Traveling is an exciting adventure, but managing expenses—especially when traveling with friends or family—can get tricky. Fortunately, N26 offers some great features to make splitting travel costs seamless. With Shared Spaces and Assigned Credit Cards, keeping track of group expenses has never been easier. Here’s how you can do it:
1. Create a Shared Space for Your Trip
N26’s Shared Spaces feature allows you to set up a joint savings account within your main N26 account. You can invite others to join this space and contribute funds for shared travel expenses like accommodation, meals, or transportation. The best part? Each participant can track their contributions and see where the money goes.
How it works:
- Create a new Shared Space from your N26 app.
- Invite your travel companions to join the space.
- Everyone can deposit funds directly into the space, making it simple to pay for group expenses.
This is ideal for splitting larger, shared costs like Airbnb rentals or road trips, where splitting each transaction separately can become cumbersome.
2. Assign Dedicated Credit Cards for Expenses
To further streamline your travel spending, N26 lets you assign a dedicated credit card for travel-related purchases. This is especially useful when you want to separate personal and group expenses. For instance, you could assign one of your N26 virtual cards exclusively for travel bookings, such as flights, hotel reservations, and car rentals.
How to use it:
- From your N26 app, create a virtual credit card.
- Assign this card for specific categories like travel or shared expenses.
- Use this card for all group purchases, and easily track expenses in one place.
Since N26 provides instant notifications for every transaction, it’s easy to monitor real-time spending.
3. Automatic Budgeting and Categorization
N26 also categorizes your spending automatically, so you’ll know exactly how much you’re spending on travel, dining, or entertainment. With these categories, you can quickly see how much of the group’s budget has been spent and what remains for the rest of the trip.
Benefits of N26 for Travel:
- Real-time Notifications: Keep everyone updated on each expense as it happens.
- No Hidden Fees: Enjoy fee-free spending abroad, avoiding unnecessary conversion or withdrawal fees.
- Transparency: Everyone in the Shared Space can track contributions and withdrawals, ensuring full transparency for group finances.
By using N26’s Shared Spaces and Assigned Credit Cards, you can avoid the confusion of splitting bills, ensure fairness, and focus on enjoying your trip!