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Does anyone know how foreign currency deposits work for N26?

  • 01-09-2017 3:01am
    #1
    troyzer
    Registered Users, Registered Users 2 Posts: 6,200 ✭✭✭


    Currently working in Australia and up to now I've been sending money back to Ireland using currencyfair which was fine but relatively slow and the exchange rates aren't as good as N26 or Revolut.

    I currently have both. My plan was to start sending money over by topping up my Revolut card online and turbo transferring that in euro to N26. However, the Revolut app isn't a fan of Australian addresses. You have to match your address with your postcard and it seems to only work with unique postcodes which Australia doesn't have. Meaning when I type in my postcode, it's giving me some random address kilometres away.

    I'm reluctant to start messing around with bank transfers as they're quite slow and if I was to do them, I might as well transfer them directly to my N26 account.

    So here's my question: my Australian banks lets me send AUD transfers abroad. I was thinking of transferring this into my N26 and taking advantage of the much better N26 exchange rates. However, I know the N26 conversion is powered by transfer wise. Does anyone have any experience of depositing foreign currency into N26? Are the rates the same as when you pay abroad?

    This is a going concern because I just accepted a job offer in Northern Ireland and want to be paid into my N26 account.

    Santé!


Comments

  • #2
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    N26 does not accept incoming transactions in anything else than €.

    They only support outbound transactions via transferwise, not incoming.


  • #3
    troyzer
    Registered Users, Registered Users 2 Posts: 6,200 ✭✭✭troyzer


    Yggr of Asgard wrote: »
    N26 does not accept incoming transactions in anything else than €.

    They only support outbound transactions via transferwise, not incoming.

    Well, that's a serious kicker. So I can't use it for my sterling salary? Ouch. I had already signed up for Black and now it's useless.


  • #4
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    You have 14 days to withdraw from your black commitment.

    If you get salary regularly, get a real bank account in the UK. There are several fee free option for EU residents you can open via mail. Ulster Bank is an example.

    Than combine it with transferwise / revolut or some other service to convert what you don't need into Euro.


  • #5
    troyzer
    Registered Users, Registered Users 2 Posts: 6,200 ✭✭✭troyzer


    Yggr of Asgard wrote: »
    You have 14 days to withdraw from your black commitment.

    If you get salary regularly, get a real bank account in the UK. There are several fee free option for EU residents you can open via mail. Ulster Bank is an example.

    Than combine it with transferwise / revolut or some other service to convert what you don't need into Euro.
    I think I'll hang onto N26 for now. It's only sixty squid a year and there are enough benefits to justify it. I might even ask my company to pay me in Euro. 

    I think you're right though, a UK bank account is the way to go.


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