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What are the advantages of the N26 business account

N26 business account

Do you work as a freelancer, and are you looking for a bank account with low commissions? Then, you should look at the Business account offered by N26: it opens online and is managed through your smartphone. With it, you can receive payments from your customers and pay the expenses derived from your business.

N26 Business Account Features

Online banks appeared as a cheaper alternative to traditional entities. Little by little, they have been gaining ground in personal banking, and now many clients turn to them also in the professional field. N26 Business accounts stand out for how easy they are to use and how low their commissions are.

Pros and Cons of N26 Business Account

Pros:

Cons:

The N26 account is managed via mobile

One of the reasons why N26 offers such competitive rates is because they do not have physical offices and all the paperwork is done through the Internet. The account is managed from an app and you can send money or check your balance at any time and quickly.

If you need assistance, the support team is available via chat. Payment accounts are also available by telephone support.

International N26 transfers

The N26 app integrates money transfers with currency exchange abroad. With N26, you can save a lot of money by avoiding the abusive commissions of traditional banking when converting currency.

The collaboration between N26 and WISE saves a lot of money for companies or freelancers who need to invoice a foreign customer. That WISE uses the real exchange rate that you can consult on Google for currency exchange without extra costs in the exchange rate.

Account expenditure statistics

You can access a list of your monthly expenses from the app and from the web. To make it easier for you to keep track of your accounting, they are sorted by categories. You can assign labels to each charge to make it easier to identify them. They also allow you to download excerpts in PDF or CSV format.

Sub-accounts and shared spaces

To better organize your business finances, N26 paid Business accounts to give you the option to open sub-accounts. So you can separate the money you want to save from the one you will use to pay, for example, to your suppliers.

You can have up to 10 simultaneous sub-accounts open and even share them with other N26 users.

Immediate transfers

Wise allows you to receive immediate transfers within the SEPA zone for free. And it is also possible to send money by this means and under the same conditions to anyone with an account in N26.

The N26 Business Card

A debit card accompanies the N26 Business account. Although in the payment plans, they give you the option to request another extra. It belongs to the MasterCard network and is valid worldwide.

You have complete control over it through the N26 app. You can temporarily or permanently block it and change your PIN. And also, you can use a virtual card to pay online or in physical stores that accept Google Pay and Apple Pay.

Different designs to choose from in premium plans

Revolut WISE N26
Net Visa MasterCard / Visa MasterCard
Monthly fee Free No fee Free
Price extra cards 4.99GBP 3GBP 10
ATM withdrawals 2% 0.5GBP + 1.75% (2 free per month up to £200) 1.7% (foreign)
Currency exchange fee 0.4 + 1% over the weekend 0.24% to 3.69% Free
Exchange rate Interbank Interbank MasterCard
Daily withdrawal limit 3,000GBP (or equivalent) 1,500GBP 2.500

What security does the N26 Business account offer?

N26 is a German bank licensed to provide its services in the European Union. The German Deposit Guarantee Fund will protect the money you have deposited in your account.

In addition, it is attached to your smartphone to prevent third parties from accessing your money in your account. And it can only be linked to a single device at a time. To access it, you must identify yourself with a password, with your fingerprint or through the facial recognition system.

When you make a transfer or any operation with the debit card, you will be asked for a confirmation PIN. And you’ll receive a push notification on your phone in real-time. You can also block the card from your app, set spending limits, and restrict overseas operations.

Multi-currency Account

If you need a business account where you can receive money from abroad, the N26 Business account allows you to bill your customers in different currencies. The Multi-Currency Account allows you to have local account data from the UK, Eurozone, US, Australia, New Zealand, Singapore, Romania, Canada, Hungary and Turkey. Thus, they can make a transfer to you as if they were doing it to a bank in the same country. You can also use these bank details to manage payments and direct debit invoices.

It has a free API that you can incorporate into your website to charge your customers. The bulk payments feature will make your life easier if you have employees or need to pay many suppliers simultaneously. You can send money to up to 1,000 beneficiaries at once.

Another great advantage if you have an employee company is a possibility of getting debit cards associated with your account. You can determine each limit and monitor the expenses from the control panel.

 

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