Among foreign digital banks , there is a very strong name that promises to come to Brazil in 2020: the N26 bank , the first and largest fintech in this segment in Europe.
The N26 Bank model inspired several other businesses, including Nubank here in Brazil.
But what will be the impact of the N26’s arrival for Brazilians? After all, in addition to the big banks, there are also competitors such as Banco Inter, C6 Bank, Neon, Banco Original and Nubank itself .
While we still don’t have that answer, how about getting to know a little more about the N26’s services? Check it out below!
Contents [ hide ]
- 1How did Bank N26 come about?
- 2What services does the bank offer?
- 3Who are the bank’s main competitors?
- 4How to open an account on the N26?
- 5 Is itworth opening an account at N26 Bank?
How did Bank N26 come about?
The N26 bank is a fintech . Thus, it combines advanced processes for the development of new technologies to offer financial services.
The purpose of these companies is to offer banking services at zero rate or very low cost to customers.
The N26 was founded in February 2013 in Berlin, Germany . Today, he is present in 24 European countries and the United Kingdom, with plans to arrive in the United States before coming to Brazil.
Previously called Number 26 , fintech began operating as a payments company. Therefore, she needed to partner with a bank to serve her clients.
Today, the N26 has a license to operate as a bank in Europe , but intends to come to Brazil operating in partnership with a bank that already exists here, in a model similar to that of Neon . The name of this partner bank has yet to be revealed.
What services does the bank offer?
Known for its metallic card , the N26 offers three types of plans on its business front in Europe:
- N26 Plan : zero rate plan;
- N26 Black Plan: 9.90 euros per month. Offers MasterCard Black card, free purchases and withdrawals abroad, free transfer between N26 accounts and free insurance;
- N26 Metal Plan: 16.90 euros per month. Offers card and differentiated service, purchases and withdrawals abroad without a fee, free insurance and exclusive offers from partners.
Who are the bank’s main competitors?
Despite fintechs, which started to operate in Brazil with more force in 2015, the banking market in Brazil is still extremely concentrated.
Therefore, the biggest rivals of any digital bank are still the five biggest banks in the country:
- Bank of Brazil;
- Federal Savings Bank;
- Itaú;
- Bradesco;
- Santander.
However, some fintechs have been gaining more and more popularity, especially among those looking for cheaper rates:
- Original Bank ;
- Inter Bank ;
- C6 Bank ;
- Neon ;
- Nubank .
How to open an account on the N26?
It is possible to open a bank account through the website or application. One of its main differences is the promise of opening an account in less than 8 minutes.
For the time being, opening a bank account at N26 is not yet possible for those who reside in Brazil.
In the case of Europeans, the process involves a video interview , in which the customer needs to talk to an operator to have their registration approved.
Is it worth opening an account at N26 Bank?
The N26 promises to stir up competition among digital banks, but it still has no set date to arrive in Brazil.
According to Eduardo Prota, the executive responsible for the bank’s Brazilian operations , the forecast is for it to start operating in 2020.
The institution should focus on offering basic services and seek partnerships with other banks to offer what is outside its core business.
Therefore, it is worth waiting for the next few months to find out whether it is worth opening a German bank account or not.
But of course, if you are looking for an alternative to pay less bank fees , be aware that there are already several free options available to you.
