bunq vs N26 in Belgium: which neobank should you pick?

bunq and N26 are both European neobanks available in Belgium, but they work differently. bunq is a Dutch bank licensed by DNB, N26 a German bank supervised by BaFin. Both offer a free account, but neither provides a Belgian IBAN. Here's what actually matters when choosing between them as a Belgian resident in 2026.

What do bunq and N26 cost in 2026?

Both neobanks offer four tiers, from free to premium. Prices are close, but what's included differs.

In practice, bunq Free is a test account: without a physical card, it's unusable for daily life. N26 Standard includes a Mastercard debit card for a €10 one-time fee, making it the better free starting point. At comparable tiers, bunq Core (€3.99) is €0.91 cheaper than N26 Smart (€4.90), but N26 Smart includes Spaces sub-accounts and a choice of card colours.

Which IBAN do you get in Belgium: NL or DE?

bunq assigns a Dutch IBAN (NL), N26 a German IBAN (DE). Neither offers a Belgian IBAN (BE).

What this means for you: SEPA regulation 260/2012 prohibits companies from rejecting a European IBAN. In theory, your employer, Proximus or Engie must accept an NL or DE IBAN for direct debits. In practice, rejections persist. During a test in spring 2025 with an N26 DE IBAN, two out of five direct debits were rejected by Proximus and a Belgian insurer. bunq's NL IBAN runs into the same type of issue, though field reports are somewhat less frequent — likely because the Netherlands is perceived as closer to Belgium by automated systems.

If you plan to use bunq or N26 as your main account, keep a Belgian bank account (ING, KBC, Belfius) alongside it for stubborn direct debits. This is a reality both neobanks share.

How do FX fees and withdrawal charges compare?

N26 charges 0% FX markup on card payments, across all plans. That's the Mastercard rate of the day, with no added margin. bunq charges 0.5% on every transaction outside the eurozone, regardless of plan.

On a two-week trip with €2,000 spent in pounds sterling, the difference is clear: €0 with N26, €10 with bunq. Over a year with €5,000 of non-euro spending, the gap reaches €25.

For ATM withdrawals, the logic partly reverses. bunq Core offers 5 free withdrawals per month, versus just 2 for N26 Standard. But N26 Go and Metal remove the 1.7% FX surcharge on non-euro withdrawals, which bunq never does — the 0.5% applies to withdrawals too.

For a traveller who pays mostly by card, N26 is objectively cheaper. For someone who stays in the eurozone and regularly withdraws cash, bunq Core offers more free withdrawals at a lower monthly cost.

Do you need a real credit card, or is a debit card enough?

N26 only offers Mastercard debit cards. bunq goes further: Pro and Elite customers can order the Metal Credit Card (€99 one-time fee), a genuine Mastercard credit card.

In Belgium, the distinction matters in two specific situations. First: car rental. Hertz, Sixt and Europcar require a credit card for the deposit, which can reach €1,200. An N26 debit card will be refused at most agencies. Second: some hotels block a pre-authorisation on credit cards only.

The other major difference for daily life in Belgium is Bancontact. bunq is the only neobank that supports Bancontact — the network that handles 78% of online transactions in Belgium and 1.9 billion in-store payments in 2024 (source: Worldline). With N26, you're limited to the Mastercard network, which works in most physical shops but excludes certain Belgian online payments that only accept Bancontact.

What protection does your deposit have: DNB or BaFin?

Both neobanks are fully licensed banks, not electronic money institutions like Wise.

bunq is supervised by De Nederlandsche Bank (DNB) and covered by the Dutch guarantee scheme: €100,000 per depositor, reimbursement within 7 business days. N26 is supervised by BaFin and covered by the Entschädigungseinrichtung deutscher Banken: same €100,000 ceiling, same timeframe.

Both guarantees are equivalent and governed by EU directive 2014/49/EU. No practical difference for a Belgian resident.

One detail to watch: in both cases, the account must be declared to the National Bank of Belgium's Central Contact Point (PCC) and mentioned in your annual tax return. The fine for non-declaration ranges from €50 to €1,250 per account (article 445 CIR 1992). Interest earned on bunq savings (1.51% gross) or N26 Metal savings (1.50% gross) is subject to 30% withholding tax, which you must declare yourself via Tax-on-web — neither bunq nor N26 withholds tax at source.

Which profile should choose bunq or N26?

The right choice depends on how you'll use the account.

Frequent traveller outside the eurozone: N26. The 0% FX markup on card payments is unbeatable. Even the free plan is enough for payments. For FX-free ATM withdrawals, you'll need N26 Go (€9.90/month).

Belgium-based, mostly sedentary: bunq. Bancontact support is a decisive advantage for daily life in Belgium. The 0.5% FX markup doesn't penalise you if you stay in the eurozone.

Need a credit card: bunq Pro or Elite with the Metal Credit Card. N26 has no equivalent. If you regularly rent cars or book hotels, this is a deal-breaker.

Tight budget, minimal use: N26 Standard. The free account with a physical card included (€10 one-time fee) is the simplest entry point. bunq Free without a physical card is too limited for daily use.

Freelancer with team expenses: bunq Pro. Company cards with spending limits, receipt OCR and accounting integrations have no equivalent at N26, which offers no team features whatsoever.