These three accounts get compared constantly, usually on the basis of which one has the nicest app or the lowest headline fee. Both measures are close to useless, because the three are not really trying to do the same job.
Wise is built around moving money between currencies. Revolut is built around spending money in many currencies. N26 is built around being a clean, ordinary euro bank account. Once you see that, the choice becomes much less confusing.
The core difference in one table
| Wise | Revolut | N26 | |
|---|---|---|---|
| Built for | Cross-border transfers | Multi-currency spending | Everyday euro banking |
| Banking licence | Safeguarded, licence varies by country | Bank licence in some markets, e-money in others | Full German banking licence |
| Deposit protection | Depends on local arrangement | Depends on the licence used in your country | German statutory scheme |
| Free plan | No monthly fee | Yes, with weekday exchange limits | Yes |
| Currency conversion | Mid-market rate plus a percentage fee | Mid-market within allowance, markup outside | Limited; not the core feature |
| Local account details | Yes in many countries | Yes in several markets | Yes, euro-focused |
| Availability | Broad globally | EEA, UK and others | EEA and selected countries |
The gap between a traditional bank and a transparent provider is usually the largest single saving available.
Wise: when the fee is the product
Wise's distinguishing feature is not that it is cheap — it is that you can see exactly what the charge is. A conventional bank typically makes its money by giving you a worse exchange rate than the one on the market, which means the cost is invisible unless you check the mid-market rate separately.
Wise publishes a conversion fee, usually in the region of half a percent on major pairs, plus a small fixed component. On a large transfer that transparency is worth a great deal.
Wise wins when
- You transfer larger amounts across borders, where the percentage difference compounds.
- You are paid in a foreign currency and need to convert it.
- You want to hold balances in several currencies at the same time.
- You need local receiving details in more than one country.
Revolut: the spending account
Revolut's strength is breadth. You can hold many currencies, spend in them with a card, split bills, set budgets, and access savings or investment features depending on your market and plan. For someone who travels often or spends across several currencies, that flexibility is the point.
The fee structure is where it needs care. The free plan includes a monthly allowance for currency exchange on weekdays. Once you exceed the allowance, or exchange at the weekend, a markup applies. Paid plans raise the allowance but cost a monthly fee.
Run the arithmetic on the plan, not the headline. If you exchange a meaningful amount every month, add up the markup you would pay on the free plan and compare it with the paid plan's monthly cost. For frequent exchangers the paid plan is often cheaper; for occasional users it is not.
N26: the unremarkable account, and that is the appeal
N26 does not try to be the cheapest place to convert currency or the cleverest budgeting app. It aims to be a well-built current account with a German banking licence, which means statutory deposit protection and a familiar regulated structure.
If what you want is a euro account with a good app, no monthly fee on the standard tier, and no complicated fee logic to track, N26 is frequently the least stressful choice. If your priority is minimising the cost of converting between currencies, another provider will serve you better.
Choosing between them
| Your situation | Likely best fit | Why |
|---|---|---|
| Paid abroad, convert monthly | Wise | Lowest transparent conversion cost on larger sums |
| Travel often, spend in many currencies | Revolut | Widest multi-currency spending support |
| Want a straightforward euro current account | N26 | Licensed bank, simple fee structure |
| Run a small cross-border business | Wise | Business features and multi-currency receiving details |
| Want savings and investing in one app | Revolut | Broader product range within one account |
| Value deposit protection above all | N26 | Full banking licence with a statutory guarantee scheme |
Nothing stops you using more than one. A common and sensible setup is a licensed bank for salary and direct debits, plus Wise or Revolut for travel and currency. The accounts cost nothing to hold on their free tiers.
Check your numbersBefore moving money, work out what your balances and payments actually cost you.
Open the loan calculatorThree things to verify before you switch
- 1Which licence applies in your countryThe same brand can operate under a bank licence in one market and an e-money licence in another. Protection differs between them.
- 2Whether your salary can be receivedSome employers require a local IBAN or a specific account type. Confirm before you move your income.
- 3What your actual usage costsEstimate your monthly conversion, withdrawal and transfer volumes, then apply each provider's fee schedule.
Frequently asked questions
Is Wise cheaper than Revolut?
For most straightforward international transfers, yes. Wise uses the mid-market rate plus a visible percentage fee. Revolut is competitive within its free allowance and more expensive beyond it.
Is N26 a real bank?
Yes. It holds a German banking licence and deposits are covered by the German statutory deposit guarantee scheme up to the applicable limit.
Can I hold all three accounts?
Yes. Many people do. Just keep an eye on any deposit protection limit that may apply across accounts sharing the same licence.
Which is best for travel?
Revolut is generally strongest for travel spending because of its multi-currency support and free allowances. Wise is also very good, particularly for larger conversions.