Personal Finance Tips

All about N26 in Malaysia [2020]

Yumiko Kijima
Yumiko Kijima
22.04.20 (updated more than 1 year ago)
Read time 3 minutes

N26 was one of the first mobile app-based banks when it first launched in 2015¹, and it’s now used by millions of customers across the EU and the US to send and receive money.

Here, we’ll take a look at what you can do with N26 and whether N26 is available in Malaysia.

What is N26?

N26 is ideal for travellers. In fact, it’s what the German-based online-only bank was designed for. It’s a digital bank, with no physical branches.

It aims to make it quick and easy to send, receive and withdraw money on the move. You simply download an app to your smart device, create an account and away you go.

With a partnership with an international money transfer provider Wise, you can also make seamless international transfers from Euros into 26 currencies on the N26 app.

Is it possible to open a N26 account in Malaysia? Check if you’re eligible or not

If you have a home address in Europe or the U.S., you can sign up for an N26 account². As the UK has now left the European Union, N26 is not accepting new applications from UK customers, and is closing existing UK accounts³.

N26 is available in following countries
Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the US.

N26’s eligibility rules mean that if you are a resident of Malaysia, you are not eligible to open an account with N26.

However, if you are a Malaysian national with an address in any of the countries where N26 is supported, you can sign up.

Things to remember when you send money abroad

If you're an expat or traveller, you might need to send money abroad regularly.

A crucial thing to remember when sending money abroad is to always check exchange rates. The true cost of an international transaction isn’t just the upfront transfer fees.

Example of sending 5,000 MYR to a GBP account in UK⁴

Provider Transfer fee Exchange rate (1 MYR → GBP) Recipient gets
transferwise-logo-my Wise 28.29 MYR Mid-market rate (0.182899) 925.42 GBP
maybank-logo-my Maybank 10.00 MYR 0.183001 913.17 GBP ▼-12.25 GBP
public-bank-logo-my Public Bank 32.00 MYR 0.181840 903.38 GBP ▼-22.04 GBP

(at 20:39 (GMT+2) April 22, 2020)

Take the example in the table above. Maybank may look the cheapest option. But take a closer look at the exchange rates. When you factor in exchange rates, you’ll see that your recipient actually receives more when using Wise even when sending the same amount. So, in this case, the total cost is actually cheaper with Wise.

Good news for N26 users is that N26 has a partnership with Wise. That means people can use Wise through the integration on N26.

With Wise, you can send money to 70+ countries with low, transparent fees and the mid-market exchange rate.

Moreover, you can receive money a Wise multi-currency account from the UK, U.S., Australia, New Zealand and any Eurozone country, just as if you had a local bank account in those countries. Hold your money in 50+ different currencies, and switch it using the mid-market rate whenever you want to.

To send money with Wise,

  1. Create a free account
  2. Choose an amount to send
  3. Add recipient’s bank details
  4. Verify your identity
  5. Pay for your transfer by bank transfer or debit/credit card

And that is it! You can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

Join 7 million customers and enjoy a cheaper, faster and transparent way to send money abroad with the “real” exchange rate.

Get the real exchange rate, create a free Wise account🚀

How to open a N26 account

What documents do you need to open a N26 account?

If you live in an EU country or the U.S., you’ll need to provide some basic information – name, email address, date of birth, phone number, address etc – and some documentation to verify your ID.

The ID documents you need depend on your nationality, and whether or not you have an address in Germany, Spain, or a different country⁵.

If you are Malaysian, you need your passport to verify your identity⁶⁻⁸.

Steps of opening a N26 account⁹

  1. Go to their website and click “Open Bank account”
  2. Fill in personal details such as your country of residence, your name and date of birth etc
  3. Put your home address where you’ll receive a N26 Mastercard
  4. Download the app
  5. Verify your ID – snap a photo of your passport, ID document or both, depending on your nationality and address
  6. Add funds to your account via bank transfer or CASH26 deposit (if you are in Germany, Austria or Italy)
  7. After a few days, you’ll receive your N26 Mastercard

N26 is undoubtedly a handy way to manage money on the move, especially for expats and travellers. But for people in Malaysia where N26 isn’t available, there are other solutions available. Make sure you do a little research and see what’s right for your needs.

  1. N26 | About N26
  2. N26 | Availability across Countries
  3. N26 | The Mobile Bank — N26 United Kingdom
  4. Wise | Compare exchange rates by provider (checked at 20:39 (GMT+2) April 22, 2020)
  5. N26 | Verify your Identity
  6. N26 | List of accepted ID documents for customers living in Other Supported countries
  7. N26 | List of accepted ID documents for customers living in Spain
  8. N26 | List of accepted ID documents for customers living in Germany
  9. N26 Europe | How to open my N26 account?

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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