Moving to a new country comes with many challenges, from finding accommodation to managing your finances without having to deal with the bureaucracy of traditional banks. Whether you’re coming to study, work, or simply explore Europe, having tools that make your transition smoother is essential. One key tool that can help you with that is N26, on of the best banks in Spain and a digital bank. Below, we’ll explain what N26 is, how it works, and how it can benefit you.

What is N26?

N26 is a bank that primarily operates through its mobile application, allowing all banking processes, from opening accounts to managing transactions, to be done online. This digital approach has made N26 especially attractive to those seeking a modern and flexible banking experience, avoiding the long lines and paperwork typical of traditional banks.

How Does it Work?

N26 operates entirely digitally, and all you need is a mobile device and an internet connection. Here’s how it works:

1. Opening an Account: Opening a bank account online with N26 is quick and easy, plus it's free and commission-free. You only need your passport or valid ID and to complete the verification process. Within minutes, your account will be up and running.
2. Intuitive App: The app is available in several languages, including English, Spanish, German, Italian and French, and it also has customer service in several languages, making it easy for foreigners to use.
3. Debit Card: With your N26 account, you’ll receive a Mastercard debit card, which you can use to make payments in physical stores or online, as well as withdraw money from ATMs worldwide.
4. International Transfers: N26 integrates with Wise, making it easier to transfer money abroad with lower fees and faster processing times than traditional banks.
5. Accounts with a Spanish IBAN: All N26 accounts have a Spanish IBAN. Therefore, in addition to using your account to make cash withdrawals or card payments, you can also use it to receive your paycheck, set up direct debits for your bills and manage other expenses conveniently from the app. In addition, you can use the Bizum service for your daily transactions.

Benefits as a Foreigner

If you’re a foreigner in Europe—whether working, studying, or traveling—N26 offers several benefits that make it ideal for your banking needs:

1. Quick and Easy Account Opening: Many European banks require proof of residency or specific documents to open a bank account. With N26, you can open your bank account online from abroad, which is extremely helpful if you need an account before arriving at your destination.
2. Available in Multiple Languages: The app is available in several languages, including English, Spanish, German, Italian, and French, making it easier for foreigners to use.
3. Borderless Payments: As a foreigner, you’ll often need to make payments in the local currency and also in your home currency. N26 allows you to make payments in different currencies with no hidden fees and fair exchange rates, which is essential for those who regularly send money back home.
4. No Foreign Transaction Fees: Using your N26 card in another Eurozone country incurs no additional fees. Plus, if you opt for a premium account, you can withdraw money without fees even in non-Euro currencies, making it ideal if you travel frequently.
5. Full Control of Your Finances: The app sends you real-time notifications every time you make a payment or receive money, helping you stay on top of your expenses and manage your finances more intelligently.
6. Security: As a licensed online bank, N26 is supervised by the Financial Market Regulatory Authority and complies with all European regulatory requirements. Customer funds are guaranteed up to €100,000 by the German Deposit Guarantee Fund (FGD).

What Services Does N26 Offer to Foreigners in Europe?

N26 doesn’t just offer a standard bank account; it also provides several services that are especially useful for expats:

1. Multi-tier Bank Accounts: N26 offers various account options, from the free basic account to premium ones (N26 Smart, N26 You, and N26 Metal). Premium accounts offer benefits like travel insurance, fee-free withdrawals at ATMs outside the Eurozone, and the option to have additional cards.
2. International Transfers: Thanks to its partnership with Wise, you can send money to over 30 countries with more favorable exchange rates and lower fees than traditional banks. If you’re wondering which bank charges the lowest fees for international transfers, N26, together with Wise, is one of the best options for its competitive fees and transparency.
3. Savings Management: With the “Spaces” feature, you can create sub-accounts to save cash specifically for different goals (for example, for a trip, rent, or any other financial objective). This allows you to set aside funds and stay organized when managing your money.
4. Multilingual Customer Support: If you have any questions or issues, N26 offers customer support in multiple languages, which is a great advantage for expats who may not be fluent in the local language.

How Can I Make an International Transfer?

Making an international transfer with N26 is simple thanks to its integration with Wise. All you need to do is enter the recipient’s details, select the amount and the currency you wish to exchange, and the transfer will be processed quickly and efficiently. Everything is handled through the N26 app, without needing to visit a physical bank.

OPEN AN ACCOUNT WITH N26 

N26 is an ideal banking solution for foreigners living in Europe. Its 100% digital approach, easy account opening, and wide range of services make it an attractive option for those seeking a borderless banking experience.