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Before opening an account with any financial institution, customers need to know all the benefits and features of the product. This is no different with Banco N26. See how Banco N26 works and whether it's worth it. 

How Banco N26 works

With an international reach and a cashback program, these are just two of Banco N26's main features. Before opening your digital account with the institution, it's important to understand how it works and whether it's worth it. 

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The N26 bank allows users to open a digital account in Europe. In this sense, the model is recommended for those who are going to live in or travel to Europe. Through the platform, users can access the main financial operations via their smartphone. 

In short, this is a digital 100% financial institution. Consequently, all of Banco N26's operations and functions are carried out online. The platform is available for download on Android and iOS. 

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It's important to note that this bank doesn't have physical branches, like other digital banks. So, in general terms, Banco N26 basically works via a device connected to the internet. 

About Banco N26

Founded in 2015, Bank N26 is a German startup based in Berlin. According to updates posted on the institution's official website, the bank has reached 7 million customers. 

As mentioned above, the bank has no physical branches. In this sense, all financial operations are carried out directly from the internet, whether by computer, tablet or cell phone. The platform is available for download on Android and iOS. 

This financial institution presents itself on the market as a fincare, i.e. a bank that helps customers take care of their personal finances. N26's main objective is to educate users financially, helping them to manage their money in the best possible way. 

In short, this is Europe's first digital bank, recommended for people who travel or live in one of the continent's countries. The account is also available in the United States and, soon, in Brazil. 

N26 security

Banco N26 has been present on the financial market since 2015. Although only a few years old, the institution is increasingly consolidating its position among the major investment models. 

Operations that take place in Brazil are reported to the Central Bank, giving Brazilian clients even more security. Another point worth highlighting is the bank's good rating on one of the main review sites, TrustPilot. 

Is it worth opening a bank account with N26?

In general terms, it's worth opening an account with N26 Bank, especially if you intend to live in or travel to Europe. Among the institution's main benefits is the absence of an account maintenance fee. 

What's more, the procedure for opening an account is simpler and less bureaucratic, especially when compared to traditional banks. The opening procedure takes an average of 8 minutes straight from the app. 

Another feature of the bank is the possibility of managing all financial operations directly from your smartphone. No additional or monthly fees are charged for account maintenance. 

At first, consumers can start by transferring small amounts into the account, especially if they are unsure. Although there are more similar options, the most popular is Banco N26. 

Advantages of Banco N26

Now that you know the main features of Banco N26, you're probably wondering if there are any other benefits. As soon as customers open an account there, they receive the following advantages:

  • There are no account opening or maintenance fees;
  • Consumers receive a Mastercard debit card;
  • You can make three free withdrawals anywhere in the world from your free account;
  • Customers can manage their entire account via the app or the official website;
  • All debit card payments are free, regardless of currency;
  • By paying a small monthly fee, customers have access to travel insurance. In addition, it is possible to purchase premium benefits, such as theft insurance. 

Step by step to open an account with N26

In principle, the procedure for opening an account with Banco N26 is simple, practical and free. Most of the time, it doesn't take users even 8 minutes to complete the account opening. Check out the step-by-step instructions:

  1. Download the official app on your Android or iOS smartphone. Alternatively, visit the institution's official website;
  2. When you access the institution's website, click on the "Open Bank Account" option and register;
  3. Select the country you live in, or a country in Europe that will receive the debit card. So far, Brazilian customers have to wait until the institution starts operating in their country; 
  4. Fill in all the details correctly, such as full name, home address, passport, European residence card, etc;
  5. Choose the type of account you want to open. There are currently two models to choose from: N26 Standard, at no extra cost, and N26 Smart, You or Metal, which are the paid models;
  6. To validate your identity, you need to take part in a video call or send photographs of the documents indicated. It is worth noting that verification using the European residence card document is quicker.

On the other hand, if they opt for a passport, consumers need to take a photograph of the document and send it for analysis. The next step is to pair their smartphone to receive a verification code. 

This code will be sent via SMS, with four digits, which must be entered on the verification page of the website. If the code doesn't reach your smartphone, there's no need to worry. Contact the company's support and wait for instructions. 

Experts recommend using the platform's own chat to solve the problem. This makes the verification process easier. 

Once you have followed all the steps above, your account will be ready for use. The card will then be generated and sent to the address you registered.

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