Your Mobile Bank
We all recall the euphoria we felt when we opened our first transactional (non-savings) bank account. For many of us it was only until our early twenties till this happened.
That wonderful feeling of being able to own, manage and move funds was however short-lived. Plagued by multiple costs such as service fees, transfer charges, inconvenient waiting queues, withdrawal charges and even sometimes a deposit charge in some extreme cases!
As you will see from other posts, we are not entirely fans of the banking system, and to be frank, that is why the new blockchain technology fascinates us. We are secretly hoping it will not crash or end up being a fad.
Case for mobile banking
We did, however, stumble across a (mobile) bank that ticks a lot of boxes when it comes to security, charges but more so, on the convenient side of things especially for freelancing.
We since discovering it, opened an account (which took minutes from the comfort of a dining room table) with the N26 Bank.
As it is mobile, you now have no need to stand in a line at a branch for money. There is also no cause for concern about whether the ATM close-by will charge you extra to withdraw cash because it was a different institution.
Best of all – the grocery shopping experience! It is a breeze with full touch-device smartcard functionality!
With a quick touch of your card to the teller machine, the need to remember a code, punch it in, or sign for purchases are things of the past.
Granted, many retail banking institutions also offer mobile-banking services with touch card capability.
This bank however, adds that extra bit of practicality by incorporating credit card-like facilitates.
So, you can now easily order and pay for items online. You can also make bookings for travelling, get your favourite game, shows and events – and even easily purchase Cryptocurrency if you are into that as well.
All this as you would with a credit card. The main difference is that have the functionality and benefits of using a debit card online.
Online banks are at the forefront to benefit from digital currency trading via the convenience they provide
There are many more benefits to using a mobile bank. As an advocate for practicality, we will only mention the ones that help us directly.
One further perk is the transparency in managing your both personal and business finances. One can open savings and investment portfolios within the app, and apply directly for instant credit or loans.
Naturally, success in getting loans are based on your monthly transactions and neatly categorised budget.
The tracking of revenue versus expenses is presented beautifully in an easy-to-understand format on the app. This naturally applies to payments made and received.
This inadvertently also saves you more in money and time it would have taken to print out bank statements, book tedious appointments.
The whole concept of bank branches is restrictive and now outdated. You can now draw and deposit money at some selected grocery stores. No more having to wait for banks to open or rushing to get to it before it closes.
All this without a card – just your Smartphone!
Initially N26 was European-based (so transfers were border-less if sent in US Dollars via partner TransferWise), but that has improved as TransferWise has opened its doors to other markets/currencies.
Other benefits include:
- In-app security features – setting limits quickly and easily from the app to help you curb spending sprees.
- Instant money sending – with MoneyBeam you can send, receive or request money from your friends instantly.
- Instant push notifications – get notified on all account activity.
- Log in using your fingerprint – for phones that have the feature, you have this extra and secure way other than the use codes, and pattern logins.
- Export your transactions – to CSV to import elsewhere for deeper analysis. This is useful for preparing business financial statements.
- Quick in-app support – chat with an agent via the inbuilt messaging system about an issue you are facing. They will respond quickly.
As a progressive youth-mindful bank (with an equally millennial-oriented advertising campaign). We are pretty certain the bottle-necks are being worked on quickly.
They are backed by reputable institutions so they can only grow and expand offers further abroad – with the UK and the USA recently opening offices and serving clients.
Anyone can open a N26 Bank account, as long as you are resident in the EU or EEA. In order to open an account, you would still need a mailing address in one of the countries where N26 operates for them to send you your debit/Mastercard.
These are the ID documents for various nationalities that are supported through the N26 app – have a look on their site.
We await more of such developments and expansion into other countries -continents but for the time being, it fully serves our local needs.
Opening an account with N26 bank is as easy as:
1. Filling out an online registration form;
2. Completing an ID verification;
-If you live outside Germany: ID verification is carried out by taking a selfie and a photo of your ID through the app or;
-If you reside in Germany*: ID verification would be through an in-app video call.
3. Pairing a smartphone with your account and you are good to go in about 10mins!