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

stryker mcqueen

How long did documents & card take to arrive? im waiting 2 weeks now since signing up

fbradyirl

Took 4 working days from the day I did the video verification.

Yggr of Asgard

With the latest update you can now do transfers in some foreign currencies:

• U.S. Dollar (USD)
• British Pounds (GBP)
• Swedish Kroner (SEK)
• Indian Rupees (INR)
• Australian Dollars (AUD)
• Polish Zloty (PLN)

This is done in the APP and uses transferwise (so their rates and fees apply), the advantage of this co-operation is that you can do everything in the number26 app and don't need to do anything with transferwise.

More info on https://support.number26.eu/read/000001289?locale=en

Now what still need to be clarifies is who shows as sender on the receivers ends. The account owner or transferwise.

Yggr of Asgard

And according to twitter support the sender shows as the account owner not transfer wise which makes this so much more better than other solutions:

https://twitter.com/number26/status/702796809702350849

Now as usual with number26, the theory is great, let's see how it works in practice.

Yggr of Asgard

And as always with number26 I double check and voila support via e-mails is of a different opinion, they say its transfer wise.

So I guess the only way to find out is to make a test transfer (2€ cost) and see.

Innovative product that number26 has but Virgin Media like customer service.

Fred Swanson

This post has been deleted.

soirish

Yggr of Asgard wrote: »

So I guess the only way to find out is to make a test transfer (2€ cost) and see.

You sure it's always 2 euro?

The fee consists of a base fee and a percentage of the amount sent, and it varies depending on the target currency. For a detailed breakdown of how the TransferWise fee is calculated, please check their Support Center.

Amouar

soirish wrote: »

You sure it's always 2 euro?

2 euros is the minimum fee.

Yggr of Asgard

soirish wrote: »

You sure it's always 2 euro?

For a small test transfer it's 2€, for over 400€ it starts to come to 0.5%.

I would not do a large test transfer, keep it low and accept the cost.

Lucas Hood

Tried to pay for something in post office with my n26 card today and it wouldnt work . First time ive came across that.

Quackster

Lucas Hood wrote: »

Tried to pay for something in post office with my n26 card today and it wouldnt work . First time ive came across that.

An Post systems must be identifying it as a credit card. An Post only accept debit cards.

Yggr of Asgard

Yggr of Asgard wrote: »

And as always with number26 I double check and voila support via e-mails is of a different opinion, they say its transfer wise.

So I guess the only way to find out is to make a test transfer (2€ cost) and see.

Innovative product that number26 has but Virgin Media like customer service.

And back to foreign currency transactions, I asked to check (in German) and voila the answer came back that after checking with transferwise the sender that will shown is transferwise not the account holder.

So keep that in mind if you are going to make a payment.

soirish

Yggr of Asgard wrote: »

The advantage of this co-operation is that you can do everything in the number26 app and don't need to do anything with transferwise.

Seems to be available only in the app, on the website the only option is EUR transfers.

Yggr of Asgard

soirish wrote: »

Seems to be available only in the app, on the website the only option is EUR transfers.

Yes it's in App only, it's part of their Fintech Hub program in which they allow 3rd parties services to be included into their App.

They claim transferwise is only the first.

OU812

Email from #26

The Irish Government requires banks in Ireland to collect certain duties, including duty on debit cards. Therefore, going forward your NUMBER26 MasterCard Debit Card will be charged with 5 Euros annually, including stamp tax duty on debit cards. This charge will be applied and automatically deducted from your account in January, always for the previous year. However, for the year 2015, no charges will be applied.

We appreciate your using NUMBER26 and hope you understand our need to comply with this mandatory government regulation.

Have questions about this newsletter? Simply contact our support at support@number26.de.

Amouar

OU812 wrote: »

Email from #26

The Irish Government requires banks in Ireland to collect certain duties, including duty on debit cards. Therefore, going forward your NUMBER26 MasterCard Debit Card will be charged with 5 Euros annually, including stamp tax duty on debit cards. This charge will be applied and automatically deducted from your account in January, always for the previous year. However, for the year 2015, no charges will be applied.

We appreciate your using NUMBER26 and hope you understand our need to comply with this mandatory government regulation.

Have questions about this newsletter? Simply contact our support at support@number26.de.

As I thought. They don't want to spend time and count the exact transactions, but rather charge a flat 5Euros fee in a sneaky way as they say "including stamp tax duty on debit cards"

NeverWaining

So their €5 charge includes the stamp duty. Sneaky or just lazy?

Amouar

NeverWaining wrote: »

So their €5 charge includes the stamp duty. Sneaky or just lazy?

Both

NeverWaining

I haven't used mine to withdraw at an ATM and I have no plans to either. A fiver isn't a deal breaker but it's definitely a negative.

Yggr of Asgard

NeverWaining wrote: »

I haven't used mine to withdraw at an ATM and I have no plans to either. A fiver isn't a deal breaker but it's definitely a negative.

Giving that 2 weeks ago they confirmed in writing that they will charge the correct stamp duty they now are back to a flat fee.

It's not that I would not mind paying for the features that they offer, but I have no trust left into them so banking with someone who changes their mind and does sneaky things like this is not a bank I want.

gmisk

I never completed setup (i.e. I was never given a bic and iban....) and I wont be using it. I got the 5 euro mail I am guessing no way I will be charged?

Not exactly helpful that the only cancellation form is entirely in German.....

Nollog

I replied to them with the correct information. I don't understand how they don't understand yet.

Curb Your Enthusiasm

Eventually got verified on the video chat.

The German boy in a suit in his bedroom on the webcam was not very helpful.

OU812

Yggr of Asgard wrote: »

It's not that I would not mind paying for the features that they offer, but I have no trust left into them so banking with someone who changes their mind and does sneaky things like this is not a bank I want.

To be honest, I find them better than the Irish banks, who's level of sneakiness far exceeds #26.

It's obvious that they came into the market without doing their research & got caught out.

I'm currently having issues with Revolut topping up and I liked them too, so I'm far more likely to dump them over #26

jester77

NeverWaining wrote: »

So their €5 charge includes the stamp duty. Sneaky or just lazy?

Neither, just a better use of resources. Why invest so much time and effort for this (something that could disappear or change in the next budget as it has done in previous budgets), when their limited resources could be better spent investing in making their product better for everyone. Better move on their behalf. If people want to vent their frustration, then it should be aimed at the Irish government for having such a ridiculous charge in the first place and not at this startup.

Yggr of Asgard

jester77 wrote: »

Neither, just a better use of resources. Why invest so much time and effort for this (something that could disappear or change in the next budget as it has done in previous budgets), when their limited resources could be better spent investing in making their product better for everyone. Better move on their behalf. If people want to vent their frustration, then it should be aimed at the Irish government for having such a ridiculous charge in the first place and not at this startup.

I completely disagree with you, if you are entering a market you have to make sure you are compliant with local regulations even if these are strange and outrageous policy effort to drive people into a cashless society so that Revenue can continue to track all card transactions to find tax evaders.

The level of understanding that number26 has shown is crazy and does not reflect positive on them, independently how crazy debit card stamp duty is in Ireland.

When I chatted to someone a minute ago he said that this is not a fee but Irish Tax, he than provided me the link to the citizen information page about Stamp Duty as proof that they are required to charge 5€. He said this was the info they got told this afternoon to give Irish Customers.

So the mail says it's a fee that includes any possible stamp duty, the contact center got told to blame the Irish Government and the customer once again has no confidence into nubmer26.

Nollog

jester77 wrote: »

Neither, just a better use of resources. Why invest so much time and effort for this (something that could disappear or change in the next budget as it has done in previous budgets), when their limited resources could be better spent investing in making their product better for everyone. Better move on their behalf. If people want to vent their frustration, then it should be aimed at the Irish government for having such a ridiculous charge in the first place and not at this startup.

I'm sure it wouldn't hurt them as a bank to have an implementation of per-transaction fees.

Yggr of Asgard

/\/ollog wrote: »

I'm sure it wouldn't hurt them as a bank to have an implementation of per-transaction fees.

They still have to implement a system to find all Irish ATM withdraws so that they can pay the correct amount of stamp duty to Revenue.

They won't just give 5€ per card to Revenue independent of the real amount due. That would be creating all sorts of compliance issues for them, Wirecard and Revenue. Overpaying taxes?

La_Gordy

Hi guys, I was sent an invite code to Number26 but before joining, I just wanted to clarify what the benefit is?

I've been reading the thread and from above can see that there will be a charge of 5E for Ireland, so it will not be a free banking service. While this is not a huge fee at all (I am currently charged a higher fee from AIB per quarter), I don't see what other benefits are to be had? Is it the stability of a German bank vs an Irish one?

bennyx_o

The €5 is to cover the Government Stamp Duty on the debit card, so at worst, you'll be €2.50 worse off than with an Irish bank.