Alternatives to N26 in the UK

Digital banks and money apps have become common in recent years. They offer a method to manage money and make payments via a smartphone.

One of the European neobanks is N26, based in Germany. It no longer operates in the UK. For those looking for similar services, there are several alternatives for money transfers in the UK.

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What services and products does N26 offer?

N26 offers app-first bank accounts, including free and paid plans.¹ Features on the N26 Standard Account include support and a virtual card.¹

Paid plans include features such as a physical debit card, subaccounts, and insurance options. Prices for paid plans range from €4.90 to €16.90 a month.¹

N26 also provides plans for businesses and crypto products. For international payments, N26 utilizes an integration that allows users to perform international transfers directly from the N26 app.

Where is N26 available?

N26 is available in several European countries, including:²

• Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Latvia, Lichtenstein, Lithuania, Luxembourg, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

The company has ceased operations in the UK and Italy.² This means residents of the UK cannot open a new account with N26.

Why is N26 no longer available in the UK?

N26 exited the UK market following Brexit. The company stated that it would no longer be able to operate in the UK under its European banking licence.³

Quick comparison of N26 and alternatives

The following table compares several digital banks and money transfer specialists available in the UK, listed in alphabetical order.

11 alternatives to N26 for sending money abroad

1: MoneyGram

MoneyGram is a large money transfer provider with a global network. It offers various options for funding and collecting transfers online.

Benefits:

• Fast payments, with many arriving within minutes²⁶
• Mobile app available
• Cash pickup available

Considerations:

• Registration required to view specific fees and rates
• Fees vary based on funding and collection methods²⁶
• Exchange rates include a margin on the mid-market rate²⁶

2: Monzo

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Visit Monzo

Monzo is a fully licenced bank in the UK, and accounts include FSCS protection of up to £85,000 per person.⁴ It offers online accounts for personal and business customers via a smartphone app. Monzo also provides savings accounts, loans, and investment products.

Benefits:

• Offers a full range of banking services
• Provides mid-market exchange rates on international transfers via its integrated platform⁵
• Access to a mobile app for account management

Considerations:

• No options for cash pickup on transfers

3: Remitly

Remitly is an online money transfer service that delivers funds through partners, such as banks and other money transfer services. It supports transfers to over 170 countries.¹⁵

Benefits:

• Promotional offers for new customers¹⁵
• Mobile app available
• Global network reach

Considerations:

• Transfer fees apply, with higher costs for faster delivery¹⁶
• Exchange rates include a margin on the mid-market rate¹⁷

4: Revolut

Revolut is a digital money app offering various financial services. It provides both free and paid plans ranging from £2.99 to £45 a month.⁸ Paid plans include additional features such as higher limits and insurance options.

Benefits:

• Account and debit card available
• Mobile app for money management
• Range of features available on the free plan

Considerations:

• Paid plans are required for certain fee discounts
• A 1% fee applies for currency exchange on weekends⁹
• Monthly exchange allowances apply, with fees for exceeding them⁹

5: Ria Money Transfer

Ria Money Transfer covers 165 countries¹⁸ and allows users to set up payments online, via an app, or in person at worldwide locations.

Benefits:

• Offers for new customers¹⁸
• Choice of delivery methods, including cash pickup
• Mobile app available

Considerations:

• Exchange rates typically include a markup¹⁹
• Transfer fees apply¹⁸

6: Skrill

Skrill is a digital wallet that allows users to send money within the UK and to over 40 countries worldwide.¹¹ It is also used for online payments and cryptocurrency trading.

Benefits:

• Safe and secure transfer infrastructure
• Optional prepaid card available
• Mobile app available

Considerations:

• No options for cash pickup
• Exchange rates for international transfers include a markup of up to 4.99%¹²

7: Starling Bank

Starling Bank is a regulated UK bank with FSCS protection.⁶ It offers current accounts for personal and business customers that are managed via an app. Accounts are free to open.⁶

Benefits:

• Free accounts with a full range of banking services
• Transparent pricing for international transfers via the app⁶

Considerations:

• Fees apply for priority delivery via SWIFT⁷
• A 0.4% fee is added to the mid-market exchange rate⁷
• No cash pickup available

8: TorFX

TorFX is a UK-based transfer specialist offering online transfers in 40 currencies.³⁰

Benefits:

• No upfront transfer fees³⁰
• Mobile app available
• Secure transfer process

Considerations:

• Registration is required to view specific rates and quotes
• Exchange rates include a margin on the mid-market rate³⁰
• No cash pickup available

9: Western Union

Western Union operates in over 200 countries and territories.¹³ It allows for online transfers as well as in-person cash transactions at agent locations.

Benefits:

• Large global network reach
• Choice of delivery methods, including cash pickup
• Mobile app for tracking payments

Considerations:

• Exchange rates include a markup on the mid-market rate³¹
• Transfer fees apply
• Costs vary based on speed and payment method¹⁴

10: WorldRemit

WorldRemit provides online transfers to over 130 countries.²⁷ Depending on the destination, it supports transfers to bank accounts, mobile money, and cash pickup.

Benefits:

• Offers for new customers²⁸
• Mobile app available for tracking
• Flexible delivery options

Considerations:

• Exchange rates include a margin on the mid-market rate²⁹

11: Xoom

Xoom is a PayPal service that allows for online transfers to bank accounts, mobile wallets, and debit cards in over 160 countries.²⁰

Benefits:

• Backed by PayPal's security infrastructure
• Transfer fees are available upfront
• Mobile app available

Considerations:

• Fees can be higher for certain methods, such as cash pickup²²
• Exchange rates include a margin on the mid-market rate²³

FAQ on alternatives to N26

What bank is similar to N26?

In the UK, services like Revolut, Monzo, and Starling Bank provide similar digital-first banking experiences.

What is unique about N26?

N26 offers a digital banking experience backed by a full banking licence. It was an early neobank aimed at providing convenient mobile-based money management.

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Sources used:

1. N26 - Plans
2. N26 Support - Availability
3. N26 - Blog - Leaving the UK
4. Monzo - Home
5. Wise - Blog - Monzo International Payments
6. Starling Bank - Home
7. Starling Bank - Send money abroad
8. Revolut - Pricing Plans
9. Revolut - International Money Transfers
10. Revolut - Standard Fees
11. Skrill - International Money Transfers
12. Skrill - Fees
13. Western Union Corporate - About Us
14. Western Union - Send Money
15. Remitly - Home
16. Remitly - Vietnam - Pricing
17. Remitly - User Agreement
18. Ria Money Transfer - Home
19. Ria Money Transfer - Exchange rates
20. Xoom - About
21. Xoom - Austria - Send Money
22. Xoom - Australia - Send Money
23. Xoom Help - Xoom Costs
24. MoneyGram - Sending money
25. MoneyGram - Home
26. MoneyGram - Online transfers
27. WorldRemit - About Us
28. WorldRemit - International Money Transfer
29. WorldRemit - FAQ
30. TorFX - FAQs
31. Western Union - Terms and Conditions

Sources last checked on date: 22-Sep-2023