Comparison of Business Banks: N26 vs Kontist

Business Plans for N26

N26 Business Basic

Cost: Free

Main Features:

• Basic banking services.
• Free card payments.
• Three free cash withdrawals in the Eurozone per month.
• Ability to use sub-accounts (Spaces) for money management.

N26 Business Standard

Cost: €9/month

Main Features:

• All features of Basic.
• 0.1% cashback on all card purchases.
• Up to 10 sub-accounts (Spaces) for finance management.
• Transaction export for accounting and tax reporting.

N26 Business Pro

Cost: €19/month

Main Features:

• All features of Standard.
• Unlimited cash withdrawals in the Eurozone.
• International transfers with no commission.
• Priority customer support.

N26 Business Premium

Cost: €29/month

Main Features:

• All features of Pro.
• Premium customer support.
• Expanded capabilities for managing large teams.
• Premium services.

Business Plans for Kontist

Kontist Free

Cost: Free (if transaction volume exceeds €300/month, otherwise €2/month)

Main Features:

• Basic banking services with a virtual Visa card.
• 10 free transactions per month, then €0.15/transaction.
• Apple Pay and Google Pay.
• Overdraft.

Kontist Premium

Cost: €9/month

Main Features:

• All features of Free.
• Automatic tax reserves (income tax and VAT).
• Receipt scanning and physical Visa card.
• Invoicing tools.

Kontist Bookkeeping

Cost: €29/month

Main Features:

• All features of Premium.
• Integrated bookkeeping with AI support.
• Full accounting services package.

Kontist Complete

Cost: €79/month

Main Features:

• All features of Bookkeeping.
• Comprehensive bookkeeping and tax declarations.
• Physical and virtual Visa card.

Recommendations

For Small Businesses

• N26: Business Basic offers essential features for free, making it an excellent choice for beginners.
• Kontist: Free also offers basic features at no cost, but with a transaction limit.

For Small Businesses with Additional Needs

• N26: Business Standard provides cashback and extended financial management capabilities.
• Kontist: Premium offers automatic tax reserves and receipt scanning.

For Medium Businesses

• N26: Business Pro provides unlimited cash withdrawals, commission-free international transfers, and priority support.
• Kontist: Bookkeeping provides integrated bookkeeping with AI support.

For Businesses with Large Teams

• N26: Business Premium offers maximum benefits and premium services.
• Kontist: Complete includes comprehensive accounting services and tax declarations, making it ideal for managing large teams and complex operations.

N26 Freelance Plans

N26 Business Standard

Cost: Free

Main Features:

• 0.1% cashback on all card purchases.
• Three free cash withdrawals in the Eurozone per month.
• Transaction export for accounting and tax reporting.
• Use of sub-accounts (Spaces) for managing finances.

N26 Business Smart

Cost: €4.90/month

Main Features:

• All features of Standard.
• Up to 10 sub-accounts (Spaces) for separating business and personal funds.
• Unlimited cash withdrawals in the Eurozone.
• Phone customer support.

N26 Business You

Cost: €9.90/month

Main Features:

• All features of Smart.
• Free cash withdrawals worldwide.
• Comprehensive travel insurance, including flight and baggage delay.
• Liability and health insurance.

N26 Business Metal

Cost: €16.90/month

Main Features:

• All features of You.
• 0.5% cashback on all card purchases.
• Premium metal card.
• Extended insurance (including purchase protection and smartphone insurance).
• Priority customer support.

Kontist Freelance Plans

Kontist's freelance plans are the same as their business plans. This is because Kontist is primarily focused on the self-employed and freelancers, and their offerings are designed to meet the needs of this target audience. Unlike more traditional banks, which may have separate plans for different types of businesses, Kontist is focused on providing comprehensive services for the self-employed, including freelancers and small entrepreneurs.

Recommendations for Freelancers

For Beginner Freelancers

• N26: Business Standard provides all the essential features for free, making it an excellent choice for beginners.
• Kontist: Free also offers basic features at no cost, though it has a limit on the number of transactions.

For Freelancers with Greater Financial Management Needs

• N26: Business Smart offers advanced financial management features and unlimited cash withdrawals in the Eurozone.
• Kontist: Premium provides automatic tax reserves and receipt scanning.

Comparison of Free Services

Cashback

• N26 Business Basic (business): No cashback.
• N26 Freelancer Standard: 0.1%
• Kontist Free: No cashback.

Cash Withdrawals

• N26 Business Basic (business): Three free withdrawals in the Eurozone.
• N26 Freelancer Standard: Three free withdrawals in the Eurozone.
• Kontist Free: 10 free transactions per month, then €0.15/transaction; each cash withdrawal in the Eurozone - €2.

Payments

• N26 Business Basic (business): Free card payments.
• N26 Freelancer Standard: Free card payments.
• Kontist Free: Free card payments.

Sub-Accounts (Spaces)

• N26 Business Basic (business): Yes.
• N26 Freelancer Standard: Yes.
• Kontist Free: No.

Recommendations

For Freelancers

• N26: Business Metal is an excellent choice due to its cashback, free cash withdrawals worldwide, and additional features.
• Kontist: Kontist Premium offers more financial management capabilities and support for working with international clients, making it ideal for those needing advanced features and support.

For Businesses

• N26: Business Premium offers a good balance between cost and functionality.
• Kontist: Kontist Complete is a beneficial choice for companies with a high volume of international transactions, thanks to its comprehensive accounting and tax declaration services, priority support, and enhanced financial management features.

Comparison of Premium Services

N26 Business Metal (freelancers)

• Cost: €16.90/month
• Cashback: 0.5%
• Cash Withdrawals: Free worldwide
• Sub-Accounts (Spaces): Yes
• Additional Features: Extended insurance

N26 Business Premium (business)

• Cost: €29/month
• Cashback: None
• Cash Withdrawals: Free worldwide
• Sub-Accounts (Spaces): Yes
• Additional Features: Advanced team features

Kontist Premium (freelancers and small businesses)

• Cost: €9/month
• Cashback: None
• Cash Withdrawals: 1.7% for foreign currency withdrawals; €2 for withdrawals in the Eurozone
• Sub-Accounts (Spaces): No
• Additional Features: Automatic tax reserves, receipt scanning, physical Visa card

Kontist Complete (freelancers and small businesses)

• Cost: €79/month
• Cashback: None
• Cash Withdrawals: 1.7% for foreign currency withdrawals; €2 for withdrawals in the Eurozone
• Sub-Accounts (Spaces): No
• Additional Features: Accounting and tax declarations, physical Visa card, automatic tax reserves

Recommendations

For Freelancers:

• N26 Business Metal: An excellent choice due to its cashback, free cash withdrawals worldwide, and additional features.
• Kontist Premium: Offers automatic tax management and receipt scanning, making it a good choice for freelancers needing simple and efficient financial management.

For Businesses:

• N26 Business Premium: Offers a good balance between cost and functionality, with advanced team features and free cash withdrawals worldwide.
• Kontist Complete: Suitable for companies with specific needs and custom requirements, offering comprehensive accounting and tax declaration services, making it ideal for holistic financial management and reporting.

Ease and Speed of Opening an Account

Online Registration

• N26: Offers online registration through mobile and web applications.
• Kontist: Offers online registration through mobile and web applications.

Registration Time

• N26: Registration takes a few minutes.
• Kontist: Registration takes a few minutes.

Form Filling

• N26: Requires filling out a form with information about the business and the owner.
• Kontist: Requires filling out a form with information about the business and the owner.

Required Data and Documents

• N26: Requires identification and business registration documents.
• Kontist: Requires identification and business registration documents.

Identification Procedure

• N26: Uses photo identification or video identification.
• Kontist: Uses photo identification or video identification.

Identification Time

• N26: Identification takes a few minutes.
• Kontist: Identification takes a few minutes.

Confirmation and Account Activation

• N26: Instant confirmation and account activation after identification.
• Kontist: Instant confirmation and account activation after identification.

Confirmation Notification

• N26: Sends a confirmation notification.
• Kontist: Sends a confirmation notification.

Card Receipt

• N26: Offers a physical card by mail and a virtual card immediately.
• Kontist: Offers a physical card by mail and a virtual card immediately.

Platform Availability

• N26: Supports iOS, Android, and web platforms.
• Kontist: Supports iOS, Android, and web platforms.

Recommendations

If the speed of account activation is a priority, both N26 and Kontist are excellent choices due to their instant confirmation and activation.

Main Features and Business Capabilities

Account and Finance Management

• N26: Intuitive mobile and web application, support for up to 10 sub-accounts (Spaces).
• Kontist: Convenient mobile and web application, automatic tax reserve, receipt scanning.

Cashback and Bonuses

• N26: 0.1% on all purchases (Standard and Smart), 0.5% (Metal). Loyalty programs.
• Kontist: No cashback.

International Operations

• N26: Competitive transfer rates, multi-currency support, free payments in the eurozone.
• Kontist: Support for SEPA transfers, international transfers available with fees.

Security and Protection

• N26: Two-factor authentication, deposit protection up to €100,000.
• Kontist: Two-factor authentication, modern security protocols, deposit protection up to €100,000 through partners.

Customer Support

• N26: Multilingual support via chat and phone (for premium plans), online support center.
• Kontist: Support via chat and phone, access to real tax consultants.

Integrations and Automation

• N26: Integration with accounting systems, automatic payments.
• Kontist: Integration with accounting systems (e.g., lexoffice), automatic tax reserve, receipt management.

Analytics and Reporting

• N26: Built-in expense analysis tools, report generation, data export.
• Kontist: Built-in expense analysis tools, report generation, data export.

Premium Features

• N26: Metal card, extended insurance, priority support.
• Kontist: Automatic tax reserve, integration with accounting systems, physical Visa card for premium plans.

Recommendations

For freelancers:

• N26 Business Metal is an excellent choice due to cashback, free global cash withdrawals, and additional features.
• Kontist Premium offers automatic tax management and receipt scanning, making it a good choice for freelancers needing simple and efficient financial management.

For businesses:

• N26 Business Premium offers a good balance between cost and functionality.
• Kontist Complete is suitable for companies with special requirements and individual conditions, offering a full range of accounting services and tax declarations, making it ideal for comprehensive financial management and reporting.

Integration Capabilities with Other Services

Integration with Accounting Systems

• N26: Supports Xero, QuickBooks, DATEV; data export in CSV and PDF formats.
• Kontist: Integrates with Lexoffice; data export in CSV, PDF formats.

Integration with Financial Applications

• N26: Supports Apple Pay, Google Pay, Samsung Pay; integrates with Stripe and PayPal.
• Kontist: Supports Apple Pay, Google Pay; integrates with SEPA and SWIFT.

Integration with Business Management Platforms

• N26: Integrates with CRM systems (Salesforce); supports project management platforms (Trello, Asana).
• Kontist: CRM system integration not specified; focuses on accounting and tax automation.

Integration with Analytics Tools

• N26: Built-in analytics tools; integrates with external analytics platforms (Google Analytics, Tableau).
• Kontist: Built-in analytics tools; integrates with accounting and tax systems for detailed financial analysis.

Process Automation

• N26: API access; integration with IFTTT and Zapier.
• Kontist: API access; integration with Zapier for financial process automation.

Recommendations

For businesses needing extensive data export and integration with various analytics and project management systems:

Kontist is an excellent choice due to its integration with Lexoffice and powerful analytical tools, making it suitable for detailed financial analysis and tax management.

For businesses requiring integration with various financial applications and process automation:

N26 may be the best choice due to its support for a wide range of payment systems like Apple Pay and Google Pay, as well as integrations with popular CRM and accounting systems.

For companies seeking flexible solutions in accounting and process automation:

Kontist offers integration with major accounting systems and provides powerful tools for automating financial operations through API access and platforms like Zapier, making it ideal for comprehensive financial management and reporting.

Customer Service Quality for Business

Support Channels

• N26: Chat, phone (for premium users), online support center.
• Kontist: Chat, phone, email, online support center.

Support Availability

• N26: Support available 24/7 for premium users; business hours for standard users.
• Kontist: Support available during business hours, extended support hours for premium clients.

Response Time

• N26: Fast response through chat, especially for premium users.
• Kontist: Fast response through chat and phone, especially for premium clients.

Online Support Center

• N26: Extensive knowledge base, FAQs, guides, and instructions available on the N26 website.
• Kontist: Extensive knowledge base, FAQs, guides, and instructions available on the Kontist website.

Personal Manager

• N26: Personal manager available for N26 Business Metal premium users.
• Kontist: Personal manager not provided.

Training Materials

• N26: Access to webinars, articles, and guides on using N26 features and services.
• Kontist: Access to articles and guides on using Kontist features and services.

Recommendations

For businesses that need round-the-clock support:

N26 is an excellent choice due to its 24/7 support availability for premium users.

For businesses that require a personal manager:

N26 provides this service for premium plan users, making it more suitable for those needing personalized support.

For businesses that require quick response times and multilingual support:

Both banks offer quality service, but N26 stands out with 24/7 support for premium users and quick response times through chat.

This analysis helps businesses choose the right banking solution based on their customer service needs and the additional features offered by each bank.

Currency Management Capabilities for Business

Multicurrency Accounts

• N26: Ability to open accounts in 19 different currencies for convenient international transactions and currency management.
• Kontist: No multicurrency accounts available; primary currency is euro.

Currency Exchange

• N26: Convenient currency exchange through the mobile app with a 0.5% transaction fee.
• Kontist: Currency exchange is not supported; transactions are conducted only in euros.

International Payments

• N26: Conducting international payments with minimal fees (0.3% of the transfer amount) and favorable rates; supports SEPA and SWIFT transfers.
• Kontist: Supports international payments through SEPA; currency exchange and SWIFT transfers are not supported.

Support for Different Currencies

• N26: Ability to operate in 19 different currencies, such as EUR, USD, GBP, CHF, JPY, and others.
• Kontist: Ability to operate only in euros.

Business Card

• N26: Business card supporting transactions in 19 different currencies.
• Kontist: Business card supports transactions only in euros.

Recommendations

For businesses needing maximum multicurrency capabilities:

N26 is the best choice due to its support for 19 currencies, providing flexibility for international transactions.

For flexible currency exchange conditions:

N26 offers convenient currency exchange through its mobile app with a 0.5% fee, suitable for businesses conducting currency exchanges.

For minimal fees on international payments:

N26 offers the lowest fees (0.3%), making it an excellent choice for businesses regularly conducting international transfers.

This analysis helps businesses choose the right banking solution based on their needs for handling different currencies and international operations.

Advantages and Disadvantages

Advantages of N26

• Convenient and intuitive mobile and web application.
• Multicurrency accounts (up to 19 currencies).
• Minimal fees on international transfers (0.3%).
• High level of security and data protection.
• 24/7 support for premium users.
• Availability of a personal manager for premium users.

Disadvantages of N26

• Limited support (only during business hours) for standard users.
• No cashback program.
• Limited number of supported currencies (19) compared to competitors.

Advantages of Kontist

• Focus on self-employed individuals and freelancers, providing specialized features for this segment.
• Automatic tax reserve management and receipt scanning.
• Integration with Lexoffice for accounting.
• Access to real tax consultants.
• High level of security and data protection.
• Ease of use for the mobile and web application.

Disadvantages of Kontist

• Limited multicurrency account capabilities (euro only).
• No cashback program.
• Smaller range of financial products compared to traditional banks.
• Limited features for international operations.

Summary

For businesses needing broad multicurrency capabilities:

N26 is the best choice due to its support for 19 currencies and minimal fees on international transfers.

For businesses focusing on convenience and specialized features for the self-employed:

Kontist offers excellent solutions for tax and accounting management, making it a good choice for freelancers and the self-employed.

Article Author: Patrick Möller