I recently came back from a trip where I used my N26 card exclusively. I used to be a Revolut fan but have since moved over to N26 and to be honest, I haven’t looked back. I still always pack my Revolut Card with me as backup but N26 is my main card now both at home in Ireland and when travelling. I thought it would be interesting to do the sums to see how much N26 ‘saved’ me during the trip.
There are things to keep in mind.
- I pay for N26 Black which costs €5.90 per month. If I hadn’t paid for N26 Black and instead had the basic N26 MasterCard I would have ended up paying 1.7%. This would have worked out at ~€17.95 for the trip so it would still have been cheaper than AIB and Revolut
- If I wasn’t using N26 and instead using AIB or Revolut I would have done fewer larger transactions. This would have saved fees but I would have had to walk around with more cash on me which I like to avoid.
- I am making some assumptions with exchange rates. Every third or fourth withdrawal I would use my Revolut card, that had no funds loaded to make the transaction. The transaction would fail as expected, but the euro converted amount shows as a failed transaction.
These were all standard withdrawals from a Standard Chartered ATM in Kathmandu, Nepal. This is the only ATM in Nepal that does not charge for withdrawals on debit cards. All other ATMS charge a fee of approximately 500rs or $5 per withdrawal. Standard Chartered ATM charges a 500rs/$5 fee for credit card withdrawals. As Revolut is coded as a prepaid card and not a debit card Standard Chartered treats it as a credit card. So for each Revolut ATM transaction there would be a $5 fee. This is why it shows as more expensive than using the AIB Debit Card.
Here using N26 Black saved me €58 compared to AIB and €69 compared to Revolut. I do pay €5.90 per month for Black which also comes with included travel, mobile, mugging insurances and extended warranty. If I did not pay for N26 Black and instead just used normal N26 account I would have saved €41 and €52 respectively.