Number26/N26 Mastercard/Account now for Irish Residents

Jim2007

Stark wrote: »

A bank is probably the worst place to keep a large sum of capital these days if you plan to hang on to it for any length of time. You're insured against catastrophic capital loss for sure but that insurance comes at a cost in terms of having your money eaten away by inflation and now negative interest rates.

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

Jim2007

Zardoz wrote: »

Negative interest rates, I've heard it all now .

It would seem you are very late to the party.... it’s about three years ago since banks around the world started hitting private institutions and sovereign funds with negative interest, next came government bodies and it is hitting the average Joe and Mary.

There has been articles in most of the mainstream media by now.

Bob24

Jim2007 wrote: »

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

You are referring to CPI, and that figure tends to misrepresent the reality of inflation in 2 ways:
- asset prices have been inflating *much* faster than consumer prices which isn’t reflected in CPI as it is a different type of inflation than what CPI is meant to measure (but very real inflation nonetheless)
- all governments have an incentive to minimise headline inflation figures and therefore tend to use CPI calculation methods which are biased towards producing the lowest possible figures. Shadow stats illustrates this pretty well for the US, comparing consumer price inflation numbers as per the current official calculation method vs the official methods which were used in the past: http://www.shadowstats.com/alternate_data/inflation-charts (to make it short, the charts show that the primary reason CPI figures in the US are significantly lower today than they were in the last few decades is the change in calculation method)

Jim2007

Bob24 wrote: »

You’re only referred to CPI, which tends to misrepresent the reality in 2 ways:
- asset prices have been inflating *much* faster than consumer prices which isn’t reflected by CPI
- all governments have an incentive to minimise headline inflation figures and therefore tend to use CPI calculation methods which are biased towards producing the lowest possible figures. Shadow stats illustrates this pretty well for the US, comparing headline inflation numbers with the current official calculation method vs the official methods which were used in the past: http://www.shadowstats.com/alternate_data/inflation-charts (to make it short, the charts shows that the only reason CPI figures in the US are significantly lower today than they were in the last few decades is the change in calculation methods)

You can pick which ever set of figures you like, it does not answer the question, if banks are the “worst place” to keep cash where is better according to the poster....

Bob24

Jim2007 wrote: »

You can pick which ever set of figures you like, it does not answer the question, if banks are the “worst place” to keep cash where is better according to the poster....

One would have to define what they consider as a good way to store wealth before answering this question.

If you define good as having the lowest possible volatility in the euro value of your capital, of course nothing will beat a euro bank deposit (assuming your bank won’t require a bail-in).

Now if you define good as the probability of at least maintaining the purchasing power of you capital in the next 5 years, a bank deposit is crap because given the negative real interest rates your probability of maintaining that purchasing power is 0% (I.e. you are certain you will lose purchasing power). Things like TIPS, gold, or even better a mix of the 2 above with a pocket of solid blue-chip equities will give you a much better probability of at least maintaining your purchasing power.

Sheep Shagger

Jim2007 wrote: »

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

Agreed, even a 10 year government bond is pretty ****.

https://www.statesavings.ie/our-products/10-year-national-solidarity-bond

Prize bonds if your bank is going to charge you negative interest rates perhaps....

zf0wqv9oemuasj

Hi All,

I referred some family members to N26 earlier in the year when they were giving a 50 euro bonus. I only received the bonus from one so asked the others if they had spent the 50 euro and they had but not in one go.

I was about to complain but noticed that in the referral rules it says the first transaction must be for the full amount or more. The fact they have spend smaller amounts does that mean the bonus is not voided or if they spent 50 in one go now would I get the bonus now?

Many thanks.

Sheep Shagger

N26 to begin charging negative interest rates on credit balances of more than €50k

https://m.independent.ie/business/personal-finance/digital-bank-n26-to-be-the-first-in-irish-market-to-charge-new-customers-negative-interest-on-large-savings-39673727.html

The J Stands for Jay

Sheep Shagger wrote: »

N26 to begin charging negative interest rates on credit balances of more than €50k

https://m.independent.ie/business/personal-finance/digital-bank-n26-to-be-the-first-in-irish-market-to-charge-new-customers-negative-interest-on-large-savings-39673727.html

Only new customers though. Anyway, I don't have €50k in bank deposits in total, never mind with one bank.

nirvana78

I'm having a problem trying to transfer funds from my N26 account on the app to another N26 account. I used to do this regularly and instantly. I'm able to select bank transfer, select amount, input confirmation pin and then I run into trouble. Previously I would instantly have been asked to confirm or reject transfer, now I don't get asked at all. It appears that the app hangs here, I refresh the screen and then the pending transfer appears on my home page. It says "tap to confirm or reject", I tap it and nothing happens... I come out of the app then delete it, download again which takes 3-4 minutes to download and the pending payment is sitting there, again waiting to be confirmed or rejected!! Eventually the option to confirm or reject will appear but this could take many attempts at deleting the app and tapping the confirm or reject tab.
Does anyone have any idea what's going on? Noticeably I am successfully able to money beam the other N26 account just not bank transfer. Thank you

user1842

nirvana78 wrote: »

I'm having a problem trying to transfer funds from my N26 account on the app to another N26 account. I used to do this regularly and instantly. I'm able to select bank transfer, select amount, input confirmation pin and then I run into trouble. Previously I would instantly have been asked to confirm or reject transfer, now I don't get asked at all. It appears that the app hangs here, I refresh the screen and then the pending transfer appears on my home page. It says "tap to confirm or reject", I tap it and nothing happens... I come out of the app then delete it, download again which takes 3-4 minutes to download and the pending payment is sitting there, again waiting to be confirmed or rejected!! Eventually the option to confirm or reject will appear but this could take many attempts at deleting the app and tapping the confirm or reject tab.
Does anyone have any idea what's going on? Noticeably I am successfully able to money beam the other N26 account just not bank transfer. Thank you

Try re-pairing your phone to the app also.

nirvana78

user1842 wrote: »

Try re-pairing your phone to the app also.

Thanks for the suggestion, I tried that, but it made no difference unfortunately.

Thewitheredowl

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Sheep Shagger

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Probably BOIs crappy antiquated system bit your boss should tell BOI they have to be able to pay to any IBAN (your n26 one) under SEPA rules.

Yggr of Asgard

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Your boss needs to ensure to select SEPA Payee as receiver.

The error of wrong country is down to her entering it as normal payee as far as I remember.

TempAc

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Thewitheredowl

TempAc wrote: »

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Great help. Thanks

Thewitheredowl

TempAc wrote: »

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Just to update, this worked. Thanks again

kevmac

So, elderly parents go to AIB yesterday afternoon to lodge money into my N26 account.

Guy behind counter is confused by IBAN. “That’s for a foreign account, blah, blah”

Manager called. He doesn’t know what to do. Makes phone calls.

He tells them: “Standard transfer will be 3-5 days or Urgent for €12 will have it there on Monday.”

That’s the short version, don’t get me started. 😡

Questions: Why does a SEPA payment take so long (3-5 days)?

And realistically will the ‘Urgent’ option the money there by Monday?

Thanks for any help

Stark

kevmac wrote: »

So, elderly parents go to AIB yesterday afternoon to lodge money into my N26 account.

Guy behind counter is confused by IBAN. “That’s for a foreign account, blah, blah”

Manager called. He doesn’t know what to do. Makes phone calls.

He tells them: “Standard transfer will be 3-5 days or Urgent for €12 will have it there on Monday.”

That’s the short version, don’t get me started. 😡

Questions: Why does a SEPA payment take so long (3-5 days)?

And realistically will the ‘Urgent’ option the money there by Monday?

Thanks for any help

Transfers usually arrive next day for me. They used always quote 3-5 days for transfers to Irish banks in the pre-SEPA days as well.

kevmac

Stark wrote: »

Transfers usually arrive next day for me. They used always quote 3-5 days for transfers to Irish banks in the pre-SEPA days as well.

Great. Fingers crossed for Monday then.

kevmac

kevmac wrote: »

So, elderly parents go to AIB yesterday afternoon to lodge money into my N26 account.

Guy behind counter is confused by IBAN. “That’s for a foreign account, blah, blah”

Manager called. He doesn’t know what to do. Makes phone calls.

He tells them: “Standard transfer will be 3-5 days or Urgent for €12 will have it there on Monday.”

That’s the short version, don’t get me started. 😡

Questions: Why does a SEPA payment take so long (3-5 days)?

And realistically will the ‘Urgent’ option the money there by Monday?

Thanks for any help

Left something important out.

Rang Central Bank after all this.

Said I was ringing about IBAN discrimination and AIB.

She immediately replied “Do you have a N26 account?”

Surprised, I said Yes.

“Well we are getting a lot of calls about getting money from banks to N26”

I said “is it a technical thing?” She said “No”.

Then told me how to make a complaint about IBAN discrimination.

Take from that what you will.

dohouch

kevmac wrote: »

Left something important out.

Rang Central Bank after all this.

Said I was ringing about IBAN discrimination and AIB.

She immediately replied “Do you have a N26 account?”

Surprised, I said Yes.

“Well we are getting a lot of calls about getting money from banks to N26”

I said “is it a technical thing?” She said “No”.

Then told me how to make a complaint about IBAN discrimination.

Take from that what you will.

Did an online using PC, transfer AIB to N26 Friday , yesterday, at 08.00am was with N26 at 2pm. Did not mark as urgent. But it's still a pain, needed card reader. And can't save N26 details so each time , rinse & repeat.

kevmac

dohouch wrote: »

Did an online using PC, transfer AIB to N26 Friday , yesterday, at 08.00am was with N26 at 2pm. Did not mark as urgent. But it's still a pain, needed card reader. And can't save N26 details so each time , rinse & repeat.

Interesting. I wouldn’t have a clue where the card reader is! So why could the twits in the bank not send it within a few hours?

TheChizler

dohouch wrote: »

And can't save N26 details so each time , rinse & repeat.

If you click into payments you can reuse a previous international payment so no need to enter details again. Still need the card reader.

TheChizler

kevmac wrote: »

Interesting. I wouldn’t have a clue where the card reader is! So why could the twits in the bank not send it within a few hours?

Friday afternoon you're past the cutoff for same day transfers to non AIB accounts. Should be there Monday afternoon.

kevmac

TheChizler wrote: »

Friday afternoon you're past the cutoff for same day transfers to non AIB accounts. Should be there Monday afternoon.

Yep. I didn’t realise that no Irish bank does SEPA Instant Payment.

VG31

Is the app not working or is it just me? It keeps saying I've made too many login attempts but I haven't opened it in a few days.

Sheep Shagger

VG31 wrote: »

Is the app not working or is it just me? It keeps saying I've made too many login attempts but I haven't opened it in a few days.

Working OK for me, havnt been in for a few days either.

advertsfox

Opted for the reasonably priced N26 Smart, mainly for the extra spaces, sub accounts with my OH and (at long last) the round up / loose change feature from Revolut. Added bonus of a new slate card too.

jester77

Easyflex savings accounts launched today for metal customers. Rest will follow in the new year. 0.17% interest in partnership with Norwegian bank Complete via Weltsparen.

https://n26.com/en-de/legal-documents/easyflex-savings

Bob24

jester77 wrote: »

Easyflex savings accounts launched today for metal customers. Rest will follow in the new year. 0.17% interest in partnership with Norwegian bank Complete via Weltsparen.

https://n26.com/en-de/legal-documents/easyflex-savings

From this document, it sounds like they are basically just acting as a broker for Raisin (Weltsparen is the German brand for Raisin, elsewhere in Europe it is directly marketed as Raisin). I am wondering - Is it different from what they have had in Germany since 2017 or just an international rollout?

And so that everyone understands, it means the funds won't be held by N26 anymore, but transferred to one of the Raisin partner banks which will pay interests on them (probably as a fixed-term deposit). Not necessarily a problem, but people need to make sure they understand which bank is holding their funds and its risk profile (also as a foreign deposit interest account it probably needs to be declared to Revenue).

connaugg

VG31 wrote: »

Is the app not working or is it just me? It keeps saying I've made too many login attempts but I haven't opened it in a few days.

Make sure you have the latest version of the app. It's currently 3.54 on Android and working fine for me. They regularly update and perhaps it won't work with an older version after a critical update?

Julabo

advertsfox wrote: »

Opted for the reasonably priced N26 Smart, mainly for the extra spaces, sub accounts with my OH and (at long last) the round up / loose change feature from Revolut. Added bonus of a new slate card too.

Can I ask, slate card, what you mean

With new offer of 15 months for price of 12 am thinking of signing up.

Just wondering about card quality?

Yyhhuuu

Yggr of Asgard wrote: »

I think we have to wait until someone get's the physical card and can check the BIN and country code from the chip.

In theory if the card would be coded as Irish than (as long as it still exists) stamp duty would need to be paid if I'm not mistaken.

But it makes sense for them to code the card in a way that "domestic" is the country of residence.

When someone get's the card next week we will find out.

Revolut is coded as UK (at least on the one I got).

So if I get this card I will have to pay stamp duty?

I was going to use it when visiting London...

advertsfox

Julabo wrote: »

Can I ask, slate card, what you mean

With new offer of 15 months for price of 12 am thinking of signing up.

Just wondering about card quality?

Of course, it's just the new style card that comes in multiple colours. It replaces the original one too.



The loose change / roundup is great for me as its easy savings to a side pot that goes unnoticed.

Sheep Shagger

Just curious, how many people are still actually paying for stuff with their physical card? With my phone and watched linked to my accounts I don't even carry the physical card anymore.

Quackster

Sheep Shagger wrote: »

Just curious, how many people are still actually paying for stuff with their physical card? With my phone and watched linked to my accounts I don't even carry the physical card anymore.

My card didn't last too long. It split in half horizontally. Seemed poorly made. Have it on Curve and on my phone so I didn't bother getting the physical card replaced.

random_88

Sheep Shagger wrote: »

Just curious, how many people are still actually paying for stuff with their physical card? With my phone and watched linked to my accounts I don't even carry the physical card anymore.

I’m the exact same. I think I used the physical card a grand total of 5 times throughout 2020. Apple Pay is so much handier, especially with it having no cap on the amount that can be tapped for.

The J Stands for Jay

Quackster wrote: »

My card didn't last too long. It split in half horizontally. Seemed poorly made. Have it on Curve and on my phone so I didn't bother getting the physical card replaced.

My Number 26 and N26 cards are both well worn; I doubt the N26 card would last till it's expiry date if I hadn't got a phone with NFC to use Google Pay.

kennypowers

I am trying to arrange to move my bank of ireland to my n26 acccount .I cannot see a link in the app about switching .Is there a form I can fill to instigate the switch?

Sheep Shagger

kennypowers wrote: »

I am trying to arrange to move my bank of ireland to my n26 acccount .I cannot see a link in the app about switching .Is there a form I can fill to instigate the switch?

Not for n26 (or Revolut) AFAIK.

When I moved i did the direct debits and standing orders myself, bring your BOI account to zero then request it be closed via the service desk in banking 365.

kennypowers

Sheep Shagger wrote: »

Not for n26 (or Revolut) AFAIK.

When I moved i did the direct debits and standing orders myself, bring your BOI account to zero then request it be closed via the service desk in banking 365.

I was thinking that I would have to do it manually ,shame really as I think if it were streamlined it would encourage more people to switch.

The J Stands for Jay

kennypowers wrote: »

I was thinking that I would have to do it manually ,shame really as I think if it were streamlined it would encourage more people to switch.

In the past changing between Irish banks, I've done it all manually. I did it using the switching service once, and not everything was done. It was just as easy to do it all myself and know it was done right.

The J Stands for Jay

Yyhhuuu wrote: »

So if I get this card I will have to pay stamp duty?

Stamp duty is only payable if you use it to withdraw cash from an ATM.

Sheep Shagger

kennypowers wrote: »

I was thinking that I would have to do it manually ,shame really as I think if it were streamlined it would encourage more people to switch.

It only took me a few weeks to have it all changed over, luckily a lot of my direct debits were linked to my debit card (an easy win). Filling out a paper mandate for eir was probably the worst bit, actualky ending up moving to gomo and set up my DD with the debit card- easy.

bennyx_o

Sheep Shagger wrote: »

It only took me a few weeks to have it all changed over, luckily a lot of my direct debits were linked to my debit card (an easy win). Filling out a paper mandate for eir was probably the worst bit, actualky ending up moving to gomo and set up my DD with the debit card- easy.

Worth noting if it's on your debit card it's not a Direct Debit and doesn't offer any of the options available under SEPA like requesting a Direct Debit be recalled without reason within 13 weeks.

Sheep Shagger

bennyx_o wrote: »

Worth noting if it's on your debit card it's not a Direct Debit and doesn't offer any of the options available under SEPA like requesting a Direct Debit be recalled without reason within 13 weeks.

True, have never had to recall a DD personally.

Julabo

Quackster wrote: »

My card didn't last too long. It split in half horizontally. Seemed poorly made. Have it on Curve and on my phone so I didn't bother getting the physical card replaced.

So i am in the same boat regarding physical card.

Really thinking about upgrading to the slate card

Bob24

McGaggs wrote: »

In the past changing between Irish banks, I've done it all manually. I did it using the switching service once, and not everything was done. It was just as easy to do it all myself and know it was done right.

Same here, prefer to do it myself to make sure it’s done properly.

I think some people who haven’t done it before tend to overestimate the amount of work required (and banks have an incentive to keep people thinking that way).

Nowadays many DD instructions can be updated just by inputing the new IBAN on a website which just takes a minute (and even when an old fashioned DD form is required, it is usually fine to email a scanned copy - especially in this COVID world).