Back in 2020, I wrote a comparison of N26 and Revolut and concluded that N26 was the better bank. At the time, I stood by that call — N26 felt more like a real bank, had cleaner design, and Revolut was still finding its footing.

A lot has changed since then. I still use both, and I’ve been meaning to revisit this for a while. The honest answer in 2026 is that my conclusion has flipped. Revolut has become my primary account for most things, and I think for the majority of people comparing the two, it’s now the stronger choice — though N26 hasn’t stood still, and there are still specific situations where I’d recommend it.

This is a full rewrite, not a refresh. Let me walk you through how I see it now.

Quick Overview: Where Each Bank Stands Today

N26

N26 was founded in 2013 in Berlin and has around 8 million customers. It holds a full German banking license regulated by BaFin, which means your deposits are protected up to €100,000 under the German deposit guarantee scheme. That’s real, solid protection.

The headline story for N26 over the past few years has been retreat rather than expansion. It exited the UK market in 2022 and shut down its US operations the same year. It’s now focused exclusively on select European countries. If you’re outside Europe, N26 simply isn’t an option for you.

Revolut

Revolut was founded in 2015 in London and has grown to over 65 million customers across 48+ countries — including the US, UK, EU, Australia, and Japan. It operates as a global financial super-app, and that description is more accurate than ever.

In Europe, Revolut operates through Revolut Bank UAB, a fully licensed European bank based in Lithuania, regulated by the Bank of Lithuania and the European Central Bank. EU deposits are protected up to €100,000 under the Lithuanian Deposit Guarantee Scheme. In the UK, Revolut’s full banking license has been in progress but delayed due to regulatory concerns — something worth keeping in mind if you’re UK-based.

The scale difference between the two is striking. Revolut has grown roughly eight times over since I last wrote this piece.

Deposit Protection and Licensing

In 2020, this was a clear win for N26. Revolut wasn’t a licensed bank in the EU, which meant your money wasn’t covered by a deposit guarantee. That was a legitimate reason to be cautious.

The gap has narrowed significantly. Revolut now holds a full EU banking license and offers the same €100,000 deposit guarantee as N26 for European customers. If you’re in the EU, deposit protection is no longer a differentiator — both banks offer it.

The remaining asterisk is the UK. Revolut’s full UK banking license has faced delays, with regulators citing concerns about risk management controls keeping pace with the company’s rapid expansion. N26 isn’t available in the UK at all anymore, so this comparison only matters to UK residents choosing between Revolut and something else entirely.

For European customers: this section is now essentially a draw.

Plans and Pricing

Both banks follow a tiered freemium model. Here’s how they compare:

N26 Plans

• Standard — Free
• Smart — €4.90/month
• You — €9.90/month
• Metal — €16.90/month

Revolut Plans

• Standard — Free
• Plus — €3.99/month
• Premium — €7.99/month
• Metal — €13.99/month
• Ultra — €45/month

Revolut’s plans are slightly cheaper at most tiers. The Ultra plan at €45/month is clearly aimed at heavy travelers and power users — it includes perks like airport lounge access and higher-tier concierge services. The Standard plan on both is genuinely usable without paying anything, though Revolut’s free tier has more built into it.

If you’re comparing like-for-like tiers, Revolut wins on price and feature density at almost every level.

Foreign Exchange and Travel

This was one of the original reasons both banks became popular, and it remains a strong point for both.

Revolut exchanges currency at the interbank rate during weekday market hours, which is about as good as it gets. On weekends and for some exotic currencies, there’s a small markup — typically around 1%. For the currencies most travelers actually use, the rates are excellent.

N26 uses Mastercard exchange rates for card spending, which are competitive but not quite at the interbank rate. Still much better than a traditional bank, but Revolut has the edge on raw exchange rate quality.

For travel more broadly, Revolut has built out a much more comprehensive suite of features. Higher-tier plans include travel insurance, airport lounge access via LoungeKey, and the ability to purchase travel eSIMs directly from the app so you’re connected the moment you land somewhere new. N26’s higher plans also include travel insurance, but the breadth of Revolut’s travel-specific features is in a different league.

If you travel frequently, Revolut is the more useful companion.

International Transfers

N26 uses Wise (formerly TransferWise) for international transfers outside SEPA. That’s a solid choice — Wise is one of the best services for cross-currency transfers, offering transparent fees and competitive rates. The integration is seamless from within the N26 app.

Revolut handles international transfers natively, with competitive rates and broad currency support. The experience is smooth, and for most transfers you’re getting a good rate without needing to leave the app.

Both get the job done well. N26 essentially delegates to the best third-party service, while Revolut handles it in-house. For the end user, the practical difference is minimal. I’d call this roughly even.

Features and Tools

This is where the gap is widest, and it’s not close.

N26 keeps things relatively focused: Spaces (virtual sub-accounts for saving toward specific goals), shared spaces for splitting expenses, basic savings accounts, and a clean spending overview. It’s a solid set of features for day-to-day banking. What you don’t get is much beyond that.

Revolut has become a financial super-app in the most literal sense. On top of standard banking, it offers:

• Crypto trading — buy, sell, and hold a range of cryptocurrencies directly in the app
• Stock trading — invest in individual stocks and ETFs
• Savings vaults — earn competitive interest rates on money you set aside (check the app for current rates)
• Group vaults — shared savings goals with others
• Junior accounts — accounts for children with parental controls
• Travel eSIMs — buy mobile data for your destination directly in the app
• Stays — book accommodation through the Revolut app
• Salary advance — access part of your salary before payday
• Robo-advisor — automated investing based on your goals and risk tolerance
• LoungeKey access — airport lounge entry on higher-tier plans

Whether you use all of this or not is beside the point. The fact that it’s there — and works well — means Revolut is capable of replacing more financial apps and services in your life. I’ve found myself using it for things I never expected to handle from a neobank.

N26 isn’t trying to be a super-app, and that’s a deliberate choice. But when comparing features head-to-head, Revolut wins by a significant margin.

Desktop and Browser Access

Here’s where N26 has a genuine, practical advantage that I think gets underreported in most comparisons.

N26 has a full web interface. You can log in from any browser, see your transactions, manage your account, and do most of what you’d do in the app. If you’re on a laptop, working from a desktop, or just prefer managing finances on a larger screen, that option exists.

Revolut is app-only. There is no web dashboard. You manage everything from your phone. For most people most of the time, this isn’t a problem — but there are moments when it’s a real frustration. Trying to copy an IBAN from your phone to a laptop, reviewing longer transaction histories, or doing anything that benefits from a larger screen requires you to work around it.

This is a meaningful win for N26, and one that Revolut still hasn’t addressed after years of users asking for it. It tells you something about where Revolut’s priorities are — they’re focused on the mobile-first demographic — but it does create friction for users who live across multiple devices.

Customer Support

Both banks have had a rocky history with support, and both have improved. The honest answer is that neither is exceptional, though both have gotten better at resolving issues through in-app chat.

Revolut has significantly expanded its support team as it has grown. Response times through the chat are generally faster than they used to be, though they can still vary depending on the complexity of your issue and the time of day. For anything genuinely urgent involving account access or a blocked card while traveling, the experience has improved from the early days when support was nearly nonexistent.

N26 has similarly invested in support infrastructure. The in-app chat is the primary channel, and they’ve added phone support for certain account types and situations.

Neither bank has cracked this fully. If you want to call someone immediately and speak to a human being, you’ll likely find both frustrating at times. That said, for the kinds of issues that actually come up day-to-day — a chargeback, a question about a transaction, updating account details — both handle it adequately.

This is roughly a draw, with a slight nod to N26 for having a less chaotic support reputation historically.

Security

Both banks take security seriously and offer a comparable baseline of protections.

Standard on both: biometric authentication (Face ID / fingerprint), instant card freeze, real-time transaction notifications, and the ability to set spending limits. Both allow you to disable and re-enable contactless payments, online transactions, and ATM withdrawals directly from the app.

Revolut adds a few additional layers: the ability to create single-use virtual cards for online shopping (which limits exposure if a site is compromised), and more granular controls over which transaction types are permitted at any given time.

N26 offers a strong default security setup with a slightly simpler interface for managing it. For most users, both provide more control than they’d get from a traditional bank.

Revolut has a slight edge on security features, mainly because of virtual card functionality and additional controls, but N26 is not lacking in the essentials.

Who Should Use What

After spending years with both accounts, here’s how I’d break it down:

Choose Revolut if:

• You want the best exchange rates for travel and international spending
• You want one app to handle banking, investing, crypto, savings, and more
• You’re based outside Europe and need a neobank option (N26 simply isn’t available)
• You travel frequently and want travel insurance, eSIMs, and lounge access in one place
• You want junior accounts for your kids
• You’re comfortable managing finances entirely from your phone

Choose N26 if:

• You prefer desktop/browser access for managing your finances
• You want a focused banking experience without the complexity of a super-app
• You value the German BaFin regulatory framework and find the Revolut Lithuania setup less reassuring
• You primarily want a clean, simple bank account without lots of adjacent features

There’s also a third option worth considering: use both. That’s what I do. N26 for situations where I need desktop access or want a simple, separate account for specific purposes. Revolut for day-to-day spending, international travel, and anything requiring currency exchange.

My Verdict: Revolut is Now the Clear Winner

In 2020, I picked N26. The main reasons were the stronger regulatory standing, the more established banking feel, and Revolut’s uneven reputation at the time for customer support and transparency.

In 2026, the landscape looks different. Revolut now has a full EU banking license with deposit protection matching N26’s. It has 65 million customers and operates in 48+ countries. The feature set is in a completely different category — crypto, stocks, eSIMs, savings vaults, junior accounts, travel insurance, robo-advisory — and the app is genuinely polished.

N26 has focused and refined rather than expanded. That’s not a bad strategy, but it means the gap in features has widened significantly. The company has also pulled back from markets rather than pushing into new ones, which limits who can even use it.

The one area where N26 still has a clear edge is desktop access — and I do use that. But it’s not enough to make N26 the better overall recommendation for most people.

Revolut has earned the top spot. If you’re starting fresh and choosing one, start with Revolut. If you’ve been using N26 and are wondering whether to switch, the features and exchange rates alone make Revolut worth trying — you can always keep both running while you decide.

If you want to sign up for N26, you can do so here. And if you’re sending money internationally, Wise is still worth having alongside either bank for larger cross-currency transfers where the rates and fee transparency really matter.

For many years I struggled to understand the lingo used in movies and books that came from the US with regard to money and finance. Here are a few terms that you are most likely to encounter that have no real parallel here in Europe.

If you need me to explain anything else just leave a comment and I’ll do my best.

Credit Score

In the US, having a good credit score or credit rating is of utmost importance. The credit score was invented by a private company called FICO (Fair, Isaac and Company). It was founded by an engineer and a mathematician working at Stanford in the 1950s in order to counter the credit crisis of those times. The aim was to quantify how reliable a person asking for a loan really was. It is now used in the US, Canada and Mexico.

There is no such parallel system in most countries in Europe. When you ask for a loan from the bank in Europe, they will ask for the typical papers such as whether you own any property, your monthly payslips, etc. and then make a decision based on that documentation.

Credit score is used also in the UK (UK is considered to be a follower of the US), in fact in the UK it is better if you pay with a credit card and pay the debt on time rather than having savings and paying cash; if you do the latter, you’ll never get a mortgage. There are many websites where you can get a credit score test, for example Experian.

Many other European countries that are not in the EU have credit scoring systems including Norway and Denmark. It is not the same as the US one (neither the UK one is) but the concept is very similar.

[Read more…]

In a world that is becoming more and more digitalized, banking has never been easier. Not only can you now open an account with a mobile-only bank without ever needing to visit a branch, but you transfer funds both domestically and internationally at the click of a button. One of the latest entrants to this ever-growing market is Wise.

Through its borderless account, you can gain access to a number of local bank accounts in three major currencies:

• Euro
• GBP
• USD

This then enables you to accept and send funds in the respective currency, subsequently allowing you to avoid unnecessary conversion fees. Most importantly, the Wise, formerly TransferWise borderless account comes with a fully-fledged debit card. Backed by MasterCard, this then allows you to buy products and services online and in-person, as well as take out cash from an ATM.

With that said, Wise, formerly TransferWise is not alone in the mobile-only banking space, with heaps of competitors like Revolut and Monzo now home to millions of customers. As such, I have compiled a comprehensive review that outlines my thoughts on whether or not the borderless account is worth considering. I’ve included everything from how the account works, what it allows you to do, fees, safety, and more.

What is Wise?

Before I delve into the specifics of what the borderless account is and how it works, it’s important to take a quick step back and assess what Wise, formerly TransferWise actually is. For those unaware, TransferWise is a UK-based company that was founded in 2010. The firm initially specialized exclusively in online money transfers. In fact, TranserWise is now one of the go-to platforms to send money overseas, not least because it offers super-low fees and ultra-fast transfer times.

It does so by offering a completely different money transfer business model to that of traditional banks. Ordinarily, when you send money overseas via your local bank, the institution will use SWIFT. This is a third-party currency network that is not only slow, but hugely expensive. This is because the SWIFT network is merely a middleman between banks, meaning that the transfer needs to go through multiple parties before it reaches its final destination.

On the contrary, TransferWise personally has bank accounts in each of the countries that it operates in. This paves the way for a super-efficient money transfer process. Check out the example below to see how a TransferWise transaction operates. This is important, as one of the main attractions of opening a borderless account is having the capacity to send and receive international payments.

1. You are based in the UK and wish to send money to Australia
2. By using the TransferWise website to facilitate the transaction, you’ll need to transfer the funds in GBP to the UK bank account that is controlled by the company.
3. This means that transferring the funds to TransferWise is free and instant, as it’s a local transfer.
4. As soon as TransferWise receives the funds, they will then send instructions to their bank in Australia.
5. The bank in Australia will then perform a local transfer to the receiver’s Australian bank account.

As you can see from the above, there was no need to utilize the SWIFT system, as everything was performed via local bank transfers. The above example would likely have resulted in a same-day transfer, as well as a transaction cost of just a couple of dollars.

When it comes to the regulatory standing of TransferWise, the company is authorized by the UK’s Financial Conduct Authority (FCA) as an Electronic Money Institution. However – and as I cover in greater detail further down, TransferWise does not hold a banking license, so your funds are not protected by a deposit protection scheme. I’ll explore how this might impact you later.

What is the Wise Borderless Account?

Although TransferWise made its name as a fast and cost-effective money transfer service, it recently entered the mobile banking space. The term ‘mobile banking’ is somewhat of a broad one, so it’s important that we explore exactly what you get from the account, as well as what it can do.

Local Bank Accounts

First and foremost, the overarching service that the TransferWise borderless account provides is that of a traditional bank account. By this, we mean that you will be able to receive funds, as well as make transfers. At the time of writing, TransferWise allows you to obtain unique bank account details with the following countries/region.

• Australia
• Europe
• New Zealand
• UK
• USA

For example, if you wanted a US bank account, you would have possession of a unique account number, ACH routing number, and a wire number. Similarly, an EU account would get you a unique IBAN number, and a UK account would consist of an account number and sort code.

With that being said, it is important to note that although your borderless account resembles that of an actual bank account, they are merely addresses that allow you to send and receive money. As stipulated by TransferWise itself:

“Although your bank details are unique, they don’t represent real bank accounts, but simply “addresses” for your electronic money account. You can still use them to receive payments though, like a real bank account”

Although this shouldn’t hinder your ability to send and receive funds to your respective local account, this is an important consideration to make.

Non-Resident Accounts

Continuing on from the above section, I think that one of the most attractive features offered by the borderless account is the capacity to open an account as a non-resident. For example, let’s say that you’re a resident of the UK and you wish to open a US bank account.

Ordinarily, it would be extremely difficult to open an account as a non-resident, not least because you would not have access to a social security number and US home address. Although you could get around this by incorporating a business in the US, this can be a long, cumbersome and hugely expensive process.

This is where TransferWise excels. By opening an account with the provider – which rarely takes more than a few minutes, you’ll have access to local bank accounts in all of the above countries – even if you’re a non-resident.

Sending and Receiving Money

As you would expect from any bank account offering, the TransferWise borderless account allows you to send and receive money – both domestically and internationally. You can do this by opening your TransferWise app, setting up the receiver as a payee, specifying the transfer amount, and that’s it.

In terms of the transfer process, this will depend on which account you are sending the money from, as well as whether the transfer is domestic or international. For example, if you’re sending money from your EU bank account – and the receiver is based in an EU country, then the transfer will go via SEPA.

Everything else would go via SWIFT. This is somewhat surprising, not least because TransferWise was initially set-up to challenge SWIFT. As such, you should expect non-SEPA transfers to take a few days before they reach their final destination.

Similarly, US accounts at TransferWise will give you the option of sending and receiving funds via the ACH network or as a conventional wire. Once again, if the transfer is to a non-US account, it must go through SWIFT. Interestingly, fellow banking-app counterpart Monzo has a TransferWise integration built into it. This means that all non-local transfers go via the low-cost and fast TransferWise network, and not SWIFT.

Debit Card

All TransferWise borderless account customers will have the option of applying for a prepaid debit card. I say option, as you need to apply for this separately. This shouldn’t be an issue for you though, as it literally takes a couple of minutes to order a card. Once you do, you can then link it to your borderless account.

The card is backed by MasterCard, so its as good as any debit card that you’ll get your hands on. As such, this allows you to:

• Withdraw cash from millions of ATMs globally
• Purchase goods and services online in your chosen currency
• Pay for things in-person by entering your 4-digit PIN

Currency Exchange

A common feature offered by challenger banks like Revolut and Monzo is the ability to benefit from industry-leading currency exchange rates. Ordinarily, traditional banks are known to charge excessive fees when you use your card overseas, or in a currency other than your own. For example, you’ll likely pay 2-3% above the wholesale rate, which is the exchange rate that large banks are able to get.

This is in stark contrast to what the borderless account offers. Not only can you store more than 50 currencies in your account balance, but you will get the same wholesale rate that TransferWise gets. However, it is important to note that you will still need to pay a fee to exchange one currency for another. The specific fee will vary depending on the currency being used, although it’s typically very competitive.

For example:

• If you wanted to transfer £1000 worth of GBP into Euros, you would pay a fee of 4.08 EUR. This amounts to a variable rate of just 0.48%. Don’t forget, you’ll be getting the wholesale rate too, so this is essentially an ‘all-in’ fee.
• In a second example, let’s say that you wanted to transfer $1,000 worth of USD in Indian Rupees. In total, you would pay just $5.96 USD in fees, which amounts to a super-competitive variable fee of 0.60%.

The above examples illustrate that the currency exchange service offered by the TransferWise borderless account is right up there with its main market rivals.

You can also get better rates than the standard ones if you are making larger conversions. TransferWise charge 0.1% less on the amount that’s over the threshold, and the threshold varies by currency, but as an example, for Euros it is €115,000.

Where is the money stored?

Your Wise borderless account is an Electronic Money account. It’s important to note how it differs from a bank account because:

• You won’t be able to get an overdraft or loan
• Although your bank details are unique, they don’t represent real bank accounts, but simply ‘addresses’ for your Electronic Money account, meaning you can receive payments much like a real bank account
• Your money is protected and safeguarded, but not guaranteed by the Financial Services Compensation Scheme (FSCS) that you may get with a bank account.

The great thing about your Wise borderless account is that you can use it just like a bank account in many cases, like making payments with your TransferWise debit card (currently available for those in EEA). You can also send payments to other accounts and receive payments from your clients or employer using the bank details attached to your borderless accounts.

The main benefit of using your Wise borderless account over traditional accounts is that you won’t be charged international transaction fees or outrageous exchange rates.

Your Wise borderless account is an Electronic Money account. You can send, receive and convert currencies all in one account. You’ll always get the real exchange rate and the lowest possible fees.

Will Wise report transfers to the tax authorities?

TransferWise Limited is a UK company authorized by the Financial Conduct Authority as an Electronic Money Institution. They are still evaluating the impact of the Common Reporting Standards, including FATCA, to our business and how we will adopt the new requirements. At this time they are not reporting this information to HMRC or any other tax authority.

Earning Interest with a Wise Account

Wise now offers an exciting feature that allows users to earn interest on their account balance. By partnering with selected banks and financial institutions, Wise has introduced interest-earning capabilities within their platform, providing users with an opportunity to grow their funds while enjoying the convenience of Wise’s services.

With Wise’s interest-earning feature, users can potentially generate passive income on their account balance. The interest rates offered may vary depending on factors such as the currency, account type, and partnership agreements in place. Wise strives to provide competitive rates to ensure that users can maximize their earnings.

One notable aspect of Wise’s interest-earning feature is its transparency. Users can expect clear information about the interest rates, applicable fees (if any), and any associated risks. This allows individuals to make informed decisions about where to allocate their funds and optimize their earnings accordingly.

Wise’s interest-earning feature not only provides an opportunity to grow one’s savings but also maintains the ease and efficiency that customers have come to expect from the platform. Users can continue to enjoy the benefits of Wise’s low-cost international money transfers, multi-currency accounts, and other services while simultaneously earning interest on their idle funds.

What you Won’t get With a Wise Borderless Account

There can be no denying that new-age banking applications offer heaps of benefits over traditional financial institutions. This includes an account opening process that takes minutes, access to multiple local bank accounts, and everyday banking features that can be performed at the click of a button.

However, it is also important to recognize that the borderless account does fall short in certain areas. These shortages are not only based on traditional banks, but other banking apps available in the market.

• Savings Accounts: You won’t be offered a savings account of any sort. For example, you will only have one account per location, so everything needs to be kept in the same account. With that being said, it wouldn’t be wise to use Wise for this purpose anyway, as the provider does not pay interest on deposits.
• Credit Facilities: Although TransferWise allows you to perform a range of everyday banking tasks, the borderless account does not offer any credit facilities. Even the likes of Monzo offer overdrafts, and Revolut is looking to enter the loan space in the near future.
• Instant Transaction Categorization: It is also surprising that TransferWise has opted against instant transaction notifications, as this is a hugely popular feature offered by other app-banks in the space. For those unaware, other providers offer instant notifications in real-time whenever you use your debit card.
  Each transaction is also categorized, which allows you to keep tabs of where your money is going. For example, if you purchase cinema tickets, this would fall within the ‘entertainment’ category. Unfortunately, none of these features are available with the borderless account, meaning you’ll need to manually review your transactions.
• Direct Debits: Direct debits have been introduced in January 2020 and you can now set them up for any company in Europe with your GBP and EUR accounts.
• Budgets and Savings Goals: What I really like about some of the app-only banks currently in the market is that you can set up budgets and savings goals at the click of a button. For example, if you want to save a certain amount at the end of each month, the likes of Monzo and Revolut will give you daily updates, subsequently letting you know if you’re likely to hit your target based on current spending. Unfortunately, this isn’t offered by the TransferWise borderless account.

Wise Borderless Account: Fees and Other Charges

Firstly, there is only one account type offered by Wise, so there is no need to make any considerations regarding plans and prices. Instead, there is a uniform pricing structure based on your primary currency.

Here is an overview of what fees and charges you need to consider before opening a TransferWise borderless account.

Opening and Maintaining the Account

There are no fees to open a borderless account with TransferWise, nor will you need to pay a monthly maintenance fee.

Receiving Money

There are no fees to receive money into your borderless accounts. This means that incoming payments to your Australian, European, New Zealand, UK, or US accounts are free – as long as they are sent in the respective currency. If they aren’t, the fees will vary – so you are best advised to check the TransferWise website.

Sending Money

Sending money to another TransferWise borderless account – both in your name or somebody else, is free. However, sending money to a non-TransferWise account (eg. an external bank account) will always come at a cost – even if the transfer is domestic. Once again, the fees will vary depending on the payment system being used (for example ACH, wire, SEPA, SWIFT, etc.) and the currency(s) involved in the transaction.

To give you a rough idea, a US-to-US transfer via ACH would cost $1.40, and a GBP-to-GBP domestic transfer could cost £0.60. In fairness, the costs are super-low, but in reality, domestic transfers should be free if this is usually the case. For example, all domestic transfers in the UK go through the FasterPayments Netowork, meaning that they are both free and near-instant. As such, it’s somewhat frustrating that TransferWise charges £0.60 here.

Using Your Debit Card

It doesn’t cost anything to order your debit card from Wise nor to link it to your borderless account. However, the platform notes that you will likely be asked to add a minimum deposit before the card is distributed. This stands at 20 USD/EUR/GBP or 30 NZD. The funds are added to your card nonetheless, so it’s not a fee per-say.

• All online/in-person purchases with your borderless account debit card are free – as long as you hold the respective currency in your account. For example, if you’ve got enough EUR in your account and you make a purchase in Euros, it will cost you nothing.
• If you make the purchase without having enough funds in the respective currency, you will pay a fee of between 0.24 –3.69%. Again, the specific fee depends on the currency being used.
• When it comes to withdrawals, TransferWise will not charge you for the first 200 GBP/250 USD/350 AUD/350 NZD/350 SGD – per month – as long as you have the required currency balance to cover the withdrawal.
• After your monthly allowance is consumed, you will then pay a 2% fee. For example, let’s say that you withdraw $750 this month. Although the first $250 comes at no cost, you’ll pay a 2% fee on the remaining $500, which amounts to $10.
• If you attempt to withdraw money in a currency that you are not currency holding in your borderless account, you will need to pay an exchange conversion fee. You can scroll up to the section further up on ‘Currency Exchange’ to find out more about the charges on this. Take note, this will still be charged even if you are utilizing your free monthly withdrawal allocation.

Customer Support at Wise

If you need to speak with a member of the Wise customer support team, the platform offers a number of contact channels.

This includes:

• Live Chat
• Email
• Telephone Support (multiple local toll numbers available)

Support does not operate on a 24/7 basis.

Wise Borderless as a PayPal Alternative

Wise Borderless can be a good alternative to using PayPal in some cases. For more information about that, read post about PayPal vs Wise Borderless.

Is my Money Safe in the Wise Borderless Account?

One of the most important metrics that you need to consider when opening an account with a non-traditional institution is whether or not your money is safe. In the case of TransferWise, the company does not hold a banking license. As a result, it cannot offer you the same deposit protection schemes that mainstream banks offer.

With that said, the likes of Monzo and Starling in the UK are protected by the Financial Services Compensation Scheme (FSCS) – which protects your cash up to the first £85,000 in the event of a collapse. Then you have N26, which benefits from the European Deposit Protection Fund (EDPF), meaning that the first €100,000 is safeguarded.

Ultimately, it’s a real shame that no such safeguards exist at Wise.

Nevertheless, the company is authorized and regulated by the FCA, so this ensures that Wise must operate segregated bank accounts. It does so with Tier-One bank Barclays, so in theory, if Wise did go under, it is hoped that your deposits would be safe. However, without the presence of a deposit protection scheme like the FSCS or EDPF, you can never be 100% certain that this will be the case.

How do I get Started With a Wise Borderless Account?

If you’ve read my review up to this point, then I hope that you now have a firm understanding of whether or not the Wise borderless account is right for you. I’ve covered the ins and outs of what the banking app offers, ensuring that the most important points have been covered.

As a result, if you like the sound of what the borderless account offers for your personal banking needs, I have outlined a step-by-step guide so that you can get an account open today.

Step 1: Open a Borderless Account With Wise

Your first port of call will be to head over to the Wise website – select the borderless account button at the top of the screen, and proceed to open an account. You can also do this by downloading the app.

You will need to enter a range of personal details, such as your:

• First and Last Name
• Home Address
• Nationality
• Date of Birth
• Contact Details

Step 2: Verify Your Identity

Once you’ve opened your borderless account, you’ll be asked to verify your identity. This is to ensure that TransferWise complies with AML (anti-money laundering) laws.

To do this, you’ll need to:

• Upload a clear copy of your government-issued ID (passport or driver’s license)
• Proof of address (recent copy of a bank statement, utility bill, etc.)
• Photo of you holding your government-issued ID next to your face

Take note, TransferWise can take up to 2 working days to verify your documents.

Step 3: Deposit Funds

In order to fund your Wise borderless account, you will need to perform a bank transfer. The easiest way to do this is to use a local bank account. For example, if you’re based in Germany, then deposit funds via SEPA directly into your EU borderless account.

Step 4: Order Your Debit Card

If you’re looking to get the most out of your borderless account, then it’s likely that you will want to order a MasterCard debit card. You need to do this manually, although TransferWise will guide you through the process once your account has been verified.

It can take just a few days for the card to arrive, although some locations will need longer. Either way,  there is no charge to order the card, albeit, you might be asked to deposit some funds before it is released. If you’ve already got money in your account at this point, then you can transfer funds from your balance on to your debit card. If not, revert to step 3.

Step 5: Activate Your Debit Card

Once your debit card arrives in the post, you will need to activate it. You will find instructions on how to do this in the letter that the card came in. As soon as you’ve activated it, your TransferWise borderless account should now be fully operational.

Wise Borderless Account: The Verdict?

If you’ve read my review all of the way through, you should now have a full understanding of the pros and cons of the Wise borderless account. On the one hand, I really like the fact that you can open an account in minutes, and that everything can be facilitated via your mobile phone. I also like the super-competitive exchange rates offered by the provider, and the ability to open a local bank account as a non-resident.

You can also use it as an alternative to PayPal, depending on how you are using PayPal at the moment.

However, it is also important to note that Wise does fall short in a number of areas – especially in comparison to some of its main market rivals. For example, there is no option to set up direct debits, and neither instant notifications or budget reports are offered. There isn’t an option to set up a savings account either, nor are there any credit facilities.

Moreover, and perhaps most importantly, the Wise borderless account does not benefit from any deposit protection schemes. As such, although the platform is regulated by the FCA and thus – is required to keep your money at tier-one institutions, your cash is never 100% safe in the event of a collapse. All in all, Wise is likely to be suitable for some of you, but certainly not all of you.

Open a Wise Borderless account

We live in a world where instant control over our finances is necessary and quite often, expected. More and more people are becoming location independent or constantly traveling from one country to the next. It is for this reason that I, myself, have turned to challenger banks to handle my day to day transactions.

Challenger banks such as Revolut, N26, and Wise offer banking services without the need of traditional banking infrastructure and technologies. They come with lots of perks, including no hidden fees and quick transactions that mirror our fast-paced social lives.

Revolut is fast becoming one of the most popular challenger banking apps around. Although the service has faced controversy in the past, it is continuously gaining more and more users every day with a total sum of over 10 million achieved so far.

Let’s have a look at why so many people choose to use Revolut for their banking needs.

What is Revolut?

Revolut is a British financial technology company that was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky. Ever since the company has grown tremendously and now boasts over 350 million transactions with a total value of over €45 billion.

Revolut offers digital banking services through a contactless card or free mobile app that is available to both Apple and Android users.

It allows users to make transactions in over 150 currencies at the interbank exchange rate, while also allowing standard users to transfer money abroad in over 30 fiat currencies with the bonus of no hidden fees for transactions of up to €6,000 each rolling month. The standard account also allows ATM withdrawals at no fee for up to €200 per month.

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The challenger banking space has grown to exponential heights in recent years. No longer are you required to visit an outdated banking branch to open an account, nor do you need to submit countless forms. Instead, it’s entirely possible to facilitate most of your everyday banking needs from your mobile phone. 

With that said, the likes of N26 – a German challenger banking app that’s since expanded to multiple European countries and the US – now boasts a customer base that exceeds 3.5 million users. In a nutshell, N26 offers a number of localized bank accounts that allow you to send and receive money – both domestically and internationally. 

On top of fee-free accounts, a fully-fledged MasterCard debit card, and instant transaction notifications sent straight to your phone – the account opening process takes just minutes. 

If you’re keen to find out whether or not the challenger banking app is right for you – be sure to read my in-depth N26 review. We’ll explain the ins and outs of what you need to know – such as how the app works, what it allows you to do, fees, payment methods, regulation, and more. 

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