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

Yggr of Asgard

Neil3030 wrote: »

This looks very appealing on a few levels for me. So your MasterCard is essentially treated as a credit card in credit, would that be right? So say you are booking something online, you would select "credit card" to proceed? Some vendors impose a charge for this...

Also, can any users confirm how close the rate they offer on currency exchanges is to the market rate? (their t&c's claim they use the MasterCard daily rate with no extra charge or commission). Has anyone ever done a direct comparison of, say, a euro to gbp transfer with both number26 and transferwise to see which gets a better amount received at the end?

That scenario is not comparing like with like. Transferwise allows you transfer money in different currencies between accounts. Number26 is Euro transfers only, currency exchange only comes into play if you pay something with the credit card in a different currency.

What you should compare is for example the rate your current debit/credit card charges (including the bank charge) versus number26 (Mastercard Daily Rate) versus for example Revolut and see where you can save more depending on your needs.

If you charge 100£ to your typical Irish Visa Credit Card you are most likely paying 141.32 Euro (including a 1.75% fee), your revolut card would be 137.55 Euro and number26 138.72 Euro.

So revolut in that scenario wins while number26 is still cheaper than your Irish card.

It all depends on the rates applied and the fees. Revolut does not have any fees and offers good rates (beside on weekends as the revolut discussion shows) and Number25 offers Mastercard rates (which we all know from other discussions are not always the best).

Comparing before shopping is important.

Yggr of Asgard

NeverWaining wrote: »

If this is the case, why don't they do this with deposits?

They state:

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


I'm not asking the question solely for myself. I think most people in here purchase good from the UK every now and again.

Please remember that number26 is not just a card, it's also a bank account. What they are saying is that transaction (withdraws/credits) via bank transfer are only possible in Euro.

Foreign currency transaction with the credit card are possible, in fact the advantage of number26 is that they don't charge a foreign currency charge when doing so (unlike for example other cards which charge 1.75% or even 2.75%).

It's quite a different thing to process foreign currency charge on a credit card (via the Mastercard network) and bank accounts (with SEPA/SWIFT clearing).

JAMM222

Is it possible to top up my revolt card from my number 26 master card?

JAMM222

JAMM222 wrote: »

Is it possible to top up my revolt card from my number 26 master card?

Actually just tried that and it won't work...won't accept credit cards

Yggr of Asgard

JAMM222 wrote: »

Is it possible to top up my revolt card from my number 26 master card?

Nope, just tested it "credit cards are not accepted", it detects the number26 card as credit card.

However I have done a bank transfer from my German bank account to revolut recently and the money was credited to my revolut account the next morning.

Fred Swanson

This post has been deleted.

Yggr of Asgard

Fred Swanson wrote: »

This post has been deleted.

I think what happens there is that Hertz and it's payment processor go a step further than a BIN check and identify this as "prepaid credit card" and than instruct the payment system to treat it as debit card. Might have fraud protection reasons.

NeverWaining

bennyx_o wrote: »

MasterCard look after the conversion on POS transactions, not Number26. Same happens on refunds

Yggr of Asgard wrote: »

Please remember that number26 is not just a card, it's also a bank account. What they are saying is that transaction (withdraws/credits) via bank transfer are only possible in Euro.

Foreign currency transaction with the credit card are possible, in fact the advantage of number26 is that they don't charge a foreign currency charge when doing so (unlike for example other cards which charge 1.75% or even 2.75%).

It's quite a different thing to process foreign currency charge on a credit card (via the Mastercard network) and bank accounts (with SEPA/SWIFT clearing).

Thanks guys. I presume then that PayPal withdrawals in £ to Number26 are not possible? (Though I believe £ can be converted to € within PayPal, which I'm guessing would be a costly method).

Yggr of Asgard

Yggr of Asgard wrote: »

I think what happens there is that Hertz and it's payment processor go a step further than a BIN check and identify this as "prepaid credit card" and than instruct the payment system to treat it as debit card. Might have fraud protection reasons.

A quick look at hertz policy confirms this, they classify any card which draw funds directly from the cardholder's account as debit card.

So I can only assume they have number26 cards down as prepaid credit card which they classify as debit cards in their terms.

Gee, they have a really strict policies for renting a car with a debit card, in fact you can only pay the advanced rate via the debit card, when you want to rent the car (pick-up) you also need to present a credit card.

Nollog

NeverWaining wrote: »

I understand that they don't take deposits in Sterling or any other foreign currency? This renders the service no good for me.


On that note, can anyone explain what would happen in the following situation:

You buy something from the UK (amazon, eBay, independent store, etc) in £s using your Number26 card and for whatever reason require a refund (most insist on refunding to the same card). Will the Sterling refund be accepted by Number26?

They would refund the £ value at the day's rate.
I've been burned a few times buying from UK sites on my credit card.

Yggr of Asgard

NeverWaining wrote: »

Thanks guys. I presume then that PayPal withdrawals in £ to Number26 are not possible? (Though I believe £ can be converted to € within PayPal, which I'm guessing would be a costly method).

You can't do a £ withdraw from PayPal to number26.

You could convert your PayPal balance to Euro and than withdraw it but I think paypal charges a shocking rate.

Paypal unfortunately only allows you to withdraw to your own bank account without the option to put in any reference, so revolut is out as solution too.

RonyPonyBah

Update from Meteor, won't accept it under any circumstances, "the system won't take anything except an irish bank account"

The joys of this country....

Nollog

RonyPonyBah wrote: »

Update from Meteor, won't accept it under any circumstances, "the system won't take anything except an irish bank account"

The joys of this country....

there's some holdout still where you can't do it over the phone, but can post a paper form to them.

Yggr of Asgard

RonyPonyBah wrote: »

Update from Meteor, won't accept it under any circumstances, "the system won't take anything except an irish bank account"

The joys of this country....

Complain and demand it in writing, than complain to the Central Bank. That is the only way they will learn and get with the program.

Complaining worked well for me, I convinced several companies to take my German account, down to 2 offenders now.

Delta2113

bennyx_o wrote: »

As with others, my card arrived today too. Looks excellent. Great service so far

- me too and translucent!

Savman

Yggr of Asgard wrote: »

Gee, they have a really strict policies for renting a car with a debit card, in fact you can only pay the advanced rate via the debit card, when you want to rent the car (pick-up) you also need to present a credit card.

FWIW, I've only ever rented on Visa Debit with Hertz without any Credit Card on file. I'm talking multiple rentals in various locations, both sides of the pond, without issue.

Acceptance of Debit/Credit is pretty much location dependent in that each Hertz franchise sets its own rules and does as it pleases.

bk

RonyPonyBah wrote: »

Update from Meteor, won't accept it under any circumstances, "the system won't take anything except an irish bank account"

The joys of this country....

I would suggest that Meteor and all companies denying non Irish IBANs get reported to the Central Bank.

We need all companies accepting accounts from anywhere in Europe, so we see more banks like Number26 entering the Irish banking market and bringing more competition to the market.

Asmooh

Received the card today

Delta2113

(Revolut Alternative) in the thread title dare I say is a bit misleading. It's actually BOI,AIB,KBC,EBS,PTSB and Ulster Bank Current Account alternative!

Yggr of Asgard

Delta2113 wrote: »

(Revolut Alternative) in the thread title dare I say is a bit misleading. It's actually BOI,AIB,KBC,EBS,PTSB and Ulster Bank Current Account alternative!

I agree, I posted about number26 being available on the day it happens in the banking thread but it only really got traction when it was posted 4 days later here as bargain.

Shows that innovation needs to be branded as bargain more often.

Delta2113

OU812 wrote: »

It amazes me how Revolut & now Number 26 (& possibly the other one), can have the name of the store where you spent immediately in the app, yet an Irish bank takes three days to post the transaction & at that has very little info.

- It's one of its advantages but our banks are still working on old legacy computer infrastructure.

- Number 26 built it's system from the ground up. It's using 'cutting edge technology'.

- AIB,BOI, Ulster, PTSB should all probably partner together and start up a new smartphone only bank but this is very unlikely.

I have no sympathy for them loosing customers.

Yggr of Asgard

I am not so sure about the build the system from the ground up part.

Wirecard Bank itself is offering the same thing in variants since years albeit for a heavy monthly fee born out of the need to offer Schufa (similar but worse than ICB) free accounts. In fact Schufa free accounts are big business in Germany where nearly every financial relation you have are reported and scored with a secret formula.

Number26 has just build a better app to open and maintain the account and is offering it fee free, but the foundation has been here for years.

I think SEPA just opened more markets and with the upcoming introduction of Operator ATM fees by Visa, the reduction in interchange fees and more front end tech this is going to be interesting, however in the long term I wonder how long wirecard and number26 can sustain this giving the limit on their earning capability introduced due to interchange fee cap.

If they manage to offer value add products like overdraft, premium credit cards (big business in Germany too) and keep the support cost down, they sooner or later will be absorbed by wirecard directly and get their payout.

bk

Yggr of Asgard wrote: »

I think SEPA just opened more markets and with the upcoming introduction of Operator ATM fees by Visa, the reduction in interchange fees and more front end tech this is going to be interesting, however in the long term I wonder how long wirecard and number26 can sustain this giving the limit on their earning capability introduced due to interchange fee cap.

If they manage to offer value add products like overdraft, premium credit cards (big business in Germany too) and keep the support cost down, they sooner or later will be absorbed by wirecard directly and get their payout.

I think they have a great opportunity to offer savings accounts, loans, credit cards, etc. at rates that undercut the big banks by keeping their operation stream lined.

Luckycharms_74

Card arrived yesterday and like others have said it looks great.
Now its activated via app I just gotta make ATM withdrawal to see if it works OK

DrJFF

Luckycharms_74 wrote: »

Card arrived yesterday and like others have said it looks great.
Now its activated via app I just gotta make ATM withdrawal to see if it works OK

I got mine as well yesterday in the post, have activated it through the app. I will try make a withdrawal today and let you know how it goes!

NeverWaining

bk wrote: »

I think they have a great opportunity to offer savings accounts, loans, credit cards, etc. at rates that undercut the big banks by keeping their operation stream lined.

They mention in their press release that they hope to offer credit, savings and insurance products in each country. Whether they do or not is another thing but hopefully they only improve on what already seems an excellent service.

JTMan

NeverWaining wrote: »

They mention in their press release that they hope to offer credit, savings and insurance products in each country. Whether they do or not is another thing but hopefully they only improve on what already seems an excellent service.

If they start offering mortgages, without any branches, then we are into a major game changer. Fingers crossed that they do.

They also say that they will offer joint accounts and business current accounts soon. Would be great to see a shake up in the business current account market.

Luckycharms_74

I did a couple of transfers and took one day to hit from PTSB to my Number26 account.
I did a transfer yesterday from Number26 to PSTB but didn't hit yet

Arbie

Account statements are in German at the moment but support staff say they are working on the English version.

The Ayatolla

How does this compare to Revolut in terms of using it abroad and the exchange rates ?