Black, the N26 premium account, has hit UK shores.
Mobile-only N26 now offers the Black membership plan, which provides free unlimited foreign currency purchases and withdrawals worldwide.
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The membership costs customers £4.90 ($6.43) a month. This would give subscribers no mark-up fees on foreign transactions and Mastercard’s best exchange rate. According to the bank, Black members would save, on average, £151 a year in fees.
Also, N26 already has a premium account, N26 Metal, which is £14.90 a month. However it includes other benefits such as exclusive partner offerings and a comprehensive insurance package.
If you were to have a regular N26 account, 1.7% of the amount withdrawn in currencies other than GDP would be charged.
According to the ONS, UK travellers are hit with an average charge of 2.8% for each non-Sterling overseas debit card transaction. Furthermore, this totals £1.26bn in annual overseas banking charges.
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By GlobalDataAlexander Weber, head of international markets at N26, said: “The majority of UK customers are being hit by high transaction fees every time they use their card overseas. At N26, we don’t believe that spending abroad should be any different from spending at home. N26 is simplifying the daily financial decisions that customers face and N26 Black is the perfect fit for UK travellers.”
N26 has not disclosed how many UK customers it currently has, but over 70,000 people were on its waitlist ahead of launch in October 2018. In addition, the banks’ website states it has more than 2.3 million customers worldwide.
What else is new apart from the N26 premium account?
It has been a busy year so far for the neobank. N26 raised $300m in a Series D funding round. The company is valued at $2.7bn following this new funding round.
The latest N26 funding round was led by New York-based Insight Venture Partners. Singapore’s sovereign wealth fund GIC also participated in the round.
N26 in a blog post said: “This figure represents the largest private equity financing round for a fintech business in Europe in recent years.
“With a valuation of $2.7bn, it also makes N26 one of the most valuable technology startups around the world.”
