N26 is a German bank founded in 2016, which operates in most of the euro zone countries, Switzerland and the USA. The entity is classified as a neobank, 100% digital and accessible to customers only in mobile applications and website.
In 2019 Forbes announces that N26 the entity became the online bank with the highest market capitalization in Europe, ahead of Revolt.
The account opening in N26 is done through the mobile application, maintaining a videoconference and using the passport as an identification document. The procedure can be performed in several languages regardless of the client’s place of residence.
The bank provides a MasterCard as the main vehicle to make payments, which gives access to Google Pay and Apple Pay. For an extra fee they provide Maestro card in some countries and improvement of the basic MasterCard card.
Operating costs are very small, almost non-existent. It is possible to make 5 withdrawals at any ATM and for 2 EUR in successive withdrawals. I cannot judge how a deposit would be made in the account, I only make electronic transfers.
The entity offers a set of reduced additional financial services: overdraft, consumer loans and savings account.
In my opinion, the company is doing very well, offering the basic financial services consistent with a digital society. Perhaps, not lacking any physical branch is a bit extreme, but somehow they take advantage of overpopulation of branches of other banks.