Number26 launching free mobile-first bank account in Ireland (Revolut alternative)

soirish

Number26 launching mobile-first free bank account in Ireland (Revolut alternative)

Fintech start-up Number26, which has developed a current account specifically for the smartphone, will be available in Ireland from today.
The Berlin-based company is aiming to create a “borderless banking experience across Europe” and will launch its mobile-first bank account to Irish consumers today.
Irish Times

Number26 with MasterCard – for free!

Number26 revolutionizes the way we deal with banks and current accounts. This leads to many benefits for us bank customers.

• First of all, find the exceptional conditions summarized below:
• most modern current account specifically for the Smartphone use
• free account management
• free Girocard (in planning)
• free MasterCard
• free cash supply worldwide (!)
• more than 6.000 possibilities to deposit cash free of charge through Partnershop
• free foreign currency exchange (= no international service fee)
• banking app available in German and English
• easy account opening, as the account is on a credit base (no Schufa)
• account application currently possible with an address in Germany, Austria, France, Spain, Italy, Greece, Slovakia and Ireland (soon, the credit card can also be sent to other countries)

https://number26.eu/

Number26’s banking partner (Wirecard Bank) actually holds the money and holds a German banking license — your money is safe.

Verification of ID is done via a video chat (which takes pictures of the id documents too).

There are some spending limits (2000€ atm withdraw a week, 4000€ card spending in a month) but it's a free prepaid debit card with it's own IBAN and full account features (direct debit included).

Takes about 7 minutes to open, easy way to a German bank account.

leo2a6

Do they have a debit card ?

godtabh

Page inst working for me.

ShooterSF

godtabh wrote: »

Page inst working for me.

https://number26.eu/ie/

Ben D Bus

https://number26.eu/ie/

Never heard of them. Research required first! Most importantly are they properly registered and regulated? I've no reason to doubt it, but still...In God we trust, everything else we verify!

moleyv

There is already a thread over on banking.

Nollog

moleyv wrote: »

There is already a thread over on banking.

And the last 2 pages of the revolut thread has some info.

I have an account, verification is done by video call on your phone or you can do it from a website if you have a webcam.
You hold up your passport and they take pictures of it and you. They also ask you to read something from the passport.
Then you get a text with a code to enter, then after the agent types for a bit you're done.

I've transferred twice since Saturday, nothing in my account yet. Probably the usual 3-4 days.

The Backwards Man

Now to find a smartphone that you can deposit fifty euro notes into.

Yggr of Asgard

/\/ollog wrote: »

And the last 2 pages of the revolut thread has some info.

I have an account, verification is done by video call on your phone or you can do it from a website if you have a webcam.
You hold up your passport and they take pictures of it and you. They also ask you to read something from the passport.
Then you get a text with a code to enter, then after the agent types for a bit you're done.

I've transferred twice since Saturday, nothing in my account yet. Probably the usual 3-4 days.

I say it will be there tomorrow morning (as your bank will only process a Saturday transaction today) and you will get a notification in the app as soon as it shows.

I did mine on an afternoon and at 0706 the next morning it was credited.

With SEPA the transfer should be there next morning, remember unlike revolut this is a bank account with its own IBAN, so it should be there next business day.

baldshin

Pretty poor that as a mobile bank, they don't have an app for Windows phone!

Satriale

Bye bye Irish banks. Wish I could say it's been a pleasure, but it hasn't.

soirish

godtabh wrote: »

Page inst working for me.

Sorry about that, should be fixed now.

loyatemu

One drawback may be that you can't get cashback on the Mastercard (this is according to the other thread about this).

Nollog

The Backwards Man wrote: »

Now to find a smartphone that you can deposit fifty euro notes into.

Indeed, that's the one drawback for me.

In Germany they generate a barcode on your screen for you to deposit cash at some shops.

boardbro

Can you deposit via paypal?

Yggr of Asgard

boardbro wrote: »

Can you deposit via paypal?

You can add it as Bank Account and than withdraw your PayPal balance to it, as you can with any other Bank Account.

DareGod

I'm a bit confused about this. What are the benefits of this service over, say, Ulster Bank or AIB Bank, and their mobiles apps, for the everyday user?

johnb25

Would there be any stamp duty (€30) on a card with this?

soirish

DareGod wrote: »

I'm a bit confused about this. What are the benefits of this service over, say, Ulster Bank or AIB Bank, and their mobiles apps, for the everyday user?

Direct Debit works fine (now there are still some Irish companies which don't do debits from non Irish accounts)

Standing orders can be done, however payments can only be made in € at this time to SEPA area, no SWIFT.

Cashback, that won't work as the card is coded as a credit card.

Advantages
Money protected by German Bank Guarantee vs. ring fenced
Full bank account behind it
Better Card Block (per transaction type)
Better transaction monitoring (app & e-mail notifications)

Disadvantages
No Debit Card loading
No multi currency wallet so you can't convert money in advance of spending to know how much you get
Mastercard currency rates which are fixed once daily vs. revoluts dynamic rates that change during the day.

Revolut is good if you want to transfer money to a different currency before you spend so that you know how much € you need to pay for your £/$.

Number26 is good if you want a free bank account with a card.

Credit goes to Yggr of Asgard

TheDriver

I assume stamp duty must be paid?

Yggr of Asgard

TheDriver wrote: »

I assume stamp duty must be paid?

According to their support the answer is no as its a German card, so even the ATM tax next year is not applicable.

However they also say, the Mastercard is coded with Ireland as Home Country which would contradict that.

So we have to wait until one of us get's the card, reads out the chip to see how it's configured. If it's coded as Germany than no stamp duty or atm tax.

Yggr of Asgard

DareGod wrote: »

I'm a bit confused about this. What are the benefits of this service over, say, Ulster Bank or AIB Bank, and their mobiles apps, for the everyday user?

In addition to the point that soirish listed above that I made in the other thread comparing it to Revolut the advantage of your current Irish provider is:

No foreign exchange fees on transactions
No foreign ATM fees
No fee's (yup no fee's with no minimum requirements)
Real time info (push notification and e-mail) for charges/credits
Easy account opening (video chat via IDNow)
German bank guarantee applies

The dis-advantages however are

No Cashback (as far as we know)
No SWIFT transfers in foreign currency at this point (only Sepa in €)
ATM Limits is 600€ day / 2000€ week
Monthly Card Spending limit of 4000€ for store transactions and 4000€ for e-commerce spending
Some Irish companies still refuse to direct debits from non-irish accounts
No cheque cashing or cheque book

Overall right now it might not replace your current account, but it's a free account with no transaction charges even for foreign currency transaction that allows you to manage your money real time with alerts.

curiosity

From a quick look at their support(faq) section...

What are my limits with NUMBER26?
In-store spending limit per month: 4,000 €

E-commerce spending limit per month: 4,000 €

Okay, €4,000 is a LOT, but it's not hard to imagine a situation where you could go over it. Say you have €20,000, and you want to buy something for €5,000 (engagement ring, maybe?), are you going to be rooting in your wallet for another card?

Is it possible to cash a cheque with NUMBER26?

Currently we do not offer a way to cash a cheque to your NUMBER26 account. However, if the customer demand for cashing cheques increases, we will reevaluate this.

I'd be stumped as to what do do with a cheque, other than lodge it to my back account. Yes, cheques are rare enough for most of us, but it'd be a factor for some people. I don't think they offer a chequebook either.

I'd be tempted to try it. It seems a good concept, costs nothing, and is secure(I hope!!). But I'd want to keep an Irish account for cheques, demand drafts, and anything else that I can't think of right now.

Yggr of Asgard

curiosity wrote: »

From a quick look at their support(faq) section...

What are my limits with NUMBER26?
In-store spending limit per month: 4,000 €

E-commerce spending limit per month: 4,000 €

Okay, €4,000 is a LOT, but it's not hard to imagine a situation where you could go over it. Say you have €20,000, and you want to buy something for €5,000 (engagement ring, maybe?), are you going to be rooting in your wallet for another card?

Is it possible to cash a cheque with NUMBER26?

Currently we do not offer a way to cash a cheque to your NUMBER26 account. However, if the customer demand for cashing cheques increases, we will reevaluate this.

I'd be stumped as to what do do with a cheque, other than lodge it to my back account. Yes, cheques are rare enough for most of us, but it'd be a factor for some people. I don't think they offer a chequebook either.

I'd be tempted to try it. It seems a good concept, costs nothing, and is secure(I hope!!). But I'd want to keep an Irish account for cheques, demand drafts, and anything else that I can't think of right now.

Not that your Irish debit card would allow you to spend 5000€ in one go. I would use my miles earning credit card for that, 5000 miles for the honey moon build up. And than I pay the credit card from my current account.

Wirecard (the bank behind it) is a German bank, imagine the paperwork needed to cash in an Irish cheque. German's don't use cheques anymore ever since the Euroscheck got away (which was guaranteed to be paid).

sidcon

Is this NFC via mobile or just a mobile app for banking

curiosity

Yggr of Asgard wrote: »

Not that your Irish debit card would allow you to spend 5000€ in one go. I would use my miles earning credit card for that, 5000 miles for the honey moon build up. And than I pay the credit card from my current account.

Wirecard (the bank behind it) is a German bank, imagine the paperwork needed to cash in an Irish cheque. German's don't use cheques anymore ever since the Euroscheck got away (which was guaranteed to be paid).

I'm not in the habit of spending that amount of money in one go. But yes, come to think of it, I've used a credit card for that amount. The limit is not a deal-breaker.

As for cheques, I suppose we're rare in Europe for still using them. I've only written two in the last five years or so, with just two coming in to me.

Asmooh

Do you get an iban? If yes will it be German or Irish?

RHJ

This post has been deleted.

Mycroft H

What's the catch? It's not free cake here surely?

Asmooh

Just signed up to replace my moneybookers

Iban Is indeed German

bennyx_o

Just signed up. Quick & painless process, however, their document verification didn't work on my HTC One, the guy said it's a software issue with HTC.

Mr.S wrote: »

Does the card you get have contactless?

It does, it mentions NFC in the information once registration is completed

soirish

Mycroft H wrote: »

What's the catch? It's not free cake here surely?

Why is account management free with NUMBER26?
NUMBER26 earns a small amount on every card transaction carried out by a merchant, at no cost to you. We also earn a percentage of deposits managed by Wirecard Bank, our strategic partner. NUMBER26 is an online banking company, and completely dispenses with any kind of branch structure. This allows us to offer our services free of charge.

soirish

Mr.S wrote: »

What actually happens during the video chat? Do you see them or what?

It's a video call with their support team in DE and it is recorded. Need to show your face, passport and verify phone number.

Yggr of Asgard

Mr.S wrote: »

What actually happens during the video chat? Do you see them or what?

Yes, you see them and they see you, they give you some legal disclaimers (about storing your info etc.), they take a face picture (to compare to your ID), than they take pictures of your ID, make you swirl the ID in front of the camera to see the security features and finally they send you code via SMS you need to enter.

RHJ

This post has been deleted.

JTMan

RHJ wrote: »

This post has been deleted.

Virgin Media are SEPA compliant, you will have no issues with a direct debit set up.

Given that Spotify are a global company, you can bet that they are SEPA compliant, should be no issues with direct debit set up.

Yggr of Asgard

RHJ wrote: »

This post has been deleted.

To the best of my knowledge the answer is Yes if your social welfare get's directly into your account. You can't lodge cash into the account in Ireland.

DareGod

Are the primary benefits of this that you don't pay maintenance fees and you get a Mastercard?

Sorry for being slow on the uptake here, I'm just having trouble understanding the point of it.

You can't lodge cash into your account? So it's not a total replacement for your regular bank account?

RHJ

This post has been deleted.

Rackstar

Yggr of Asgard wrote: »

Not that your Irish debit card would allow you to spend 5000€ in one go. I would use my miles earning credit card for that, 5000 miles for the honey moon build up. And than I pay the credit card from my current account.

Wirecard (the bank behind it) is a German bank, imagine the paperwork needed to cash in an Irish cheque. German's don't use cheques anymore ever since the Euroscheck got away (which was guaranteed to be paid).

What credit card have you got that gives you miles?

Yggr of Asgard

Rackstar wrote: »

What credit card have you got that gives you miles?

DKB Lufthansa

Now I hear you say, you can't get that in Ireland, however under certain circumstances (aka a German Bank account) you can get it despite living in this beautiful country.

If you have a DKB account you can get it without paperwork via online application in a couple of minutes with a decent limit.

If you have a different German Bank Account and they are willing to give a bank reference you can get with some paperwork, however I don't think number26 will give bank references.

I so love SEPA, it makes life so much easier.

Delta2113

I was wondering if this product would show up in Bargain Alerts and it deserves it's place here but we now have 2 threads running - I'm sure the moderators will decide what's best.

I'm still paid into a BOI Savings a/c, I have a PTSB Current A/c which I operate FREE and I have a cheque book (only use to lodge money to State Savings) with PTSB.

I'm also now with Revolut and Number 26 and oh yes a realex fire a/c that i never use.

Common denominator - I pay no charges (except government duty which I'll mostly escape next year) - mix and match people -mix and match.

newacc2015

RHJ wrote: »

This post has been deleted.

If you are a student you can get free banking with any brick and mortar bank here. AIB is excellent

Seoda1

What proof of address do they look for or do they ask for this? Thanks

patricksmyth

@seoda1

they dont ask for proof of address on the call (they post your mastercard out to your address, so i guess that handles that)
you just need your passport (the new passport card is not acceptable)
you will also need to make sure you have good phone coverage (they send you sms while on the phone)
they will ask you to confirm back the details you filled into the website

smilgy

If they send out a Mastercard credit card, does that mean that when you're renting a car somewhere where a debit card is not enough, this would suffice ?

NeverWaining

I pick up some weird stuff from Bargain Alerts but a German bank account I was not expecting.

Thanks OP.

Slutmonkey57b

This isn't a bank account in any meaningful sense of the word.

It's a credit card with some add on features.

Can't make deposits.

Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

No cash services.

No resident customer services.

It's not a bank account.

Check the interest rates and compare it against other credit card sellers.

PeeDawg

Has anyone got one of these? How good is it?

NeverWaining

NeverWaining wrote: »

I pick up some weird stuff from Bargain Alerts but a German bank account I was not expecting.

Slutmonkey57b wrote: »

This isn't a bank account in any meaningful sense of the word...

Thanks Slutmonkey!

God bless the internet.

JAMM222

Slutmonkey57b wrote: »

This isn't a bank account in any meaningful sense of the word.

It's a credit card with some add on features.

Can't make deposits.

Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

No cash services.

No resident customer services.

It's not a bank account.

Check the interest rates and compare it against other credit card sellers.

You can make deposits
You can withdraw from a cash machine foc