Number26/N26 Mastercard/Account now for Irish Residents

Julabo

jrmb wrote: »

Thanks for your responses.



Edit: Sorry Julabo, I'd misunderstood your post. I could do this, but if I keep an Irish account, I'll be paying fees unnecessarily because companies aren't abiding by the rules. If a local bank were as reliable and reasonable as N26, I'd use it instead.

With the CC, stamp duty is 30 euro a year, I think. But I need a cc, as renting a car it is almost a necessity.

The J Stands for Jay

jrmb wrote: »

It's been a year, so they might have caught up. Did you give them the Bunq IBAN when you were signing up, out send them a mandate after you signed up?

I have the My Vodafone account now, and it still tells me that the N26 IBAN has an "invalid format". They'll accept a debit card payment, though.

It was more than a year ago. I left eir about this time last year (with bunq I was able to block the extra DD they always try to take at the end of the contract and then take a month to refund). I suspect I did set it up initially with an Irish account though

Sheep Shagger

An interview with the the Irish born new COO of n26 (based in Berlin).

https://www.google.com/amp/s/www.irishtimes.com/business/technology/berlin-calling-dubliner-ready-to-make-her-mark-as-n26-grows-up-1.4470355%3fmode=amp

GazzaL

I know that deposits are covered up to €100k, but is anyone else concerned that N26 and all the other neobanks are losing money hand-over-fist?

jrmb

GazzaL wrote: »

I know that deposits are covered up to €100k, but is anyone else concerned that N26 and all the other neobanks are losing money hand-over-fist?

I hadn't heard about this until now. Could you share any articles?

Stark

Googled and found this https://www.forbes.com/sites/daviddawkins/2020/08/24/the-sad-demise-of-europes-neobanks/

jrmb

Stark wrote: »

Googled and found this https://www.forbes.com/sites/daviddawkins/2020/08/24/the-sad-demise-of-europes-neobanks/

Thanks Stark. It was an interesting read, but none of these issues are restricted to neobanks.

Sheep Shagger

There's no doubt the investors behind the neobanks will want to a return on their investment one day but it doesn't appear to be anytime soon. They don't seem to have any problems getting funding in rounds (much like a lot of tech start ups it could be said).

Am unsure free banking forever is commercially sustainable given R&D and infastructure has to be paid for somehow especially in low or zero interest rate environments that are not going to go away anytime soon.

Obviously neobanks have a lower cost structure as they don't carry all the baggage legacy banks do, but they still have costs.

Yggr of Asgard

Sheep Shagger wrote: »

There's no doubt the investors behind the neobanks will want to a return on their investment one day but it doesn't appear to be anytime soon. They don't seem to have any problems getting funding in rounds (much like a lot of tech start ups it could be said).

Am unsure free banking forever is commercially sustainable given R&D and infastructure has to be paid for somehow especially in low or zero interest rate environments that are not going to go away anytime soon.

Obviously neobanks have a lower cost structure as they don't carry all the baggage legacy banks do, but they still have costs.

My traditional direct bank (no branches) is offering free banking since years. There are also additional benefits of you put over 700€ into the account each month.

It is possible for traditional banks to offer free banking its a matter of competition and a customer base willing to take up that offer.

_Godot_

Which bank are you with?

Yggr of Asgard

_Godot_ wrote: »

Which bank are you with?

German not Irish, as if Irish Banks would offer modern services ;-)

DKB (Deutsche Kredit Bank).

Amouar

Yggr of Asgard wrote: »

German not Irish, as if Irish Banks would offer modern services ;-)

DKB (Deutsche Kredit Bank).

Is it possible to open an account with while being a resident of Ireland?

Yggr of Asgard

Amouar wrote: »

Is it possible to open an account with while being a resident of Ireland?

Everything is in German, they don't have an English interface.

I don't know if they still open accounts for non German speakers. There are a couple of threads here which guide how to do it. I think someone posted a couple month ago that he managed.

JosephPatrick

For anyone that has direct debits set up on their N26 account what time of the day they do usually get taken from your account?

I have a weekly direct debit set up and it always gets taken after 5pm from my N26. Is that generally the case?

user1842

JosephPatrick wrote: »

For anyone that has direct debits set up on their N26 account what time of the day they do usually get taken from your account?

I have a weekly direct debit set up and it always gets taken after 5pm from my N26. Is that generally the case?

5pm also for me

TempAc

Seems to vary a bit, Gomo for example is almost always between 1700 and 1730, on the other hand laya will go through at seemingly any time.

I think it depends on the originators bank and when they do a Sepa run.

landofthetree

Amouar wrote: »

Is it possible to open an account with while being a resident of Ireland?

Yes.

You have a right to a bank account in any EU country even if you're not a resident.

https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/indexamp_en.htm#shortcut-1

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

jrmb

landofthetree wrote: »

If you are legally resident in an EU country you are entitled to open a "basic payment account". Banks cannot refuse your application for a basic payment account just because you don't live in the country where the bank is established.

This is great news. How long has it been this way?

I had a nightmare situation recently enough when my French clients were paying me with cheques (which were only payable in France). Even with a lease, work contracts and cheques for a few months' income, the French banks just wouldn't let me open an account. Other ex-pats told me it had always been that way.

landofthetree

jrmb wrote: »

This is great news. How long has it been this way?

I had a nightmare situation recently enough when my French clients were paying me with cheques (which were only payable in France). Even with a lease, work contracts and cheques for a few months' income, the French banks just wouldn't let me open an account. Other ex-pats told me it had always been that way.

July 2014

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0092

jrmb

landofthetree wrote: »

July 2014

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0092

I wish I'd known about that in 2018. The French banks would nearly always find some reason not to help, except the ones with higher fees or extremely limited service. From having a look at some of their websites, I think I would probably have the same experience today.

zom

Apologies if it was mentioned / answered somehow but I count find it.
Is N26 card working with cloud payment for Microsoft Azure / Amazon AWS?
If it is not what is the easiest card option in Ireland at the moment? I cant use my current account / card and think about opening new one.

Xenji

Has anyone else had an issue with adding money via a debit card, it has not worked for me on Android or IOS since the start of the year with both apps fully updated and using two different banks.

OU812

Question for the N26 users, this is most probably answered somewhere intros thread, but I'm on page 78 so searching for it would be difficult.

With shared spaces, does each "space" have it's own iban for direct debits/standing orders etc or are they just essentially envelopes to split your money across?

With UB right now & thinking of switching the two of us over to N26, upgrading to get the shared spaces, but this is useless if we cant have say for example, a "Mortgage & Bills space" that we can both pay into & then payments come out of directly rather than have to move money around.

cefh17

One iban I'm afraid

OU812

cefh17 wrote: »

One iban I'm afraid

Hmmm... that's not great. So they're essentially envelopes & would require us to move money each month before anything was paid...

Can you move money automatically from the "space" to the account with the iban?

Do they offer a joint account? Cant see any mention of it but would seem strange if they don't

jrmb

OU812 wrote: »

Hmmm... that's not great. So they're essentially envelopes & would require us to move money each month before anything was paid...

Yes. If it's any help, you can make a standing order between them (e.g. €20 goes into your main account on 10th, in time for the mobile bill on 11th).

jrmb

OU812 wrote: »

Do they offer a joint account? Cant see any mention of it but would seem strange if they don't

I don't think so, but some of the more "mainstream" banking features are available to people living in Germany and not here. They do offer "Shared spaces" for 2 or more people though, and this is handy for splitting bills, organising trips etc.

OU812

jrmb wrote: »

I don't think so, but some of the more "mainstream" banking features are available to people living in Germany and not here. They do offer "Shared spaces" for 2 or more people though, and this is handy for splitting bills, organising trips etc.

Yes, was the shared spaces that interested me, would be really useful to have a joint account for mortgage etc though.

Wheety

OU812 wrote: »

Yes, was the shared spaces that interested me, would be really useful to have a joint account for mortgage etc though.

I'm with N26 and my wife is with Ulsterbank as our own current accounts. We have a joint account with KBC (who our mortgage is with).

We both get paid in to the KBC account so we easily meet the €2k for free banking. All bills, groceries, mortgage and any other incidentals all come out of the joint account.

We each receive a transfer into our own current accounts every week too.

You could do it the other way around if it suits, get paid into your own accounts and transfer a certain amount to the joint account.

user1842

Yggr of Asgard wrote: »

Well, why don't you try to sign up for a direct debit with a non-Irish account and once they refuse to take it paperless start complaining and let us know how you get on. And good luck trying to get the EU to take action, I had a total of 9 complaints with them about SEPA and it took ages to get it resolved.

The Banking & Payments Federation Ireland also has a handy SEPA Guide which outlines the above information too.

I had the government argue with me twice that they require a paper mandate for non-Irish accounts and only once the EU opened an official investigation (with the prospect of a fine) that was dropped and an alternative solution deployed.

Unfortunately, the statue is not calling this out and companies follow the BPFI guidance which is paper for non-Irish accounts.

Let us know how you get on with your fight because I finally managed to get all my direct debits over to a non-Irish account (even the government ones) so I have nothing to fight at the minute in that area.

Yggr of Asgard wrote: »

Section 4.2 of the BPFI SEPA Guide for Business Customers Version 2.1 which can be found on:

https://www.bpfi.ie/customer-assist/business-customers/sepa-guides-for-business/

An update on the above, this is no longer the advice given by the BPFI. They now point directly to the EPC's SDD scheme rules.

Thus there is no longer advice telling Irish creditors (companies) to accept Irish IBANs only, for any type of SDD mandate.

Eventually