Answered2 years ago

What are people's experiences with N26 compared to Wise for online banking?

Online Banking N26 Wise Money Transfers International Banking FinTech

Gido *********

asked Oct 23, 2024

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Yet a nother online banking question...

I see most peoplentalk aboit and recommend 'Wise'. Does anyone have any experience with the german run 'N26'? Just looking for people who know it and find out what they think about it -would you recommend it or not?

Answer summary

The discussion centers around the comparison between two online banking services: Wise and N26. Users comment on their experiences, suggesting that Wise is preferred for international money transfers due to better rates and established credentials. However, N26 is noted as a legitimate bank that may have certain advantages for specific banking needs. Some users advocate having both services, as they are free and can complement each other, with N26 reportedly using Wise for international transfers but charging a small fee.

12 repliesnewest first

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Martin *******

N26 uses Wise in the background for international transfers. However, they add a small fee. I use N26 for credit card payments and Wise for transfers.

2 years ago

Gido *********

@Martin ******

a nother good point.

I can fix just aboit anything with a length of wire, a strip of tube and a hammer. But am clueless when it comes to office/ paper work or the like. 😬😅

2 years ago

Gido *********

Martin Abele that might just the option I need. I haven't considered that. I habe to admit N26 drew me with the convenience of the credit card. Thouhjt I could do everything with that. Your way might just save me a few bucks though. Thanks.

2 years ago

Martin *******

@Gido ********

Having a second option is a good idea anyway. I heard of blocked Wise and N26 accounts. If that happens you're happy to have a second option to transfer money. It never happened to me though.

2 years ago

Luit *****************

I both have Wise and N26, it just depends on what you need which one is the best.

Both of them are free, so you don't have to choose, just can have them both.

Wise is not a bank, so when you need specific bank services you can't use Wise.

For money transfers with valuta conversion, Wise is simply the best.

N26 is a real bank, but for foreign money transfers they even used Wise in the past, I don't know if they still do.

2 years ago

Gido *********

Luit van der Linde That sounds like an even better idea. Might just save a few bucks. Thank you.

2 years ago

Tore *********

Just go with Wise for E33G, have you looked at the reviews for N26.

Wise offers better rates, more established and have more licenses.

2 years ago

Ricardo ********

@Tore ********

n26 uses wise rates 🤷🏻‍♂️

2 years ago

Tore *********

@Ricardo *******

no thats not correct. What hat did you pull that idea from??

N26 use mastercard rates. Wise use interbank rates as they support multiple currencies. They don’t need to depend on Mastercard or Visa conversion at all! At current moment Mastercard calc gives worse rate than wise (just go check right now, compare how much eur 30k baht cost. I just did)

Wise is multi-currency account that uses local country bank transfer for local currency using local accounts. And the instant wise transfer to other wise users outside the banking system l. And the in-app conversion has lower/better conversion rate than Mastercard as again its interbank rates. As wise is multi-currency, it doesn’t depend on Visa or Mastercard rates at all.

N26 does not support holding multiple currencies. Wise and N26 aren’t really comparable at all. Serves different purposes. Wise strength is it’s multiple currency support and being able to send money to another country using local transfer/accounts instead of international expensive swift transfers.

Its also cheaper to use the card as you pre-convert to local currency BEFORE swiping the card so no visa or mastercard conversion happens at all.

And by the way, wise card is Visa, N26 is mastercard.

Why would you make up stuff you don’t know??

2 years ago

Tore *********

@Ricardo *******

no! Not according to their own website. Again what hat are you pulling your ideas from??

“Mastercard’s exchange rate applies to any foreign currency payment you make with your N26 card.”

They do have a cooperation about sending currency to other countries. But not about currency conversion. Very different things. The partnership is allowing N26 to use Transfer-wise (against a fee obviously) . They have partnered with multiple banks.

Obviously they wouldn’t give up their competitive advantage 🤷🏻‍♂️

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2 years ago

Ricardo ********

@Tore ********

n26 uses wise in the background for currency conversion...

2 years ago

Gido *********

@Tore ********

to be honest... I haven't read any reviews. I read comparisons of online banks quite some time ago - which didn't include Wise. N26 had/ has no monthly deposit minimum and the least fees of all the compared banks. Will have to do some more research. I only have mbile internet right now and reading long articles on a small device is not something I likendoing much. 😅

Thanks for the advice.

2 years ago