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

Slutmonkey57b · 08-12-2015 1:37pm

bk wrote: »

It has a unique IBAN, legally that makes it a bank account per EU legislation.

Yes, it doesn't have a physical branch in Ireland and that may limit it's usefulness for a small minority of people, but it absolutely is a bank account.

Would you also claim that KBC isn't a bank account either, given that you can't lodge cash into that either and they don't have branches in many Irish towns?

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

It is not what most people would consider a bank account and I don't think anyone enquiring on this forum about its suitability should be told "yeah sure it's grand, it's the same thing and all" as one poster previously was. Unless anyone handing out advice about the suitability of financial products is happy to take on the legal ramifications of their advice too?

Pretty sure the powers that be in boards don't like those ideas at all...

DrJFF · 08-12-2015 1:40pm

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

Yggr of Asgard · 08-12-2015 1:46pm

Slutmonkey57b wrote: »

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

It is not what most people would consider a bank account and I don't think anyone enquiring on this forum about its suitability should be told "yeah sure it's grand, it's the same thing and all" as one poster previously was. Unless anyone handing out advice about the suitability of financial products is happy to take on the legal ramifications of their advice too?

Pretty sure the powers that be in boards don't like those ideas at all...

KBC does not offer a bank account either than?

By your definition my DKB account would not be a bank account either and I really would say, that wrong. DKB is way better in service and product availability not to mention free banking across multiple products than any Irish Bank.

Sure I can't step into a branch or pay cash into the account but what does that matter to me? I can get cash out of any ATM for free, they even refund ATM operator charges.

Why do I use number26 now, because DKB still charges foreign transaction fees and with number26 just like revolut I can avoid that.

Does number26 fit everybody? No

I think they make it very clear on their webpage what one can do and what not. Their webpage have an excellent FAQ. And several posters here (including myself) have listed advantages/disadvantages.

It's up to everybody to make up their own mind, test the product (it's free after all) and see if they feel it addresses their needs.

But putting out statements like no deposits/no withdraws which is quite clearly false is another thing.

bk · 08-12-2015 2:08pm

Slutmonkey57b wrote: »

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

And that pretty much proves my point, even the brick and mortars banks are heading this direction!

In the case of BOI, it was ridiculous them trying to refuse cash services, when they charge such high fees for their current accounts and offer such terrible rates on mortgages, etc.

With such high costs, I expect them to offer more then what I can get for free now from Number26.

I feel like banking is going to go in two directions:

- Completely free, online banks with limited or no physical presence.

- High cost, full service, brick and mortars bank, that offers a large branch network, cash desk services, late opening times and weekend opening.

The problem with BOI, was that they were trying to do the former, while charging like the later, it doesn't work that way!

Either way you are absolutely factually wrong, Number26 is absolutely a bank account as laid out be EU legislation.

That isn't to say that it is for everyone, it isn't, but you are very much wrong in a number of claims you made.

almee · 08-12-2015 2:12pm

DrJFF wrote: »

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

I see on their FAQ there is a problem with samsung devices pairing, text below.....

Solution for pairing problem with Samsung devices

Some Samsung smartphones, especially Samsung Galaxy S6 and S6 Edge, have automatically been unpairing form the NUMBER26 Account. There is a simple solution to this problem: just enter your backup password (not your fingerprint) after restart or when unlocking your phone. This only has to be done once for each time you (re)start your phone. The problem lies within the latest Android system update 5.1.1 and is currently being fixed by Samsung.

PokeHerKing · 08-12-2015 2:16pm

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

Savman · 08-12-2015 2:16pm

Signed up over the weekend, only positive experience so far. Transfer took 1 day from BOI (whom I have no love for).

Just waiting on arrival of the Mastercard now but if it does what it says on the tin then this account is an absolute no-brainer.

Savman · 08-12-2015 2:18pm

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

Just leave it blank, it's not needed.

Yggr of Asgard · 08-12-2015 2:19pm

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

You don't need the code anymore, for a while it was needed while they were testing, now signup works without one.

Asmooh · 08-12-2015 2:19pm

One thing I like already is that I can get a notification when money arrives on my account.
My Dutch account and AIB does not offer this and its nice to have! You can select both email/app or just one out of the two.
The other thing I like (but need to look into it) is privacy, and tracking my payments.

Yggr of Asgard · 08-12-2015 2:19pm

Savman wrote: »

Signed up over the weekend, only positive experience so far. Transfer took 1 day from BOI (whom I have no love for).

Just waiting on arrival of the Mastercard now but if it does what it says on the tin then this account is an absolute no-brainer.

I'm waiting for it too, mail from Germany at best times takes at least 4 days, so I hope to get it soon to see how it is actually coded and give it spin.

boardbro · 08-12-2015 2:25pm

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

AlmightyCushion · 08-12-2015 2:33pm

boardbro wrote: »

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

Some one else said it will get rejected.

Francie Barrett · 08-12-2015 2:33pm

boardbro wrote: »

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

Transfers in foreign currencies to your NUMBER26 account, however, are not possible yet and will be rejected. Please only transfer Euros to your NUMBER26

Nope.

Nollog · 08-12-2015 2:41pm

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

It seems to be for Germans of old who needed an invite originally.
That's just a guess of mine from a few minutes Google when I was signing up and when presented with a code box, always look around.

Slutmonkey57b · 08-12-2015 2:51pm

bk wrote: »

And that pretty much proves my point, even the brick and mortars banks are heading this direction!

In the case of BOI, it was ridiculous them trying to refuse cash services, when they charge such high fees for their current accounts and offer such terrible rates on mortgages, etc.

With such high costs, I expect them to offer more then what I can get for free now from Number26.

I feel like banking is going to go in two directions:

- Completely free, online banks with limited or no physical presence.

- High cost, full service, brick and mortars bank, that offers a large branch network, cash desk services, late opening times and weekend opening.

The problem with BOI, was that they were trying to do the former, while charging like the later, it doesn't work that way!

Either way you are absolutely factually wrong, Number26 is absolutely a bank account as laid out be EU legislation.

That isn't to say that it is for everyone, it isn't, but you are very much wrong in a number of claims you made.

Are you happy to back up your opinion with legal guarantees of suitability to posters who ask about it?

bk · 08-12-2015 2:55pm

Slutmonkey57b wrote: »

Are you happy to back up your opinion with legal guarantees of suitability to posters who ask about it?

Are you happy to take on a defamation case from this bank for claiming in public that they aren't a bank?

Will you also be happy to face a similar defamation case for also claiming KBC aren't a bank?

Completely ridiculous claims you are making, just go ask the Irish and German financial regulators and they will clarify it easily for you.

onedmc · 08-12-2015 2:56pm

So before I tick that I acknowledge the terms and condition I of course have to read them. If would be appropriate for anyone to agree to T&C's than I hadnt read particularly relating to finances.

But the costs are in German

Überweisungsänderung, Überweisungsrückruf. 15€ Eine Rechnungsstellung erfolgt nur für die Änderung oder den
Rückruf nach Zugang des Überweisungsauftrags.

Even the bits of the other area that are in English need a some plain Speak
"Changes in charges for banking services which are typically used by customers within the framework of the business relationship on a permanent ...
"The Bank shall allow a reasonable period of time for providing or increasing security. If the Bank intends to make use of its right of termination without notice ............"

Paragraph by paragraph the translation is in pigeon English

Nollog · 08-12-2015 3:24pm

I know of a company who got in serious legal troubles for calling themselves a bank without being regulated or meeting any requirements.
They changed their name to whatever it was "banq" and low and behold, rip company.

There be serious consequences for something claiming to be a bank when not.

Yggr of Asgard · 08-12-2015 3:25pm

No danger here than because number26 makes it very clear that You open a full-fledged NUMBER26 account with Wirecard Bank and receive all benefits and securities of a German bank account.

Yggr of Asgard · 08-12-2015 3:28pm

onedmc wrote: »

Paragraph by paragraph the translation is in pigeon English

Wow I just had a look, those translations are horrible. I did not see them because I used the German version.

And there is the following disclaimer:

The following translation is provided for the customer’s convenience only. The original German text of the respective Terms and Conditions is binding in all respects. In the event of any divergence between the English and the German texts, constructions, meanings or interpretations, those of the German original shall govern exclusively.

So another dis-advantage.

PokeHerKing · 08-12-2015 3:30pm

Yggr of Asgard wrote:

You don't need the code anymore, for a while it was needed while they were testing, now signup works without one.

Cheers, I more so thought it was a promo code for some free money or some other gift for opening the account.

alwald · 08-12-2015 3:40pm

Few questions, I need a joint bank account to pay bills/groceries, some of these bills are direct debits (Virgin Media, TV licence.....), My current Irish bank is charging me way too much and I am looking for a cheaper alternative, is this bank the best that I can find or is there another alternative? Thanks.

bk · 08-12-2015 3:52pm

alwald wrote: »

Few questions, I need a joint bank account to pay bills/groceries, some of these bills are direct debits (Virgin Media, TV licence.....), My current Irish bank is charging me way too much and I am looking for a cheaper alternative, is this bank the best that I can find or is there another alternative? Thanks.

Permanent TSB offer free banking if you deposit €1500 into your account every month.

The €1500, doesn't need to stay in the account, it can be transferred back out straight afterwards.

Yggr of Asgard · 08-12-2015 3:54pm

alwald wrote: »

Few questions, I need a joint bank account to pay bills/groceries, some of these bills are direct debits (Virgin Media, TV licence.....), My current Irish bank is charging me way too much and I am looking for a cheaper alternative, is this bank the best that I can find or is there another alternative? Thanks.

Not giving you financial advice but have you checked Permanent TSB or KBC which offer free accounts under certain conditions.

Number26 does not do joint accounts.

Delta2113 · 08-12-2015 3:59pm

Got my money into Number 26 this morning Yggr of Asgard from PTSB -see how you can add a note and photograph and easily do a reverse -i.e. send money in the opposite direction.

It's pure technology and good software in action.

OU812 · 08-12-2015 4:06pm

Just tried to verify & they don't accept the new passport card (which I believe may be illegal as it has all the same function as the regular book & is issued under the EU).

Dodge · 08-12-2015 4:07pm

bk wrote: »

Permanent TSB offer free banking if you deposit €1500 into your account every month.

The €1500, doesn't need to stay in the account, it can be transferred back out straight afterwards.

and deposits include salary lodgements

The J Stands for Jay · 08-12-2015 4:15pm

DrJFF wrote: »

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

Did you remember to drop the zero?

Yggr of Asgard · 08-12-2015 4:15pm

OU812 wrote: »

Just tried to verify & they don't accept the new passport card (which I believe may be illegal as it has all the same function as the regular book & is issued under the EU).

Contact BaFin and log a complaint which will give you an official answer.

http://www.bafin.de/EN/Service/TopNavigation/Contact/contact_node.html

Slutmonkey57b · 08-12-2015 4:31pm

bk wrote: »

Are you happy to take on a defamation case from this bank for claiming in public that they aren't a bank?

Will you also be happy to face a similar defamation case for also claiming KBC aren't a bank?

Completely ridiculous claims you are making, just go ask the Irish and German financial regulators and they will clarify it easily for you.

I'm not claiming or suggesting anything of the sort. I've merely pointed out that to the average punter, the product being talked about isn't a bank account in the sense they understand it. "In any meaningful sense" wad the phrasing I used. Everyone who takes issue with me seems to forget that. They've also forgotten all the people screaming on boards, newspapers, tv etc about withdrawing cash services, for whom bank account clearly equals dealing in cash.

And yet posters on here were telling a user who asked a question "would this be suitable for me" in the affirmative. As though they were qualified to give financial advice and were fully acquainted with the anonymous stranger's financial and legal affairs. Which is nonsense.

You and a few others seem to talk any perceived negative comment about this bank very personally.

RHJ · 08-12-2015 4:49pm

This post has been deleted.

DrJFF · 08-12-2015 5:08pm

McGaggs wrote: »

Did you remember to drop the zero?

Thanks I feel silly as I thought it might be that!

Asmooh · 08-12-2015 5:18pm

Yesterday evening (around 8pm) I sent 1 euro from both my Irish AIB and Dutch ING.
Both just received, Will sent 50 cent back to both of them to see how fast it goes

Yggr of Asgard · 08-12-2015 5:24pm

That are impressive transfer times. Let's see how the times are on the way back.

Copper_pipe · 08-12-2015 6:11pm

Do these crowd allows using the card for Gambling sites?

Revolut doesnt

bennyx_o · 08-12-2015 6:14pm

DrJFF wrote: »

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

McGaggs wrote: »

Did you remember to drop the zero?

This happened me last night, dropped the zero and the text straight away

daheff · 08-12-2015 6:35pm

Asmooh wrote: »

They will sent you the card by post so with a fake address you wont get the card

what if I use Parcel motel????

Now I have a banking facility with Parcel Motel as my address.

If they provide physical statements to this address, then I can now set up a passport / driving license using this as my home address.

The J Stands for Jay · 08-12-2015 6:45pm

Slutmonkey57b wrote: »

You and a few others seem to talk any perceived negative comment about this bank very personally.

The tetchyness is due to a sensible discussion being hijacked by warnings that "It's not a bank" which turn out to be based on a personal preference for over the counter cash transactions.

Dodge · 08-12-2015 6:56pm

daheff wrote: »

what if I use Parcel motel????

Now I have a banking facility with Parcel Motel as my address.

If they provide physical statements to this address, then I can now set up a passport / driving license using this as my home address.

Go on so. See what happens

esforum · 08-12-2015 7:11pm

what happens if theres issues or you need face to face contact?

AlmightyCushion · 08-12-2015 7:13pm

esforum wrote: »

what happens if theres issues or you need face to face contact?

If there are issues you can use their customer support. If you want face to face you'd have to go elsewhere. Why would you need face to face contact?

Yggr of Asgard · 08-12-2015 7:46pm

daheff wrote: »

what if I use Parcel motel????

Now I have a banking facility with Parcel Motel as my address.

If they provide physical statements to this address, then I can now set up a passport / driving license using this as my home address.

So what is your concern about not needing to provide a proof or residence when applying for the card?

You can already change existing billing instruments to have a parcel motel address so that shipment can be made to the billing address if required.

Yggr of Asgard · 08-12-2015 7:50pm

esforum wrote: »

what happens if theres issues or you need face to face contact?

You do what you would do with any financial services provider, call or send an e-mail.

https://number26.eu/support/how-can-i-get-support/

And if you need face to face contact for the operation of your account, than number26 might not be the right product for you.

hognef · 08-12-2015 10:51pm

esforum wrote: »

what happens if theres issues or you need face to face contact?

I've been with a pure internet bank (Skandiabanken) for the last 15 years (before landing in Ireland and needing a local account it was my sole bank). Still haven't managed to come up with even a potential scenario in which I'd need face-to-face contact).

Admittedly Skandiabanken is a full-feature bank with mortgages, car loans, credit cards, saving accounts, overdrafts, international payments, (the equivalent of) standing orders and direct debits, etc.

Most things are fully self-service, e.g. creating new accounts, closing accounts, ordering new cards in anybody's name (hence joint acct is no problem), applying for loans/overdrafts. Very little manual work needed on the bank's side. Just an excellent example of what can be done.

Even 15 years ago it was miles and miles ahead of anything I've seen or heard of in Ireland. Doubt anything even close to it will appear here in my lifetime.

This new German offering is therefore very exciting, even though it's still got a long way to go. I certainly couldn't care less about access to a physical building.

feelgoodinc27 · 08-12-2015 11:11pm

Is there any provision for lodging cash/chequers/drafts?

gctest50 · 08-12-2015 11:35pm

feelgoodinc27 wrote: »

Is there any provision for lodging cash/chequers/drafts?

.

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.

https://number26.eu/support/possible-cash-cheque-number26/

Niemoj · 09-12-2015 1:37am

I've an AIB student account and as such have no fees but also no NFC so I'm signing up for that reason alone.

Oh and another Netflix trial!:pac:

Cheers OP!

mackerski · 09-12-2015 10:03am

onedmc wrote: »

Paragraph by paragraph the translation is in pigeon English

Pidgin? If you're going to engage in language pedantry...

onedmc · 09-12-2015 11:03am

mackerski wrote: »

Pidgin? If you're going to engage in language pedantry...

Thanks for the correction but I dont think my concern is particularly pedantic. I was just pointing out that we MUST read and UNDERSTAND before signing anything. I wonder if this bank are "treating me fairly" if they expect me to learn German

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

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