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T&C Update

posted by N26 • Product • October 27, 2016

N26 Bank has opened.

We’ve begun to invite a small number of you at a time to transfer your accounts to the new N26 Bank. We’ll notify all of you over the course of the next weeks when it’s time for you to start your transfer.

All users – including those who signed up for the waiting list before the bank opened – will need to accept the new bank’s Terms and Conditions, including the price list (here’s a summary). The price list summarizes many products and features which were already in place, adds some new services, and includes one fee in particular that we want to call out: a 1,7% fee for ATM withdrawals in a foreign currency for our standard account. This fee is still very competitive compared to other banks. If you travel a lot, our N26 Black upgrade could be a great option for you. It comes with travel insurance and waives the 1,7% fee for foreign currency ATM withdrawals.

N26 Mastercard purchases in any foreign currency remain completely fee-free, meaning there’s no markup to the exchange rate that the card network sets. This is a great deal compared to other German banks and we’re proud to be able to offer you a free card which has no foreign exchange fees on purchases.

Why have we added the foreign currency cash withdrawal fee? We incur a significantly higher cost from card networks for ATM withdrawals in a foreign currency compared to Euro withdrawals. Most banks charge more than 1,7% for this service or require a significant minimum account balance for the fee to be waived. We tried to find a middle ground to cover our increased costs while providing a great value compared to other banks, and not require a minimum balance. This is also consistent with our approach in emphasizing cost-efficient cashless transactions. We recommend using your Mastercard for purchases while you’re abroad to avoid this fee, where possible. Card acceptance is often much higher abroad than in Germany or the EU, so you may be surprised how often you’re able to use your Mastercard for purchases.

Here’s an overview that explains our account types and pricing.

We’re looking forward to welcoming all of you to N26 Bank over the next weeks.

You can see our full price list here.