Digital Banking: N26 Vs Revolut

N26 Compared to Revolut

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

The two digital banks that have the most customers in Ireland are N26 and Revolut.
Many people probably use N26 or Revolut alongside one of the “main” banks  , to take advantage of lower fees when spending in non Euro currencies.  Some people will be 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 recently in the UK with TSB and in the recent past here with Ulster Bank.

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

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 have over 1.5 million customers across the EU.
(N26 has just launched in Beta mode in the UK and will be fully available to UK residents in November 2018)

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 conduct of business rules in Ireland.)
With N26 in Ireland you get a bank account number  (IBAN) – in the same way as any mainstream bank – so you can get your salary etc paid in. You can also set up Direct Debits.
Being branchless,  N26 does not deal with the paying in of cash or cheques – but how often do you do that these days? N26 supports Apple Pay and Google Pay.

N26 started off as a smartphone based app – but since July 2018 N26 have upgraded the web based app so that most of their banking functions can also be done on laptops , PCs or tablets.

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 Euros)  in a month.
The €2 fee does not apply to non Euro ATM withdrawals – but there is a 1.7% fee for all non-euro ATM cash withdrawals. This fee compares quite well with 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 main Irish banks – there are no 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 contacless payments .

Signing up to N26 is free and is done over your smartphone with 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) They’ll send out your Mastercard after a few days. Join N26 Here

Their N26 “Black” account comes with free non Euro ATM withdrawals and includes multitrip all year round travel insurance as well as extended warranty insurance, mobile phone theft insurance and ATM mugging insurance. It costs €9.90 a month – but if you travel more than a couple of times a year you would probably spend that on travel insurance alone.


Revolut was set up by  in July 2015  and they report that they have over a million users across Europe and 75,000 in Ireland . Revolut say they are not a bank – but they applied for a European banking licence in 2017, this is not in place yet (expected sometime in 2018) . Until then – any funds in Revolut are not protected by a bank guarantee.
(Note: Revolut is regulated by the UK  Financial Conduct Authority, meaning that any money you deposit is ring-fenced (in a Barclays account), so in the event there are problems with Revolut, the money should be safe.)

As with N26 – you do get an EU IBAN with Revolut , so you can get your salary and other bank transfers paid in. There is no joining fee – but you have to pay €6 to get your debit card delivered to Ireland. (This is free with N26) . Revolut doesn’t support Apple Pay but you can use Google Pay.revolut card

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 – Revolut will only work on a smartphone  – you cannot currently use it from a PC or  Laptop .

You can sign up for Revolut here . You just have to enter your mobile number and they will send you a link to get the App and sign up.

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



Annual Fee None None
Delivery of Debit Card €6 Free
ATM Charges in Ireland First €200 a month is free then 2% fee. First 5 withdrawals a month are free – then €2 each.
Non Euro ATM Charges 2% fee when you withdraw more than the equivalent of €200 in a month. 1.7%  fee
Non Euro  Spending First €5000 a month is free – then 0.5% fee No charges
Direct Debits
Yes Yes
Pay in Salary
Yes Yes
Transfer or Loading Fees.
No No
Full EU Banking Licence
No Yes
Can use on Laptop/PC No Yes
Apple Pay No Yes
Google Pay Yes Yes

Note: the rules may differ slightly in other countries


Overall – because of the EU banking licence and the option to operate the account from a laptop/PC  , N26 is our preferred option.  But – you can apply for Revolut too – it could come in handy as a backup .

In Ireland, there is nothing stopping you from using N26 as your main current bank account – but at the moment most people are probably just using it as a second account which they use mainly when travelling abroad. We think that gradually , more people will leave the expensive “pillar” banks and move over to N26 for day to day banking.

With N26, you can opt for their “N26 black” account which costs €9.90 per month. The N26 Black 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. Ideal for people who travel a lot.

Exchange Rates

Revolut say they use the Interbank exchange rates when you use their card for non Euro purchases. N26 use 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 0.25% worse than the Interbank rate.  On a spend of €1000 this would work out at a difference of €2.50 compared to Revolut

Apparently Revolut add 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 – not a massive difference between them.


2 thoughts on “Digital Banking: N26 Vs Revolut

  1. 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

Leave a comment

Your email address will not be published. Required fields are marked *