Revolut, N26, Wise and Openbank compared for free accounts and cards, exchange rates, withdrawals and where the hidden fees are.
Paying for an everyday current account stopped being necessary years ago, but free does not mean free for everything, and the small print is where these products differ. Almost every app-based account is free until you withdraw cash past a monthly limit, exchange currency outside market hours, demand an instant transfer or lose the physical card. They also differ in what they actually are: a licensed bank with deposit protection, an electronic-money account, or a multi-currency service that is not trying to be a bank at all. The 3 apps in this guide were chosen as the most useful representatives, with the FAQs covering the domestic zero-fee option and the IBAN question.
Revolut is the all-in-one app account, card, currency exchange, virtual cards, analytics and investing, and the most capable travel companion.
Rated around 4.8 stars, it packs spending and cash withdrawals abroad at competitive rates within plan allowances, instant transfers between users, virtual cards for online safety, real-time spending analytics and access to shares and crypto, all in one interface. As a second account for travel and daily control it is the broadest of the group. The familiar constraints apply: the strongest perks and allowances sit on paid plans, weekend conversions can cost more, support is chat-only with no branches, and it is not structured like a traditional bank. Check the tier limits against your actual habits.
N26 is a German-licensed mobile bank with a polished app, instant notifications, spending categories and Spaces sub-accounts.
Account opening takes minutes in the app with no paperwork, the standard account and card are free, every payment triggers an instant notification, expenses categorise themselves, and Spaces sub-accounts help ring-fence savings, with full card controls on the phone. Behind it stands a genuine German banking licence rather than an e-money wrapper, which settles the deposit-protection question. The limits are about breadth and service: support is online only with no branches, premium tiers carry monthly fees and add insurance-style perks, and the product range is narrower than a large traditional bank's.
Wise gives you balances in dozens of currencies with local account details, at the real exchange rate, for anyone paid or paying across currencies.
Previously TransferWise, it is built for cross-border money: the mid-market rate with a low upfront fee and no hidden spread, fast cheap transfers, and a multi-currency account and card that hold and spend dozens of currencies, including local account details for receiving international payments. It excels for travel, overseas shopping and freelancers paid from abroad. Calling it a bank would be inaccurate. It offers no credit products, has no branches or face-to-face support, some routes carry a variable fee, and everyday domestic banking is not its purpose. Pair it with a normal account.
Pros
Real mid-market rate, no hidden spread
Fast, low-cost international transfers
Multi-currency balances with local details
Cons
Not a full bank, with no credit
Some routes carry a variable fee
No branches or in-person support
Download price only. In-app purchases and subscriptions may cost extra.
Questions & answers
Are app-based banks actually safe?
Licensed ones are safe in the same way traditional banks are: deposits are protected by a guarantee scheme up to €100,000 per holder. Openbank is covered by the Spanish scheme and N26 by the German one. Check case by case, because some companies in this space operate partly as electronic money institutions, a status carrying different protections. A licensed bank and an e-money account may look identical in the app store but are not the same underneath.
Where do fee-free banks actually charge?
Rarely for simply holding the account. Charges typically appear on cash withdrawals above a monthly allowance, currency exchange outside market hours or beyond plan limits, instant transfers, and replacing a physical card. Choose based on real habits: frequent cash withdrawal points toward Openbank, while regular travel points toward Revolut or Wise. Reading the fee schedule for your own two or three most common actions reveals more than the marketing.
Can salary and direct debits be paid into these accounts?
Yes, when the IBAN is accepted. Openbank issues a Spanish IBAN, which avoids every problem. N26, Revolut and Wise use IBANs from other European countries; legally these must be accepted across the EU, but some Spanish companies and public bodies still reject them because of outdated systems. Before switching salary and bills entirely, test a direct debit or two against the foreign IBAN.
Is it worth keeping two accounts?
Yes, and it is a common, sensible setup: a main account with a Spanish IBAN for salary and direct debits, plus a second app-based account for travel, online shopping and spending control. Since the digital accounts cost nothing to maintain, the only real downside is juggling two apps and remembering which card does which job. Many people keep the arrangement permanently rather than treating it as a transition.
More related apps
App library · United States App Store. Prices and availability reflect the last check.
