Originally published at: N26 MoneyBeam | Instant Payments and Money Transfers | GoVisaFree
We have always loved N26 Bank. It’s fast, cost-effective, and great for location-independent digital nomads. Aside from all its benefits, sending money instantly makes N26 more attractive.
Let’s find out how N26 MoneyBeam instant payments and money transfers work.
What Is N26 MoneyBeam Free Instant Payments
MoneyBeam allows you to request, transfer, and receive money from other N26 customers without having to submit bank account information. MoneyBeam is available to all N26 users at no cost. To send a MoneyBeam, open the N26 app and go to ‘Send Money,’ then ‘MoneyBeam,’ and then follow the directions. Tap ‘Add Money’ then ‘Request from N26 pals’ and follow the prompts to request money from another N26 client.
When you send an instant payment with N26, the money is nearly instantly deposited into the recipient’s bank account, making it a convenient way to pay last-minute expenses and avoid late fees, as well as swiftly send and receive money from others.
Instant bank transfers work 24 hours a day, seven days a week, so your money will reach a bank account in the Single Euro Payments Area (SEPA) right away, even if it isn’t an N26 account.
© N26
How To Use N26 MoneyBeam
MoneyBeam allows you to rapidly send money to your contacts without having to enter their bank account information. To receive money, you can also request a MoneyBeam from your contacts. You and your contacts must be visible as N26 users in order to use MoneyBeam.
Sending a MoneyBeam:
- Choose “Send money”, and then select MoneyBeam
- Choose a name from your contact list. You can also add a name by entering their email address and phone number
- Enter the amount you want to send and type a reference
- Enter your confirmation PIN and accept the push notice that will be sent to you
Requesting a MoneyBeam:
- Choose “Add money”
- Select “Request from friends”
- Choose a name from your contact list. You can also add a name by entering their email address and phone number
- Enter the amount you want to send and type a reference
- You will receive the requested amount as soon as your contact verifies your request
The Limit
MoneyBeams’s daily limit is €1,000.
Difference Between a Traditional Bank Transfer and Instant Bank Transfer
The money from a typical SEPA bank transfer usually takes 2-3 business days to reach the receiver. An instant bank transfer, also known as a SEPA Instant Credit Transfer, takes only seconds and the funds are available to the recipient virtually instantly. Standard SEPA bank transfers are only completed on business days, however, N26’s fast bank transactions are performed 24/7, 365 days a year. This implies that N26 clients can send and receive fast bank transfers at any time, including holidays and weekends.
All N26 customers can receive instant bank transfers, often known as SEPA Instant Credit Transfers. All N26 Smart, N26 Business Smart, N26 You, N26 Business You, N26 Metal, and N26 Business Metal clients can send an instant bank transfer for free. A €0.99 fee applies to N26 Standard and N26 Business Standard clients. MoneyBeam is a free service that all N26 subscribers can use to send and receive money from their N26 connections.