N26 Vs Revolut – A Comparison

N26 Compared to Revolut

A  few years ago – if someone mentioned “mobile banking” in Ireland they were probably talking about a van from Allied Irish Bank or Bank of Ireland visiting rural villages.
Today – Mobile banking or Digital banking – refers to the new wave of branchless, online-only,  banks.

The two digital providers that have the most customers in Ireland are N26 and RevolutThere is also a newer arrival called Monese which has recently revised it’s pricing to compete with Revolut.

(Note:  N26 is a bank, Revolut and Monese are not)  We also mention another new payment app and card from Monese at the end of the article.

A Comparison of N26 and Revolut in Ireland

N26 bank was launched in Germany in January 2015 and has been available to Irish residents since December 2015.

N26  has more than 3.5million customers across  Europe and they currently carry out transactions worth over €2billion a month.


N26 has had a full European banking licence since 2016 – so any funds you have with it are covered by the German Bank guarantee (up to €100,000).  N26 Bank is licensed by the  European Central Bank and is regulated by the Central Bank of Ireland for the conduct of business rules in Ireland.
With N26 you get a bank account number (IBAN) –  the same as any mainstream bank – so you can get your salary etc. paid in and you can also set up Direct Debits. Joint accounts are not possible – but there are ways that couples can share an N26 card by using Google Pay or Apple Pay on separate phones (it works). (More about that here)

N26 supports Apple Pay and Google Pay but, being branchless,  N26 does not deal with cash or cheques – (but how often do you need to do that these days?)

N26 started off as just a smartphone-based app – but since July 2018 N26 has upgraded their web-based app so that most of their banking functions can also be carried out on tablets, laptops and PCs.

N26 Debit Card

The N26 bank account comes with a Mastercard debit card  (not a prepaid card). The only fees on this are a €2 ATM withdrawal fee if you make more than 5 ATM withdrawals in Ireland a month.
The €2 fee does not apply to ATM withdrawals outside Ireland – but there is a 1.7% fee for all non-euro withdrawals. This 1.7% fee is lower than the “main” Irish banks – who all charge around  3.5% for non-euro cash withdrawals.

See More Here on ATM charges abroad.

Unlike all the other Irish banks – there are no conversion or processing fees for using the N26 debit card to make purchases in currencies other than Euro. (See what the other banks charge here)
The N26 Mastercard also has no fees for contactless payments.

Signing up to N26 is free and has to be done with a smartphone via a video call. (Make sure you have good coverage). You just need to fill in an online form and show yourself and your passport.  (Over 18s only, no joint accounts).  They’ll send out your Mastercard after a few days. Irish residents can Join N26 Here

Note:  In November 2018  – N26  launched in the UK. More here about that.

UK residents can sign up for N26 Here


Revolut is based in the UK and was set up in July 2015. Revolut has over  4 million users and about 80,000 in Ireland.
Revolut is NOT a bank – it is an “Electronic Money Institution”. Revolut is authorised in the UK by the Financial Conduct Authority under the Electronic Money Regulations. This means that any money you deposit must be ring-fenced, so if there are any problems with Revolut, the money should be safe.
Revolut was granted a  banking license by Lithuania on Dec 12th 2018 but this is not yet operational.

With Revolut,  as with N26,  you get an EU IBAN  , so you can get Euro bank transfers paid in. You also get a UK GBP account. (Revolut can accept incoming payments in several currencies.)
There is no joining fee – but you have to pay €6 to get your debit card delivered to Ireland. (This is free with N26) .
Since May 29th 2019 Revolut now supports Apple Pay – but only on Mastercards issued before Sept 2018 for now. Google pay is also supported on Revolut.revolut card

Revolut Debit Card

Using the Revolut prepaid debit card you can spend, transfer or exchange up to €5,000 in total every month (a 0.5% fee applies after this).
Free ATM withdrawals are limited to the first €200 each month, after that a charge of 2% is added.

Direct Debits are also possible with Revolut  – and as with N26, they don’t cater for paying in cash or cheques.

Unlike N26 – the Revolut app will only work on a smartphone  – you cannot currently use it from a PC or Laptop.
Like N26 – a joint account is not possible with Revolut – but they will issue a spare card. So the spare card could be used by one half of a couple in the absence of a proper joint account.

With Revolut you can receive transfers from your employer, family, and friends directly into your Revolut account in a number of currencies: including- USD, GBP, EUR, AUD, NZD, JPY, MAD, CZK, QAR, THB, and ZAR. and more.

You can sign up for Revolut here .

Summary of N26 and Revolut in Ireland:-
What are the differences?



Annual Fee None None
Delivery of First Debit Card €6 Free
ATM Charges in Ireland First €200 a month is free, then a 2% fee. First 5 withdrawals a month in Ireland are free – then €2 each.  (No limit on free Euro ATM withdrawals outside Ireland)
Non-Euro ATM Charges 2% fee on any amount over the equivalent of €200 in a month. 1.7%  fee on all
Non Euro  Spending First €5000 worth of spending a month is free – then a 0.5% fee No charges
Direct Debits
Yes Yes
Accept Payments in Non Euro Currencies ?
Yes No
Pay in Salary
Yes Yes
Transfer or Loading Fees.
No No
Full EU Banking License Not Yet Yes
Can be used on Laptop/PC No Yes
Apple Pay Yes on cards issued up to Sep 2018 Yes
Google Pay Yes Yes
Age Limit 18 18

Note: the rules may differ slightly in other countries.

More about Apple Pay in Ireland

More about using Google Pay in Ireland


Overall – because of Revolut’s lack of a full deposit guarantee and the lack of an option to operate the account from a laptop/PC ,  N26 is our preferred option.
But  – there’s no harm in having Revolut card as well as an N26 bank account.

In Ireland,  most N26 customers are probably just using it as a second bank account which they use mainly when travelling abroad or buying online from outside Ireland.  But there is really nothing stopping you from using N26 as your only current bank account.
We think that gradually, more people will leave the expensive “pillar” banks and move over to N26 for day to day banking.
Just using the N26 card for purchases instead of, for example,  an Allied Irish Bank debit card – would save you 20c each time in fees. Over a year that could easily mount up to €120 or more with just 12 purchases a week.
More about Irish Bank Charges Here

(For UK residents – N26 don’t currently have any fees for ATM withdrawals.)

With N26 in Ireland, you can opt for their “N26 You” account which costs €9.90 per month. The N26 You account comes with free travel insurance which also covers mobile phone theft, travel insurance and ATM theft protection. More importantly, it waives all the ATM-withdrawal fees abroad for every foreign currency. Only really useful for people who travel a lot.

Exchange Rates N26 vs Revolut

Revolut says they use the Interbank exchange rates when you use their card for non-Euro purchases.
N26 uses standard Mastercard exchange rates.

We did a quick comparison of  USD/EUR rates, Interbank versus Mastercard, over a 2 week period in late 2017. On average – the Mastercard rate, which is used by N26, was 0.25% worse than the Interbank rate.  On a spend of €100, this would work out at a difference of €0.25 less compared to Revolut.

Apparently, Revolut adds a 0.5% markup to the interbank rate at weekends on 14 major currencies and a 1% markup for all others. So it is likely this would often make their exchange rates worse than N26 at weekends. So overall – there is not a massive difference between them.

Some people are using these new mobile banks as their only bank – but it’s probably not a bad idea to have a “back up” option if there is an IT problem with a bank – as happened last year in the UK with TSB and in the recent past here in Ireland with Ulster Bank.

Other mobile banking apps that are currently only available in the UK and other EU countries include Monzo, Starling and Atom. Some of these may be available in Ireland in the future.

Monese – An Alternative Prepaid Mastercard

Monese is a UK based app-based payment service linked to a prepaid card (similar to Revolut) and it is available in Ireland.  (They don’t need proof of your address).  Monese has over 1 million customers in Europe
With Monese – It is possible to get both a UK Sterling account and an EU  Euro account with Monese regardless of where you live in the EU.   Monese have a “Simple” account that has no monthly fees but it has some limits and usage charges on it.

  • First €/£200 ATM withdrawals a month are free. Anything over that is charged 2%
  • The first €/£ 2000 a month spending on foreign currency transactions is free – after that, there is a 2% fee.
  • 2% fee to transfer Euro to Sterling to non Monese accounts.

You can upgrade to a “Classic or Premium” account to get bigger limits.

You will need a smartphone to operate the account. You can apply for a Monese account using your PC/Laptop Here

If you are viewing this with an Apple phone or Ipad You can get the free Monese App Here.

They have a promo code that gets you €15 credit when you sign up.
Use code PERK2019

31 thoughts on “N26 Vs Revolut – A Comparison

  1. Is there any posibility with N26 or revoult to make any kind of investmet with some extra money?

    • N26 or Revolut do not have any interest paying savings accounts. (Yet)

  2. So if I were to let’s go to the US, in theory it would be best to use Revolut during week days and N26 during the weekends? That’s what I am understanding from this comparison.

    I use Google Pay so it’s pretty easy to switch cards, and why not save an extra 0.5% while abroad.

  3. am going on a Baltic sea cruise and will be visiting 4 countries with different currencies which is the best to use N26 or Revoult?


    • N26 and Revolut don’t allow joint accounts .
      It would probably be very complicated to cater for a joint account with a realtime app based account accessed by two people at the same time.
      One workaround for joint spending would be to use apple pay or google pay on 2 devices and link them both to one N26 account or Revolut account?

  4. Travelling to Guernsey in the Channel Islands from Ireland. Will be there for 2 weeks. Anyone used either N26 or Revolut there? Guernsey’s currency is Sterling.

    • Both cards will work in the same way as any other Visa or Mastercard debit card . In Guernsey or anywhere else in the world.

  5. Picked Monese as it gave a UK IBAN account that could accept UK direct debits. I don’t think the others did or at least not without a UK address.

  6. I’m going out to Bali for 3 weeks this summer. Which account would be best to have setup to make withdrawels and payments out there.

  7. May I use N26 or Revolut card in South America (Colombia/Chile/Argentina/Brasil/Peru)? Which would be more suitable to cash some local currency and to pay such as Hotel, Restaurant, and so on?

  8. Would you reccomend n26 for going to turkey
    My bank is charging 3.75% for withdrawal

    • N26 will work fine in Turkey. No charges on spending with the card and just a 1.7% charge on ATM withdrawals of Turkish Lira.

  9. I have an N26 account and love it, just wondering though, I’ve had a bit of an issue with anyone wanting to make a recurring payment into my account from AIB specifically, they must do it as an international payment and use a card reader each time. How then is it possible to get your wages paid in if it is technically an international bank account? Any thoughts or info would help.

  10. Revolut will charge for top ups with debit cards that have not been issued within the EEA .
    They also charge if you u top up with a commercial / business card .
    Is your card non EEA or a business card?

    • I joined revolut as Seamus above and have transferred €100 from my AIB debit card to my revolut. It was immediately transferred but when looking at my AIB account there are 2 separately transactions 1. For €100 2. €1 . Is the €1 amount the fee that AIB are charging for transfer. How come this isn’t 20c like other transaction fees and why is the fee so high?

      • This is a Ghost transaction for first time use of a particular card … it should have been refunded shortly after …

    • Hi Lucas – as it says in the article … cash or cheques can not be deposited into an N26 account or Revolut. They have no branches.

  11. As far as we are aware – it is a debit card and does not require a credit check.

  12. Revolut:
    Just to clarify, client funds are stored under a segregated account at Lloyd’s or Barclays, depending on the type of account you hold. As an FCA authorised institution, your funds are safeguarded as per FCA requirements, the Electronic Money Regulations 2011 and the Payment Services Regulations 2009. In the event of an insolvency, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.

    So your funds are protected.

    • So – yes funds with Revolut are hopefully protected in line with FCA regulations – but they are not covered by a central bank guarantee. Hopefully Revolut will get this in the near future. The article has been amended to explain the FCA rules. Thanks

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