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

Francie Barrett · 09-12-2015 10:13am

What is the reason to have NFC by the way?

soirish · 09-12-2015 10:41am

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

DrJFF · 09-12-2015 11:44am

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 · 09-12-2015 12:08pm

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 · 09-12-2015 12:17pm

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 · 09-12-2015 12:26pm

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 · 09-12-2015 12:32pm

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 · 09-12-2015 12:53pm

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 · 09-12-2015 1:20pm

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 · 09-12-2015 1:28pm

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 · 09-12-2015 1:33pm

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 · 09-12-2015 1:41pm

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 · 09-12-2015 1:58pm

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 · 09-12-2015 2:02pm

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 · 09-12-2015 2:43pm

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 · 09-12-2015 2:48pm

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 · 09-12-2015 2:58pm

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 · 09-12-2015 3:03pm

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 · 09-12-2015 3:12pm

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 · 09-12-2015 3:15pm

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 · 09-12-2015 3:52pm

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 · 09-12-2015 4:28pm

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 · 09-12-2015 4:37pm

Transfer received within 6 hours.

Asmooh · 09-12-2015 4:50pm

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 · 09-12-2015 4:53pm

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

Asmooh · 09-12-2015 4:54pm

/\/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 · 09-12-2015 5:59pm

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 · 09-12-2015 6:03pm

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 · 09-12-2015 7:07pm

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

theroomisonfire · 09-12-2015 7:13pm

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

JTMan · 09-12-2015 7:45pm

theroomisonfire wrote: »

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

Interesting. You are the first person to report getting their card.

Does it work in ATM's? Stores? Is it transparent?

patricksmyth · 09-12-2015 9:34pm

Asmooh wrote: »

Yes, already did it using the app

it's funny, the link they want me to follow from the email starts with

number26.us5.list-manage2.com

whats with the domain?

soirish · 09-12-2015 9:39pm

patricksmyth wrote: »

it's funny, the link they want me to follow from the email starts with

number26.us5.list-manage2.com

whats with the domain?

That's Mailchimp, which is a legit email service. No worries.

patricksmyth · 09-12-2015 9:46pm

soirish wrote: »

That's Mailchimp, which is a legit email service. No worries.

"my bank" emailing me a "random" internet address to reset my pin due to technical issues?

they really really are setting up their customers to fall victim to scams

Quackster · 09-12-2015 9:54pm

Delta2113 wrote: »

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.

12c ATM charge from 1st January next year. The €2.50/€5 stamp duty for this calendar year will be charged as normal on 31st December on debit cards active on that date.

So if you're switching from an Irish account and intend to close the Irish account (or at least cancel the debit card), make sure to do so before this date to avoid this year's stamp duty.

soirish · 09-12-2015 10:06pm

patricksmyth wrote: »

"my bank" emailing me a "random" internet address to reset my pin due to technical issues?

they really really are setting up their customers to fall victim to scams

Check the email source, does it have SPF authentication?

Quackster · 09-12-2015 10:08pm

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?

Hopefully the coming into force today of a 0.3% cap on bank fees for businesses taking domestic credit card payments and a prohibition on businesses charging their customers any more than what their banks charge them for such credit card payments will see the removal of this 2% surcharge.

Hopefully...

patricksmyth · 09-12-2015 10:09pm

soirish wrote: »

Check the email source, does it have SPF authentication?

im not a complete computer newbie, but i dont know what that means. the fact i dont, i feel, validates my point about this bad practice from them. imo of course.

gctest50 · 09-12-2015 10:13pm

patricksmyth wrote: »

im not a complete computer newbie, but i dont know what that means. the fact i dont, i feel, validates my point about this bad practice from them. imo of course.

.

http://mailchimp.com/about/mcsv/

You probably found this page because one of our subscribers used MailChimp to send you an email campaign, and you traced a link in the email back here to investigate. MailChimp is an email-marketing service that serves more than 10 million companies of all shapes and sizes, from all over the world. We send more than 600 million emails every day

patricksmyth · 09-12-2015 10:14pm

gctest50 wrote: »

.

im not sure what you are trying to prove to me? spammers also send millions of emails per day.

Satriale · 09-12-2015 10:20pm

Top tip.
When your doing the video verification they quickly switch the camera from the front to the back, so make sure you have your pants on.

soirish · 09-12-2015 10:27pm

patricksmyth wrote: »

im not sure what you are trying to prove to me? spammers also send millions of emails per day.

Spammers don't use Mailchimp and definitely don't have email authentication but I agree would have been better to get an email from number26.eu.

Bummer1234 · 09-12-2015 10:42pm

Does a Garda id do the job for identification? Don't have my passport at the moment.

Nollog · 09-12-2015 10:43pm

patricksmyth wrote: »

im not sure what you are trying to prove to me? spammers also send millions of emails per day.

Top Tip: Never click a link in the email, just go to the app and see if it shows the old registration screen, do it; else ignore.

09-12-2015 10:55pm

If using this card to withdraw foreign currency while on holidays is there a fee? For instance Ulster Back currently charge me 3.5% for this. Or can Revolut or any other options be used to do this for free? Cheers

09-12-2015 11:37pm

The app's page on Google Play proclaims "withdraw and deposit cash at any partner store". I suppose there's no "partner store" in this country at the moment?

Nollog · 10-12-2015 12:18am

68508224 wrote: »

If using this card to withdraw foreign currency while on holidays is there a fee? For instance Ulster Back currently charge me 3.5% for this. Or can Revolut or any other options be used to do this for free? Cheers

Yes, withdrawals globally are free unless the ATM notifies you of a charge on screen, which the bank that operates the ATM charges, which would apply to any card anyway.

Deleted User wrote: »

The app's page on Google Play proclaims "withdraw and deposit cash at any partner store". I suppose there's no "partner store" in this country at the moment?

Only Germany that I've read.

mrmcq2u · 10-12-2015 1:16am

I registered for an account with them on Tuesday afternoon.
Transferred some money from my PermenentTSB account that evening and received a push notification on my MotoG to notify me that the money had been transferred into my account at around 10am the following day.

So far the web, tablet and phone apps are beyond comparison to anything I have experienced with an Irish bank.

It took me about 10 minutes to open my account and afterwards I had full access to it online, I am still waiting for my card so cant give much input on that yet but have set my pin already while opening my account.

Logging in is a breeze, no convoluted open24 type id number followed by password and whack a mole style pin.

I don't find the lack of cashback to be a problem, I used it with my debit card but I only to avoid charges from lots of small payments, seeing as there aren't any charges there really isn't a need for me anymore.

Hopefully Ireland will start to catch up when it comes to nfc payments.

The Cash26 (lodge money at till) concept is something that would be more appealing for me compared to cash back but that feature is only available in Germany right now.

Number26 partnered with another company called Barzahlen for that functionality and have mentioned that they would like to work with other fintech startups so no idea as to whether Barzahlen will be approached about expanding or whether they will use different partners for different countries.

The way I'm going to deal with lodgements personally going forward is to join my local credit union and use it for my savings account. That way I can make lodgements on Saturdays as well anyway and its more convenient than getting a train to the bank.

Will be closing my Irish bank accounts by the new year. Its credit union and number26 for me going forward.

Yggr of Asgard · 10-12-2015 7:08am

theroomisonfire wrote: »

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

In which country are you living?

Luckycharms_74 · 10-12-2015 9:00am

Any implications with the Revenue from having bank account in another country.
I found this information online about other accounts for irish residents.

http://www.independent.ie/business/personal-finance/want-to-open-an-overseas-bank-account-its-a-bit-harder-than-you-might-expect-31369075.html

wrote:

Thanks to all the controversy surrounding secretive off-shore banking arrangements, the temptation not to declare these accounts to the Revenue is probably best avoided.

"Generally, individuals are aware of their responsibilities when opening foreign bank accounts," said a Revenue spokeswoman. "In addition to the obligation on the account holder to report the opening of such accounts, intermediaries that assist Irish residents in the opening of the accounts are obliged to make a return of all foreign bank accounts opened by the intermediary on behalf of Irish residents."

The Revenue has also established tax information exchange agreements with offshore havens like the Isle of Man, Jersey, Liechtenstein, Gibraltar, Cayman Islands and Guernsey, as well as double taxation agreements with 72 countries, including Switzerland.

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

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