What other fees might I have to pay?

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Banking fine print can be tricky, and if you’re not careful, hidden fees can surface seemingly out of nowhere. There are plenty to watch out for when choosing your first bank account, but here are some fairly common culprits:

Overdraft fees: Many accounts for people who are new to banking come with an overdraft service, which allows you to spend more money than is actually available in your account. While this could help you out in a pinch, it's a bit of a double-edged sword: If you dip into your overdraft, you may have to pay a fee — in some cases for every purchase over the limit. For your first bank account, it's a good idea to look for a bank with no hidden overdraft fees or tricky overdraft programs.

ATM fees: Many traditional banks have a network of ATMs that you can use to withdraw money when you need it. But these ATMs aren't everywhere, and if you use ATMs outside of your network, you'll probably have to pay a fee or two to take your money out. N26 offers a large network of partner ATMs, plus the added benefit of instantly reimbursing all fees for two out-of-network transactions each month.

Transfer fees: Many banks will charge you to transfer funds from one account to another. That can be annoying if you want to send money to a friend or from your savings to your checking account. Peer to peer alternatives exit, but they may include grace periods and in some cases transfer fees. When you bank with N26, you can use MoneyBeam to instantly send and receive money to and from anyone with an N26 account.

Foreign transaction fees: This is definitely one to pay attention to if you like to travel. International spending can become a costly experience, as some banks will charge you for transactions made in different currencies or in different countries. N26 doesn’t charge foregin transaction fees when you pay with your card abroad, so you can travel with peace of mind.

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