2 “lies”..
    N26 close the account from one day to other without giving you any reason.. just be careful about where you use your card, where are you doing mainly your bank activity, etc… they always return your money but they had booked accounts for months ..

    1. Hi Tino,

      Thanks for your review :) That’s awesome.

      That’s very good to know. And that’s a bit alarming. At least they return the money. But I would not feel comfortable holding a lot of money on this account knowing that.

      Thanks for stopping by :)

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