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N26 heads for the door, where can stranded customers turn?

Opinion: James Lynn, Currensea Co-Founder

The UK challenger bank Monzo** state that only “30% of active users deposit at least £1,000 per month”. With only a small number of people using these challenger banks as their primary accounts, and many using them simply for travel, could there be other reasons for the N26 exit?

N26 customers using the account purely for travel have a number of alternative options: other challenger banks, prepaid cards, or our new Currensea card – a standalone debit card that connects to high street bank accounts. For those who value the convenience of their existing bank account but want better pricing abroad, our Open Banking enabled debit card could be a strong choice.

* Currensea survey, 2019
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