In this series I will attempt to share with you lots of tips for how to do everything yourself. Focus in the wider sense: Business, self employment, freelancing, being an expat / immigrant, how to do things.
I appreciate that this is wildly wide and by no means a finished definition of the series ahead. But life is wide and undefined. It would be great if you could hit the follow this blog button and even better if you could also comment: What is it that you need to know how to do?
Focus: Business and life skills that touch on business in the wider sense.
Let’s begin this Series: How to Do Everything, episode #1 / financial / personal finance / online banking / N26
Today’s short episode covers online banking and how to get started with opening a digital account.
I selected N26* who will give you $10 cash back if you spend $20 with their card IF you use my code to sign up: birgitd1401 I selected N26* because I researched a bank account that I can open from abroad and that I can use when I spend time in Germany. It would be a good account to open in your first days days after landing in Germany. Maybe you are a student, digital nomad, trailing spouse or have a job offer there. Opening a bank account without a rental agreement in Germany can be difficult, this is where a bank like N26* can be helpful. You can open an account with them without being fully established in Germany.
For my example, testing the website of N26* I entered the USA as my country of residence (true) and I plan to change my residence in the account settings to Germany when I know that I’ll be there for a longer period of time.
What I have yet to research is how N26* compares to for example Transferwise* (if you know me then you know I love the folks at Transferwise* and have had nothing but money saving and positive experiences with them from day 1 until now, several years later.). I want to make sure that my N26* account serves a purpose that Transferwise* can’t. Otherwise why bother? I’ll have to get back to you on this.
Here the step by step experience of signing up for my first ever N26 account:
- Go to their website & use this code: birgitd1401 to get $10 cash back once you spend the qualifying amount of $20
- You’ll be asked for your Country of residence.
- Personal Details
- Mobile Number
- Home Address (Your N26 card will be shipped there)
- Additional Information
- Tax Info
- Create Acount
- Then it sends a link to your phone to the phone banking app, which you will need to receive verification codes in the future.
- Setting up the app on the phone was super easy. Clock the link, download the App, type in your email address & password and you are pretty much completely set.
What I didn’t like was that on the computer screen there was no further interaction possibility but I also couldn’t for the life of me find a ‘log out’ button. That’s not ideal. From first glance there seem to be interface issues. The User Experience could be a little more reassuring.
Another thing that I didn’t enjoy was that I clicked on the customer support chat and there wasn’t anybody there. I was left waiting indefinitely. My concern was that I wanted to make sure that I get a signup bonus as I didn’t enter a code into the box when prompted to do so during the signing up process. (Anyhow: don’t make my mistake, open your N26* account WITH my referral code! birgitd1401 )
My next test will be if I can link Transferwise* to N26*. The theory is that if somebody pays me in let’s assume € for a service into my N26* and I may want to withdraw my money in $ then I want to compare the possible currency conversion rates and general functionality. I may want to send the money from N26* to Transferwise* to move it from one continent to another that way.
In the end I am going to be interested in the simplest, safest, most versatile and most cost and time efficient ways to receive, move and access my money. I am currently on a mission and am bringing you along. I’ll update you as I learn more about the functional uses of owning an N26* account and its compatibility with Tranferwise* and other accounts and uses.
Are you thinking: I’ll wait until she has worked out the best route for me? I suggest you DO open an N26* account. Use it and cash in on your $10 cash back. It won’t hurt. You can play around with it a little and see if it offers any perks that your brick and mortar bank doesn’t.
Bonus perk: you can open an additional Paypal Account if you have an additional bank account, this allows you to open a second eBay or Etsy account, if that is something that you are interested in..
*when a link is marked with a * it means that they are affiliate links that I may get a small perk from if you use my link to sign up. I tell you exactly what I think about each offer. Often you also benefit if you use my affiliate links / referral codes. Writing this content takes time and hosting my website has an annual cost. You using my links helps me be compensated for this time (and hosting costs) in a small way.