Number26/N26 Mastercard/Account now for Irish Residents

The J Stands for Jay

AlmightyCushion wrote: »

But most people don't care about these services. I'm with KBC and they don't offer cash services. I knew that before joining but I didn't care. Same with cheques. If legacy backs think they are safe because the new banks don't offer cheque and cash services then they are very very wrong. They will lose the people who don't need these services and value a usable app and quick transfers over them. I was on a stag a few years ago and all but one person on the stag was using Revolut. It was used for everything. A few people were paying for meals and everyone else would Revolut them their share of it.

Were the lads arguing over who would get the referral bonus for the one person who hadn't got it yet?

The J Stands for Jay

Bob24 wrote: »

As I as also mentioning, “new banks” on the Irish market are also missing mortgages, mostly missing consumer loans, mostly missing credit cards, have a very limited offering of insurance products, and are mostly lacking savings accounts*.

Of course anyone can take some of those services in isolation and say they don’t care about them, but my point is that if someone wants a one-stop shop for banking services, fintechs and online banks are still very far from it in Ireland (but again I wouldn’t say the same in every country). And almost anyone will need one of those services at some point and thus will have to consider dealing with an Irish bank.

Don’t get me wrong I am not trying to defend Irish banks, I don’t like them either.

But the reality is that there are still many banking services on which they have an oligopoly. Clearly if they are resting on their laurels they will eventually fall behind, but as of now I think their main cash generating services remain mostly unchallenged by neobanks.


* yes, agree interest rates are rubbish :-)

It's often said on here about how current account just cost the banks money. Surely the legacy banks would be delighted to let someone else pay for day to day banking while they carry on dealing with the profitable stuff like lending.

mosstin

Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

Spocker

mosstin wrote: »

Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

Paper/manual form needed, see here: https://www.boards.ie/vbulletin/showpost.php?p=116919224&postcount=53

jeffk

mosstin wrote: »

Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

Yeah most won't accept it, some do and have to fill in a form and post it in (electric Ireland), virgin media did it over phone, eflow allow you on the website

Xenji

mosstin wrote: »

Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

I had one with Irish Life, worked for a couple of months and then out of the blue the deductions just stopped and had to call Irish Life who had cancelled it due to the foreign IBAN.

Sheep Shagger

We can only dream of companies refusing non IE IBANs being fined €800k (in the case of Vodafone Italy).

https://www.ecc-netitalia.it/en/news-and-publications/news/826-iban-discrimination-authority

The J Stands for Jay

Xenji wrote: »

I had one with Irish Life, worked for a couple of months and then out of the blue the deductions just stopped and had to call Irish Life who had cancelled it due to the foreign IBAN.

Was it policy by Irish Life, or a solo run by a staff member?

Gooser14

jeffk wrote: »

Yeah most won't accept it, some do and have to fill in a form and post it in (electric Ireland), virgin media did it over phone, eflow allow you on the website

It's called IBAN Discrimination & is against EU Regulation No 260/2012. See the following link:

https://www.centralbank.ie/consumer-hub/explainers/what-is-iban-discrimination-and-what-can-i-do-about-it

Xenji

McGaggs wrote: »

Was it policy by Irish Life, or a solo run by a staff member?

I would go with staff member, they made a balls of setting up my new Irish direct debit by having somebody else's IBAN on my account, the second time they took down my IBAN wrong and it was third time lucky when they actually got things up and running.

Sheep Shagger

Xenji wrote: »

I would go with staff member, they made a balls of setting up my new Irish direct debit by having somebody else's IBAN on my account, the second time they took down my IBAN wrong and it was third time lucky when they actually got things up and running.

I'd follow the steps here and try to do it yourself, sounds like you are being fobbed off by a clueless staff member. You'll soon find out if kt is company policy or not.

https://help.irishlife.ie/hc/en-us/articles/115000892725-Direct-Debit-Mandate

Bob24

McGaggs wrote: »

It's often said on here about how current account just cost the banks money. Surely the legacy banks would be delighted to let someone else pay for day to day banking while they carry on dealing with the profitable stuff like lending.

To some extend I think so yes.

One Potential problem for them though is that the relationship established with the customer by providing current accounts makes it easier for a bank to sell its profitable products.

So it kind of depends what the likes of N26 and Revolut do about it once they have taken away that relationship.

If they are using it as a way to position themselves as brokers referring their customer to old fashioned banks for more advanced products everyone could actually be happy (the fintech gets commissions, the bank can focus on its profitable products and partly outsource the customer acquisition process, and the customers sees some type of integration between the innovative current account product they like and more complex banking services from other providers).

But if on the other hand the fintechs decide that they want become full fledged banks and offer those services themselves, then legacy players are in trouble.

The J Stands for Jay

Bob24 wrote: »

One Potential problem for them though is that the relationship established with the customer by providing current accounts makes it easier for a bank to sell its profitable products.

I'd hate to think there's people out there with a BoI mortgage because mammy opened them a BoI saving account when they were 6. Don't most people go to a broker, or just research the market themselves when going for a mortgage?

Sheep Shagger

McGaggs wrote: »

I'd hate to think there's people out there with a BoI mortgage because mammy opened them a BoI saving account when they were 6. Don't most people go to a broker, or just research the market themselves when going for a mortgage?

Yes and no, certainly banks want to start forming a relationship as early as possible whether thst be a child, youth or student account. People in this country are notoriously bad for not switching despite loyalty being worth zilch.

When it comes to a mortgage people might shop around (they also may not) but like anything if the incumbent is in or around the same rate as the competition then in this case BOI will get the business as its 'easier than moving'.

Their latest tag line 'Begin' also means from the start of a consumers financial product life cycle.

Bob24

Sheep Shagger wrote: »

Yes and no, certainly banks want to start forming a relationship as early as possible whether thst be a child, youth or student account. People in this country are notoriously bad for not switching despite loyalty being worth zilch.

When it comes to a mortgage people might shop around (they also may not) but like anything if the incumbent is in or around the same rate as the competition then in this case BOI will get the business as its 'easier than moving'.

Their latest tag line 'Begin' also means from the start of a consumers financial product life cycle.

This, plus the fact that people are less likely to shop around when it comes to overdrafts, credit cards, small loans, investment products, and insurance products. Branch contacts, phone contacts, and mobile/online banking all provide good avenues to market those products to existing current account holders.

Btw when it comes to mortgages I couldn’t agree more when it comes to saying that it makes very little sense to just default to the bank with whom one as a current. But as you said some people just do it, and even if it is a minority it still is good and easy business for the bank.

Now in aggregate would it hurt the sale of those products by Irish banks if tomorrow everyone was switching to N26 or similar for their current account? I think it is a hard question to answer and it really depends and what strategy the fintechs offering current accounts would adopt related to those more advanced products.

Dempo1

Apologies if asked before.

Is there a monthly, Quarterly maintenance charge with N26, Do have to maintain minimum balance, lodge specific amounts monthly etc.

Thanks in advance

Yggr of Asgard

Dempo1 wrote: »

Apologies if asked before.

Is there a monthly, Quarterly maintenance charge with N26, Do have to maintain minimum balance, lodge specific amounts monthly etc.

Thanks in advance

That depends on the account type you choose, it goes from free (with no plastic card) to 16.90 a month for metal.

https://n26.com/en-eu/plans

Dempo1

Yggr of Asgard wrote: »

That depends on the account type you choose, it goes from free (with no plastic card) to 16.90 a month for metal.

https://n26.com/en-eu/plans

Thanks so much, I see the standard is free with a €10 one of charge for a physical debit card, just a final question, does the account remain free if a physical card required? I understand there is possible gov levy charges seperatly

Thank you

Yggr of Asgard

Dempo1 wrote: »

Thanks so much, I see the standard is free with a €10 one of charge for a physical debit card, just a final question, does the account remain free if a physical card required? I understand there is possible gov levy charges seperatly

Thank you

The account remains free even with your physical card as long as you stay within the set limits. Like 3 free € ATM withdrawals a month.

However the usual Irish ATM tax applies for any withdrawal in the republic with the same rules and limits you Irish debit card has.

Dempo1

Yggr of Asgard wrote: »

The account remains free even with your physical card as long as you stay within the set limits. Like 3 free € ATM withdrawals a month.

However the usual Irish ATM tax applies for any withdrawal in the republic with the same rules and limits you Irish debit card has.

Fantastic, looks like this might be my best option when KBC finish up, thanks again

Yggr of Asgard

Dempo1 wrote: »

Fantastic, looks like this might be my best option when KBC finish up, thanks again

I guess that is where loads of people will end up.
KBC does not have cash operations so the that means one is already over a usual main disadvantage of N26.

Dempo1

Yggr of Asgard wrote: »

I guess that is where loads of people will end up.
KBC does not have cash operations so the that means one is already over a usual main disadvantage of N26.

Yes indeed, I've been with KBC from the start and their app excellent, quite surprising given their business model and advanced mobile technologies, they've not considered continuing in Ireland albeit with a 100 online presence, who knows, they just might

Yyhhuuu

I read on trustpilot a few reviews say their N26 account was frozen whilst undergoing a "technical review". They saw no reason for this and one customer had only small sums going through account.

Has anybody else experienced this. I was thinking of moving my day to day banking to them. I would be transferring monthly about €2,000 into my account by EFT from a bank of Ireland savings account. Don't know if N26 would freeze my account over this sum?

Sheep Shagger

Yyhhuuu wrote: »

I read on trustpilot a few reviews say their N26 account was frozen whilst undergoing a "technical review". They saw no reason for this and one customer had only small sums going through account.

Has anybody else experienced this. I was thinking of moving my day to day banking to them. I would be transferring monthly about €2,000 into my account by EFT from a bank of Ireland savings account. Don't know if N26 would freeze my account over this sum?

I've had a n26 account for 2 years, get my salary paid in monthly - never had an issue.

wassie

3 years of N26 and never an issue with it as my daily transaction account. I also transfer across monthly from my Irish bank account to which my salary is credited. I would close it altogether but I occasionally receive payments by cheque (which is a complete PITA) and it is linked to my credit card.

cefh17

Has anyone ever had an issue with the contactless?

Lately I'm finding it refuses to work, but works via chip and pin. Amounts would be under the tap limits so don't think that is causing it. God knows how old the card is, but it's due to be replaced later this year anyhow

loyatemu

cefh17 wrote: »

Has anyone ever had an issue with the contactless?

Lately I'm finding it refuses to work, but works via chip and pin. Amounts would be under the tap limits so don't think that is causing it. God knows how old the card is, but it's due to be replaced later this year anyhow

I had this issue last year and had to get a replacement card. The terminals wouldn't even detect the card half the time.

cefh17

loyatemu wrote: »

I had this issue last year and had to get a replacement card. The terminals wouldn't even detect the card half the time.

Did N26 charge you?

Gooser14

I have given up on using my cards for contactless payments because of the same problem & now use Google Pay. Is it not possible for you to link the card to Google Pay or iPay?

jester77

You can now add up to 10 IBANs to your spaces for incoming payments and direct debits, this will be handy, i've been waiting for something like this.

cefh17

jester77 wrote: »

You can now add up to 10 IBANs to your spaces for incoming payments and direct debits, this will be handy, i've been waiting for something like this.

As in, incoming payments from a specific IBAN go directly to a space?

jester77

cefh17 wrote: »

As in, incoming payments from a specific IBAN go directly to a space?

A space can now have its own IBAN. So if the incoming payment specifies that IBAN then it will arrive in that space.

https://support.n26.com/en-de/app-and-features/spaces/what-are-ibans-for-spaces-subaccounts

Rock Paper Scissors

jester77 wrote: »

You can now add up to 10 IBANs to your spaces for incoming payments and direct debits, this will be handy, i've been waiting for something like this.

Only for the paid plans it seems

Bob24

jester77 wrote: »

A space can now have its own IBAN. So if the incoming payment specifies that IBAN then it will arrive in that space.

https://support.n26.com/en-de/app-and-features/spaces/what-are-ibans-for-spaces-subaccounts

Also supports direct debits, so combined with shared spaces it is getting close to being a joint account alternative (if debit cards could be associated to a shared space with an IBAN, it would basically act as a joint account).

Quackster

Dempo1 wrote: »

Thanks so much, I see the standard is free with a €10 one of charge for a physical debit card, just a final question, does the account remain free if a physical card required? I understand there is possible gov levy charges seperatly

Thank you

I use N26 with Curve, which cuts out the need for ordering a physical N26 card. Couldn't fault it.

Quackster

Gooser14 wrote: »

I have given up on using my cards for contactless payments because of the same problem & now use Google Pay. Is it not possible for you to link the card to Google Pay or iPay?

Had the same issue with last my N26 card after a year or so. Seemed to be very shoddy quality.

As per my previous post, I didn't bother getting a replacement as I'd signed up with Curve in the meantime and no longer needed the physical N26 card.

The J Stands for Jay

Bob24 wrote: »

Also supports direct debits, so combined with shared spaces it is getting close to being a joint account alternative (if debit cards could be associated to a shared space with an IBAN, it would basically act as a joint account).

If they brought in approvals for direct debits, it'd be perfect.

Hibernicis

I ordered an N26 physical card in early March (the €10 cost was debited to my account on 10th March). The card arrived in the post on 6th May.

frisket

I've had a SWIRL card since it was 3V but haven't used it much, and now I find it doesn't work on Google Pay. Plus my local convenience store refuses to handle topups on SWIRL because (they claim) "too many people complaining that topups they made had never appeared in their account". How stable are SWIRL?

advertsfox

jester77 wrote: »

You can now add up to 10 IBANs to your spaces for incoming payments and direct debits, this will be handy, i've been waiting for something like this.

Great feature, I have N26 Smart with a DE IBAN but it's not available for me yet. Did yours just work or did you need to contact support?

EDIT: Contacted N26 chat support, at the moment it's only available for German customers while they iron out any issues / bugs. Later in the year it will be released for other markets, Ireland included.

Yggr of Asgard

The German Federal Financial Supervisory Authority has appointed a special commissioner for N26.

They are not satisfied with the execution of previous orders to N26 to prevent money laundering and terrorist financing.

N26 Bank GmbH:
Order to prevent money laundering and terrorist financing; appointment of a special commissioner
On 11 May 2021, in order to prevent money laundering and terrorist financing, BaFin ordered N26 Bank GmbH to implement appropriate internal controls and safeguards and comply with general due diligence requirements.

A special commissioner is being appointed to monitor the implementation of this order and the company’s progress in resolving other shortcomings identified.

More specifically, BaFin ordered N26 Bank GmbH to rectify deficiencies both in IT monitoring and in customer due diligence.

In addition, N26 Bank GmbH is required to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law.

These measures must each be implemented within a set time period.

In order to monitor the implementation of the measures, BaFin is appointing a special commissioner under section 45c (1) in conjunction with subsection (2) of the Banking Act (Kreditwesengesetz – KWG). The special commissioner is to provide BaFin with ongoing updates regarding the progress of the implementation.

This order is issued on the basis of section 6 (8) and section 51 (2) sentence 1 of the Money Laundering Act (Geldwäschegesetz – GwG). The publication of the order is based on section 57 of the GwG.

The notice has been final and binding since 11 May 2021.

Source:
https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Massnahmen/60b_KWG_und_57_GwG/meldung_210512_57_GwG_N26_en.html

This is very unusual for a German Bank but after the WireCard disaster maybe BaFin is just a little bit more aggressive.

Bob24

Yggr of Asgard wrote: »

This is very unusual for a German Bank but after the WireCard disaster maybe BaFin is just a little bit more aggressive.

Yes exactly what I was going to say after reading the beginning of your post. This has Wirecard written all over it. BaFin is in a similar situation to the FAA in the US after the Boeing 737 Max crashes: a complacent regulator missed serious issues with a key industry player which lead to massive consequences, and the regulator is now in a position whereby it can't afford a repeat of that situation and has to show its teeth.

wassie

"Imagine a complacent 'banking' regulator missing serious issues with key all industry players which lead to massive consequences...."


....Fixed it for you there

Pandiculation

I’ve found N26 very well secured, at least from the end users point of view.

Hopefully they don’t get mired in burdensome restrictions that limit their services. There isn’t a huge technical advantage to them over AIB, but they’re better value for money.

I’d say Wirecard has the German regulators very on edge though. They’re developing a bit of reputation as the Wild West of Fintech, which I doubt sits very comfortably with Germany.

mosstin

Having huge issues with companies in Ireland - Virgin Media, Eir - refusing to accept my N26 IBAN. Saying they can't accept overseas IBANs which is nonsense but this is the line they're pushing and it's making an easy job much more difficult.

wassie

N26 have advice on their support section here.

Essentially this is termed ‘IBAN Discrimination’ and is against EU law.

N26's partner Wise (formerly Transferwise) published an update on this very issue a couple of days ago. Read here

On World Consumer Rights Day (March 15), we launched AcceptMyIBAN.org with a few friends from the fintech world, including N26, Revolut, Klarna and SumUp. So now, whether you bank with HSBC, have a Wise account or pay with Revolut, there’s an easy way for you to report whenever your IBAN is not accepted. So far, more cases have been reported in just 2 weeks than the German authorities have seen in 3 years.

The J Stands for Jay

mosstin wrote: »

Having huge issues with companies in Ireland - Virgin Media, Eir - refusing to accept my N26 IBAN. Saying they can't accept overseas IBANs which is nonsense but this is the line they're pushing and it's making an easy job much more difficult.

This is rubbish, I had eir signed up to a Dutch IBAN for direct debit

Sheep Shagger

mosstin wrote: »

Having huge issues with companies in Ireland - Virgin Media, Eir - refusing to accept my N26 IBAN. Saying they can't accept overseas IBANs which is nonsense but this is the line they're pushing and it's making an easy job much more difficult.

Often you get someone on the phone who doesn't know what they are talking about and you need to fill in a paper mandate to get it working with N26. Both eir and Virgin can be paid by direct debit this way.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.eir.ie/opencms/export/sites/default/.content/pdf/sepa-international-direct-debit.pdf&ved=2ahUKEwi6mve8otvwAhUwVRUIHUtfB-cQFjAAegQIAxAC&usg=AOvVaw0BrEh5_xX2yndp7cCY7M05

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.virginmedia.ie/content/dam/www-virginmedia-ie/pdf/direct-debit-mandate.pdf&ved=2ahUKEwj2-ajTotvwAhUHVBUIHSynCvAQFjAAegQIAxAC&usg=AOvVaw1MOUwC3Lm04uSNLhmAPmyQ

mosstin

McGaggs wrote: »

This is rubbish, I had eir signed up to a ditch IBAN for direct debit

Rubbish how? I've just spent this pm on an online chat with a customer service rep from eir who told me they won't accept an IBAN from a non-Irish company. Why would I lie about that?

mosstin

Sheep Shagger wrote: »

Often you get someone on the phone who doesn't know what they are talking about and you need to fill in a paper mandate to get it working with N26. Both eir and Virgin can be paid by direct debit this way.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.eir.ie/opencms/export/sites/default/.content/pdf/sepa-international-direct-debit.pdf&ved=2ahUKEwi6mve8otvwAhUwVRUIHUtfB-cQFjAAegQIAxAC&usg=AOvVaw0BrEh5_xX2yndp7cCY7M05

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.virginmedia.ie/content/dam/www-virginmedia-ie/pdf/direct-debit-mandate.pdf&ved=2ahUKEwj2-ajTotvwAhUHVBUIHSynCvAQFjAAegQIAxAC&usg=AOvVaw1MOUwC3Lm04uSNLhmAPmyQ

Already tried the VM one only to receive a text message to say my attempt was unsuccessful. Since sent a complaint to VM and awaiting a response. I don't understand the reluctance to accept the overseas IBAN.