Number26/N26 Mastercard/Account now for Irish Residents

Sheep Shagger · 29-09-2020 12:44pm

After 20 old years, filled an account closure form on banking 365 to close my BOI current and savings accounts yesterday.

Salary successfully landed in n26 account yesterday and unlike having to wait for BOI to update overnight I got the alert at about 10am (employer banks with AIB).

Won't miss the antiquated 'service' and 'technology' and as soon as I can move the credit card I will.

Salary and savings with N26 as it has a banking licence with disposable day to day spending via Revolut (only because more people I know seem to have it so split bill and transfers are a little easier).

banie01 · 29-09-2020 12:49pm

blade1 wrote: »

I'll try that that so thanks.

Re: wages.
There is nothing they can do about it.
Pay system is 20 years and they are hoping to get money to update the system in 2 years at the very earliest and if they are lucky.
There's around 8000 on the payroll so it's physically impossible to do it with the current system.

No excuse tbh, the fact that companies ignored the requirement for BIC/IBAN despite an EU directive is staggering.

I used to work in a highly regulated industry, regular contact with regulator and ministry.
Yet up to January of this year they still refused to pay funds to non-Irish accounts.
That's despite taking payment from them.

Took threat of escalation to the regulator on foot of their refusal to pay salary to N26.

Stewball · 29-09-2020 1:45pm

Anyone have any issues switching a direct debit with Sky over to N26?

One of their agents told me it can't be done because of the German IBAN - although I did sense he wasn't on top of his brief.

Sheep Shagger · 29-09-2020 4:52pm

banie01 wrote: »

No excuse tbh, the fact that companies ignored the requirement for BIC/IBAN despite an EU directive is staggering.

I used to work in a highly regulated industry, regular contact with regulator and ministry.
Yet up to January of this year they still refused to pay funds to non-Irish accounts.
That's despite taking payment from them.

Took threat of escalation to the regulator on foot of their refusal to pay salary to N26.

Definitely worth escalating, our online portal wouldn't accept a non IE IBAN but when I pointed out the EU regulation they managed to find a manual worksround.

I work for a large multi national and the payroll agent (EY I think) managed to make it work. First salary landed yesterday.

JTMan · 25-10-2020 3:24pm

N26 are starting to apply negative interest rates of -0.50% to amounts in excess of 50k EUR for new customers only on their free package.

Source: here and here.

I suspect that other banks will follow suit.

Bob24 · 25-10-2020 6:43pm

JTMan wrote: »

I suspect that other banks will follow suit.

For now it seems to be concentrated with “Northern” European banks, but yes I think soo as well.

Coincidently I got an email from AIB with updated T&Cs last week, and basically every occurrence whereby the T&Cs used to say “we pay this rate” or “we pay interest” is now replaced by “we apply this rate” or “we apply interest”. Pretty clear what they are planning for with this change!

Sheep Shagger · 25-10-2020 7:37pm

JTMan wrote: »

N26 are starting to apply negative interest rates of -0.50% to amounts in excess of 50k EUR for new customers only on their free package.

Source: here and here.

I suspect that other banks will follow suit.

Negative interest rates have been around a while for wholesale and corporate customers at banks. AiB have started for retail customers too.

Saw an article in today's Business Post (behind paywall), N26 is approaching 200k customers here but they still won't be opening an office here. They have Irish people employed in Berlin to service this market, the bank saying staff don't need to be sitting in Ireland to serve that part of their customer base- which is true.

Zardoz · 25-10-2020 8:01pm

Negative interest rates, I've heard it all now .

Sheep Shagger · 25-10-2020 10:19pm

Zardoz wrote: »

Negative interest rates, I've heard it all now .

Its been around for other currencies for a while now...not just EUR.

Stark · 25-10-2020 10:23pm

A bank is probably the worst place to keep a large sum of capital these days if you plan to hang on to it for any length of time. You're insured against catastrophic capital loss for sure but that insurance comes at a cost in terms of having your money eaten away by inflation and now negative interest rates.

Jim2007 · 26-10-2020 9:45am

Stark wrote: »

A bank is probably the worst place to keep a large sum of capital these days if you plan to hang on to it for any length of time. You're insured against catastrophic capital loss for sure but that insurance comes at a cost in terms of having your money eaten away by inflation and now negative interest rates.

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

Jim2007 · 26-10-2020 9:56am

Zardoz wrote: »

Negative interest rates, I've heard it all now .

It would seem you are very late to the party.... it’s about three years ago since banks around the world started hitting private institutions and sovereign funds with negative interest, next came government bodies and it is hitting the average Joe and Mary.

There has been articles in most of the mainstream media by now.

Bob24 · 26-10-2020 10:08am

Jim2007 wrote: »

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

You are referring to CPI, and that figure tends to misrepresent the reality of inflation in 2 ways:
- asset prices have been inflating *much* faster than consumer prices which isn’t reflected in CPI as it is a different type of inflation than what CPI is meant to measure (but very real inflation nonetheless)
- all governments have an incentive to minimise headline inflation figures and therefore tend to use CPI calculation methods which are biased towards producing the lowest possible figures. Shadow stats illustrates this pretty well for the US, comparing consumer price inflation numbers as per the current official calculation method vs the official methods which were used in the past: http://www.shadowstats.com/alternate_data/inflation-charts (to make it short, the charts show that the primary reason CPI figures in the US are significantly lower today than they were in the last few decades is the change in calculation method)

Jim2007 · 26-10-2020 10:22am

Bob24 wrote: »

You’re only referred to CPI, which tends to misrepresent the reality in 2 ways:
- asset prices have been inflating *much* faster than consumer prices which isn’t reflected by CPI
- all governments have an incentive to minimise headline inflation figures and therefore tend to use CPI calculation methods which are biased towards producing the lowest possible figures. Shadow stats illustrates this pretty well for the US, comparing headline inflation numbers with the current official calculation method vs the official methods which were used in the past: http://www.shadowstats.com/alternate_data/inflation-charts (to make it short, the charts shows that the only reason CPI figures in the US are significantly lower today than they were in the last few decades is the change in calculation methods)

You can pick which ever set of figures you like, it does not answer the question, if banks are the “worst place” to keep cash where is better according to the poster....

Bob24 · 26-10-2020 10:40am

Jim2007 wrote: »

You can pick which ever set of figures you like, it does not answer the question, if banks are the “worst place” to keep cash where is better according to the poster....

One would have to define what they consider as a good way to store wealth before answering this question.

If you define good as having the lowest possible volatility in the euro value of your capital, of course nothing will beat a euro bank deposit (assuming your bank won’t require a bail-in).

Now if you define good as the probability of at least maintaining the purchasing power of you capital in the next 5 years, a bank deposit is crap because given the negative real interest rates your probability of maintaining that purchasing power is 0% (I.e. you are certain you will lose purchasing power). Things like TIPS, gold, or even better a mix of the 2 above with a pocket of solid blue-chip equities will give you a much better probability of at least maintaining your purchasing power.

Sheep Shagger · 26-10-2020 10:40am

Jim2007 wrote: »

Inflation is at about 0.8% and negative interest is around 0.5%, so where do you think is a better alternative to a bank, with the same risk profile and accessibility?

Agreed, even a 10 year government bond is pretty ****.

https://www.statesavings.ie/our-products/10-year-national-solidarity-bond

Prize bonds if your bank is going to charge you negative interest rates perhaps....

zf0wqv9oemuasj · 26-10-2020 2:15pm

Hi All,

I referred some family members to N26 earlier in the year when they were giving a 50 euro bonus. I only received the bonus from one so asked the others if they had spent the 50 euro and they had but not in one go.

I was about to complain but noticed that in the referral rules it says the first transaction must be for the full amount or more. The fact they have spend smaller amounts does that mean the bonus is not voided or if they spent 50 in one go now would I get the bonus now?

Many thanks.

Sheep Shagger · 27-10-2020 11:29pm

N26 to begin charging negative interest rates on credit balances of more than €50k

https://m.independent.ie/business/personal-finance/digital-bank-n26-to-be-the-first-in-irish-market-to-charge-new-customers-negative-interest-on-large-savings-39673727.html

The J Stands for Jay · 28-10-2020 10:16am

Sheep Shagger wrote: »

N26 to begin charging negative interest rates on credit balances of more than €50k

https://m.independent.ie/business/personal-finance/digital-bank-n26-to-be-the-first-in-irish-market-to-charge-new-customers-negative-interest-on-large-savings-39673727.html

Only new customers though. Anyway, I don't have €50k in bank deposits in total, never mind with one bank.

nirvana78 · 03-11-2020 1:33am

I'm having a problem trying to transfer funds from my N26 account on the app to another N26 account. I used to do this regularly and instantly. I'm able to select bank transfer, select amount, input confirmation pin and then I run into trouble. Previously I would instantly have been asked to confirm or reject transfer, now I don't get asked at all. It appears that the app hangs here, I refresh the screen and then the pending transfer appears on my home page. It says "tap to confirm or reject", I tap it and nothing happens... I come out of the app then delete it, download again which takes 3-4 minutes to download and the pending payment is sitting there, again waiting to be confirmed or rejected!! Eventually the option to confirm or reject will appear but this could take many attempts at deleting the app and tapping the confirm or reject tab.
Does anyone have any idea what's going on? Noticeably I am successfully able to money beam the other N26 account just not bank transfer. Thank you

user1842 · 03-11-2020 12:17pm

nirvana78 wrote: »

I'm having a problem trying to transfer funds from my N26 account on the app to another N26 account. I used to do this regularly and instantly. I'm able to select bank transfer, select amount, input confirmation pin and then I run into trouble. Previously I would instantly have been asked to confirm or reject transfer, now I don't get asked at all. It appears that the app hangs here, I refresh the screen and then the pending transfer appears on my home page. It says "tap to confirm or reject", I tap it and nothing happens... I come out of the app then delete it, download again which takes 3-4 minutes to download and the pending payment is sitting there, again waiting to be confirmed or rejected!! Eventually the option to confirm or reject will appear but this could take many attempts at deleting the app and tapping the confirm or reject tab.
Does anyone have any idea what's going on? Noticeably I am successfully able to money beam the other N26 account just not bank transfer. Thank you

Try re-pairing your phone to the app also.

nirvana78 · 03-11-2020 11:37pm

user1842 wrote: »

Try re-pairing your phone to the app also.

Thanks for the suggestion, I tried that, but it made no difference unfortunately.

Thewitheredowl · 04-11-2020 9:16am

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Sheep Shagger · 04-11-2020 7:09pm

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Probably BOIs crappy antiquated system bit your boss should tell BOI they have to be able to pay to any IBAN (your n26 one) under SEPA rules.

Yggr of Asgard · 04-11-2020 10:30pm

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Your boss needs to ensure to select SEPA Payee as receiver.

The error of wrong country is down to her entering it as normal payee as far as I remember.

TempAc · 06-11-2020 2:01pm

Thewitheredowl wrote: »

Has anybody any experience of BOI business banking?

I asked my employer to pay my wages to my N26 account from now on, today was the first day that the payroll tried to add my N26 details, and it was coming back with a county code invalid, or some similar wording.

She is not being awkward, and is willing to make the changes, she just doesn't see a way to do it online.
Has anybody hit this issue before?

Thanks

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Thewitheredowl · 06-11-2020 2:51pm

TempAc wrote: »

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Great help. Thanks

Thewitheredowl · 20-11-2020 4:24pm

TempAc wrote: »

Yeah, BOI Business banking is one of the worst online banking systems I've ever used.

However, you can pay N26 accounts with it, in fact I pay my own wages with it.

The problem if I recall correctly is with how it auto fills non IE fields once you put in the IBAN when adding a payee, I think it was the case that you need to put the IBAN in first and then pick the country from the dropdown above it when adding a payee. So ignore the flow BOI try to get you to use and put IBAN in first.

It does work, it's just a terrible system.

Just to update, this worked. Thanks again

kevmac · 21-11-2020 5:40pm

So, elderly parents go to AIB yesterday afternoon to lodge money into my N26 account.

Guy behind counter is confused by IBAN. “That’s for a foreign account, blah, blah”

Manager called. He doesn’t know what to do. Makes phone calls.

He tells them: “Standard transfer will be 3-5 days or Urgent for €12 will have it there on Monday.”

That’s the short version, don’t get me started. ðŸ˜¡

Questions: Why does a SEPA payment take so long (3-5 days)?

And realistically will the ‘Urgent’ option the money there by Monday?

Thanks for any help

Stark · 21-11-2020 5:46pm

kevmac wrote: »

So, elderly parents go to AIB yesterday afternoon to lodge money into my N26 account.

Guy behind counter is confused by IBAN. “That’s for a foreign account, blah, blah”

Manager called. He doesn’t know what to do. Makes phone calls.

He tells them: “Standard transfer will be 3-5 days or Urgent for €12 will have it there on Monday.”

That’s the short version, don’t get me started. ðŸ˜¡

Questions: Why does a SEPA payment take so long (3-5 days)?

And realistically will the ‘Urgent’ option the money there by Monday?

Thanks for any help

Transfers usually arrive next day for me. They used always quote 3-5 days for transfers to Irish banks in the pre-SEPA days as well.

Number26/N26 Mastercard/Account now for Irish Residents

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