Number26/N26 Mastercard/Account now for Irish Residents

Sheep Shagger

https://www.boards.ie/discussion/comment/119392219#Comment_119392219

Try someone else in your employer, is it just too hard for whoever you dealt with first. I was first told it wasn't then suddenly it was fine.

Had n26 as main bank for 2 years- no issues.

Anjunadeep

Hi all,

Is it possible to use N26 for Virgin Media direct debit?

How do i go about it? I notice online it demands an IE iban..

thanks

FaganJr

https://www.boards.ie/discussion/comment/119900642#Comment_119900642

Yeah I have Virgin Media, just phone them up, cant do it online

Yggr of Asgard

If you are still a customer of N26 you might find a mail in your inbox asking you to validate your personal information (name/address) and additional KYC data points (income, source of funds, name of employer etc.).

As part of their cleanup activity ordered by the German regulator, they are asking large sets of customers to validate their data again, in some cases with documentation.

You will also be prompted to do so in App. You need to do the validation in the app or via a web interface.

For some older customers you might get asked to provide the 10-digit number from the old cards and you might also get asked to upload your passport and proof of address (not older than 6 month).

Deadline seems to be mid-april after which you will no longer be able to use the account if you don't provide the info.

I'm sure shortly scammers will try to cash in onto that wave of validation requests with phishing mails so be careful.

wassie

Hate to say it, but if I get that request I'll probably drop the N26 in favour of the Revolut. I've always preferred the N26's cleaner app vs Revolut app which I find to be spammy.

But the biggest thing for me going back a few years was that N26 had a web app and Revolut didnt, as I found using it easier to get statements and do certain transfers/payments whilst I was working away on PC.

However Revolut have a web app now, plus instant transfers are still free from my other accounts and soon they will have an Irish IBAN, so hard to justify going through messing around with N26 any more, especially if payments/transfers get flagged as suspicious and delayed.

Yggr of Asgard

Revolut Bank should ask you the same question as they are basic KYC questions, it's just that N26 in the past did not have a very good KYC, which is why they were in trouble with the BAFIN (German Regulator) and even had a special supervisor appointed.

Them asking you should not be a reason to drop them, in fact it might be better do this once and continue to use them rather than the way Revolut sometimes freezes the account when you try to make withdraws for example.

Nickindublin

https://www.boards.ie/discussion/comment/120352780#Comment_120352780

I agree with you and i think i filled it up ages ago with N26. The N26 app is far cleaner than Revolut IMO. The only reason i would swithch is Joint accounts and irish Ibans if i was to go 100% with a digital bank. Maybe these features will come to N26 in the future.

Jim2007

https://www.boards.ie/discussion/comment/119862326#Comment_119862326

That is just a standard remark added by German banks. It does not mean any action is required.

https://www.boards.ie/discussion/comment/119862519#Comment_119862519

Reading through their FAQ, I very much doubt your transaction falls into the reporting requirements.

https://www.bundesbank.de/resource/blob/611818/91551718a7066e282189b917027a4b8b/mL/faqs-zur-awv-zahlungsmeldungen-data.pdf

shanmo

Hi all,

Hoping someone might be able to put my mind at rest. How long does it typically take for a refund to show in the app if you've tapped to receive it?

Thanks

wassie

Probably depends on the merchants payment processor - not neccesarly anthing to do with N26

Sheep Shagger

https://www.boards.ie/discussion/comment/120454110#Comment_120454110

Normally a day or two but does depend on the merchants bank.

Padkir

Hi.

I need to make a large card payment in USD in the next couple of days - will be approx $12k. I would like to do this on my N26 card to avoid significant fees and charges for foreign currency payments.

From what I can see, the daily limit for N26 can be up to €20k (which is also monthly limit - see extract from N26 website below). I've amended my daily limit to €15k in the N26 app, so hopefully this will be ok. I just wanted to check people's experience making payments over €10k using N26 debit card.

What is the maximum I can spend?

Card payments in stores and online

• Daily limit: €20,000 (applies alongside the monthly limit)
• Monthly limit: €20,000

https://support.n26.com/en-eu/payments-transfers-and-withdrawals/balance-and-limits/what-is-the-maximum-i-can-spend?rc=orliz5052

The thing that's putting me off is that most of the banks in Ireland have way lower transaction limits, and I'm just nervous that I've missed something and won't actually be able to process the payment when I go to do it.

Appreciate any thoughts or experiences. Thanks!

Nickindublin

If the money is alreay in your N26 account i dont see a problem. If you drop 12k in and then try to move it on you may encounter an issue.

Padkir

Why do you say that? Do you think it might flag potential AML checks?

I intend to transfer the money in via two separate transactions tomorrow/Wednesday, then probably make the payment out on Friday.

wassie

Might want to have a read of N26s blog on money laundering

https://n26.com/en-eu/blog/money-laundering-how-banks-stay-one-step-ahead-of-criminal-activity#aml-holding-period

Anything over €10,000 is probably going to be subject to additional scrutiny.

Also read the article in regard to holding periods - another potential issue based on your proposed transactions.

But it could also all go smoothly.

Just have a plan just incase the transaction gets held up (often by days) due to security checks eg. what is the consequence of a delayed payment?

You wont be able to speak to anyone on the phone either with the N26 free account, so all corrospondance will be by email or chat, which can be a source of frustration if things go wrong. Good luck with it all.

Nickindublin

https://www.boards.ie/discussion/comment/120571742#Comment_120571742

I was saying that if you moved the money into N26 from a different account and to then transfer. It might get flagged. But if its already in your account should be fine.

Tony H

Anyone having logging into n26 on the app , I'm getting" oops too many log in attempts try again in 30 minutes " even though I have only tried once

Hibernicis

https://www.boards.ie/discussion/comment/120863300#Comment_120863300

App working fine for me, just tried it and got straight in (using Face ID)

Tony H

Thanks for that ,went off WiFi and used data and logged in with no problem

jkforde

(I've gone back a few pages but.. )

anyone heard when N26 are due to launch their Instant Savings product here?

TheDriver

I can't find the answer so apologies if it's been answered before. Do you have to make a return to revenue each year for an n26 account?

Q&A

https://www.boards.ie/discussion/comment/121298204#Comment_121298204

What return had you in mind? If it's declaring something like DIRT then you need to actually be earning interest first. Last time I checked they didn't pay any to Irish depositors.

Qrt

I’ve been on a waiting list for N26 since March…I don’t think they’ll be accepting me any time soon.

blade1

https://www.boards.ie/discussion/comment/121298204#Comment_121298204

No, it's not a savings account

TheDriver

Thanks. Is there a waiting list? I signed up in 2018 and forgot about it until they said my card was expiring and they'll send a new one for free. Might use the account so

Yggr of Asgard

https://www.boards.ie/discussion/comment/121299655#Comment_121299655

Well, they call it waiting list for marketing purposes, in reality it's because the German Financial Regulator has put limits on how many new customers they are allowed to onboard every month (50,000) due to significant issues with their compliance to prevent money laundering.

Those restrictions are in place since 2021 and have just been renewed in July 2023 including the appointment of a special monitor at the bank because the regulator was not satisfied with the progress made since than.

TheDriver

Thanks all. It makes sense re no interest and revenue returns.

Qrt

Probably asked a million times in here, but can you just get a free trial of the smart package, get your free physical card, then cancel it? I just don’t want to get stung.

Edit: got my answer

Nickindublin

I use N26 as my bank account. Far prefer it to Revolut. That is my preference. I have the metal account and it covers my phone insurance and travel insurance. But i move any extra cash to trade reublic for 4% savings.

garyfleming7

Did you get a free card using that method @Qrt

Darker Rabbit

I'm moving my accounts over to N26. At the weekend I changed my Gas and Electricity accounts with Bord Gais to the new German IBAN I have with N26. This went fine but when I went to change my billing account with Eir for my broadband N26 was not among the multiple banks they had listed. This morning I phoned their customer server who where able to manually us the N26 German IBAN but said that because its a non IRISH bank that they'll have to send a direct debit mandate to me to manually sign. Not the worst thing, I'm just gland it is possible.

irishgeo

https://www.boards.ie/discussion/comment/121393143#Comment_121393143

Some regulation requires requires a written direct debit mandate for all non Irish IBANs.

batistuta9

Is there a way to cancel direct debits?

user1842

https://www.boards.ie/discussion/comment/121393453#Comment_121393453

No regulation requires this. It's legacy nonsense by eir.

TheChizler

https://www.boards.ie/discussion/comment/121402171#Comment_121402171

I think it's a misinterpretation, some companies only support Irish banks in their online forms, but regulations require them to process a paper mandate for all SEPA banks.

user1842

https://www.boards.ie/discussion/comment/121402355#Comment_121402355

Not really. No regulation states the mandate should be paper. The EPC (European Payments Council) sets the rules for mandates (paper or electronic). This rules apply across all SEPA countries.

https://www.europeanpaymentscouncil.eu/node/10551#:~:text=It%20is%20the%20document%20a,a%20paper%20or%20electronic%20format

What is happening here, is that the old legacy Irish electronic mandate rules are being used. These rules say only IE IBANS only. These rules are basically a breach of Regulation 260/2012 and these breaches should be reported to the Central Bank of Ireland. AIB even note on their website that cross-border collections need a paper mandate. This is nonsense.

It is funny how the old rules the Irish Banks are applying can no longer be found on the internet, I wonder why......

Miss_Elsie

N26 starting to offer instant access savings accounts. I am boards.ie newbie so can't post the link, but further information can be found in article ("N26 offers Irish savers instant access savings rate of up to 4%") posted today in the Business section of the RTE website.

TheChizler

https://www.boards.ie/discussion/comment/121889460#Comment_121889460

Just moved my N26 savings to Trade Republic Monday 🤣

caviardreams

If you upgrade your account from free to smart or metal do you keep the same card number and IBAN etc?

Is it the same if you then downgrade?

Stewball

https://www.boards.ie/discussion/comment/121889534#Comment_121889534

What's Trade Republic like? I was thinking off moving some savings to them.

TheChizler

https://www.boards.ie/discussion/comment/121889751#Comment_121889751

Pretty painless to set up and transfer money to, earned a couple of quid interest already, better than the big fat zero I was getting in N26 spaces. There's no DIRT at source so I have to include it in tax returns but I need to do them anyway (I think). Haven't used the trading features yet but they look ok, happy with zero risk interest tbh.

Hibernicis

N26 savings rate is as follows:

2.8% for Standard, Smart and You A/C holders

4.0% for Metal A/C holders

Unlimited balances allowed, €100k covered by German DGS

Interest paid monthly

Liable to DIRT, and possibly PRSI. DIRT not deducted automatically so interest must be declared to Revenue

Further information here: https://n26.com/en-eu/savings-account

Stewball

https://www.boards.ie/discussion/comment/121889834#Comment_121889834

I'm not interested in the trading aspesct myself. I'm just looking at the 4% savings account.

Just noticed the TR thread on here, so I'll do more research in there. Thanks.

blade1

https://www.boards.ie/discussion/comment/121890135#Comment_121890135

I'm not sure I can handle anymore new accounts.

I'm already like this filing my returns 🙊

Sono

I am a current N26 account holder, considering getting Metal account for the 4% rate for savings, looks like a safe place to hold money, any reason why I shouldn't throw a lump sum in?

wassie

As @Hibernicis posted above, funds up to €100,000 are covered by the German Deposit Guarantee Scheme (DSG). In the event N26 collapsed, you would have to make a claim through the German regulator. And have to declare interest earned to Revenue. Will be subject to DIRT tax 33% (possibly PRSI in certain circumstances for large amounts)

According to this thread in the Askaboutmoney forum, you need to have around €22,000 on deposit for a year for it to be profitable after taxes and fees for Metal account.

https://askaboutmoney.com/threads/n26-launch-savings-account-paying-2-80-to-4-00-less-fees.235269/

SOOO many taxes on small investments and savings here. I was going to put some money into stocks and shares on Revolut, really only to try out with a couple of hundred euro to see how it works and I decided not to as I'd have to do all sorts of complicated returns and I have no idea how to do them tbh.

sportsfan90

This is probably an obvious question but I'm new to this so bear with me. Say I put in €100k, I get the 4% interest (minus 33% DIRT and 4% PRSI I think) which is paid monthly. I presume there's no penalties for removing a portion of the €100k, apart from the less interest you'd receive?

Example ignoring the DIRT and PRSI for now, €100k at 4% is €333 interest a month. Say on day 21 of a particular month I remove €20k to buy a car leaving €80k in the account. Would the interest that month be (€333 * 20days/30) + (€333 * 0.80 * 10days/30) = €311. Is this correct or am I missing anything?

wassie

No penalty. Its a sub-account of the main savings account with no restrictions. If you attach an IBAN to it, you can deposit and withdraw money to outside banks accounts also.

As for how interest is calculated - its in the FAQ.

Your interest is calculated daily based on your account balance. For instance, if you maintain a daily balance of €15,000 in your Instant Savings account for 12 months and you have Metal membership, you’ll earn a total gross interest of €600 before taxes. Similarly, if there are 30 days in a month and your Instant Savings account balance remains at €15,000 for the whole month, you’ll earn a total gross interest of €49.32 (€15,000 x 4% x 30/365) for that month.

Hibernicis

https://www.boards.ie/discussion/comment/121911859#Comment_121911859

Just one point on the DGS. In general, it is not necessary to make a claim, the DGS mandates the liquidator (or the institution that steps in) to deal with creditors (depositors). In the cases dealt with under the Irish DGS (mainly Credit Unions) cheques were issued automatically. Exceptions are cases where the depositor held a qualifying temporary high balance, held cheques drawn on the failing institution, is deceased or disputed the amount automatically issued. In the past there was a 20 day maximum period for the issuance of the the compensation, however this was reduced to 7 days in 2015.