If we’ve learned anything from the recent press coverage of ‘Revolut’, it’s that the old saying about ‘all publicity being good publicity’ does not apply to the world of alternative banking methods. Rumours of money laundering (the criminal kind, not accidentally washing your jeans with a tenner in the pocket) have seriously dented the company’s prestige, and led to many sceptics writing off digital banking. However, students continue to be drawn to it.
Banking and students very often have a love/hate relationship. They’re only open during the day, charge you for every little transaction, and every now and then they panic and collapse the world economy.
N26 is different though. It is a fully recognised and regulated European bank. Their mobile first approach to banking reduces fees, hassle, and stress. We’ve taken a closer look at this new style of banking, and how it can fit into student lives!
1) No damn forms, yayyy!!
N26 is mobile first banking which doesn’t require any forms to be filled out. You can set up the account by downloading the app, and uploading a selfie (a perfect excuse to search down some good lighting!), and a photo of your passport.
2) Safety in numbers
Your N26 account uses 3D Secure, and is just as protected as any ‘traditional’ bank account. Also, you can use the app to lock or unlock your card at any time, meaning your money is safe and sound even if your card isn’t. That means you can finally say goodbye to that heart-stopping moment of panic when you’ve lost your card, as well as the resignation of finding it in that weird pocket of your jacket just after you’ve finally given up and cancelled it.
3) Best of both worlds
N26 combines a ‘traditional’ bank card with great online and mobile features. Access to free ATM withdrawals in Europe, free payments in any currency, and real time info through the mobile app!
4) You’re in control
N26 gives you full control of your account. You can set daily withdrawal limits, payment limits, and then change them anytime, so you can still #treatyoself if the mood takes you!
5) Banking for you, by you
The mobile and web function of N26 means it’s a lot more customisable than other accounts. A particularly great feature is that you can tag your transactions with personalised labels, which lets you see exactly what you spend money on, and when. So… #pints anyone?
6) The world in your pocket
Thanks to a partnership with TransferWise, the N26 app allows for direct international transfers. They also offer fee-free foreign currency transactions, and the best exchange rates, making the whole thing around 6 times cheaper than traditional banks, ka-ching!
7) Space to save
I always compare having money in my account to having biscuits in the house – neither are gonna last for long! The N26 app lets you create ‘Spaces’ within your account which you can label and transfer money to. So the next time you get ‘tap happy’ at the bar on a night out, you can wake up the next day assured that your holiday fund at least is still intact!
8) Breaking it down
N26 will automatically provide you with a monthly breakdown of what you spent and where. This is a great feature which gets you thinking about good habits without even trying to, although it inevitably lead to the realisation that you buy far too many coffees!
9) Beauty is in the eye of the card holder
We’ve grown up surrounded by advertising, so well-designed products are a definite plus for us! The app and the card both look great, and reassuringly professional. You definitely have nothing to worry about if you’re flashing this on a night out!
10) A little something extra?
Start off on a high by using our promo code to claim a free ISIC card, and you’ll also receive an opening balance gift of €20. Financial responsibility, here we come!