In the era of digital banking, Revolut and N26 have emerged as two prominent players in the market. Both offer innovative features, seamless mobile experiences, and competitive currency exchange rates. However, each platform has its own strengths and weaknesses. In this blog post, we will compare the pros and cons of Revolut and N26, helping you make an informed decision about which platform suits your banking needs and preferences.
Revolut: Pros and Cons
Pros:
- Extensive Currency Exchange: Revolut allows you to hold and exchange multiple currencies at competitive rates, making it an excellent choice for frequent travelers or those involved in international transactions.
- Budgeting and Analytics Tools: The Revolut app provides powerful budgeting features, spending analytics, and categorization, helping you manage your finances and track your expenses effectively.
- Cryptocurrency Support: Revolut offers support for popular cryptocurrencies, allowing users to buy, sell, and hold digital assets within the app.
- Worldwide Acceptance: Revolut cards can be used globally, making it a convenient choice for international travelers who want a seamless banking experience abroad.
- Additional Services: Revolut provides various additional services like travel insurance, device insurance, and access to airport lounges through its premium subscription plans.
- Cashback options on Free Revolut: Revolut’s free card also has many cashback options on popular stores that is a big plus for many people
- Virtual Card: For safety today Revolut has the “Virtual card” option that provides you with a card number that will expire in a few days and is to prevent your main card number to be leaked out especially when you are using your Revolut card online.
Cons:
- Customer Support: Some users have reported challenges in accessing responsive customer support from Revolut, leading to frustration and delays in resolving issues. I have personally had a good experience with support almost 90% of the time.
- Limitations on Free Accounts: While Revolut offers a free account option, certain features and services, such as international money transfers beyond a certain limit, are only available to premium subscribers.
- Limited Deposit Options: Unlike traditional banks, Revolut has limited options for depositing cash into your account, which may be inconvenient for users who prefer cash transactions.
N26: Pros and Cons
Pros:
- Simple and User-Friendly Interface: N26 provides a clean and intuitive mobile app interface, making it easy for users to navigate and access various banking features.
- Transparent Pricing: N26 offers clear pricing plans with no hidden fees for standard banking services, making it easier for users to understand and manage their expenses.
- Worldwide Acceptance: N26 cards can be used globally, making it a convenient choice for international travelers who want a seamless banking experience abroad.
- Enhanced Security Features: N26 prioritizes security and provides features such as fingerprint authentication, card locking, and real-time transaction notifications for added peace of mind.
Cons:
- Limited Currency Exchange Options: While N26 allows currency exchange, it may not offer the same breadth of options and competitive rates as Revolut.
- Less Comprehensive Budgeting Tools: Compared to Revolut, N26’s budgeting and analytics tools are relatively basic, lacking some of the advanced features for expense tracking and categorization.
- Lack of Cryptocurrency Support: Unlike Revolut, N26 does not currently support cryptocurrency transactions, which may be a drawback for users interested in digital assets.
Conclusion
Both Revolut and N26 offer compelling digital banking experiences with their unique strengths and weaknesses. Revolut excels in currency exchange options, budgeting tools, and additional services like cryptocurrency support. On the other hand, N26 shines in terms of its user-friendly interface, transparent pricing, worldwide acceptance, and enhanced security features.
In 2023 we are seeing higher advancements coming on Revolut especially when it comes to investments, ease of use, cashbacks and country specific BIC hence my verdict leans towards Revolut as a much suited choice