n26 review

I posted an article about Revolut vs Monzo. There is one other challenger bank - N26.

Good news is that this month N26 launched its services in the UK and it wants to launch its services in the US in 2019. Impressive.

Strong points:
- Provides German account in euros (and now in British pounds in the UK).
- Nice transparent card. The card looks very nice.
- Gives up to 5 free withdrawals in euros.
- Nice app on your mobile phone.

Things to improve:
- Support can give you 3 different answer for the same question - I asked the same question via mail, via Twitter and via web chat. Looks like the most accurate answer is received via email.
- Lithuanian or Latvian nationals can't register for a new N26 card (see below).

I have a couple of friends in Lithuania who have N26 cards. And they are happy with it! The account works well, nice app. That's why I wanted to test N26 by myself. The problem is, that I can't.

I have a Lithuanian nationality. But based on documents, accepted by N26 bank , Lithuanian ID card and/or passport is not accepted by N26 as a valid form of identification.

What?! Yeap, you read that right: documents from the EU country, member of the NATO and Organisation for Economic Co-operation and Development (OECD) are not accepted by N26. Let's be honest here - I can travel to any country in the world with my Lithuanian passport, I can open a bank account in any other bank with the same passport, but I can't open a bank account at N26. Odd, right?

By the way, N26 published a press release earlier this month which says that "N26 currently operates in: <...> Latvia, Lithuania <...>". No, it doesn't. How can a bank operate in a country if country's nationals can't open a bank account as its documents are not accepted by the bank? :) Note: if you had opened N26 bank account a couple of years ago with Lithuanian ID (as my friends did) - your account works. The bank simply does not open any new accounts for Lithuanian / Latvian nationals.

I'd definitely give N26 bank a try, once Lithuanian passport/ID is accepted by N26. In the mean time - we just have to wait.

Fun fact: there are around 3 million of Lithuanian nationals and about 2 million Latvian nationals. So, around 5 million potential customers that could open N26 bank account.


Note: I'll ask N26 to comment about this situation. If they respond - I'd be more than happy to post the response on my blog.

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