N26 quits USA

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Something is going on in the background - N26 withdraws. Monzo already stripped down the US attack.
US bureaucracy intervention?

I don’t see any sense in looking for conspiracy theories.

N26 overreached itself internationally, including in the UK and US. The Brexit excuse was never believable.

More worrying for them is that Germany’s financial watchdog BaFin banned N26 from taking on more than 50,000 new European customers a month last week until it had put in place “a proper business organisation” and addressed “risks to the institution’s operational resilience”.


Fair enough. But, Fact#1: the US bureaucracy is be incredibly protective of outside influence.

Fact#2: Brexit means nothing in this thread.


They now have two people from the German regulator embedded in their operations too.

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Ooof! Last I heard things seemed to be going well for them in the US.

I think your user handle might require some rework sooner rather than later


My origin story:

Never intended to keep it, hence the throwaway bit, usually happier just watching. But then they quit the U.K. so here we are.

My handle is perhaps ironically fitting for how they seem to approach entering new markets.

If they ever quit Europe, I’ll let you pick my new name.


You can’t change your name! :anguished:

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Back in 2018……

‘Tom’ no more?

So as someone who’s actually had N26’s US product, there just wasn’t enough going for them to justify recommending them to anyone I knew. They tried to call their account a finished product and plastered advertisements all over NYC when it didn’t really do anything more than Monzo’s current US product, and in fact did a bit less. For example:

Monzo US: If there’s a limit on pots I haven’t hit it yet
N26 US: 2 “spaces”

Monzo US: Moneypass ATMs in the US, no Monzo-side fees for other ATMs in the US or elsewhere
N26 US: Allpoint ATMs in the US and elsewhere, supposedly (in my experience, Allpoint ATMs in Canada did not work), $2+2% fee for other international ATM withdrawals

Monzo US: Free, unlimited debit card top-ups
N26 US: One free debit card top-up for the life of the account, 3% fee on debit card top-ups after that

Their main upside was that because their partner bank (Axos Bank) didn’t have quite the same… reputation that Monzo’s did, their routing/account number worked at more places. Other than that, they thrust themselves onto the market when they were in no way ready to compete against the local players and Revolut (the biggest foreign challenger “bank” to still be around in the US).

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