Wise vs N26
Is Wise vs N26 better?
Both Wise vs N26 are perfect options to manage our money online. The two companies are part of the reference group of the best brands associated with the financial sector, especially if we refer to the platforms that offer their services exclusively on the Internet.
Many users have been looking for platforms or new companies for years where they can manage payments, collections and make transfers from the internet and obviously Wise and N26 are clear examples of this. These types of companies have managed to provide services, low commissions and other tools that are different from conventional banking and are highly demanded by new Internet users.
If we look at the general figures to see which of the two payment processors is better, we can verify that they are also quite equal in the number of registered users in each of them. Wise have more than 6 million users and in N26 they are above 7 million.
Benefits of having a Wise account
When we are registered clients in Wise (https://wise.com) we have a series of advantages and benefits that we highlight below.
- Having a registered account is free
- They do not charge account maintenance fees
- We can manage our money online
- Low commissions on international transfers
- Over 150 currencies available with low conversion rates
- Link to start registration
Benefits of having an N26 account
By having an account in the N26 neobank we have different advantages such as the following.
- Opening the account is free
- Huge facility for managing money online
- Excellent platform and app to make payments, collections and transfers
- Commissions below traditional banking
How much does Wise charge per transfer?
The cost of the fees we pay at Wise for transfers made from their platform depends on three factors. First relevant factor is the total amount we want to send.
The second relevant parameter for the online payment processor to calculate the rate applied to each transfer is the way in which you are going to contribute the money to be sent. Depending on whether we opt for bank cards, transfers or online payment management platform, we will have a higher or lower commission.
Finally, Wise calculates the commission that we have to pay for each transfer based on the exchange rate in the case of having to convert currencies between the place of shipment and the place of destination.
Adding the fees applied to transfers made by customers, the platform is considerably cheaper than traditional banking entities.
How much does N26 charge per transfer?
The fee that N26 charges for making transfers depends on several factors. In the first place, it depends on the type of account we have in the neobank. If we have a Smart, You or Metal account we do not have any commission applied to the transfers made.
Users of the Standard account do have commissions applied to money transfers. This rate depends on different factors such as the amount sent and the country of destination. But you can calculate an average commission close to $2 or €2 in conventional transactions.
We can see this rate that they apply in each shipping operation before finalizing the transaction. In this way we will clearly see what commission we must pay in each specific transfer.
Who is behind Wise?
Wise is a company that was born in 2010 by its founders Kristo Käärmann and Taavet Hinrikus. It is based in the UK and is currently listed on the London Stock Exchange. Its market capitalization is above 3.5 billion pounds sterling. With its expansion in recent years, it has managed to get more than 13 million customers around the world.
In relation to the human resources section, it already has more than 2,600 specialized workers. What follows gives you enormous strength for the constant improvement of the security systems applied to your payment processor.
Who is behind bank N26?
N26 is a bank based in Germany that was born in 2013. Since its inception, it has achieved enormous expansion as one of the most relevant neobanks in the world by number of registered users and total transactions carried out online.
Its founders are Valentin Stalf and Maximilian Tayethal who have managed to provide this online financial corporation with endless benefits for the company’s customers. Many of them derived from the advantages of operating on the internet, such as applying lower commissions than traditional banks.