N26 Switzlerland Review (2024)

As of November 2024, N26 remains a popular choice for Swiss residents looking for a bank account in EUR. Our review of N26 covers the app, its features, and the ease of account opening, which is fully online and takes only 10 minutes. With both free and paid account options, N26 positions itself as an attractive alternative to Swiss neobanks like Yuh or Alpian. Although the account is exclusively in EUR and comes with a German IBAN, N26 is ideal for frequent travelers or those making regular transactions within the Eurozone.

N26 Switzerland Review: The Best EUR Bank Account in Switzerland?

N26 (previously Number26) is a German neobank created in 2013. It’s been granted an EU banking licence.

With more than 500.000 customers in France and more than 1.5 million in Europe, N26 launched in Switzerland in September 2019, then opening its 26th market.

N26 is an alternative to Alpian and Yuh Bank, which offer multi-currency accounts in CHF, EUR, USD, and GBP.

N26 currently offers 3 types of private accounts in Switzerland:

N26 Switzerland Account Opening Review: 10/10

N26 allows you to open a mobile bank account within a few minutes from your smartphone.

What are the bank account requirements

This neobank is very interesting for expatriates in Switzerland, travellers and students doing an exchange in Europe.

The Business offer is suitable for freelancers doing business with other European countries.

How to open an account with N26 Switzerland

N26 promise a bank account in 8 minutes :

1. Request your account here
2. Download the N26 app
3. Verify your identity via the application
4. Add funds to your N26 account (recommended)
5. It’s done! You account is opened

The opening process is quick and simple, but if you’re not sure, continue reading.
Unlike large Swiss banks, N26 will not ask you to provide paper documents. Everything happens in the mobile app.
This video shows you how to verify your identity with N26:

N26 Switzerland ID Check

The N26 account allows you to make all the standard transactions (bank transfer, direct debit, etc.) like with any Swiss bank account. But, there is a main difference: the N26 account is in EUR.

The virtual MasterCard is free. If you want a plastic – physical – MasterCard you’ll to pay 10 EUR for delivery or subscribe for N26 Smart (€4.90/month) and you will receive it by mail  within 5 to 10 days.

Our opinion on the account opening with N26 Switzerland

N26 App Customer Reviews and User Experience: 9/10

N26 being a neobank, a lot has be done to ensure a great user experience:

• The app is fast and intuitive
• Menus are clear and well organised
• Essential features are always visible

The N26 app is rated 4,7 on the Apple Store and 4 on Google Play (65 000 reviews) :

N26 Switzerland App Store Reviews

N26 Switzerland Google Play Reviews

The app is on par with Revolut for example and deserves a 9 out of 10.

N26 App Features Review: 7/10

As a neobank, N26 offer all their services through a mobile application. That means it’s possible to do almost everything from your smartphone:

• Access your payment history
• Make new payments
• Create and share spaces (from the Smart plan)
• Block or freeze your card
• Change the daily and monthly limit of the card
• Change your personal details
• Contact the customer service by Chat
• Change your subscription

The list of features is very complete but some specific to Switzerland are missing:

• CHF account not available
• eBill not available
• TWINT not available
• Scan and Pay invoices with QR code not available

In Switzerland, several neobanks offer eBill and TWINT. Yuh has the advantage of having an integrated TWINT application: Yuh TWINT

And some others can be improved:

Spaces allow you to share sub-accounts and to save money

N26 Spaces

Card settings are very useful

Unlike Revolut, card settings are very precise, N26 allows you to block online payments or block cash withdrawals.

N26 Card Settings

We can only regret that N26 is not available in CHF and does not offer TWINT and eBill, otherwise it would certainly be the ideal neobank for Switzerland.

N26 Switzerland Credit Card Review: 7/10

N26 offers a free virtual Debit MasterCard with its free plan in Switzerland.

To get the “plastic” card, you can either pay 10 EUR for delivery or get it for free with the Smart plan at 4.90 EUR/month.

From a Swiss perspective, this card is only available in EUR, which may be less practical compared to those provided by Swiss neobanks. For example, Alpian and Yuh offer multi-currency cards that include both CHF and EUR, making them more versatile for users in Switzerland.

N26 Switzerland Debit Card

The virtual debit MasterCard is still a very good option for online shopping and travelling using your smartphone, since it can be linked to Apple Pay or Google Pay.

N26 Fees in Switzerland: 7/10

N26 Standard Account Fees

The N26 Standard account is free, providing essential features without a monthly charge.

• Monthly Fee: 0.00 EUR

N26 Smart Account Fees

The N26 Smart plan offers additional benefits, including a free physical debit card and more free ATM withdrawals.

• Monthly Fee: 4.90 EUR

N26 Debit Card Options

The N26 Standard account includes a free virtual debit MasterCard, ideal for online shopping and mobile payments. For those who prefer a physical card, Standard users can opt for one with a one-time delivery fee of 10 EUR, while it’s free with the Smart plan.

• Virtual Card: Free with the Standard account
• Physical Card: Optional for Standard (10 EUR delivery fee) or free with the Smart plan

N26 Debit Card Mastercard

Cash Withdrawals Fees

Both the Standard and Smart plans include options for cash withdrawals in EUR and foreign currencies:

• Cash Withdrawals in EUR: Up to 2 free withdrawals per month with Standard, and 3 free with Smart; additional withdrawals are 2 EUR each
• Foreign Currency Withdrawals: 1.7% commission on non-EUR withdrawals for both Standard and Smart plans

N26 MasterCard limits

N26 has 2 types of limits for payments and withdrawals:

• Card payment limit: maximum of €2,500 per day and €20,000 per month
• Cash withdrawal limit: maximum of €2 500 per day and €20,000 per month

Bank transfers in Switzerland in CHF

Not possible. The N26 account is only available in EUR, it is not suitable for payments in CHF within Switzerland.

For free transfers in Switzerland, it is better to use Swiss neobanks like Neon, YUH or ZAK.

SEPA transfer fees in EUR

Like most neobanks, N26 offers free SEPA transfers in EUR within the SEPA zone. You can create a SEPA payment within seconds from the app.

International SWIFT payments

For bank transfers in foreign currencies (other than EUR), N26 use the services of Wise (TransfertWise) and currently includes 18 foreign currencies (GBP, USD, YEN, Yuan…).
Fees applied by TransfertWise are between 0.5% – 1.5% of the amount transferred,

MoneyBeam: instant money transfert

MoneyBeam is a service created by N26 that allows you to instantly transfer money to another N26 account, for free.

Our opinion about the N26 fees in Switzerland

If you’re considering N26, you’ll find the fee structure refreshingly simple in comparison to Revolut. The Standard account covers essentials for free, and if you upgrade to the Smart plan, you get perks like a physical card and more free ATM withdrawals. For Euro transactions, you’re all set with free SEPA transfers, which is a real plus if you frequently send money in the Eurozone.

However, since N26 only offers EUR accounts, keep in mind that CHF payments aren’t possible—something to consider if you regularly need CHF for Swiss transactions. Foreign currency withdrawals come with a 1.7% fee, and for international transfers, Wise handles it with fees between 0.5% and 1.5%, making it a solid option if you occasionally need to move money in other currencies.

The other drawback is not yet having access to the N26 You (Premium) and N26 Metal plans.

N26 Switzerland Customer Service Review: 6/10

N26 – Livechat available from monday to sunday – 07:00 to 23:00

With N26, the LiveChat is available quickly within a wide time range. The virtual assistant gets you to wait (usually less than a minute) until a human takes over the conversation.

The N26 agents are well trained and can usually solve any issue very quickly.

(*) Coincidence or irony, the name of the N26 virtual assistant is Neon.

N26 Customer Service Chatbot

N26 Customer Service Livechat

This is a screenshot of the N26 TrustPilot Rating we took in July 2020. It was at 4.2 out of 12 167 reviews:

N26 TrustPilot Rating in July 2020

And less than 3 years later, this is the new N26 TrustPilot Rating: only 3.2 out of 27’157 reviews:

N26 TrustPilot Rating in June 2023

There has been a sharp rise of unhappy customers (29% bad reviews) reporting account closed, issues with customer service and more.

It is not our experience even if we noticed that N26 have increased their compliance procedures over the years, which can be annoying at times. -4 points.

N26 Banking License and Security: 8/10

N26 operates under a full European banking license, ensuring compliance with stringent EU financial regulations. As a result, customer deposits are protected up to €100,000 under the European Deposit Guarantee Scheme, providing coverage for users in the Eurozone.

In Switzerland, N26 offers its services to residents, but it’s important to note that the standard €100,000 deposit protection applies, as N26 operates under its European banking license. This means that Swiss customers’ deposits are protected up to 100,000 EUR under the European Deposit Guarantee Scheme.

N26 employs advanced security measures, including two-factor authentication (2FA) and real-time transaction notifications, to safeguard your account and personal information.

In summary, N26 provides a secure banking experience with deposit protection up to 100,000 EUR for all customers, including those in Switzerland, under the European Deposit Guarantee Scheme.

Our Final Opinion on N26 Switzerland

Since N26 is only available in EUR, this account may not be ideal if you are looking for a solution primarily for use in Switzerland. However, it is an excellent option if you travel regularly within the Eurozone, particularly to France and Germany. One of the main advantages is the free EUR withdrawals at ATMs in Switzerland, which sets N26 apart from many other Swiss banks.

If you need an account in EUR, N26 remains an attractive option, with a quick account opening process and easy-to-use features. Despite having a German IBAN, it is a viable alternative for your frequent EUR transactions.

In conclusion, if you need an account in EUR, N26 can be a solid choice. However, other neobanks like Alpian and Yuh may better meet your local needs, offering multi-currency options and Swiss IBANs.

Yuh vs N26: Which is the Best EUR Account

Here is our quick decision chart for choosing between Yuh and N26, both accounts are useful for making payments abroad:

To find out how each criterion is judged, read our article Yuh vs N26 – Comparison of November 2024

Neon vs N26: Which is the Best Bank Account for Travel

Here is our quick decision chart for choosing between Neon and N26, both accounts are useful when traveling:

To find out how each criterion is judged, read our article Neon vs N26 – Comparison of November 2024

Frequently Asked Questions (FAQ) about N26 Switzerland

No, the N26 account is more suitable for use in the EURO zone.