Realex Fire

Amik

Interesting new current account option?

http://www.realexfire.com/

http://www.irishtimes.com/business/sectors/financial-services/new-payment-option-promising-no-transaction-fees-launched-1.1494032

Delta2113

Can I use my Realex Fire account for general banking like paying direct debits?

Your Realex Fire account has its own 8 digit bank account number and a sort code, as well as BIC & IBAN references. However, for now, only funds transferred to and from a registered funding source will be allowed. All other requests from a bank to your Realex Fire account will be rejected. Additional services may become available in the future.

If they did direct debits and standing orders then that would be a real game changer.

Delta2113

http://www.independent.ie/business/irish/realexs-fire-will-launch-revolution-in-banking-system-29507442.html


"Move could spell the end of current accounts"


Very,very optimistic article.

Yggr of Asgard

In it's current form this account is nothing but a gimmick as the only real usage would be paying people in your circle instantly, something you already can do with PayPal, skrill or in cash.

Yes there are some possible features coming and as they have their own swiftcode and each account an IBAN number, in theory this could in future also be used a full fledge account for payment transactions outside the circle, but at present that is not possible.

Right now all this does is giving them additional cash flow by people putting a balance onto their account to possibly pay their circle, and on the FAQ its not even clear if the balance is guaranteed by the state as a bank deposit or treated as e-money (i.e. not guaranteed).

That marketing piece in the independent (what counts a journalistic output these days is incredible) is just good for a good laugh.

JTMan

dublin-texas wrote: »

That marketing piece in the independent (what counts a journalistic output these days is incredible) is just good for a good laugh.

Agreed, the article in the Sindo was complete marketing rubbish.

Realex do not offer ATM cards, debit cards, credit cards, interest on accounts, direct debits, standing orders, non EUR transactions etc etc.

Largely useless product.

Delta2113

https://www.paywithfire.com/faqs/#rxf-identification

They want me to verify my account and I'll get €/£10.

After opening an account with Number26 with just my Passport I'm really not in the mood to go through all that nonsense. I know it's the Irish Government that insist on all this - surely Realex must be annoyed when they see how Number26 and Revolut can operate.

JTMan

Why are you bothering to open this? For the tenner?

Delta2113

JTMan wrote: »

Why are you bothering to open this? For the tenner?

- I already opened the account a few years back and as I had the documents I decided to download app last night and verify.

Just got e-mail and got FREE €10 - was worth it.

Delta2113

Anybody still use this? They are now doing direct debits on sterling account. Is the debit card now free to order? No info. On website.

Yggr of Asgard

For private customers the debit card itself was always free with horrendous usage cost of 0.10€ each time, details on https://www.fire.com/fees-and-charges/personal.html .

Delta2113

I've just ordered my debit card. Why? Add another card to my collection. On a serious note and I might be wrong it look's like it automatically opened a Sterling Account for me when I ordered the debit card.

The card is a dual-currency debit card.