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

Francie Barrett

What is the reason to have NFC by the way?

soirish

Number26 support section is seriously impressive. Wanted to contact them about several questions and they already had the answer ready.

DrJFF

Money hits the account pretty fast, i transferred money yesterday afternoon around 4pm and i got a notification a while ago saying the money has landed.

Hopefully I get the card next week to test it out!

Nollog

Francie Barrett wrote: »

What is the reason to have NFC by the way?

No pin, you just tap the person on the register to pay.

Some people like that.

daheff

Yggr of Asgard wrote: »

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.

You missed my point. Somebody said that if you use an address that was fake you wouldn't get the card. I pointed out that I could potentially use Parcel Motel, and then pointed out that as you can use a bank statement as proof of address for official documentation, potentially you could then have this as your 'official' address!

kinda goes against the AML/KYC requirements as per CJA 2104.

Nollog

daheff wrote: »

You missed my point. Somebody said that if you use an address that was fake you wouldn't get the card. I pointed out that I could potentially use Parcel Motel, and then pointed out that as you can use a bank statement as proof of address for official documentation, potentially you could then have this as your 'official' address!

kinda goes against the AML/KYC requirements as per CJA 2104.

They have statements online, but mine at least doesn't have my address printed on it.

Yggr of Asgard

daheff wrote: »

You missed my point. Somebody said that if you use an address that was fake you wouldn't get the card. I pointed out that I could potentially use Parcel Motel, and then pointed out that as you can use a bank statement as proof of address for official documentation, potentially you could then have this as your 'official' address!

kinda goes against the AML/KYC requirements as per CJA 2104.

Giving that number26 statements are online only and don't feature a customers address that won't happen. Plus no bank / authority needs to accept a number26 statement as proof of address. They can determine what they accept.

And if the German Regulator is happy with ID verification only, than who are we to disagree?

RickyBobby1

Very tempted to join them with no fees or stamp duty did I read that right?
I am just a bit nervous as this would be my main account with my wages going through etc...
Has anyone on here joined and if so what have being the major drawbacks if any?

StaticNoise

RickyBobby1 wrote: »

Very tempted to join them with no fees or stamp duty did I read that right?
I am just a bit nervous as this would be my main account with my wages going through etc...
Has anyone on here joined and if so what have being the major drawbacks if any?

SEPA means that all money transfers are classed as internal and as fast as any other transfer. Therefore, you'll get wages and all without issue. Stamp Duty will be charged at a fiver a year as normal, however. The bastards get you every way.

Delta2113

StaticNoise -totally wrong info about stamp duty - we now have the 12 cent ATM withdrawal charge which I imagine you wont get hit with Number 26.

RickyBobby1

Thanks lads it's confusing to be fair. Wonder does the card work ok abroad as in if you travel to a country that doesn't issue them?

Yggr of Asgard

RickyBobby1 wrote: »

Thanks lads it's confusing to be fair. Wonder does the card work ok abroad as in if you travel to a country that doesn't issue them?

As long as you set it in the app / on the web to work "Want to use your card in other countries" to Yes.

The advantage is that you won't be charged any exchange fee's. They use the mastercard rate with no additional fees, be it in store or ATM.

davidom2513

Revolut allows changing currency between Euros, Pounds, and Dollars. And allows to withdraw this currency.

Does this service Number26 allow us to change to other currencies for free. It would be great to exchange to ANY currency for no fee

Yggr of Asgard

davidom2513 wrote: »

Revolut allows changing currency between Euros, Pounds, and Dollars. And allows to withdraw this currency.

Does this service Number26 allow us to change to other currencies for free. It would be great to exchange to ANY currency for no fee

Number26 does not have currency wallets like Revolut.

When you pay something with your Number26 card it's converted to Euro with the mastercard exchange rate https://www.mastercard.com/global/currencyconversion/index.html .

Number26 however does not charge any conversion or ATM fees.

So it comes down to which rate is better, revolut's or mastercard.

In my experience Revolut is marginal better than mastercards but your experience might be different.

curiosity

daheff wrote: »

You missed my point. Somebody said that if you use an address that was fake you wouldn't get the card. I pointed out that I could potentially use Parcel Motel, and then pointed out that as you can use a bank statement as proof of address for official documentation, potentially you could then have this as your 'official' address!

kinda goes against the AML/KYC requirements as per CJA 2104.

Yggr of Asgard wrote: »

Giving that number26 statements are online only and don't feature a customers address that won't happen. Plus no bank / authority needs to accept a number26 statement as proof of address. They can determine what they accept.

And if the German Regulator is happy with ID verification only, than who are we to disagree?

I'm looking at an online statement from my bank. It's got my address on it. So if a Number26 statement has an address listed somewhere (let's say, as above, a person uses "Parcel Motel" as their address), then they print that Number26 statement off, and use it as proof of address for other purposes.

As Irish folks, suspicion of bank regulators comes easy to us:p

Yggr of Asgard

curiosity wrote: »

I'm looking at an online statement from my bank. It's got my address on it. So if a Number26 statement has an address listed somewhere (let's say, as above, a person uses "Parcel Motel" as their address), then they print that Number26 statement off, and use it as proof of address for other purposes.

As Irish folks, suspicion of bank regulators comes easy to us:p

Check that attitude at the door please when dealing with the German Government.

In any case, the number26 statement does not have an address on it and even if it would, I don't think any Irish bank/institution would accept it as proof because it's quite clearly not your residential address.

Now there are genuine reasons why you would have your Parcelmotel / Parcelwizard address on file for example if you do shop a lot and billing and shipping address need to be the same. Loads of existing companies already allow you that. AnPost Currency Card or Revolut for example.

curiosity

Yggr of Asgard wrote: »

Check that attitude at the door please when dealing with the German Government.

In any case, the number26 statement does not have an address on it and even if it would, I don't think any Irish bank/institution would accept it as proof because it's quite clearly not your residential address.

Now there are genuine reasons why you would have your Parcelmotel / Parcelwizard address on file for example if you do shop a lot and billing and shipping address need to be the same. Loads of existing companies already allow you that. AnPost Currency Card or Revolut for example.

Hmmm, check your own attitude, perhaps?;) I'm only posing a hypothetical question, based on the difference in account opening requirements that Irish banks operate under versus those in Germany. I'm only reading the thread because I'm interested in opening an account

djmarkus

So, seeing as this will look like a "credit card" to an online retailer, will that mean that for a 10 euro Ryanair flight, I'll be paying 10.50 as they like to charge more for credit cards?

Yggr of Asgard

djmarkus wrote: »

So, seeing as this will look like a "credit card" to an online retailer, will that mean that for a 10 euro Ryanair flight, I'll be paying 10.50 as they like to charge more for credit cards?

Until we have a card to test the answer seams to be

yes

Yggr of Asgard

curiosity wrote: »

Hmmm, check your own attitude, perhaps?;) I'm only posing a hypothetical question, based on the difference in account opening requirements that Irish banks operate under versus those in Germany.

Ah German humor does not translate to English very well.

To be honest I was surprised to that they did not require any proof of residency, but I asked it twice and was told that their process is good enough.

So the German in me shut up and accepted that BaFin allowed this sort of thing.

There seams to be different level of authentication needed depending on the product. A basic bank account like this does not require proof of residency according to the BaFin. It get's more difficult if you want to get credit or other products. But according to the latest from BaFin you can open a basic account without proof of Residency.

curiosity

Yggr of Asgard wrote: »

Ah German humor does not translate to English very well.

To be honest I was surprised to that they did not require any proof of residency, but I asked it twice and was told that their process is good enough.

So the German in me shut up and accepted that BaFin allowed this sort of thing.

There seams to be different level of authentication needed depending on the product. A basic bank account like this does not require proof of residency according to the BaFin. It get's more difficult if you want to get credit or other products. But according to the latest from BaFin you can open a basic account without proof of Residency.

You had explained elsewhere about how German ID cards have address information linked to them, so that makes perfect sense. I take it that Number26 did not have to deal with banking regulators in Austria, France, Ireland, Italy, Spain, Slovakia and Greece? I wonder if Irish banks will object, in an effort to protect their customer base? (I should let them worry about that, this is Bargain alerts, not Banking!)

Thanks for all the information you're providing, btw:)

RickyBobby1

I think I'm going to go ahead with this! I wonder how long it takes for the card to come? Its probably up to you to lose your own bank account

soirish

Transfer received within 6 hours.

Asmooh

Asmooh wrote: »

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
Yesterday, 16:18

Just received it back on my ING (Dutch) and AIB

Nollog

Anybody else get an email wanting them to reset their pin due to "technical reasons" ?

Asmooh

/\/ollog wrote: »

Anybody else get an email wanting them to reset their pin due to "technical reasons" ?

Yes, already did it using the app

Yggr of Asgard

RickyBobby1 wrote: »

I think I'm going to go ahead with this! I wonder how long it takes for the card to come? Its probably up to you to lose your own bank account

I applied last week Wednesday when it become available and I still don't have the card.

According to their support they print the card overnight and mail it, so with mail from Germany taking 4-6 days I hope that the card will show up soon.

Yggr of Asgard

curiosity wrote: »

You had explained elsewhere about how German ID cards have address information linked to them, so that makes perfect sense. I take it that Number26 did not have to deal with banking regulators in Austria, France, Ireland, Italy, Spain, Slovakia and Greece? I wonder if Irish banks will object, in an effort to protect their customer base? (I should let them worry about that, this is Bargain alerts, not Banking!)

Thanks for all the information you're providing, btw:)

With the new basic bank account being an entitlement as per EU regulations (yes, you now have a right to a basic bank account) I can see more and more institution offering cross border accounts when all that is required is ID.

And as to information providing, I saved loads of money by having others explaining and posting bargain alerts (revolut alone saved loads), so when I know about something that makes it easier, it's just good board citizen to contribute.

Luckycharms_74

Did the verification on the PC. Very straight forward but a little weird

theroomisonfire

I signed up in Sunday and got my name card today. Extremely smooth service.