N26 Vs Revolut – Digital Banking

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 Revolut.

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

UK residents can sign up for N26 Here

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 now have over 2 million customers across the EU.


N26 has had a full European banking licence since 2016 – and 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) –  the same as any mainstream bank – so you can get your salary etc paid in and you can also set up Direct Debits.
N26 supports Apple Pay and Google Pay but, being branchless,  N26 does not deal with the paying in of cash or cheques – (but how often do you do that these days?)

N26 started off as a smartphone based app – but since July 2018 N26 have 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 Euro withdrawals  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  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 contactless payments .

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

If you are a UK resident you can  join N26 Here

Read more here about N26 in theUK




Revolut is based in the UK and was set up in July 2015. Revolut say they have over a 3 million users across Europe and 75,000 in Ireland . Revolut was granted a  banking license by Lithuania on Dec 12th 2018.  Under EU “passporting” rules they can use this to operate across the EU. Revolut say that eventually all funds will be protected under the “European Deposit Insurance Scheme”.   It’s worth pointing out that this EDIS scheme doesn’t currently exist ! 

( Until the full EU licence is rolled out by Revolut  – Revolut is regulated by the UK  Financial Conduct Authority, meaning that any money you deposit must be ring-fenced (in a Barclays account), so in the event there are problems with Revolut, the money should be safe.)

As with N26 – you get an EU IBAN with Revolut , so you can get 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 .

Revolut  also offers access to five cryptocurrencies — bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and ripple (XRP)

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 First Debit Card €6 Free
ATM Charges in Ireland First €200 a month is free then a 2% fee. First 5 withdrawals a month are free – then €2 each. (All free for UK residents.)
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 worth of spending a month is free – then a 0.5% fee No charges
Direct Debits
Yes Yes
Pay in Salary
Yes Yes
Transfer or Loading Fees.
No No
Full EU Banking License Coming Soon Yes
Can be used on Laptop/PC No Yes
Apple Pay No Yes
Google Pay Yes Yes

Note: the rules may differ slightly in other countries
More about Apple Pay here


Overall – because of the 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 – an EU banking licence for Revolut was granted in early Dec 2018  and should be in operation for Irish customers in early 2019 . You may as well apply for both accounts  one of them could come in handy as a backup .

In Ireland, there is nothing stopping you from using N26 as your only 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.
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.

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

With N26 in Ireland 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 less 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.


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 recently 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 , Atom and Monese . Some of these may be available in Ireland in the future .

12 thoughts on “N26 Vs Revolut – Digital Banking

  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

  2. Just have a question about the N26 debit card, online they have it listed as mastercard. Now is it a debit MasterCard or a certified MasterCard that requires a credit check. If it is then wouldn’t that require a credit check. I was under the impression that credit doesn’t transfer from country to country.

    • 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.

  3. One really important point not mentioned in this article: Revolut allows you to hold different currency accounts within the app. So you can have a GBP account, a euro account and a USD account all at the same time, and transfer between them using the Interbank exchange rates mentioned above. That’s a really important piece of info – I signed up for N26 after reading this article but had I been aware of the currency options with Revolut I would have gone with that instead.

  4. I joined Revolt recently and didn’t notice that they seem to be charging 1.29% for a top up using a debit card (€1.29 per €100 top up). When I opened the account I put the minimum €10 in by debit card, when I checked my regular bank account, €10.13 was charged along with a separate €1.00 to revolt, total €11.30 to get €10.00 on my revolt card. Can you top up without these charges?.

    • 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?

  5. With Revolut, The fact that funds are stored In British Bank accounts Llyods & Barclays, where there be any implications brexit comes in ?
    Thanks, great article.
    Any idea when Revolut will be available on Apple Pay ?

  6. It’s frustrating that neither of these banks has launched a joint account yet, this is despite a lot of interest in the respective forums. Does anyone know why their reluctance?

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