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

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    #32
    soirish
    Registered Users Posts: 713 ✭✭✭soirish


    Mycroft H wrote: »
    What's the catch? It's not free cake here surely?

    Why is account management free with NUMBER26?
    NUMBER26 earns a small amount on every card transaction carried out by a merchant, at no cost to you. We also earn a percentage of deposits managed by Wirecard Bank, our strategic partner. NUMBER26 is an online banking company, and completely dispenses with any kind of branch structure. This allows us to offer our services free of charge.


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    #33
    soirish
    Registered Users Posts: 713 ✭✭✭soirish


    Mr.S wrote: »
    What actually happens during the video chat? Do you see them or what?

    It's a video call with their support team in DE and it is recorded. Need to show your face, passport and verify phone number.


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    #34
    Yggr of Asgard
    Registered Users Posts: 5,169 ✭✭✭Yggr of Asgard


    Mr.S wrote: »
    What actually happens during the video chat? Do you see them or what?

    Yes, you see them and they see you, they give you some legal disclaimers (about storing your info etc.), they take a face picture (to compare to your ID), than they take pictures of your ID, make you swirl the ID in front of the camera to see the security features and finally they send you code via SMS you need to enter.


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    #35
    RHJ
    Closed Accounts Posts: 925 ✭✭✭RHJ


    This post has been deleted.


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    #36
    JTMan
    Registered Users Posts: 5,539 ✭✭✭JTMan


    RHJ wrote: »
    This post has been deleted.

    Virgin Media are SEPA compliant, you will have no issues with a direct debit set up.

    Given that Spotify are a global company, you can bet that they are SEPA compliant, should be no issues with direct debit set up.


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    #37
    Yggr of Asgard
    Registered Users Posts: 5,169 ✭✭✭Yggr of Asgard


    RHJ wrote: »
    This post has been deleted.

    To the best of my knowledge the answer is Yes if your social welfare get's directly into your account. You can't lodge cash into the account in Ireland.


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    #38
    DareGod
    Closed Accounts Posts: 1,298 ✭✭✭DareGod


    Are the primary benefits of this that you don't pay maintenance fees and you get a Mastercard?

    Sorry for being slow on the uptake here, I'm just having trouble understanding the point of it.

    You can't lodge cash into your account? So it's not a total replacement for your regular bank account?


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    #39
    RHJ
    Closed Accounts Posts: 925 ✭✭✭RHJ


    This post has been deleted.


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    #40
    Rackstar
    Registered Users Posts: 1,347 ✭✭✭Rackstar


    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).

    What credit card have you got that gives you miles?


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    #41
    Yggr of Asgard
    Registered Users Posts: 5,169 ✭✭✭Yggr of Asgard


    Rackstar wrote: »
    What credit card have you got that gives you miles?

    DKB Lufthansa

    Now I hear you say, you can't get that in Ireland, however under certain circumstances (aka a German Bank account) you can get it despite living in this beautiful country.

    If you have a DKB account you can get it without paperwork via online application in a couple of minutes with a decent limit.

    If you have a different German Bank Account and they are willing to give a bank reference you can get with some paperwork, however I don't think number26 will give bank references.

    I so love SEPA, it makes life so much easier.


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    #42
    Delta2113
    Registered Users Posts: 2,678 ✭✭✭Delta2113


    I was wondering if this product would show up in Bargain Alerts and it deserves it's place here but we now have 2 threads running - I'm sure the moderators will decide what's best.

    I'm still paid into a BOI Savings a/c, I have a PTSB Current A/c which I operate FREE and I have a cheque book (only use to lodge money to State Savings) with PTSB.

    I'm also now with Revolut and Number 26 and oh yes a realex fire a/c that i never use.

    Common denominator - I pay no charges (except government duty which I'll mostly escape next year) - mix and match people -mix and match.


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    #43
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    RHJ wrote: »
    This post has been deleted.

    If you are a student you can get free banking with any brick and mortar bank here. AIB is excellent


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    #44
    Seoda1
    Closed Accounts Posts: 77 ✭✭Seoda1


    What proof of address do they look for or do they ask for this? Thanks


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    #45
    patricksmyth
    Closed Accounts Posts: 103 ✭✭patricksmyth


    @seoda1

    they dont ask for proof of address on the call (they post your mastercard out to your address, so i guess that handles that)
    you just need your passport (the new passport card is not acceptable)
    you will also need to make sure you have good phone coverage (they send you sms while on the phone)
    they will ask you to confirm back the details you filled into the website


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    #46
    smilgy
    Registered Users Posts: 360 ✭✭smilgy


    If they send out a Mastercard credit card, does that mean that when you're renting a car somewhere where a debit card is not enough, this would suffice ?


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    #47
    NeverWaining
    Closed Accounts Posts: 287 ✭✭NeverWaining


    I pick up some weird stuff from Bargain Alerts but a German bank account I was not expecting.

    Thanks OP.


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    #48
    Slutmonkey57b
    Registered Users Posts: 5,559 ✭✭✭Slutmonkey57b


    This isn't a bank account in any meaningful sense of the word.

    It's a credit card with some add on features.

    Can't make deposits.

    Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

    No cash services.

    No resident customer services.

    It's not a bank account.

    Check the interest rates and compare it against other credit card sellers.


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    #49
    PeeDawg
    Registered Users Posts: 27 ✭PeeDawg


    Has anyone got one of these? How good is it?


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    #50
    NeverWaining
    Closed Accounts Posts: 287 ✭✭NeverWaining


    NeverWaining wrote: »
    I pick up some weird stuff from Bargain Alerts but a German bank account I was not expecting.
    Slutmonkey57b wrote: »
    This isn't a bank account in any meaningful sense of the word...

    Thanks Slutmonkey!

    God bless the internet.


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    #51
    JAMM222
    Registered Users Posts: 737 ✭✭✭JAMM222


    Slutmonkey57b wrote: »
    This isn't a bank account in any meaningful sense of the word.

    It's a credit card with some add on features.

    Can't make deposits.

    Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

    No cash services.

    No resident customer services.

    It's not a bank account.

    Check the interest rates and compare it against other credit card sellers.

    You can make deposits
    You can withdraw from a cash machine foc


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    #52
    soirish
    Registered Users Posts: 713 ✭✭✭soirish


    Slutmonkey57b wrote: »
    This isn't a bank account in any meaningful sense of the word.

    It's a credit card with some add on features.

    Can't make deposits.

    Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

    No cash services.

    No resident customer services.

    It's not a bank account.

    Check the interest rates and compare it against other credit card sellers.

    That goes into the Internet Archive.


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    #53
    Quackster
    Moderators, Regional South Moderators Posts: 5,754 Mod ✭✭✭✭Quackster


    Delta2113 wrote: »
    I was wondering if this product would show up in Bargain Alerts and it deserves it's place here but we now have 2 threads running - I'm sure the moderators will decide what's best.

    I'm still paid into a BOI Savings a/c, I have a PTSB Current A/c which I operate FREE and I have a cheque book (only use to lodge money to State Savings) with PTSB.

    I'm also now with Revolut and Number 26 and oh yes a realex fire a/c that i never use.

    Common denominator - I pay no charges (except government duty which I'll mostly escape next year) - mix and match people -mix and match.

    There are a number of free Irish accounts you can get to use to wire funds to your Number26 account, even if you don't meet the criteria for free banking with PTSB or Ulster Bank.

    The EBS MoneyManager account is a current account completely free of basic transaction and account maintenance fees, except for ATM withdrawals. Use it to load your Revolut account with the EBS MasterCard debit card or wire money to your Number26 account and that takes care of free ATM withdrawals.

    All the major credit unions also offer current accounts with all the necessary aspects except (for now) a debit card facility. Again, use one of these accounts to wire money to your Number26 account.


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    #54
    Slutmonkey57b
    Registered Users Posts: 5,559 ✭✭✭Slutmonkey57b


    JAMM222 wrote: »
    You can make deposits
    You can withdraw from a cash machine foc

    According to a previous poster, no cash deposits.

    Money transfers aren't deposits.


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    #55
    The J Stands for Jay
    Registered Users Posts: 5,704 ✭✭✭The J Stands for Jay


    Slutmonkey57b wrote: »
    According to a previous poster, no cash deposits.

    Money transfers aren't deposits.

    I haven't made a cash deposit since 2011. I'm struggling to come up with a reason not to switch over all my banking.


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    #56
    Nollog
    Registered Users Posts: 5,423 ✭✭✭Nollog


    Mr.S wrote: »
    Does the card you get have contactless?

    Yeah.
    sidcon wrote: »
    Is this NFC via mobile or just a mobile app for banking

    It's on the card they mail you.


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    #57
    The J Stands for Jay
    Registered Users Posts: 5,704 ✭✭✭The J Stands for Jay


    Slutmonkey57b wrote: »
    Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)

    What is the difference?


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    #58
    Slutmonkey57b
    Registered Users Posts: 5,559 ✭✭✭Slutmonkey57b


    McGaggs wrote: »
    I haven't made a cash deposit since 2011. I'm struggling to come up with a reason not to switch over all my banking.

    That's fine. But there's a difference between "service not possible" and "service offered which I choose not to avail of". Domestic bricks and mortar banks are offering a completely different product to this, there's no point comparing them.

    I never said the product didn't offer the features it does. I said that "bank account" isn't a *meaningful* description of this product.


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    #59
    Slutmonkey57b
    Registered Users Posts: 5,559 ✭✭✭Slutmonkey57b


    McGaggs wrote: »
    What is the difference?

    Withdraw money from an atm with your credit card and then start asking your bank about fees.


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    #60
    Delta2113
    Registered Users Posts: 2,678 ✭✭✭Delta2113


    It is somewhat confusing that the word “credit card” in Germany is used as a synonym for the Visa credit card or MasterCard. Whether the plastic card is combined with a revolving account on which the credit card debt is accumulated or not.

    This Card operates more like a prepaid debit card!


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    #61
    Slutmonkey57b
    Registered Users Posts: 5,559 ✭✭✭Slutmonkey57b


    Delta2113 wrote: »
    It is somewhat confusing that the word “credit card” in Germany is used as a synonym for the Visa credit card or MasterCard. Whether the plastic card is combined with a revolving account on which the credit card debt is accumulated or not.

    This Card operates more like a prepaid debit card!

    It's deliberately confusing to make you think it's something it's not.

    Anyway, there's no benefit splitting hairs about the terminology. It's interesting for some who are happy with the limitations, anyone signing up should definitely not ask boards if it's suitable for them.


This discussion has been closed.
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