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Seamless international money transfers

posted by N26 • Product • March 9, 2016

Our mission is give users the complete banking experience, along with the most innovative features. That’s why we’ve partnered up with FinTech giant TransferWise to offer international transfers right in our app.

Everyone who’s ever sent money abroad knows how frustrating it is to deal with high costs and obscure exchange rates. We’ve solved this with our latest feature, which gives users in Germany, Austria, France, Ireland, Slovakia, and Greece a fast, fair and transparent way to transfer money abroad. Just what you’d expect from a NUMBER26 product.

At the moment we offer transfers in the following currencies, with more to come:

  • US Dollar
  • British Pound
  • Polish Zloty
  • Swiss Francs
  • Swedish Crown
  • Indian Rupee
  • Canadian Dollar
  • Australian Dollar
  • Hungarian Forint
  • Danish Krone (since April 7th)
  • Bulgarian Lev (since April 7th)
  • Georgian Lari (since April 7th)
  • Norwegian Krone (since April 7th)
  • Romanian Leu (since April 7th)
  • Czech Krone (since April 7th)

 

How does it work?

Create a new contact who will receive the funds, and then select the “transfer in foreign currency” option. (alternatively: check box)

160309_blog_transferwise-screen_en_step1

 

Select which foreign currency you want to use and then confirm the transfer.

160309_blog_transferwise-screen_en_step2

 

The recipient will receive the funds within one to two business days.

160309_blog_transferwise-screen_en_step3

 

For the NUMBER26 user that means getting the real exchange rate with none of the hidden markups that traditional banks usually charge. Every transaction provides a transparent overview of the funds being sent, what the recipient will receive, and the exact costs.

We offer this service in partnership with London-based TransferWise, one of the world’s most successful FinTechs. TransferWise uses peer-to-peer technology to provide fair and simple international transfers at costs lower than traditional banks.  

Better yet for NUMBER26 users: since you’re funding the transfer from your NUMBER26 account, there’s no delay in starting your transfer. That’s because your funds are already pre-confirmed as being immediately available. The costs are the same as if you sent money directly with TransferWise – no markups from our side.

 

Had a bad experience once with a complicated international transfer? Let us know about it in the comments!

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