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

boardbro · 08-12-2015 12:23PM

can you deposit dollar or sterling too without any fees like revolut?

Francie Barrett · 08-12-2015 12:29PM

boardbro wrote: »

can you deposit dollar or sterling too without any fees like revolut?

You can only deposit (it's not really depositing, more a transfer) Euro.

Quackster · 08-12-2015 12:33PM

Wired money from an Irish account yesterday and it was in my Number26 account at 06:10 this morning. I can live with that!

curiosity · 08-12-2015 12:37PM

Yggr of Asgard wrote: »

If the Irish bank accepts the web bank statement printout as proof of residence.

Irish Banks are a bit more fussy than that!

http://www.consumerhelp.ie/opening-an-account
You will need one of the following documents with your name on it to prove where you live:

A current utility bill (such as a gas, electricity, telephone or TV bill)
A current car or home insurance policy that shows your address
A document issued by a Government department that shows your address
A list of your tax credits issued by Revenue
A current balancing statement or a C2 certificate from the Revenue Commissioners
A social insurance document that shows your address
A letter from your employer or licensed employment agency stating that you have recently arrived in Ireland and have started work but cannot yet provide evidence of your Irish address. (You will have to provide evidence of your address at a later date)
- See more at: http://www.consumerhelp.ie/opening-an-account#sthash.KuPtRZdM.dpuf

Francie Barrett · 08-12-2015 12:37PM

Quackster wrote: »

Wired money from an Irish account yesterday and it was in my Number26 account at 06:10 this morning. I can live with that!

https://www.youtube.com/watch?v=_nVk25ZvTkU

:P

Yggr of Asgard · 08-12-2015 12:44PM

Quackster wrote: »

Wired money from an Irish account yesterday and it was in my Number26 account at 06:10 this morning. I can live with that!

Now the exact opposite and see when your Irish Bank credits the amount.

Asmooh · 08-12-2015 12:52PM

When you are in Holland you can sent cash money on any account.
But it will cost you 2,5%.. so also to this account

You need to translate it but: http://www.gwktravelex.nl/NL/For-Individuals/Contant-rekening-betalen/Kosten/

" The cost for a payment to any bank account amount to 2.5% of the transaction amount with a minimum of € 6.95. "

bk · 08-12-2015 01:05PM

Slutmonkey57b wrote: »

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

Of course it is a bank account. It has an IBAN, you can deposit money to it from any other bank account. You can receive your wages/social welfare payments to it. You can make direct debit and standing order payments from it. You can withdraw money via ATM's.

Of course it isn't a brick bank, but all you are missing out on is the ability to withdraw cash at a counter and lodge cash and cheques.

Sure, some people need this, but I think the vast majority of people don't need these services and a purely online bank suits their needs perfectly fine.

Get your wages paid into this account. Pay bills by direct debit/standing order. Withdraw cash via ATM. Perfectly fine for most people.

The last time I stepped into my bank was to open the account! Have been back since.

In future I could see newer ATM's allowing you the ability to lodge cash/cheques into them *, fixing that issue.

* Such self service lodgement machines already exist in most bank branches. They just aren't open to other banks yet.

I predict we will see a lot more of these massive tans european, online only banks start up over the next few years and with most Irish banks stupidly charging for current accounts, I think these online accounts will be very popular and the Irish banks might find themselves in trouble.

Now just roll on European wide loans and mortgages. We could also do with more competition with proper credit cards.

Slutmonkey57b · 08-12-2015 01:09PM

Yggr of Asgard wrote: »

I wonder how much you actually have read about the offering or are these the talking points of the Banking & Payments Federation Ireland?

It's a credit card with some add on features.
It's a bank account with a master card linked to it.

Can't make deposits.
You get an IBAN number so you can make deposits and in addition you can receive money from anybody just like with any bank account.

Can't make withdrawals. (payments via credit card are not withdrawals, yes there is a difference)
You can make transfers to other SEPA bank accounts online in the app or web. Unfortunately no SWIFT or foreign currency yet.

No cash services.
Yeah, just like KBC for example. It's a issue for some but if you prefer to go to the counter than this account is not for you.

No resident customer services.
And you call that a problem? They offer English support, what does it matter where the support is located. Their FAQ is miles ahead of any Irish Bank's FAQ.

It's not a bank account.
Actually it is, which shows that these must be the talking points of the BPFI.

But I can understand that you are concerned, I mean the millions Irish banks are going to loose for not being able to charging foreign currency charges and loss in interchange fees once Irish people get accounts outside Ireland is going to be felt very hard.

I've got nothing to do with the bpfi.

If you look down the thread, you'll see I make a simple point already: there is no comparison between this product and a bricks and mortar domestic bank product. A domestic German bank with thousands of branches isn't going to be able to match the "everything free, no fees" model either.

Nor have I said nobody should go for it, if it suits them. But I'm not in favour of calling it a bank account when at best it's a limited interpretation of what most people want/think of when the word "bank account" is mentioned.

bk · 08-12-2015 01:16PM

Slutmonkey57b wrote: »

Nor have I said nobody should go for it, if it suits them. But I'm not in favour of calling it a bank account when at best it's a limited interpretation of what most people want/think of when the word "bank account" is mentioned.

It has a unique IBAN, legally that makes it a bank account per EU legislation.

Yes, it doesn't have a physical branch in Ireland and that may limit it's usefulness for a small minority of people, but it absolutely is a bank account.

Would you also claim that KBC isn't a bank account either, given that you can't lodge cash into that either and they don't have branches in many Irish towns?

Slutmonkey57b · 08-12-2015 01:37PM

bk wrote: »

It has a unique IBAN, legally that makes it a bank account per EU legislation.

Yes, it doesn't have a physical branch in Ireland and that may limit it's usefulness for a small minority of people, but it absolutely is a bank account.

Would you also claim that KBC isn't a bank account either, given that you can't lodge cash into that either and they don't have branches in many Irish towns?

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

It is not what most people would consider a bank account and I don't think anyone enquiring on this forum about its suitability should be told "yeah sure it's grand, it's the same thing and all" as one poster previously was. Unless anyone handing out advice about the suitability of financial products is happy to take on the legal ramifications of their advice too?

Pretty sure the powers that be in boards don't like those ideas at all...

DrJFF · 08-12-2015 01:40PM

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

Yggr of Asgard · 08-12-2015 01:46PM

Slutmonkey57b wrote: »

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

It is not what most people would consider a bank account and I don't think anyone enquiring on this forum about its suitability should be told "yeah sure it's grand, it's the same thing and all" as one poster previously was. Unless anyone handing out advice about the suitability of financial products is happy to take on the legal ramifications of their advice too?

Pretty sure the powers that be in boards don't like those ideas at all...

KBC does not offer a bank account either than?

By your definition my DKB account would not be a bank account either and I really would say, that wrong. DKB is way better in service and product availability not to mention free banking across multiple products than any Irish Bank.

Sure I can't step into a branch or pay cash into the account but what does that matter to me? I can get cash out of any ATM for free, they even refund ATM operator charges.

Why do I use number26 now, because DKB still charges foreign transaction fees and with number26 just like revolut I can avoid that.

Does number26 fit everybody? No

I think they make it very clear on their webpage what one can do and what not. Their webpage have an excellent FAQ. And several posters here (including myself) have listed advantages/disadvantages.

It's up to everybody to make up their own mind, test the product (it's free after all) and see if they feel it addresses their needs.

But putting out statements like no deposits/no withdraws which is quite clearly false is another thing.

bk · 08-12-2015 02:08PM

Slutmonkey57b wrote: »

Talk to the posters in the "boi refusing cash services" thread then. Or are they all plants from the bankers as well? I've answered this question already.

And that pretty much proves my point, even the brick and mortars banks are heading this direction!

In the case of BOI, it was ridiculous them trying to refuse cash services, when they charge such high fees for their current accounts and offer such terrible rates on mortgages, etc.

With such high costs, I expect them to offer more then what I can get for free now from Number26.

I feel like banking is going to go in two directions:

- Completely free, online banks with limited or no physical presence.

- High cost, full service, brick and mortars bank, that offers a large branch network, cash desk services, late opening times and weekend opening.

The problem with BOI, was that they were trying to do the former, while charging like the later, it doesn't work that way!

Either way you are absolutely factually wrong, Number26 is absolutely a bank account as laid out be EU legislation.

That isn't to say that it is for everyone, it isn't, but you are very much wrong in a number of claims you made.

almee · 08-12-2015 02:12PM

DrJFF wrote: »

Anyone else having trouble pairing their device? I did the video call no problems but when i go to pair my device its not sending me through a text message,

Anyone any ideas?

Thanks

I see on their FAQ there is a problem with samsung devices pairing, text below.....

Solution for pairing problem with Samsung devices

Some Samsung smartphones, especially Samsung Galaxy S6 and S6 Edge, have automatically been unpairing form the NUMBER26 Account. There is a simple solution to this problem: just enter your backup password (not your fingerprint) after restart or when unlocking your phone. This only has to be done once for each time you (re)start your phone. The problem lies within the latest Android system update 5.1.1 and is currently being fixed by Samsung.

PokeHerKing · 08-12-2015 02:16PM

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

Savman · 08-12-2015 02:16PM

Signed up over the weekend, only positive experience so far. Transfer took 1 day from BOI (whom I have no love for).

Just waiting on arrival of the Mastercard now but if it does what it says on the tin then this account is an absolute no-brainer.

Savman · 08-12-2015 02:18PM

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

Just leave it blank, it's not needed.

Yggr of Asgard · 08-12-2015 02:19PM

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

You don't need the code anymore, for a while it was needed while they were testing, now signup works without one.

Asmooh · 08-12-2015 02:19PM

One thing I like already is that I can get a notification when money arrives on my account.
My Dutch account and AIB does not offer this and its nice to have! You can select both email/app or just one out of the two.
The other thing I like (but need to look into it) is privacy, and tracking my payments.

Yggr of Asgard · 08-12-2015 02:19PM

Savman wrote: »

Signed up over the weekend, only positive experience so far. Transfer took 1 day from BOI (whom I have no love for).

Just waiting on arrival of the Mastercard now but if it does what it says on the tin then this account is an absolute no-brainer.

I'm waiting for it too, mail from Germany at best times takes at least 4 days, so I hope to get it soon to see how it is actually coded and give it spin.

boardbro · 08-12-2015 02:25PM

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

AlmightyCushion · 08-12-2015 02:33PM

boardbro wrote: »

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

Some one else said it will get rejected.

Francie Barrett · 08-12-2015 02:33PM

boardbro wrote: »

Does anyone know if you deposit sterling into the account will it be converted to euro with no currency fees, or will it be rejected?

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

Nope.

Nollog · 08-12-2015 02:41PM

PokeHerKing wrote: »

I'm looking to open an account today. There is an option for a voucher code on the initial sign-up screen. Anyone have a code?

Cheers

It seems to be for Germans of old who needed an invite originally.
That's just a guess of mine from a few minutes Google when I was signing up and when presented with a code box, always look around.

Slutmonkey57b · 08-12-2015 02:51PM

bk wrote: »

And that pretty much proves my point, even the brick and mortars banks are heading this direction!

In the case of BOI, it was ridiculous them trying to refuse cash services, when they charge such high fees for their current accounts and offer such terrible rates on mortgages, etc.

With such high costs, I expect them to offer more then what I can get for free now from Number26.

I feel like banking is going to go in two directions:

- Completely free, online banks with limited or no physical presence.

- High cost, full service, brick and mortars bank, that offers a large branch network, cash desk services, late opening times and weekend opening.

The problem with BOI, was that they were trying to do the former, while charging like the later, it doesn't work that way!

Either way you are absolutely factually wrong, Number26 is absolutely a bank account as laid out be EU legislation.

That isn't to say that it is for everyone, it isn't, but you are very much wrong in a number of claims you made.

Are you happy to back up your opinion with legal guarantees of suitability to posters who ask about it?

bk · 08-12-2015 02:55PM

Slutmonkey57b wrote: »

Are you happy to back up your opinion with legal guarantees of suitability to posters who ask about it?

Are you happy to take on a defamation case from this bank for claiming in public that they aren't a bank?

Will you also be happy to face a similar defamation case for also claiming KBC aren't a bank?

Completely ridiculous claims you are making, just go ask the Irish and German financial regulators and they will clarify it easily for you.

onedmc · 08-12-2015 02:56PM

So before I tick that I acknowledge the terms and condition I of course have to read them. If would be appropriate for anyone to agree to T&C's than I hadnt read particularly relating to finances.

But the costs are in German

Überweisungsänderung, Überweisungsrückruf. 15€ Eine Rechnungsstellung erfolgt nur für die Änderung oder den
Rückruf nach Zugang des Überweisungsauftrags.

Even the bits of the other area that are in English need a some plain Speak
"Changes in charges for banking services which are typically used by customers within the framework of the business relationship on a permanent ...
"The Bank shall allow a reasonable period of time for providing or increasing security. If the Bank intends to make use of its right of termination without notice ............"

Paragraph by paragraph the translation is in pigeon English

Nollog · 08-12-2015 03:24PM

I know of a company who got in serious legal troubles for calling themselves a bank without being regulated or meeting any requirements.
They changed their name to whatever it was "banq" and low and behold, rip company.

There be serious consequences for something claiming to be a bank when not.

Yggr of Asgard · 08-12-2015 03:25PM

No danger here than because number26 makes it very clear that You open a full-fledged NUMBER26 account with Wirecard Bank and receive all benefits and securities of a German bank account.

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

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