N26 Vs Revolut – A Comparison

Revolut Compared to N26 and Monese

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, in 2020, Mobile Banking or Digital Banking – refers to the new wave of branchless, online-only,  banks that are providing an alternative to the mainstream “old school” bricks and mortar banks.

The two digital banking providers that have the most customers in Ireland are N26 and RevolutThis is a review of the features and the pros and cons of N26 and Revolut. There is also a newer arrival called Monese which we have also included in the comparison.

(Note:  N26 is a bank, Revolut and Monese are not banks.)

A Comparison of N26 Vs Revolut and Monese in Ireland

N26 Summary

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

N26  has more than 5 million customers across  Europe and the USA, with over 150,000 in Ireland. They announced they are no longer operating UK accounts from 15th April 2020 – this will have no effect on N26 customers in Ireland or on the use of N26 cards in the UK by Irish N26 account holders.


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)

You can send money instantly to other N26 users from your phone without knowing their account details . N26 call this MoneyBeam. You can send up to €1000 to other N26 customers within a 24-hour period. 

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 also has a 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 in a month.

The €2 ATM 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.

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 needs 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:  N26 is no longer available in the UK more about that here .

Revolut Summary

Revolut is based in the UK and was set up in July 2015. Revolut say they have over 4 million users and about 500,000 in Ireland. It is more popular than N26 in Ireland – probably because it launched here before N26.

Revolut is NOT a bank – it is an “Electronic Money Institution”.
Revolut is authorised in the UK by the Financial Conduct Authority under their Electronic Money Regulations. This means that any customer’s money 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.) Instant transfers between Revolut customers is also possible.

revolut card

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 2019 Revolut now supports Apple Pay – but only on Mastercards issued before Sept 2018 for now.
Google pay is also supported on Revolut.

Revolut Debit Card

Using the Revolut prepaid debit card you can spend, transfer or exchange up to €5,000 in total every month without any fees.  (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 .

Monese Summary

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

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

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.

Read more about Monese and the other accounts available here

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

FeaturesN26RevolutMonese (Simple Account)
Full Banking Licence?YesNo No
Annual FeeNoneNoneNone
Account CurrencyEuroEuro / GBPEuro / GBP
Card DeliveryFree€6Free
ATM Withdrawals in IrelandFirst 5 withdrawals a month are free then €2 fee each.First €200 each month is free then a 2% chargeFirst €200 each month is free then a 2% charge
Non Euro ATM withdrawals outside Ireland1.7% ChargeFirst €200 each month is free then a 2% chargeFirst €200 each month is free then a 2% charge
Foreign Currency SpendingNo Charges First €5000 worth of spending a month is free – then a 0.5% feeFirst €2000 or £2000 per month is free then a 2% charge.
Apple PayYesYesYes
Google PayYesYesYes
Direct DebitsYesYes Yes (UK GBP account only)
Instant Transfers to other Users ?YesYesNo
Can be operated from PC/Laptop as well as Smartphone ?YesNoNo
Top up with another debit card?NoYesYes
Age Limit181818
Debit Card TypeMastercardVisaMastercard
Daily Spending Limit€/£5000£/€5000 (in 96hours)4/£7000

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.
Monese hasn’t got some of the features of Revolut – but it is still a very useful card to have for spending in Non Euro currencies (under €2000 a month)
But  – there’s no harm in having an N26 bank account. as well as a  Revolut card and one from Monese as well as

Read about N26 and Joint Accounts here.

N26 and Revolut Exchange Rates Compared

Revolut says they use the Interbank exchange rates when you use their card for non-Euro purchases.
N26 uses the 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 just 0.25% worse than the Interbank rate used by Revolut.  On a spend of €1000, this would work out as being just €2.50 worse off with N26  compared to Revolut.

But – Revolut adds a 0.5% markup to the interbank rate at weekends on 14 major currencies and a 1% markup for all others. So this would make the Revolut exchange rate worse than N26 at weekends. So overall – there is not much of a difference between them.

More details of Revolut and their charges here.

Large Purchases

If you are looking to make a large purchase (over €5000 worth) outside Ireland  – i.e a car  – N26 or Revolut might not be the best option. The free versions of both cards have daily spending limits. N26 card has a daily spending limit of €5000 and Revolut’s limit is £5000 in 96 hours.

For larger purchases such as a car you should consider the online currency exchange marketplace Currency Fair.
They are based in Dublin and are regulated by the Central Bank of Ireland.  You pay in your Euros, then convert it to any of 19 currencies and then transfer it out to the seller’s bank account.

Bunq is another new smartphone app with a prepaid Mastercard that is available in Ireland.  Bunq Travel Card comes with a massive €50,000 daily spending limit and no foreign currency fees. It is covered by the Dutch Bank Guarantee.
Read  more about the bunq travel card here.

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.
Monzo has a licence to operate in Ireland – but it looks like they currently have no plans to start offering services here in the near future.

23 thoughts on “N26 Vs Revolut – A Comparison

  1. Any of the digital bankshave irish IBAN? Revolute and monese have UK/belgian. N26 has german. My employer is not sepa compliant and cannot lodge into anything other than an irish account.

    • If your employer won’t accept IBANs from other member states of the European Economic Area – they are violating European law as of 1 February 2016
      (Article 9 of Regulation No 260/2012 ). None of the digital banks have Irish IBANs.

  2. I transfer money from paypal to Revolut all the time and it works great. Next day I have the money, or sometimes on the same day.
    This happens with all transfers. they are very fast on Revolut. If I top up from my KBC or BOI account its real time.
    With Revolut it’s very easy to add accounts to topup from and like I said it’s realtime (you can’t add a Paypal account, you need to add the Revolut account to your Paypal account and send money to Rev).
    N26 it’s more like a normal bank account, you need to transfer money from another bank account on to it and it will take between 1-5 days. although it took only 2 days on my last transfer. You can also request money from another N26 users. One advantage of N26 is that it is covered by the central bank. So it looks safer to get your wage on.
    I have a KBC and BOI acconts and for now I might replace one of those by the N26 and see how it goes.

    • According to Revolut – YES you can send money from Paypal to Revolut
      BUT this PayPal feature is only available for PayPal accounts in the EU.

      To add your Revolut card:
      Login to your PayPal account
      Head to the Cards section
      Click on Link A New Card
      Fill in your card details
      Paypal will send a confirmation code via a small deduction on your card

      Please note that:

      The address on the card must be same as the address entered on PayPal
      The card must have stored value (in order for PayPal to make a small deduction for authorization)
      The card must be activated for online purchases

      (Above info provided by Revolut)

  3. Does anyone have any experience using the N26 or similar as a payment method for non euro purchases along side their bank of rip off ireland account? What I want to know is do bank of ireland charge you for the transfer of your money to your virtual account through your online banking? Yes I will be changing to ebs as it’s cheaper even though I have to drive miles to get there! It would be interesting to hear off someone with their basic account too. Would I be charged there? Money guide do you have this information?

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

  5. 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?

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

  7. 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.

  8. 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?

    • 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. 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.

  10. 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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