N26: mobile-only bank for small business and self-employed

At long last, it seems that fintech banks are here to stay. With the prevalence of online banks and mobile banks as of late, few have made such a profound impact as the neobank N26. Headquartered in Berlin, N26 is making waves in fintech banking despite only being launched in 2016. Their ease of use, top-notch security, lack of banking fees, and widespread availability are quickly making N26 one of the premiere choices amongst a growing industry of mobile banks.

What Exactly is N26?

N26 is a mobile-only bank, meaning that they have no physical banking locations. This means that all of the overhead costs of capital required to start a bank, as well as the costs of labour and equipment are greatly reduced. There’s no need to walk into your nearest bank and book an appointment with a bank clerk to open a current account.

Instead, with their mobile banking app and a choice of various bank cards, you can do all of your banking from the convenience of your mobile phone and make purchases online and in shops with either a virtual card or a physical card of your choice.

Who is Using N26?

N26 is currently available across the Eurozone, in the United Kingdom, and in the United States. They’ve just surpassed
3.5 million customers, and there’s no sign of slowing down. Additionally, N26 handles over €2 billion in transactions per month, placing it amongst the most frequently used mobile banking services when compared to competitors such as Revolut and Monzo.

There are a wide range of products from N26 for both personal and business customers, from financial products to six different types of current account options depending on your needs. If you’re in the and run a small business, N26 may have an account category that’s just right for you.

N26 Bank Accounts for Business Owners

Whether you operate your own company, run a small business, or are self-employed, N26 is an ideal solution for business owners in the UK. Note, however, that N26 Business accounts differ from personal accounts, so be sure to select a business account to access the additional features that come along with this type of account.

There are currently two types of business account one can open with N26: N26 Business and N26 Business You. They’re both similar in many regards, but aren’t without some differences either. Here’s how they compare:

N26 Business: €0/month

  • A simple, no-fuss business account for freelancers or small business owners;
  • Backed with globally-recognised Mastercard for transactions and payments;
  • No monthly fees and no minimum deposit amounts to get started;
  • Allows you to tag and organise transactions for clean categorisation;
  • Can be used interchangeably with the web app.

N26 Business You: €9.90/month

  • Comes complete with travel insurance from Allianz;
  • Great choice of colours for your phsyical card (Ocean, Rhubarb, Sand, Aqua, Slate);
  • Forget about exorbitant foreign currency fees with fee-free worldwide ATM withdrawals;
  • 0.1% cashback on all N26 Mastercard transactions;
  • Regular offers and discounts ideal for freelancers and small business owners.

Both of N26’s business account offerings are great for small business owners, but which is right for your needs? If you intend on travelling abroad frequently and need to make cash withdrawals in Euros or Dollars, the N26 Business You may be more to your liking. If you just need a simple, no-frills business account with most of the same features as the N26 Business You, but perhaps have your own travel insurance provider and travel less frequently, the N26 Business ought to do just fine for your needs.

How to Open an Account

Opening an account with N26 is easy-peasy. Business accounts, both the N26 Business and the N26 Business You can be opened in as little as eight minutes! Of course, you’ll have to provide some documentation so that they know it’s really you, but the process is a lot faster than booking an appointment with your local bank branch and bringing all of your documents with you.

Firstly, you’ll need to visit the N26 website and find your desired account, then click “Open Bank Account.” You’ll be prompted to provide and confirm your email address. Next, download the app from your app store. You will need to verify your identity with a valid form of ID, such as a passport. Note that N26 is limited to residents of certain countries, so be sure to meet the eligibility criteria before proceeding.

Once your identity document has been verified, that’s it! You’re good to go. No need to sign stacks of paperwork, it’s all done from the comfort of your home.

Note that N26 is currently expanding worldwide into markets such as Brazil, so if you’re not currently eligible, it very well may be that in the coming months you may be eligible to apply.

Bear in Mind

As a small business owner or freelancer in the UK, there are many types of bank accounts available that cater to the needs of your business. Fortunately, fintech banks and mobile banks have rocked the industry, and companies such as N26 have proven themselves to be practical solutions for modern-day needs such as transferring remittances quickly and without paying an arm and a leg in currency exchange fees.

It’s important to bear in mind that N26 accounts aren’t available to everyone worldwide and the country of your residence may not currently be eligible. Furthermore, there are no physical bank locations, so you can’t easily resolve problems by speaking face-to-face with a bank clerk. Online customer support is available, but sometimes speaking to clerks in the flesh is preferable for customers.

Although fintech banking and mobile banking are relatively new and are not as established as most high street banks, they have proven themselves to be safe, convenient, and often offering far lower fees than traditional banks. Open an account with N26 today to see if it’s right for you.

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