N26 extends its partnership with TransferWise to offer money transfers in over 30 currencies
- N26 customers can now make international money transfers - directly within the N26 app - in more than 30 currencies.
- Additional improvements to the N26 app will create an easier money transfer experience with clear transaction fees, guaranteed rates and an estimated date of arrival.
- The extended partnership builds on a joint vision to disrupt the financial sector by making international money transfers easier and more transparent.
Berlin - The Mobile Bank, N26 today announced an extension to its partnership with global technology leader in international payments TransferWise, to offer a wider range of options for foreign currency transfers. Now available in over 30 currencies, the digital bank has also enhanced the in-app design for a more transparent customer experience.
International money transfers are becoming increasingly popular in an evermore connected world, and N26’s own European customer research revealed that their most popular usage is to pay bills in another country (43%) such as student loans and mortgages. This was followed by helping family members living abroad (35%), foreign purchases (23.7%), foreign currency investments or savings (18.3%) and paying friends and family (17.5%).
When asked to rank the most important factors when choosing a foreign transaction provider, cost came out top. This was followed by speed and trust that data and money would be safe, and then by providing clear and transparent fees.
Available for new and existing N26 account holders across Europe*, the expanded TransferWise functionality will enable customers to make international money transfers through a quick, intuitive, all-in-the-app experience. One that also comes with no hidden fees as customers pay at the real exchange rate without any markup.
“At N26, we listen to our customers, and that’s why we’re really excited to announce that we’ve extended our international money transfer portfolio to now include over 30 of the most requested currencies. Deepening our partnership with TransferWise, a company that shares our goal to provide a fair and transparent banking experience, is a natural step as part of our ambition to become the bank the world loves to use.” Said Georgina Smallwood, Chief Product Officer at N26.
Enhancements have also been made to the app design to offer a more intuitive user experience. Customers can easily get a real-time quote with N26’s international money transfer function in the Explore tab of their app. N26 provides full transparency on both the fees customers pay and the effective rate offered, as well as the estimated time of arrival of the transfer.
“Through N26's access to our global payment infrastructure, their customers are able to send money quickly, transparently and conveniently, directly from the N26 app. The extension of our partnership helps N26 further strengthen its market position across Europe as one of the go-to banks for people who want to transfer money internationally at a low cost and high speed. It gets us one step closer to achieving full transparency in the finance industry, something we’ve been campaigning for since we started”, says Steve Naudé, Product Manager for Banks at TransferWise.
The extended TransferWise functionality complements smart N26 banking features such as MoneyBeam to split bills or payments with friends and family, Spaces to easily set up sub-accounts to put money aside for an emergency or towards a savings goal, or CASH26 to withdraw and deposit cash for free from more than 14,500 retail outlets across Europe that help N26 customers bank seamlessly in an intuitive, quick and enjoyable way.
** Currently not available for N26 Business, N26 Business You and N26 Business Metal customers*
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N26 is building the first mobile bank the world loves to use. Valentin Stalf and Maximilian Tayenthal founded N26 in 2013 and launched the initial product in early 2015. Today N26 has more than 7 million customers in 25 markets. The company employs more than 1.500 employees across 8 office locations: Berlin, Barcelona, Madrid, Milan, Paris, Vienna, New York and São Paulo. With a full European banking license, state-of-the-art technology and no branch network, N26 has redesigned banking for the 21st century and is available on Android, iOS, and desktop. N26 has raised close to EUR 800 million from the world’s most established investors, including Insight Venture Partners, GIC, Tencent, Allianz X, Peter Thiel’s Valar Ventures, Li Ka-Shing’s Horizons Ventures, Earlybird Venture Capital, Greyhound Capital, Battery Ventures, in addition to members of the Zalando management board, and Redalpine Ventures. N26 currently operates in: Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and the US, where it operates via its wholly-owned subsidiary, N26 Inc., based in New York. Banking services in the US are offered by N26 Inc. in partnership with Axos® Bank, Member FDIC.
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