N26 Switzlerland Review (2023)

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Product is rated as #11 in category Swiss Neobanks
7.6

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N26 Switzlerland Review (2023)
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N26 is a german neobank that allows Swiss residents to open a mobile bank account in EUR and benefit from services offered by the bank. The mobile bank account is free, as well as the virtual MasterCard. N26 offers very competitive exchange rates, making the neobank an ideal solution for travelling.
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Account opening10
Usability9
Features6
Credit Card5
Plans & Pricing7
Speed9
Customer Service7

N26 is a german neobank that allows Swiss residents to open a mobile bank account in EUR and benefit from services offered by the bank.
The mobile bank account is free, as well as the virtual MasterCard. N26 offers very competitive exchange rates, making the neobank an ideal solution for travelling.

N26 Switzlerland Review (2023)

Description

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 a strong alternative to neon-free, another neobank headquartered in Zurich that recently launched in Switzerland.

N26
Type of bankNeobank
Creation2013
Customers5 000 000
Employees> 1500

N26 currently offers 3 types of accounts in Switzerland:

  • Standard
  • Smart
  • Business

While in France or in Germany, N26 offers 5 types of accounts including the Business account:

  • Standard
  • Smart
  • N26 You (Premium)
  • N26 Metal
  • Business

Account opening with N26 Switzerland – 10/10

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

What are the bank account requirements

REQUIRED:

  • Be at least 18 years old
  • Be resident in a country where the bank is active: Switzerland is one of them!
  • Have a smartphone compatible with the app

NOT REQUIRED:

  • No need to provide proof of revenue
  • No minimum deposit
  • No minimum balance


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 and get €30 FREE
  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:

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 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

FOR:

  • Quick opening in 10 minutes (or maybe 8)
  • No revenue requirement
  • Available to all Swiss residents

AGAINST:

  • Account in EUR
  • German IBAN in DE

The account opening process is very fast and straightforward, that deserves 10/10

Usability of the N26 app – 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 - App Store

N26 - Google Play

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

The N26 app usability gets a 9/10

N26 app features – 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:

  • eBill not available
  • TWINT not available
  • Scan of invoices not available

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

YUH Promo Code

Don't have a YUH account yet? Use our referral code to open your free YUH Bank account!

Use the promo code YUHNEO before 31 October 2023 to receive CHF 50 Trading Credits + CHF 4 (250 SWQ) for FREE 🙌

Get CHF 54 Free with YUH ➡️

And some others can be improved:

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

Card settings are very useful

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

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 app features get a 7/10

N26 Switzerland Credit Card – 5/10

N26 only offers a free virtual Debit MasterCard in Switzerland.

To get the “plastic” card you need to pay €4.90/month and get the Smart plan, which is actually a downgrade from the initial N26 offer that was including a plastic debit card for free.

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.

Plastic is still much better than virtual so we remove 5 points, making it a 5/10 for the card

N26 fees in Switzerland – 7/10

The N26 Standard account is free and includes a virtual debit MasterCard.

N26 accept Swiss residents but only offers accounts in EUR. Fees are displayed in EUR

N26 MasterCard fees

N26 includes a free virtual debit MasterCard with the Standard account. It used to be a free “plastic” card:

The N26 virtual card is free when used as a payment method, that means for online shopping and mobile payments. There is no fee for payment in foreign currencies and N26 applies the Mastercard’s exchange rates without adding any extra fee or commission.

Cash withdrawals are not always:

  1. Up to 3 free cash withdrawals in EUR in Switzerland, then €2 each
  2. Cash withdrawals in CHF in Switzerland are subjected to 1,7 % commission
  3. Up to 5 free cash withdrawals in EUR in Europe, then €2 each
  4. Cash withdrawals in other currencies are subjected to 1,7 % commission

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.

ZAK Bank Promo Code

Don't have a Zak Bank account yet? Use our referral code to open your free ZAK Bank account!

Use the promo code NEOZAK before 31 October 2023 to get CHF 50 for FREE 🙌

Get CHF 50 Free with 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

N26 fees are very clear and transparent. They did not add extra complexity like Revolut.
You get a EUR account, and they allow you to withdraw EUR for free in Switzerland as long as you are a Swiss resident.  SEPA transfers are also free.

But since they “downgraded” the Mastercard to virtual card and kind of force you to get the Smart plan is you want one, we feel that N26 pricing is not cheap anymore, and the free plan is not complete.

N26 fees get a 7/10

Transactions’ speed – 9/10

A wire transfer from a Swiss bank to another Swiss bank is instant, it usually takes a few seconds before showing up on the other account. But N26 is not a Swiss bank and offer different features.

The main purpose of the N26 account is to deal with EUR payments and SEPA bank transfers. Other currencies are handled by Wise (TransferWise).

Our experience is that EUR bank transfers with N26 are very fast, they usually take about 1 hour, sometimes 1 day. Which is far better than large banks in the EURO zone and better than Revolut.

N26 is not the fastest for SEPA transfer: Bunq – a neobank based in the Netherlands – offers instant SEPA transfers!
This is a 9/10 à N26 on this criteria

N26 customer service – 7/10

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


We are quite happy with the N26 customer service but, there is a but 🤦‍♂️

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:

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. -3 points.

This is a 7/10 for customer service

Why choose N26 in Switzerland?

N26 being only available in EUR, it is not the best option for Switzerland residents.

But the neobank is an excellent option for online shopping in Europe and travelling to France, Germany or anywhere else in the EURO zone.

Cash withdrawals in EUR are free in Switzerland (up to 3) which is a big advantage against other Swiss banks.

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:

UseYuhN26
Free bank account with free debit card👍
To use in Switzerland👍
To travel abroad👍 withdrawals above 600 CHF👍 up to 600 CHF/m.
To make free SEPA transfers👍
To transfer money abroad👍
For Trading👍 250 SWQ+50 CHF Trading Credits with our promo code

To find out how each criterion is judged, read our article Yuh vs N26 – Comparison of October 2023

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:

UseNeonN26
Free bank account with free debit card👍
To use in Switzerland👍
To travel in Europe👍
To travel abroad👍
To make free SEPA transfers👍
To transfer money abroad👍👍 if you hold EUR
For Trading👍 Crypto

To find out how each criterion is judged, read our article Neon vs N26 – Comparison of October 2023

N26 Fequently Asked Questions

✅  Can I have a Swiss IBAN with N26?

No, N26 is a German neobank, you will get an IBAN starting with DE.
If you want to have a Swiss IBAN in CH, you need to open an account with either Neon, Zak, Yapeal or Yuh

✅  Is N26 Metal available in Switzerland?

No, N26 does not currently offer all plans in Switzerland:

  • N26 You (the Premium version) is not yet available in Switzerland
  • N26 Metal is also not yet available in Switzerland

Consider that N26 is only available in Switzerland since September 2019 and they launched with 2 plans only, so you may expect to see You and Metal coming in a near future.

✅  N26 vs Revolut, which neobank to choose?

That depends on your needs. For a use in the EURO zone in EUR, N26 is the best solution. While Revolut is more interesting for multi-currency payments and transactions.

We will soon publish a detailed comparison.

✅  Is the N26 account a good option for use in Switzerland only?

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

FOR:

  • Cash withdrawals in EUR in Switzerland are free (up to 3 withdrawals)
  • The virtual MasterCard can be used for online shopping in Europe

AGAINST:

  • The N26 account is in EUR
  • You get a german IBAN, starting with DE. You will not be able to do instant payments to another Swiss bank account
  • N26 does not offer features specific to the Swiss market : Scanning invoices, e-Bills, Twint
  • N26 can’t offer services specific to Switzerland: foresights, mortgages,…


For use in Switzerland, other swiss neobanks are more suitable: Neon or ZAK for example.

 

Neon Bank Promo Code

Don't have a Neon Bank account yet? Use our referral code to open your free Neon Bank account!

Use the promo code FR4FYL before 31 October 2023 to get CHF 10 + FREE Debit Card (10 CHF value) 🙌

This is a total value of 20 CHF, since you get 10 CHF in cash on your account and save 10 CHF for the Debit card.

Get CHF 10 Free with Neon ➡️
7.6Expert Score
N26 Switzerland Review
N26 is a german neobank that allows Swiss residents to open a mobile bank account in EUR and benefit from services offered by the bank. The mobile bank account is free, as well as the virtual MasterCard. N26 offers very competitive exchange rates, making the neobank an ideal solution for travelling.
Account opening
10
Usability
9
Features
6
Credit Card
5
Plans & Pricing
7
Speed
9
Customer Service
7
PROS
  • Fast account opening
  • Free account
  • Free virtual card
  • Excellent user interface
  • Excellent exchange rates
  • Customer service by Chat
CONS
  • Account in EUR only
  • Prices increase frequently

Additional information

Specification: N26 Switzlerland Review (2023)

Account
Currencies EUR
IBAN DE IBAN
Personalised IBAN
Supported devices Android, iPhone
Push notifications
eBill
TWINT
Standard account Free
Premium account EUR 4.90/m.
SEPA transfers (EUR) Free
CHF transfers in Switzerland
Interest rate 0.00%
Card
Debit Card MasterCard
1st Card EUR 10
Replacement card EUR 10
CHF withdrawals in Switzerland 1.70%
EUR withdrawals in Switzerland 3w./month in Switzerland and EURO zone, then EUR 2
EUR withdrawals abroad 3w./month in Switzerland and EURO zone, then EUR 2
Cashback
Apple Pay
Google Pay
Trading
Swiss Stocks Trading
ETF Trading
U.S. Stocks & Other Stocks
Crypto-currencies Trading
Customers
Minimum age 18 years
Target Private, Business
Countries Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Roumania, Slovakia, Slovania, Spain, Sweden, Switzerland, United States

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