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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#161

Post by cmsj »

blibble wrote: post #65
avh02 wrote: post #59

Earlier quoted context omitted.

I was with hsbc for a year in the uk, I'd definitely not call it "generally very good" (ridiculous app and login infrastructure), but I have a sample size of one.

hsbc's app and website are the worst of any bank I've used nationwide and natwest have much better apps and websites

Kudos to natwest for adopting things like TouchID for authorising app logins, much earlier than anyone else.

I still ditched them for Monzo though, mostly because natwest's anti-fraud system was reliably triggered by my mostly-online transactions, 3-4 times a year.

Re: N26 will be leaving the UK

#162

Post by jpincheira »

felixfbecker wrote: post #105
danpalmer wrote: post #11

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users). They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard)…

SEPA transfers in Germany are both free and instant too. Not saying it's not a slow and manually run industry in general, but I have nothing to complain about transactions.

Instant but you gotta pay. Also in Canada.

Funny that in countries like Chile transfers are free and instant.

Re: N26 will be leaving the UK

#163

Post by Glawen »

_n_b_ wrote: post #31
danpalmer wrote: post #11

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users). They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard)…

N26 is also very successful in France, whose banking industry is--I can confirm--very much slow, difficult, and _very_ manually run. They can charge fees for accounts because their fees are still so much lower than the incumbents they're displacing. (And you can do stuff without having to talk to your bank counsellor, at your one specific branch, in person... how novel!) So I can see how their model wouldn't be very…

French banks are slow, but they provide good services. When i lived in the UK, i had only a debit card (maestro). If you wanted a mastercard you needed a credit card account where you needed to manually balance at the end of the month. Mind you this was 10 years ago, when the UK was Just introducing PIN code for every card transaction, a security feature found in France since the 90s. In France you get mastercard as debit card or credit card bound to your current account.

Re: N26 will be leaving the UK

#164

Post by luckylion »

felixfbecker wrote: post #105
danpalmer wrote: post #11

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users). They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard)…

SEPA transfers in Germany are both free and instant too. Not saying it's not a slow and manually run industry in general, but I have nothing to complain about transactions.

And "free" isn't exactly accurate either. It depends on the account you have, many have a flat rate or some (large) amount of transfers included, others charge per action.

My impression is that banking is massively overpriced in Germany. I understand it's not trivial and "I can build that on a weekend", but I don't see the need to spend ~10 euros on the average checking account that has two dozens actions a month. The pricing is also extremely stable despite all the technological changes, which seems to suggest that as well - if you go by prices, running it all completely digital is as expensive as having somebody manually read a paper slip, punch in the numbers, stamp the paper and file it away.

Re: N26 will be leaving the UK

#166

Post by Traster »

tablloyd wrote: post #18

I'm skeptical of Brexit being the reason that N26 is withdrawing from the UK. They started operation in the uk in October 2018, over 2 years after the referendum result and 6 months before the UK was meant to leave until the date got pushed back.

This is the problem, no one believes the draw backs of leaving the EU even when businesses are literally pulling out of the country and directly saying it's because of regulatory divergence. It used to be that you could access 500m customers with one set of regulations. Now you can access 450m customers with one set of regulations, and you can access 60m with another, as yet undefined, set of regulations that are guaranteed to change over the next few years. It doesn't take a genius to see that that uncertainty is going to take a toll on business, but it does take a planet brain genius to know that's happening, hear from actually businesses making decisions based on it, and then decide it's not really an issue.

Re: N26 will be leaving the UK

#167

Post by zenlot »

danpalmer wrote: post #11

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users). They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard)…

There are enough banks in UK. If a company cannot operate globally, not a big loss, plenty of others to choose from. Nothing bad to UK, only for the company itself.

Re: N26 will be leaving the UK

#168

Post by therealmarv »

felixfbecker wrote: post #105
danpalmer wrote: post #11

Businesses pulling out of the UK based on the Brexit process is bad for the UK, and I'm sure this was indeed mainly motivated by N26's need for a UK banking licence, which is a costly and difficult process to go through. However, it's worth noting that they are pretty small in the UK (~200k users). They're very successful in Germany where banking is a very slow, difficult, manually run industry (from what I've heard)…

SEPA transfers in Germany are both free and instant too. Not saying it's not a slow and manually run industry in general, but I have nothing to complain about transactions.

That's not a German only thing. It's called SEPA ICT (Instant Credit Transfer) and institutes on booth sides need to support it. Then it works also from one EU country to another within seconds.

List of banks with SEPA ICT: https://www.europeanpaymentscouncil.eu/sites/default/files/p...

Re: N26 will be leaving the UK

#169

Post by TomMarius »

blackbrokkoli wrote: post #141
ieS7rpVU wrote: post #131

Earlier quoted context omitted.

I wouldn't. Why can't you use banks that agree to follow rules you like and be monitored by people you trust while I can use banks that agree to follow rules I like and be monitored by people I trust?

I don't know, let me think. Ah, right, 2008!

Well you wouldn't be giving free money to an unregulated bank, right

Re: N26 will be leaving the UK

#170

Post by Causality1 »

"A 100% digital banking experience"

I know this isn't the exact focus of the post, but I find that a little terrifying. I wouldn't be willing to trust all my holdings to a computer system with no ability to walk into a building with my birth certificate, photo ID, and social security card and have someone give me back my accounts should my identity be stolen.

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