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

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  • 07-12-2015 1:48pm
    #1
    soirish
    Registered Users Posts: 713 ✭✭✭


    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.
    Tagged:


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Comments

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    #2
    leo2a6
    Registered Users Posts: 165 ✭✭leo2a6


    Do they have a debit card ?


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    Page inst working for me.


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    #4
    ShooterSF
    Registered Users Posts: 8,824 ✭✭✭ShooterSF


    godtabh wrote: »
    Page inst working for me.

    https://number26.eu/ie/


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    #5
    Ben D Bus
    Registered Users Posts: 2,111 ✭✭✭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!


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    #6
    moleyv
    Registered Users Posts: 1,580 ✭✭✭moleyv


    There is already a thread over on banking.


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    #7
    Nollog
    Registered Users Posts: 5,407 ✭✭✭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.


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    #8
    The Backwards Man
    Closed Accounts Posts: 18,299 ✭✭✭✭The Backwards Man


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


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    #9
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭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.


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    #10
    baldshin
    Registered Users Posts: 1,365 ✭✭✭baldshin


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


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    #11
    Satriale
    Closed Accounts Posts: 4,023 ✭✭✭Satriale


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


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    #12
    soirish
    Registered Users Posts: 713 ✭✭✭soirish


    godtabh wrote: »
    Page inst working for me.

    Sorry about that, should be fixed now.


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    #13
    loyatemu
    Registered Users Posts: 14,753 ✭✭✭✭loyatemu


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


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    #14
    Nollog
    Registered Users Posts: 5,407 ✭✭✭Nollog


    The Backwards Man wrote: »
    Now to find a smartphone that you can deposit fifty euro notes into. :p

    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.


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    #15
    boardbro
    Registered Users Posts: 174 ✭✭boardbro


    Can you deposit via paypal?


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    #16
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭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.


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    #17
    DareGod
    Closed Accounts Posts: 1,298 ✭✭✭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?


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    #18
    johnb25
    Registered Users Posts: 503 ✭✭✭johnb25


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


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    #19
    soirish
    Registered Users Posts: 713 ✭✭✭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


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    #20
    TheDriver
    Registered Users Posts: 12,398 ✭✭✭✭TheDriver


    I assume stamp duty must be paid?


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    #21
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭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.


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    #22
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭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.


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    #23
    curiosity
    Registered Users Posts: 372 ✭✭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.


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    #24
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭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).


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    #25
    sidcon
    Registered Users Posts: 632 ✭✭✭sidcon


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


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    #26
    curiosity
    Registered Users Posts: 372 ✭✭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.


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    #27
    Asmooh
    Registered Users Posts: 1,468 ✭✭✭Asmooh


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


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    #28
    RHJ
    Closed Accounts Posts: 925 ✭✭✭RHJ


    This post has been deleted.


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    #29
    Mycroft H
    Registered Users Posts: 9,316 ✭✭✭Mycroft H


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


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    #30
    Asmooh
    Registered Users Posts: 1,468 ✭✭✭Asmooh


    Just signed up to replace my moneybookers :)

    Iban Is indeed German


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    #31
    bennyx_o
    Registered Users Posts: 4,033 ✭✭✭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


This discussion has been closed.
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