Perhaps you got to this site, because you are still not sure whether the account of Number26 is for you …
I promise: at the end of this page, you will know, if you will open the account or not!
#1 Minimum age and place of residence
Anyone, who has already celebrated the 18th birthday, can become a regular customer at number26.
Currently, the shipping of the MasterCard is only possible to German and Austrian addresses. This means that you have to either live in Germany or Austria or provide credibly an address in these countries, where you can receive the card.
The nationality of the account holder does not matter.
However, the challenge is the compliant legitimating using foreign ID-cards or passports.
Each bank has to identify its clients without doubt at the account opening. At number26, two methods are available:
- Video call (the app ID-Now is downloaded and the video call consumes an average of around 50 megabytes)
- PostIdent (possible at any branch office of the German post)
The video call can be done right after the online account opening, so that the account can actually be completely opened within minutes. Moreover, this method is ideal, if you are currently staying abroad.
The PostIdent procedure is the alternative for a bad Internet connection, since the connection has to be very good and stable during the video transmission.
#4 Schufa or No Schufa?
Number26 is a credit account. You can only dispose of money, which was paid in advance. You can never go into the red and thus never pay expensive lending rates.
That is why neither the Schufa (credit investigation company) will be queried when opening an account, nor the current account be registered at the Schufa.
The account of number26 can be opened with any creditworthiness rating (even at a “negative Schufa“). It is “schufa-free”!
Addition 3/2016: At the account opening as a credit account, there is still no creditworthiness check, but Number26 prompts the permission at the account opening to Exchange data with the Schufa.
#5 Charges and Fees
There are neither charges nor fees.
The account opening, the account use (including unlimited transfers), the app, the MasterCard and cash withdrawals are free of charge. Actually, everything is free of charge, as there is no price list.
#6 Cash withdrawals
Withdrawing cash is free of charge at any ATM that accepts MasterCard.
In some countries, like the USA or Thailand, ATMs charge fees. This has nothing to do with number26.
The account automatically includes a MasterCard. It is a prepaid credit card. This means: if money is on the current account, one can go shopping with the MasterCard or withdraw cash from ATMs. If the account has no funds, the card does not work. As simple as that.
The MasterCard will be sent to you immediately after the account opening. On average, new customers of number26 receive their MasterCard already on the second day after opening an account.
There is no interest: neither interest on credit, nor on overdraft (as this is not possible with a credit account).
Number26 openly admits that they earn money as a supplier through the difference in interest. In the current low interest phase, this cannot be a lot.
#9 Deposit Guarantee
Your account balance at number26 is safe.
It is secured by the legal deposit insurance in the amount of Euros 100,000 per person and account.
Additionally, there is a voluntary deposit guarantee in millions – again, per customer and per account – through the Federal Association of German Banks.
#10 International transfer
It is possible to transfer money free of charge, but currently only within SEPA countries and in the currency Euro. You can see the countries that belong to SEPA here: List of countries.
Yes, Number26 was developed especially for Smartphone users. You can open and use the account completely without a computer. However, online banking is more convenient, if you have to enter payment data, such as the long IBAN.
Compared to other banking apps, the app of number26 is super comfortable and well thought out.
No. Number26 is a FinTech. This means, it is an innovative company of the financial service sector. At the same time, innovative means not completely developed. However, it is already working well.
Number26 can be used as a current account since January 2015. An international team works in Berlin on the further development of the app and online banking. For example, in spring 2015, the strongly demanded option of standing orders by the first-time users has been programmed.
Soon, the MasterCard will be supplemented by a Girocard – known to most people as a debit card. Additionally, one is currently working on an English version of the app.
You see: Number26 further develops and will be even better than today. If you want to participate in this development and perhaps even submit proposals for improvement, then start the account opening today.
It is completely free! However, it will enrich you by modern banking experiences and possibly even simplify your banking life bit by bit.
Editors became fans of number26
With this article, we include number26 as a German app provider with a German bank in the background (Wirecard Bank AG in Bavarian Aschheim near Munich) officially in our exclusive list of “observed banks”.
That means for you: You can look forward to further detailed reports and above all, to practical instructions for the optimal use of account and card.
Before you open your own account, please read these main facts:
- modern free current account specifically for Smartphone users
- free MasterCard; credit limit = account balance
- free cash withdrawals from any ATM worldwide that accepts MasterCard and does not charge own fees
- Schufa-free account, no query – no entry
- account opening within a few minutes online through online application and legitimating through video call (alternatively PostIdent).
“Start the account opening now”
… current account especially for Smartphone users!
Do you have questions?
You can post questions, suggestions and personal additions using the comments feature at the end of this page. Thank you for your commitment!