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Number26/N26 Mastercard/Account now for Irish Residents

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    #3152
    The J Stands for Jay
    Registered Users Posts: 5,657 ✭✭✭The J Stands for Jay


    AlmightyCushion wrote: »
    But most people don't care about these services. I'm with KBC and they don't offer cash services. I knew that before joining but I didn't care. Same with cheques. If legacy backs think they are safe because the new banks don't offer cheque and cash services then they are very very wrong. They will lose the people who don't need these services and value a usable app and quick transfers over them. I was on a stag a few years ago and all but one person on the stag was using Revolut. It was used for everything. A few people were paying for meals and everyone else would Revolut them their share of it.

    Were the lads arguing over who would get the referral bonus for the one person who hadn't got it yet?


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    #3153
    The J Stands for Jay
    Registered Users Posts: 5,657 ✭✭✭The J Stands for Jay


    Bob24 wrote: »
    As I as also mentioning, “new banks” on the Irish market are also missing mortgages, mostly missing consumer loans, mostly missing credit cards, have a very limited offering of insurance products, and are mostly lacking savings accounts*.

    Of course anyone can take some of those services in isolation and say they don’t care about them, but my point is that if someone wants a one-stop shop for banking services, fintechs and online banks are still very far from it in Ireland (but again I wouldn’t say the same in every country). And almost anyone will need one of those services at some point and thus will have to consider dealing with an Irish bank.

    Don’t get me wrong I am not trying to defend Irish banks, I don’t like them either.

    But the reality is that there are still many banking services on which they have an oligopoly. Clearly if they are resting on their laurels they will eventually fall behind, but as of now I think their main cash generating services remain mostly unchallenged by neobanks.


    * yes, agree interest rates are rubbish :-)

    It's often said on here about how current account just cost the banks money. Surely the legacy banks would be delighted to let someone else pay for day to day banking while they carry on dealing with the profitable stuff like lending.


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    #3154
    mosstin
    Registered Users Posts: 6,118 ✭✭✭mosstin


    Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.


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    #3155
    Spocker
    Moderators Posts: 6,853 ✭✭✭Spocker


    mosstin wrote: »
    Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

    Paper/manual form needed, see here: https://www.boards.ie/vbulletin/showpost.php?p=116919224&postcount=53


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    #3156
    jeffk
    Registered Users Posts: 5,830 ✭✭✭jeffk


    mosstin wrote: »
    Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

    Yeah most won't accept it, some do and have to fill in a form and post it in (electric Ireland), virgin media did it over phone, eflow allow you on the website


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    #3157
    Xenji
    Registered Users Posts: 11,505 ✭✭✭✭Xenji


    mosstin wrote: »
    Anyone run into issues with changing direct debits to N26? Just called Vodafone and they tried to do it over the phone but it wouldn't because the IBAN began with DE and not IE. Told me they'd ring me back tomorrow when the bank holiday was over.

    I had one with Irish Life, worked for a couple of months and then out of the blue the deductions just stopped and had to call Irish Life who had cancelled it due to the foreign IBAN.


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    #3158
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,224 Mod ✭✭✭✭Sheep Shagger


    We can only dream of companies refusing non IE IBANs being fined €800k (in the case of Vodafone Italy).

    https://www.ecc-netitalia.it/en/news-and-publications/news/826-iban-discrimination-authority


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    #3159
    The J Stands for Jay
    Registered Users Posts: 5,657 ✭✭✭The J Stands for Jay


    Xenji wrote: »
    I had one with Irish Life, worked for a couple of months and then out of the blue the deductions just stopped and had to call Irish Life who had cancelled it due to the foreign IBAN.

    Was it policy by Irish Life, or a solo run by a staff member?


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    #3160
    Gooser14
    Registered Users Posts: 1,554 ✭✭✭Gooser14


    jeffk wrote: »
    Yeah most won't accept it, some do and have to fill in a form and post it in (electric Ireland), virgin media did it over phone, eflow allow you on the website

    It's called IBAN Discrimination & is against EU Regulation No 260/2012. See the following link:

    https://www.centralbank.ie/consumer-hub/explainers/what-is-iban-discrimination-and-what-can-i-do-about-it


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    #3161
    Xenji
    Registered Users Posts: 11,505 ✭✭✭✭Xenji


    McGaggs wrote: »
    Was it policy by Irish Life, or a solo run by a staff member?

    I would go with staff member, they made a balls of setting up my new Irish direct debit by having somebody else's IBAN on my account, the second time they took down my IBAN wrong and it was third time lucky when they actually got things up and running.


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    #3162
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,224 Mod ✭✭✭✭Sheep Shagger


    Xenji wrote: »
    I would go with staff member, they made a balls of setting up my new Irish direct debit by having somebody else's IBAN on my account, the second time they took down my IBAN wrong and it was third time lucky when they actually got things up and running.

    I'd follow the steps here and try to do it yourself, sounds like you are being fobbed off by a clueless staff member. You'll soon find out if kt is company policy or not.

    https://help.irishlife.ie/hc/en-us/articles/115000892725-Direct-Debit-Mandate


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    #3163
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    McGaggs wrote: »
    It's often said on here about how current account just cost the banks money. Surely the legacy banks would be delighted to let someone else pay for day to day banking while they carry on dealing with the profitable stuff like lending.

    To some extend I think so yes.

    One Potential problem for them though is that the relationship established with the customer by providing current accounts makes it easier for a bank to sell its profitable products.

    So it kind of depends what the likes of N26 and Revolut do about it once they have taken away that relationship.

    If they are using it as a way to position themselves as brokers referring their customer to old fashioned banks for more advanced products everyone could actually be happy (the fintech gets commissions, the bank can focus on its profitable products and partly outsource the customer acquisition process, and the customers sees some type of integration between the innovative current account product they like and more complex banking services from other providers).

    But if on the other hand the fintechs decide that they want become full fledged banks and offer those services themselves, then legacy players are in trouble.


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    #3164
    The J Stands for Jay
    Registered Users Posts: 5,657 ✭✭✭The J Stands for Jay


    Bob24 wrote: »
    One Potential problem for them though is that the relationship established with the customer by providing current accounts makes it easier for a bank to sell its profitable products.

    I'd hate to think there's people out there with a BoI mortgage because mammy opened them a BoI saving account when they were 6. Don't most people go to a broker, or just research the market themselves when going for a mortgage?


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    #3165
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,224 Mod ✭✭✭✭Sheep Shagger


    McGaggs wrote: »
    I'd hate to think there's people out there with a BoI mortgage because mammy opened them a BoI saving account when they were 6. Don't most people go to a broker, or just research the market themselves when going for a mortgage?

    Yes and no, certainly banks want to start forming a relationship as early as possible whether thst be a child, youth or student account. People in this country are notoriously bad for not switching despite loyalty being worth zilch.

    When it comes to a mortgage people might shop around (they also may not) but like anything if the incumbent is in or around the same rate as the competition then in this case BOI will get the business as its 'easier than moving'.

    Their latest tag line 'Begin' also means from the start of a consumers financial product life cycle.


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    #3166
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Sheep Shagger wrote: »
    Yes and no, certainly banks want to start forming a relationship as early as possible whether thst be a child, youth or student account. People in this country are notoriously bad for not switching despite loyalty being worth zilch.

    When it comes to a mortgage people might shop around (they also may not) but like anything if the incumbent is in or around the same rate as the competition then in this case BOI will get the business as its 'easier than moving'.

    Their latest tag line 'Begin' also means from the start of a consumers financial product life cycle.

    This, plus the fact that people are less likely to shop around when it comes to overdrafts, credit cards, small loans, investment products, and insurance products. Branch contacts, phone contacts, and mobile/online banking all provide good avenues to market those products to existing current account holders.

    Btw when it comes to mortgages I couldn’t agree more when it comes to saying that it makes very little sense to just default to the bank with whom one as a current. But as you said some people just do it, and even if it is a minority it still is good and easy business for the bank.

    Now in aggregate would it hurt the sale of those products by Irish banks if tomorrow everyone was switching to N26 or similar for their current account? I think it is a hard question to answer and it really depends and what strategy the fintechs offering current accounts would adopt related to those more advanced products.


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    #3167
    Dempo1
    Registered Users Posts: 26,928 ✭✭✭✭Dempo1


    Apologies if asked before.

    Is there a monthly, Quarterly maintenance charge with N26, Do have to maintain minimum balance, lodge specific amounts monthly etc.

    Thanks in advance

    Is maith an scáthán súil charad.




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    #3168
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭Yggr of Asgard


    Dempo1 wrote: »
    Apologies if asked before.

    Is there a monthly, Quarterly maintenance charge with N26, Do have to maintain minimum balance, lodge specific amounts monthly etc.

    Thanks in advance

    That depends on the account type you choose, it goes from free (with no plastic card) to 16.90 a month for metal.

    https://n26.com/en-eu/plans


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    #3169
    Dempo1
    Registered Users Posts: 26,928 ✭✭✭✭Dempo1


    Yggr of Asgard wrote: »
    That depends on the account type you choose, it goes from free (with no plastic card) to 16.90 a month for metal.

    https://n26.com/en-eu/plans

    Thanks so much, I see the standard is free with a €10 one of charge for a physical debit card, just a final question, does the account remain free if a physical card required? I understand there is possible gov levy charges seperatly

    Thank you

    Is maith an scáthán súil charad.




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    #3170
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭Yggr of Asgard


    Dempo1 wrote: »
    Thanks so much, I see the standard is free with a €10 one of charge for a physical debit card, just a final question, does the account remain free if a physical card required? I understand there is possible gov levy charges seperatly

    Thank you

    The account remains free even with your physical card as long as you stay within the set limits. Like 3 free € ATM withdrawals a month.

    However the usual Irish ATM tax applies for any withdrawal in the republic with the same rules and limits you Irish debit card has.


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    #3171
    Dempo1
    Registered Users Posts: 26,928 ✭✭✭✭Dempo1


    Yggr of Asgard wrote: »
    The account remains free even with your physical card as long as you stay within the set limits. Like 3 free € ATM withdrawals a month.

    However the usual Irish ATM tax applies for any withdrawal in the republic with the same rules and limits you Irish debit card has.

    Fantastic, looks like this might be my best option when KBC finish up, thanks again :)

    Is maith an scáthán súil charad.




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    #3172
    Yggr of Asgard
    Registered Users Posts: 5,148 ✭✭✭Yggr of Asgard


    Dempo1 wrote: »
    Fantastic, looks like this might be my best option when KBC finish up, thanks again :)

    I guess that is where loads of people will end up.
    KBC does not have cash operations so the that means one is already over a usual main disadvantage of N26.


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    #3173
    Dempo1
    Registered Users Posts: 26,928 ✭✭✭✭Dempo1


    Yggr of Asgard wrote: »
    I guess that is where loads of people will end up.
    KBC does not have cash operations so the that means one is already over a usual main disadvantage of N26.

    Yes indeed, I've been with KBC from the start and their app excellent, quite surprising given their business model and advanced mobile technologies, they've not considered continuing in Ireland albeit with a 100 online presence, who knows, they just might

    Is maith an scáthán súil charad.




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    #3174
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    I read on trustpilot a few reviews say their N26 account was frozen whilst undergoing a "technical review". They saw no reason for this and one customer had only small sums going through account.

    Has anybody else experienced this. I was thinking of moving my day to day banking to them. I would be transferring monthly about €2,000 into my account by EFT from a bank of Ireland savings account. Don't know if N26 would freeze my account over this sum?


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    #3175
    Sheep Shagger
    Moderators, Business & Finance Moderators Posts: 6,224 Mod ✭✭✭✭Sheep Shagger


    Yyhhuuu wrote: »
    I read on trustpilot a few reviews say their N26 account was frozen whilst undergoing a "technical review". They saw no reason for this and one customer had only small sums going through account.

    Has anybody else experienced this. I was thinking of moving my day to day banking to them. I would be transferring monthly about €2,000 into my account by EFT from a bank of Ireland savings account. Don't know if N26 would freeze my account over this sum?

    I've had a n26 account for 2 years, get my salary paid in monthly - never had an issue.


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    #3176
    wassie
    Registered Users Posts: 3,273 ✭✭✭wassie


    3 years of N26 and never an issue with it as my daily transaction account. I also transfer across monthly from my Irish bank account to which my salary is credited. I would close it altogether but I occasionally receive payments by cheque (which is a complete PITA) and it is linked to my credit card.


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    #3177
    cefh17
    Registered Users Posts: 990 ✭✭✭cefh17


    Has anyone ever had an issue with the contactless?

    Lately I'm finding it refuses to work, but works via chip and pin. Amounts would be under the tap limits so don't think that is causing it. God knows how old the card is, but it's due to be replaced later this year anyhow


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    #3178
    loyatemu
    Registered Users Posts: 14,758 ✭✭✭✭loyatemu


    cefh17 wrote: »
    Has anyone ever had an issue with the contactless?

    Lately I'm finding it refuses to work, but works via chip and pin. Amounts would be under the tap limits so don't think that is causing it. God knows how old the card is, but it's due to be replaced later this year anyhow

    I had this issue last year and had to get a replacement card. The terminals wouldn't even detect the card half the time.


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    #3179
    cefh17
    Registered Users Posts: 990 ✭✭✭cefh17


    loyatemu wrote: »
    I had this issue last year and had to get a replacement card. The terminals wouldn't even detect the card half the time.

    Did N26 charge you?


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    #3180
    Gooser14
    Registered Users Posts: 1,554 ✭✭✭Gooser14


    I have given up on using my cards for contactless payments because of the same problem & now use Google Pay. Is it not possible for you to link the card to Google Pay or iPay?


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    #3181
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    You can now add up to 10 IBANs to your spaces for incoming payments and direct debits, this will be handy, i've been waiting for something like this.


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