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

Bummer1234 · 28-01-2016 2:15am

Good to hear there's action on the stamp duty charge, I emptied my account on Monday just incase but will send some back,

not to get side tracked but the folks here who hadn't received there cards cause of the post f up in December receive there's yet,still awaiting mine and will ring them in the morning.

yoshimitsu · 28-01-2016 8:51am

2 quick question guys... I've read through the first 4-5 pages of the thread, got excited about the service and applied for an account y'day. now I've read the last 4-5 pages and sort of regret it!

The reason people are closing their account is that N26 will likely start charging €30 a year for the card right? There is nothing wrong or illicit about the service besides that (and poor customer service)?

So as we stand right now in the Revolut vs N26 debate, the former clearly is the cheapest option for a prepaid card with online account management and good FX? Revolut does not (currently) charge yearly fees or duties?

Tks in advance

OU812 · 28-01-2016 9:52am

Email response from them:

Thank you for getting in touch with us.

After the recent change to out terms and conditions to reflect the stamp duty that applies to Ireland, some of our customers, including you, have correctly pointed out that the fee should be 5 €, since the NUMBER26 MasterCard is a debit card. We apologize for the confusion and will update our price list shortly.

If you have any further questions, please do not hesitate to contact us.
Or check out our support center to find answers right away: https://number26.eu/support/

Kind regards,

Clemens
+49 (0) 30 364 286 880
NUMBER26 Customer Service
Klosterstraße 62 | 10179 Berlin

soirish · 28-01-2016 10:34am

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

dolallyoh · 28-01-2016 10:41am

soirish wrote: »

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

??? Reread the posts above - one is a yearly charge one isn't.

Yggr of Asgard · 28-01-2016 11:25am

OU812 wrote: »

Email response from them:
Thank you for getting in touch with us.

After the recent change to out terms and conditions to reflect the stamp duty that applies to Ireland, some of our customers, including you, have correctly pointed out that the fee should be 5 €, since the NUMBER26 MasterCard is a debit card. We apologize for the confusion and will update our price list shortly.

If you have any further questions, please do not hesitate to contact us.
Or check out our support center to find answers right away: https://number26.eu/support/

Kind regards,

Clemens
+49 (0) 30 364 286 880
NUMBER26 Customer Service
Klosterstraße 62 | 10179 Berlin

Nice, I yet have to get such mail.

But that is still wrong it's not 5€, please refer to Part 9 of Revenue Operating Manual SDCA which shows Section 123B of the Stamp Duty Consolidation Act 1999 which show you the correct taxes on Debit Cards which is the ATM Withdraw Tax and not 5€.

http://www.revenue.ie/en/about/foi/s16/stamp-duty/part-09.pdf

I see their next mail already

Unfortunately some of you gave us wrong information which we simply trusted, we now have done out own homework and are now charging ATM Withdraw Tax.

Incredible even for a startup, starting in a market with a tax problem.

At least they are moving into the right direction.

Delta2113 · 28-01-2016 11:33am

I don't appreciate their attitude -they need to hold their hands up and not try and blame us.

They have made a mess of this.

Yggr of Asgard · 28-01-2016 11:41am

Delta2113 wrote: »

I don't appreciate their attitude -they need to hold their hands up and not try and blame us.

They have made a mess of this.

Agreed, let's see how long it takes for them to correct this one.

Sideline: if you use "Quick Reply" your posts will show double, it's a known bug, use "Post Reply"

OU812 · 28-01-2016 12:01pm

Yggr of Asgard wrote: »

But that is still wrong it's not 5€, please refer to Part 9 of Revenue Operating Manual SDCA which shows Section 123B of the Stamp Duty Consolidation Act 1999 which show you the correct taxes on Debit Cards which is the ATM Withdraw Tax and not 5€.

My response to them this morning:

Thank you for clarifying the matter somewhat, however, I feel the need to point out that we have not got a flat €5 tax, it is a charge of 12¢ per ATM transaction up to a maximum of €5 in any one year.

Could you please clarify wether this will be the case, (all arguments about the fact there is such a charge aside) as a flat €5 fee would be a charge against the card/account and not stamp duty which is the aforementioned 12¢ per atm transaction up to €5 in the year.

And their reply just received:

Thank you for getting back to me.

Again, you are perfectly correct and, again, I have to apologize. We are aware of the fee structure and my last email should have read "a maximum of" 5 EUR (in increments of 0.12 EUR per ATM transaction). Thanks again for pointing this out.

If you have any further questions, please do not hesitate to contact us.
Or check out our support center to find answers right away: https://number26.eu/support/

The Ayatolla · 28-01-2016 12:33pm

So we're sorted?

Yggr of Asgard · 28-01-2016 12:40pm

OU812 wrote: »

My response to them this morning:

Thank you for clarifying the matter somewhat, however, I feel the need to point out that we have not got a flat €5 tax, it is a charge of 12¢ per ATM transaction up to a maximum of €5 in any one year.

Could you please clarify wether this will be the case, (all arguments about the fact there is such a charge aside) as a flat €5 fee would be a charge against the card/account and not stamp duty which is the aforementioned 12¢ per atm transaction up to €5 in the year.

And their reply just received:

Thank you for getting back to me.

Again, you are perfectly correct and, again, I have to apologize. We are aware of the fee structure and my last email should have read "a maximum of" 5 EUR (in increments of 0.12 EUR per ATM transaction). Thanks again for pointing this out.

If you have any further questions, please do not hesitate to contact us.
Or check out our support center to find answers right away: https://number26.eu/support/

You got an e-mail response within hours?

You must be a VIP for them, I can't get them to respond to mails for days.

But well done, great they are seeing the light now.

Yggr of Asgard · 28-01-2016 12:41pm

The Ayatolla wrote: »

So we're sorted?

Yes (pending them in January 2017 actually correctly deducting 12 cents per Euro withdraw at an ATM in the Republic).

As this is also a traveling card (due to no ATM fee), remember ATM withdraws outside the Republic are not due an ATM withdraw tax of 12 cents.

Amouar · 28-01-2016 1:08pm

Yggr of Asgard wrote: »

As this is also a traveling card (due to no ATM fee), remember ATM withdraws outside the Republic are not due an ATM withdraw tax of 12 cents.

Maybe the non Irish ATM withdrawals needs to be clarified with them aswell?

Yggr of Asgard · 28-01-2016 1:15pm

Amouar wrote: »

Maybe the non Irish ATM withdrawals needs to be clarified with them aswell?

I'm sure they stopped reading my mails and tweets so someone else needs to fight that in January 2017 when they charge the tax wrong.

But hopefully by than the Risk Manager that they are currently hiring will be able to sort this out.

Bummer1234 · 28-01-2016 1:28pm

Got through to them on the phone after three goes,Ordered a new card to be sent out to me.

Just another question, Heading away to Australia later in the year, Whats the best card to use out there as it is at the moment?

Ulster bank debit card/Revolut card or Number 26 debit card?

I want the least charges possible.

Trojan00 · 28-01-2016 1:34pm

I have been on chat with them. They plan to charge the €5 in April. I then sent them the pdf (http://www.revenue.ie/en/press/budget/2016/budget-summary-2016.pdf) and I was told that they will pass this to the relevant team.

Its a bit amateurish to say the least.

28-01-2016 1:36pm

It's kind of uninspiring that we're having to explain the financial rules to them. What with them being a bank and all.

Quackster · 28-01-2016 1:42pm

Trojan00 wrote: »

I have been on chat with them. They plan to charge the €5 in April. I then sent them the pdf (http://www.revenue.ie/en/press/budget/2016/budget-summary-2016.pdf) and I was told that they will pass this to the relevant team.

Its a bit amateurish to say the least.

Possibly the stamp duty due for last year?

Nollog · 28-01-2016 1:49pm

soirish wrote: »

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

What's Monese like? never heard of it.

Yggr of Asgard · 28-01-2016 1:58pm

Bummer1234 wrote: »

Got through to them on the phone after three goes,Ordered a new card to be sent out to me.

Just another question, Heading away to Australia later in the year, Whats the best card to use out there as it is at the moment?

Ulster bank debit card/Revolut card or Number 26 debit card?

I want the least charges possible.

Quite Possibly Revolut as their exchange rates seam to be better than the MasterCard rates number26 uses.

Before you go, I would monitor the rates for a while on revolut and compare them to the Mastercard rates to see if it makes a difference to you.

But by the end of the year, who knows, there might other alternatives around than which are even better.

Yggr of Asgard · 28-01-2016 2:03pm

/\/ollog wrote: »

What's Monese like? never heard of it.

Monese gives you a UK bank account number / sort code in £.

Foreign currency transactions are possible but they charge a fee for it (worse than revolut and number26).

They are good if you need a UK bank account (currently it's not a full bank account, no direct debit but you can make easy transfers from and to it). Advantage is that you can top up £ without a reference number as it's an own account.

For example you could withdraw you bundel or quidco cashback to it instead of paypal to save some money.

They also give you an NFC Visa debit card.

However currently the app is only for android and you need the app to operate the account.

www.monese.com

Doylers · 28-01-2016 2:11pm

Yggr of Asgard wrote: »

Monese gives you a UK bank account number / sort code in £.

Foreign currency transactions are possible but they charge a fee for it (worse than revolut and number26).

They are good if you need a UK bank account (currently it's not a full bank account, no direct debit but you can make easy transfers from and to it). Advantage is that you can top up £ without a reference number as it's an own account.

For example you could withdraw you bundel or quidco cashback to it instead of paypal to save some money.

They also give you an NFC Visa debit card.

However currently the app is only for android and you need the app to operate the account.

www.monese.com

Yet their website has an image of an iPhone with the app on :pac:

Yggr of Asgard · 28-01-2016 2:13pm

Trojan00 wrote: »

I have been on chat with them. They plan to charge the €5 in April. I then sent them the pdf (http://www.revenue.ie/en/press/budget/2016/budget-summary-2016.pdf) and I was told that they will pass this to the relevant team.

Its a bit amateurish to say the least.

April is the credit card stamp duty deadline, the debit card deadline was 31 December 2015.

To be compliant they would need to deduct 2.50 € or 5€ stamp duty (depending on how the card was used) for those of us that that had the card last year on 1st January (which they did not do).

For this year than they need to deduct the new ATM Withdraw Tax in January 2016.

They can demand the 2.50 / 5 € and i have no problems paying my tax.

But again, it's really showing they have no idea of how to deal with this.

throwaway10 · 28-01-2016 4:01pm

Update on my situation. Sent two emails. No chat advisors available. Been on the phone for 26 and 28 minutes respectively on hold before being disconnected and told to call back later before ever speaking to a human.

Ush1 · 28-01-2016 4:09pm

Sounds like it might not be time to cancel our Irish accounts just yet?

Coupon King · 29-01-2016 11:20am

I tried this morning to pay for items with Littlewoods and an error message appeared stating Merchant does not accept NL Cards

damemcd · 29-01-2016 11:57am

Number 26 did make a balls of the stamp duty issue but ,otherwise I can't fault them at all.Card works for me, app is informative and when you consider our experiences with our native banking brethren , at least they didn't bankrupt the country.