THE BEST BANK ACCOUNT in Germany: My 1 Year Experience with N26

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Hey guys my name is bharat and welcome to another video on brendowise where we talk about business and finance in germany and english now i got a really cool question from fernando morales i’m sorry if i pronounced name wrong i don’t have much experience with i assume spanish names or mexican names so love your videos and i can see the huge potential in this channel

I do have a few questions that i would like to ask why did you open a banking account with n26 in particular so of course then there are more questions do you have a predetermined percentage of so like stocks and everything that is something i will discuss in another video but in this video i want to like specifically talk about n26 why did i choose it and what

Has been my experience so far so i’ve been with n26 for over a year now and recently i closed my bank account with fox punk because of hidden costs that it was having so that’s the reason why i was no longer with them because if you want to go with the traditional bank accounts if you’re a freelancer or a business owner like it is not nice because they charge you

For every transaction you make if you’re paying somewhere if you’re transferring something you have to pay for every single one of those transactions which i find insane because as a business owners you’re getting like so many different types of incomes from different places you have to pay in different kind of locations and so on and they charge you for every

Single one of that plus they provide you a repay card which is not a mastercard not a visa card which is not even valid when you’re going for any kind of like online purchases and so on so that’s the reason like i do not like recommend uh at least like you know the fox punk that i was with because of their repay and everything now let me show you the n26 account

And um why do i love it so much so like i already said i’m with this bank for almost around a year and my experience so far has only been nice now there are at times when you need the customer support i don’t really like like the customer support mainly because they just sound very robotic like in case like you need any kind of extra help or something like you

Definitely receive that kind of service better in traditional banks but the app is so good that you generally do not need any kind of customer support so you’ll be seeing the screen of my account here now first of all if you see like the app is very intuitive it also have this option where you can like hide all of the details like how much money you have and how

Much money you’re receiving from different kind of places and so on and this is something i find really practical because like now i’m recording this video for you guys and i don’t really have to show all of the details here now uh you can quickly put on the option of gel halton to like request somebody for some kind of money so it could be either like some kind

Of uber zone that you can like ask for or like you can put money inside the n26 card with your credit card or debit card and you have apple pay you have money beam so with money beam they give you an option like paypal with other n26 customers so like it is instant money transfers and you can like ask somebody for money or like you can send somebody money and

Those money transfers with other n26 uh account owners is instantaneous which is very nice and then you have cash 26 where you can put your money inside so as you know because n26 is an online bank it doesn’t have any kind of physical branches just one in berlin but otherwise you don’t have the option of going somewhere and putting the money inside then you

Have the gel zendon option it is also like super easy like uh i can for example now transfer money to alina like instantaneously without any problems because she is also an n26 customer this finally happened because when i was like with n26 i saw what kind of good experience i’m having then i asked alina to be on n26 too so i’m on the paid plan where i’m paying

9.90 every single month mostly because of the insurance coverage and no transaction fee if you’re paying in any kind of foreign currency for example when we are in denmark and when we are taking care of the house we have to pay for a lot of different kind of things then i pay with my n26 card or with the advancia card both of them work very nicely but then again

I sometimes prioritize the n26 one because then i have all of the overview directly uh logged into my account which is very nice so i can see like where did i pay for let’s say construction material where did i pay for the patrol and things like that so that is actually very nice alina is on the free plan so she is also able to like get the money and she doesn’t

Have to pay anything at fox punk we were paying around i think 14 euros or something every single month which is insane like why should you pay the banks any kind of money for keeping the money in the bank accounts so i really hate that system and that’s the first motivation i had to like you know skip away from fox bank if you think about it like for 14 euros

You can buy two stocks of prospect capital which provides you like monthly dividends now why should you waste that money at all with any kind of bank now what i also like is you can tag every single kind of outgoing expense and incoming money so when somebody enrolls in my online course i receive money through stripe and then stripe transfers me the money back

So here in details i can go and i can like put it into some different kind of things so i can either call it as good shift or i can call it as gehalt or like some other kind of thing so like this helps you tag everything better towards the end you can also put a photograph of that uh receipt in your phone which is very nice especially for texas then you don’t

Have to like sort things out in 100 different places i don’t need to do it but in case you have to make a record of it then you can like easily do it now for example when i’m paying somewhere i can again put a photograph of that receipt inside for texas so that towards the end of the year i don’t have to go through all of that again and then many times whenever

You’re doing some kind of transfer you have the option of showing that this account transfer has happened so some kind of like confirmation there so i’ll show you real quick and here towards the bottom you have the uber why isn’t it going so this shows that like you have transferred the money now another really fun thing in this app is like you can do everything

In one single place so you can have the git plant so dawa after so you say like maybe the first of every single month i want the money to be transferred into my depot let’s say with scalable capital or with trade republic you can do that so i go to the get plant option so here i have one dollar of truck for me to send the money regularly to my depot and another

One i have for my employee so like it triggers every single month and as long as you have enough money in the main account it triggers automatically so you can see all of the stats too and you can have all of the bank statements in one single place you don’t have to make any kind of folders where you’re putting all of the paper stuff inside which is something

I also really love about this app then the thing that i really really like again like there are so many things i like uh is the spaces part so spaces is your sub accounts which you have with n26 and if you’re on a paid plan you can make up to like 10 different kind of sub accounts which is more than enough i’m on the paid plan and i generally need just like

Four accounts um i have taxes i have uh apartments so i want to buy an apartment sometime in the future for which i’m putting money to the side then i have house repairs i also always have money set aside for the house repairs in case something goes wrong so as i’m a registered business in germany i have to also like pay vat on any kind of money i get from eu

So from non-eu customers and stuff i don’t have to pay that but from you i have to pay back so like i have that money also set aside this is a really lovely feature because when you set up a space you can first of all fix your goal for example i have the goal for texas fixed up and i’ve only saved up 56 percent of the taxes so far and i have to save this up till

31st december so like you have a very fixed goal and it shows you how much percentage of that goal you have completed so far so if you’re saving for something the spaces could be a very nice motivation for you and especially every single time even if you’re putting one euro inside you see the growth in the percentage saved which just feels very nice you can also

Share this account you can share the sub accounts with another n26 users for example you and your partner you’re both saving for a house you’re both saving for some kind of trip or something then you can invite her and then you can both put the money inside so that you have one sub account in which you both have like contributed the money inside and it also shows

Who has put so much money inside like in case you have to do any kind of like discussions like that later but so far it’s an absolutely lovely feature like you should definitely have that especially if you’re planning to manage your budget better since i started using n26 my finances have been so much better and i have a better control on where i’m spending money

How much money i have to save because if you put money inside into a space if you’re spending money the money goes from the hub control the main account so all of these sub accounts you have the money never gets touched there so this is a very important function because it helps you save money better then you have the end decking function where you have like

Different kind of things you can see what kind of benefits you have for example in the four tyler of business use so i have the stats function then i have up to 10 sub accounts then i have shared accounts too then i have different kind of partner offers with n26 and i have 0.1 percent cashback i have five free withdrawals from atms in germany on free plan i think

There are only three so you have to see that i have a world fight without any kind of like extra costs i can like take the money out and things like that so there are a lot of like interesting features you can do that and also in case like you want to apply for the n26 card you can uh use my referral code which is actually really fun so you get 30 euros when you

Use my code and i get 30 euros you can first follow the link given in the description and then put the code inside pirate c0934 so with that like we both have 30 euros uh there are just a lot of like different kind of fun features like i absolutely love the app and then towards the end you also have the card features which you can regulate on your own you have a

Master card and you have the miso card in case some businesses only accept the ec cut which is very generally the case in like turkish or indian stores so i hope you like this video you opt for n26 if you have any kind of questions whatsoever let me know in the comment section below and i will get back to you and thank you so much for watching again and i’ll see

You in the next one bye you

Transcribed from video
THE BEST BANK ACCOUNT in Germany: My 1 Year Experience with N26 By Brandevise