N26, Revolut: Fee-Free Banking Cards Abroad

What Are N26, Revolut, and Eko?

• Planning a trip to New York or traveling abroad? You’ve probably heard of N26, Revolut, Eko, and My French Bank. What are they? These banks with unusual names are actually online banks, or “neobanks,” offering much better rates than traditional banks. Read our article on banking fees in New York.
• The main advantage for travelers: neobanks don’t charge fees on card payments abroad, unlike traditional banks. You can pay directly with your card and only pay the exchange rate.

Are Neobanks Reliable?

If you’ve never heard of neobanks, you might be skeptical. Don’t worry: these online banks are fully regulated under European law. Here’s an overview of the main neobanks:

• N26 is an online bank founded in 2013 in Germany and registered in France since June 2018. It claims over 3.5 million customers worldwide as of June 2019. It’s the leading neobank in France, with 900,000 French customers by August 2019.
• Revolut is a British online bank operating since 2015. It holds authorization from the British Financial Conduct Authority. Created after N26, Revolut has become the world’s leading neobank, with over 4 million customers worldwide as of February 2019. Update May 2022: be aware this bank has faced serious difficulties.
• Eko isn’t quite a neobank: it’s the mobile banking service of Crédit Agricole. Since it offers the same services as neobanks, it’s worth considering.

Comparing Neobanks for International Travel

As mentioned, the main benefit of neobanks is avoiding commissions on card payments abroad. Here’s how each bank works:

N26: MasterCard Exchange Rate and Paid Withdrawals

• N26 gives you a MasterCard that lets you pay for purchases worldwide with no banking fees. The exchange rate applied is MasterCard’s rate.
• Avoid using your N26 card for cash withdrawals: a 1.7% commission is charged on all withdrawals outside the eurozone.

Revolut: Interbank Exchange Rate and Free Withdrawals Up to €200

• Revolut provides a MasterCard. You can use it to pay in 150 currencies with no commission. The rate applied is the interbank exchange rate.
• You can also withdraw cash fee-free from ATMs up to €200 per month. Beyond €200 per month, a 2% commission applies.

Eko: Paid Card Payments but Easy Withdrawals

• Eko provides a MasterCard for purchases worldwide. However, unlike other neobanks, payments outside the eurozone are charged according to your regional branch’s rates. Eko isn’t worth it for spending outside Europe.
• On the plus side, the Eko card includes 10 free cash withdrawals per year at ATMs worldwide. You can withdraw up to €300 over 7 consecutive days on the MasterCard network. You’ll pay any fees charged by the ATM operator.

My French Bank: Paid Account but Low Fees Otherwise

• Two key differences from competitors: My French Bank provides a Visa Classic card and charges €2 per month in account fees. The Visa Classic lets you pay for purchases worldwide with no banking fees. An exchange rate applies, but My French Bank provides no details on which rate it uses.
• Cash withdrawals abroad are free. Be aware, though: the ATM operator may charge a commission. The amount will be shown on the screen.