Number26/N26 Mastercard/Account now for Irish Residents

bertie4evr

pasquale83 wrote: »

I am curious on how they made the change. Did they go to have a look on the Revenue website and didn't find the updated information? Or what?

I mean, I supposed they officially contacted Revenue which should communicate them the latest rules, not an obsolete one!

Anyway, at the moment is 6 times less than the previous fee at least

I have a sneaking suspicion that that's exactly what they did, because the Revenue site has the old information on it. The only reference to the new charges are in a PDF which you need to search ATM Withdrawal Tax to find, and I doubt they know about that.

Yggr of Asgard

So the English support page is now also reflecting the 5€:

https://number26.eu/support/really-costs/

pasquale83

Yggr of Asgard wrote: »

So the English support page is now also reflecting the 5€:

https://number26.eu/support/really-costs/

Maybe because I posted on Facebook a request 1hr ago

Yggr of Asgard

I just decided to try chat and there was no queue

Agent was there immediately and already aware of the issue, so I guess they are now working on correcting the mistake they made when correcting the mistake.

JTMan

I wonder did the agent fully understand. Did the agent get that this as a new second mistake? or did "aware of the mistake" refer to the first mistake and not the second mistake?!

Delta2113

Just spotted another complication from revenue pdf is that if you never use the POS function your capped at 2.50 and not 5 euro. Even irish banks are going to mess this up.

Yggr of Asgard

JTMan wrote: »

I wonder did the agent fully understand. Did the agent get that this as a new second mistake? or did "aware of the mistake" refer to the first mistake and not the second mistake?!

We talked to each other in German in the proper German way there was no room for miss-understandings.

Now that does not guarantee success but I am sure that he understood that the 5€ is a mistake too. He was aware of the change from 30€ to 5€ so he understood me.

It helps to speak German which is bad because after all they are going after an English language market. But when translating Kreditkarte to credit card and causing major issues one should not expect miracles.

Yggr of Asgard

Delta2113 wrote: »

Just spotted another complication from revenue pdf is that if you never use the POS function your capped at 2.50 and not 5 euro. Even irish banks are going to mess this up.

I think Section 123B of the SDCA is very clear on that.....

Delta2113

Yggr of Asgard wrote: »

I think Section 123B of the SDCA is very clear on that.....

PTSB messed up with me on old rules.

BrookieD

App update on IOS to version 2.2.2 - might reflect the change in T&C's with some stability refinements

- Cash26 map navigation - (Germany only i would think)
- Touch ID improvements
- Improvements regarding overdraft

soirish

So both Revolut and Monese confirmed ATM withdrawal tax @ 0.12 cent per withdrawal why N26 insists it's 5€?

Yggr of Asgard

soirish wrote: »

So both Revolut and Monese confirmed ATM withdrawal tax @ 0.12 cent per withdrawal why N26 insists it's 5€?

I suspect they have looked at the outdated information that Revenue is providing on: http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html

Let's see if they manage to get it correct in the 2nd attempt, at least they now classify it as Debit Card.

I still can't understand how they did not spot this before they launched, especially as the card is somehow coded as Irish.

pasquale83

Yggr of Asgard wrote: »

I suspect they have looked at the outdated information that Revenue is providing on: http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html

Let's see if they manage to get it correct in the 2nd attempt, at least they now classify it as Debit Card.

I still can't understand how they did not spot this before they launched, especially as the card is somehow coded as Irish.

Yep, that was my guess as I reported few posts above. Just waiting for a reply on Facebook from them on this.

Yggr of Asgard

pasquale83 wrote: »

Yep, that was my guess as I reported few posts above. Just waiting for a reply on Facebook from them on this.

They just responded to my 1 Star review on Facebook with the same text they used in the e-mail they send.

I pointed them to the manual.

Delta2113

It's taken me some work to highlight to Irish Banks here on Boards that if you don't use the POS function the cap is €2.50. I'm not condoning Number26 behaviour but it show's how they are having such difficulties with understanding the legislation.

murphaph

I find it hard to fault a foreign bank when even the Revenue has outdated information on their site. These are pathetic made up taxes that don't exist elsewhere, I mean a bloody tax on ATM withdrawals??

gawker

murphaph wrote: »

I find it hard to fault a foreign bank when even the Revenue has outdated information on their site. These are pathetic made up taxes that don't exist elsewhere, I mean a bloody tax on ATM withdrawals??

Yepp, now it's €5 I'm happy enough. I'd probably end up paying that in the end anyway. Ridiculous way to charge the tax, and probably a pain for all banks to implement.

ahbell

gawker wrote: »

Yepp, now it's €5 I'm happy enough. I'd probably end up paying that in the end anyway. Ridiculous way to charge the tax, and probably a pain for all banks to implement.

Yeah I'm happy with Number26 now it's confirmed at €5. Only annoying thing is I still have to keep my Irish account open as my payroll don't support IBAN and BIC, still using account number and sort code and then transfer to N26 account.

Am I right in thinking that if I don't use my bank card at all for my Irish bank that I won't be charged any stamp duty?

Yggr of Asgard

ahbell wrote: »

Yeah I'm happy with Number26 now it's confirmed at €5. Only annoying thing is I still have to keep my Irish account open as my payroll don't support IBAN and BIC, still using account number and sort code and then transfer to N26 account.

Am I right in thinking that if I don't use my bank card at all for my Irish bank that I won't be charged any stamp duty?

There is no flat amount stamp duty on ATM/Debit cards.

There is now a stamp duty depending on how many times you withdraw cash in the republic.

€0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge 2.50€ if you have an ATM card or a combined Cash/Debit card and only ever used the cash function or 5.00 if you have a combined Cash/Debit card and used both functions.

So if you do not use your Irish card for any ATM withdraws than you won't get charged.

Similarly, if you use your number26 card in an ATM in the republic you will be charged €0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge of 2.50 / 5.00 €.

ahbell

Yggr of Asgard wrote: »

There is no flat amount stamp duty on ATM/Debit cards.

There is now a stamp duty depending on how many times you withdraw cash in the republic.

€0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge 2.50€ if you have an ATM card or a combined Cash/Debit card and only ever used the cash function or 5.00 if you have a combined Cash/Debit card and used both functions.

So if you do not use your Irish card for any ATM withdraws than you won't get charged.

Similarly, if you use your number26 card in an ATM in the republic you will be charged €0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge of 2.50 / 5.00 €.

Thanks for clarifying, and sorry last question as know it's off topic - but when do they start counting the amount of transactions? Jan 1st?

Yggr of Asgard

ahbell wrote: »

Thanks for clarifying, and sorry last question as know it's off topic - but when do they start counting the amount of transactions? Jan 1st?

Yup 01 January 2016.

Which in theory means that those of us who had a number26 account last year are still liable for 2.50/5.00 Stamp duty for 2015, once number26 has sorted it self out.

ahbell

Yggr of Asgard wrote: »

Yup 01 January 2016.

Which in theory means that those of us who had a number26 account last year are still liable for 2.50/5.00 Stamp duty for 2015, once number26 has sorted it self out.

Ah yeah that's a bit annoying, think I got my N26 card in between Christmas and New Year.

jester77

Is the 0.12c charge just for Irish citizens or also for everyone that visits? When I'm back in Ireland will I get charged 12c for every withdrawal while there?

Yggr of Asgard

jester77 wrote: »

Is the 0.12c charge just for Irish citizens or also for everyone that visits? When I'm back in Ireland will I get charged 12c for every withdrawal while there?

It's 12 cent only if the card (or account) has a billing address in the republic independent of who issues the card.

So if you card has a billing address in a foreign country than no charge, if you card has an address in the Republic you get charged even if the card comes from for example a German bank like Number26/Wirecard.

hognef

Yggr of Asgard wrote: »

There is no flat amount stamp duty on ATM/Debit cards.

There is now a stamp duty depending on how many times you withdraw cash in the republic.

€0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge 2.50€ if you have an ATM card or a combined Cash/Debit card and only ever used the cash function or 5.00 if you have a combined Cash/Debit card and used both functions.

So if you do not use your Irish card for any ATM withdraws than you won't get charged.

Similarly, if you use your number26 card in an ATM in the republic you will be charged €0.12 for each cash withdrawal from an ATM in the State subject to a maximum charge of 2.50 / 5.00 €.

So if you have a debit card and only ever use it for POS transactions, there's no charge at all?

hognef

Yggr of Asgard wrote: »

It's 12 cent only if the card (or account) has a billing address in the republic independent of who issues the card.

So if you card has a billing address in a foreign country than no charge, if you card has an address in the Republic you get charged even if the card comes from for example a German bank like Number26/Wirecard.

How is this meant to work for cards issued by foreign banks that don't specifically operate in the Irish market? Plenty of foreigners and others who have ever lived abroad are likely to have foreign bank accounts.

Yggr of Asgard

hognef wrote: »

So if you have a debit card and only ever use it for POS transactions, there's no charge at all?

That is my understanding from reading the available information.

hognef wrote: »

How is this meant to work for cards issued by foreign banks that don't specifically operate in the Irish market? Plenty of foreigners and others who have ever lived abroad are likely to have foreign bank accounts.

It's any banks responsibility to ensure they are tax compliant when they accept a customer's billing address in the Republic.

And given that you have to declare a foreign bank account in you tax return to Revenue they have the data to ensure that foreign banks declare the stamp duty and pay if they choose to purse it.

Elessar

So am I right in thinking that the only real downsides to this account are:

- No Cashback (I don't mind that really)
- Some companies will not allow DDs from non Irish accounts
- Some shops won't take the card(?)

I am seriously considering this, but one question: If you want to apply for a loan to an Irish bank, or you're buying a car or something and you're asked for 6 months bank statements, what do you do?

pasquale83

Elessar wrote: »

So am I right in thinking that the only real downsides to this account are:

- No Cashback (I don't mind that really)
- Some companies will not allow DDs from non Irish accounts
- Some shops won't take the card(?)

I am seriously considering this, but one question: If you want to apply for a loan to an Irish bank, or you're buying a car or something and you're asked for 6 months bank statements, what do you do?

They provide monthly statements

BrookieD

did a AIB international standard transfer of funds yesterday morning at 7:30 and was in Number26 4pm... brilliant