N26 Vs Revolut – A Comparison

Revolut Compared to N26

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,  fintech banks that are an alternative to the “old school” bricks and mortar banks.

The two digital banking providers that have the most customers in Ireland are N26 and Revolut.  This is a review of the features and the pros and cons of N26 Vs Revolut.
(Note:  N26 is a bank, Revolut is not a bank.)

A Comparison of N26 Vs Revolut in Ireland

A Summary of N26

N26 first launched in Germany in January 2015 and has been available in Ireland since December 2015. N26 now has more than 5 million customers across  Europe and the USA, with almost 200,000 in Ireland.


N26 has a full European banking licence and customer funds are covered by the German Bank guarantee (up to €100,000).

The Central Bank of Ireland regulates N26 for the conduct of business rules in Ireland.

An account with N26 has a bank account number and IBAN –  the same as any “mainstream” bank.
Customers can pay in their salary and set up Direct Debits. N26 customers can also pay money into N26 by bank transfer. Top up by debit card is also possible but there is a 3% charge – so it is best to avoid it.

Joint accounts are not possible yet with N26 – 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 N26 and Joint Accounts )

You can send money instantly to other N26 users from your phone without knowing their account details. N26 call this feature “MoneyBeam“. You can send up to €1000 to other N26 customers within a 24-hour period. 
N26 also has a feature called Spaces – which allows you to have sub accounts for savings or separate spending pots.

The N26 app also allows international money transfers in more than 30 currencies. (They use Transferwise).

Apple Pay and Google Pay are supported by N26.

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

You need a smartphone to register and set up an N26 account , but most of the N26 banking functions can also be carried out on laptops, tablets 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 Euros in a month. If N26 is not your “main” account then they will charge you the €2 per withdrawal after 3 ATM withdrawals a month.
(To be classed as your main account, customers must deposit at least €1000 a month.)

The €2 ATM fee does not apply to ATM withdrawals outside the Euro zone – 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.

N26 Sign Up

You can sign up to N26 for free with a smartphone . You just need to fill in an online form and take a selfie and send a picture of your passport.  (Over 18s only)  They’ll send out your Mastercard after a few days. You need to add some money to your account to activate it. The first payment by debit card is free.

N26 allow customers to add a digital version of their card to ApplePay or Google Pay to start using their account immediately before their physical card arrives.

Irish residents can Join N26 Here

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

Full Banking Licence?YesNo
Card DeliveryFree£4.99
Can be operated from PC/Laptop as well as Smartphone ?YesView only
Foreign Currency SpendingNo Charges First €1000 worth of spending a month is free – then a 0.5% fee.
Annual FeeNoneNone
Account CurrencyEuroEuro / GBP
ATM Withdrawals in EurosFirst 5 withdrawals a month are free then €2 each.**First €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% charge
Apple PayYesYes
Google PayYesYes
Direct DebitsYesYes
Instant Transfers to other UsersYesYes
International Money
Yes - 40+ currenciesYes - 31 currencies
Top up with another debit card?Yes - first one is free then a 3% charge.Yes
Age Limit1818
Debit Card TypeMastercardVisa or Mastercard
Daily Spending Limit€/£5000£/€5000 (in 96hours)

** ATM fee : If N26 is not your “main” account then you will be charged €2 per withdrawal after 3 ATM withdrawals a month. (To be classed as your main account N26 you need to have regular monthly income paid into the account, which can be verified for two consecutive months. These payments may be salary or regular pension or welfare support. They may also be any other type of regular payments of at least EUR 1,000.00 per month..)

Revolut Summary

Revolut is based in the UK and has been running since July 2015. They have over 4 million users and about 1,000,000 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”.
It is not covered by any banking guarantee.
Revolut was granted a banking license in Lithuania on Dec 12th 2018 but this is not yet operational in Ireland.

Revolut is authorised in the UK by the Financial Conduct Authority under their Electronic Money Regulations. After Brexit – EU customer accounts at Revolut will be regulated by the Lithuanian Central Bank . The transfer of Irish customer accounts to Lithuania has already begun.

With Revolut you get an EU IBAN as well as a UK GBP account.
Revolut can accept incoming payments in several currencies.
Instant transfers between Revolut customers is also possible.

revolut card

Revolut has no joining fee – but you will usually need to pay £4.99 for delivery of the debit card . (This is free with N26)

Revolut supports Apple Pay and
Google pay .

Revolut Debit Card

Using the Revolut prepaid debit card you can spend in another currency or exchange up to €1,000 in total every month without any foreign conversion fees.  (A 0.5% fee applies after the first €1000). This €1000 limit came in from Aug 12th 2020, prior to that it was €5000.

Only the first €200 of ATM withdrawals per month are free, after that, they charge a fee of 2% .

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 to carry out transactions from a PC or Laptop. (You can view your Revolut account on a PC or laptop since October 2020.)

Like N26 – a joint account is not possible with Revolut – but they will issue a spare card. The second 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.

Note: the rules may differ slightly in other countries.

Summary – N26 Vs Revolut

Overall – because of Revolut’s lack of a full banking licence and deposit guarantee and also 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 both an N26 account. and a Revolut card. Having spare cards and accounts with some money on them can be a useful alternative if there are problems with one of them.

Read about N26 and Joint Accounts here.

N26 and Revolut Exchange Rates Compared

Revolut say they use the Interbank exchange rates when you use their card for non-Euro purchases. But they will add a 1% markup to the exchange rate at weekends. (Effective from Aug 12 2020 – before that it was 0.5%)

N26 uses the standard Mastercard exchange rates.

We did a small comparison of  USD/EUR rates, Interbank versus Mastercard, over a 2 week period in late 2017.

On average – the Mastercard rate, used by N26, was just 0.25% worse than the Interbank rate used by Revolut.  On a €1000 equivalent spend, you would be just €2.50 worse off with N26 compared to Revolut.

However it’s important to note that Revolut adds a 1% markup to the interbank rate at weekends on 14 major currencies and a 2% markup for all others. So this would make the Revolut exchange rate 0.75% worse than N26 at weekends.

With Revolut – you do have the option of doing the currency conversion on a weekday and then spending that currency at the weekend to avoid the extra markup (if you remember) . Or you could get both N26 and Revolut cards and use them wisely to reduce fees.

More details of Revolut and their charges here.

Large Purchases Abroad

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. Also – currency conversion of over €1000 on Revolut will be charged at 0.5%.

For larger purchases in other currencies – such as a car- you should consider the online currency exchange marketplace Currency Fair.

CurrencyFair is based in Dublin and regulated by the Central Bank of Ireland.  You can transfer your Euros to CurrencyFair , then convert it to any of 19 currencies and then transfer it out to the seller’s bank account.


bunq is a Dutch bank that has smartphone app with a prepaid Mastercard that is available in Ireland.  The bunq “Travel Card” comes with a massive daily spending limit of up to €50,000 and no foreign currency fees. All funds held in bunq are covered by the Dutch Banking 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.
Starling Bank has previously said they will be coming to Ireland – but they have not yet announced a launch date.

5 thoughts on “N26 Vs Revolut – A Comparison

  1. 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. To the best of my knowledge – the only holiday that should affect SEPA payments that is different to Ireland is May 1st.
    Other EU banks would probably be affected too.

  3. Are you sure KBC don’t allow it ? I have heard of other KBC customers having no problem. Have you contacted KBC.? They are probably breaking EU regualations if they don’t allow it. If they really don’t allow it – can you do an online transfer each month instead?

  4. You now have to pay for the card. I ordered mine in March and I believe it cost me €9.99 or £9.99 to cover the shipping/delivery fees… It’s even different prices than that now…

    Delivery Charge for Revolut Cards:

    £4.99 or currency equivalent for standard delivery.

    £11.99 or currency equivalent for express delivery to the UK.

    €19.99 or currency equivalent for express delivery outside the UK.

    *The delivery charge may be more depending on where you are sending the card.


    • Pablo – We already pointed out the £4.99 delivery charge for Revolut.

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