United States Customers Can Now Open a N26 Bank Account
Daniel Johnson — July 25, 2019 — Tech
References: n26 & techcrunch
A recent market expansion will now allow those in United States markets to open an N26 bank account. The company is a fintech startup based in Europe, which offers a number of different functions that challenge conventional banking. The service is now live, where United States customers can open an N26 bank account from a mobile device. Customer accounts will be legitimate bank accounts, which follow standard practices, like routing numbers as well as account numbers.
Other features of the accounts are novel and offer new services to customers. Notably, N26 does not charge fees for its basic accounts, this means that users do not have to pay monthly or need a minimum balance. Additionally, there are no fees for foreign currency transactions. Customers will also get two ATM withdrawals per month that are free. The company also has plans to set up a system where users are automatically repaid for ATM fees.
Image Credit: N26
Other features of the accounts are novel and offer new services to customers. Notably, N26 does not charge fees for its basic accounts, this means that users do not have to pay monthly or need a minimum balance. Additionally, there are no fees for foreign currency transactions. Customers will also get two ATM withdrawals per month that are free. The company also has plans to set up a system where users are automatically repaid for ATM fees.
Image Credit: N26
Trend Themes
1. Fintech Innovations - The expansion of N26 bank in the United States market highlights the trend of fintech startups challenging conventional banking with innovative features and services.
2. Mobile Banking - The ability for United States customers to open an N26 bank account from their mobile devices showcases the trend of mobile banking becoming more accessible and convenient for users.
3. Fee-free Banking - N26's offering of basic bank accounts with no monthly fees, minimum balance requirements, or fees for foreign currency transactions indicates a trend towards fee-free banking options.
Industry Implications
1. Fintech Industry - The expansion of N26 bank and its disruptive features align with the fintech industry, offering opportunities for other fintech startups to challenge the traditional banking sector.
2. Mobile Banking Industry - The increased accessibility of mobile banking through N26's mobile account opening feature presents opportunities for the mobile banking industry to further expand and improve user experiences.
3. Banking Industry - N26's fee-free banking offering signals a potential disruption in the banking industry, urging traditional banks to reconsider their fee structures and compete with innovative digital banking startups.
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