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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#191

Post by greatpatton »

ars wrote: post #48
princekolt wrote: post #16

Earlier quoted context omitted.

I'm still trying to understand the point of your comment, but regardless: You haven't heard of it. So what? People will be affected by this. This will also not be the only company who will have to leave the UK because they've deemed the cost of legalising their business there after Brexit is not worth the benefits. So you're either in denial about that fact or you think it doesn't matter, which perhaps works for you…

He's saying the reason they failed is nothing to do with brexit and everything to do with the fact that no one knew about them. But they are blaming brexit instead of their own failure.

No, it has to do with the fact that when you have a smaller customer base and additional cost when running on razor-sharp margin, it doesn't make the cut. So yes it has to do with the Brexit as this is the reason for future additional cost, especially today when EU negotiator said that it will be very unlikely for the UK to get financial services equivalence. https://www.theguardian.com/politics/2020/feb/11/barnier-tel...

Re: N26 will be leaving the UK

#192

Post by pzumk »

reubenmorais wrote: post #124
felixfbecker wrote: post #105

Earlier quoted context omitted.

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.

I moved from Brazil to Germany last year and if you consider this instant I have bad news to share. At least with Commerzbank it's slow as molasses. In Brazil for same bank transfers I'd get an SMS in my phone at the same time as the sender got the confirmation that the transfer went through on their phone. Transfers between banks would typically clear in 2 hours or less. With cash withdrawals I got an SMS in my phon…

Earlier this week I sent money from ING to N26, took them 55 minutes. Then I sent money from Postbank to N26 and it took them 24 hours.

This is not “instant”, but 1 hour is much better than 1 day.

Re: N26 will be leaving the UK

#193

Post by nailer »

threeseed wrote: post #84
Symbiote wrote: post #7

> With the UK now having left the European Union, we will in due course be unable to operate in the UK with our European banking license. Isn't this still up for discussion? Since they're only giving two months notice, they could wait until much later in the year before shutting up shop in the UK.

Not really. Gove is warning businesses that there will be trade impacts: https://www.theguardian.com/politics/2020/feb/10/checks-on-e... And if you don't have a deal on goods you absolutely won't have a deal on services.

Sure but trade is two way. The EU won't have a deal either. They want to continue selling cars, food, and everything else. The only thing with no deal being on the table is the UK being able to walk away, as a type of mutually assured destruction, rather than having to accept any deal offered by the EU.

Re: N26 will be leaving the UK

#194

Post by TulliusCicero »

gigatexal wrote: post #186
Nursie wrote: post #76

Earlier quoted context omitted.

Anecdote time - the only person I know who had an account (I work in London fintech at the moment) never used it and only opened it for the fancy translucent card. He seems to have accounts with all the 'challenger' banks.

N26 is amazing. I use it daily in Germany as an expat

I'm in Germany as an American and use DB. They're creaky, but it seems to get the job done.

What do you feel is the advantage of N26 over older banks?

Re: N26 will be leaving the UK

#195

Post by Shoue »

speedski1 wrote: post #179
Nursie wrote: post #76

Earlier quoted context omitted.

Anecdote time - the only person I know who had an account (I work in London fintech at the moment) never used it and only opened it for the fancy translucent card. He seems to have accounts with all the 'challenger' banks.

Random question, but I'm moving to London in a few months, do you have any suggestions on banks or "challenger" banks I should go with? (couldn't figure out how to DM you, not sure if it's possible on Hacker News)

Both Monzo and Starling are good. If you're good at budgeting and never dip into negative balances I suggest getting a cashback or points credit card too, and then you can simply put your income into an instant savings account until you need it for the monthly direct debit to pay off your credit card and earn interest _and_ cashback/points.

Re: N26 will be leaving the UK

#196

Post by LinusU »

speedski1 wrote: post #179
Nursie wrote: post #76

Earlier quoted context omitted.

Anecdote time - the only person I know who had an account (I work in London fintech at the moment) never used it and only opened it for the fancy translucent card. He seems to have accounts with all the 'challenger' banks.

Random question, but I'm moving to London in a few months, do you have any suggestions on banks or "challenger" banks I should go with? (couldn't figure out how to DM you, not sure if it's possible on Hacker News)

I've been using Monese since I moved here ~2.5 years ago. It was great as I was able to open the account in the weeks _before_ moving over, and thus already had a ready to go payment card & UK Bank Account when I arrived!

Re: N26 will be leaving the UK

#197

Post by JackFr »

mellosouls wrote: post #176
parsimo2010 wrote: post #83

Earlier quoted context omitted.

One of the Leavers' arguments was that the UK wouldn't be subject to the EU's regulations. They claimed that the EU rgulations were stifling and created too much of a nanny-state. Johnson's parliment is pretty much duty bound to create an environment of reduced regulation, otherwise they would be reneging on one of their most important platforms. Things like blatant crime should still be regulated, but creating an ea…

These things are complicated and to be argued; speaking in absolutes is not helpful or justified. The most that can be said is that the Tories (and the harder Brexiteers) have a significant majority, which makes moves towards deregulation more likely - that doesn't mean it's the right thing to do, or will happen without considerable push-back from people who are not quite so ideological (or who are, but of the opposi…

> considerable push-back from people who are not quite so ideological

considerable push-back from people who benefit from the current regulatory structure

https://en.wikipedia.org/wiki/Regulatory_capture

Re: N26 will be leaving the UK

#198

Post by jaclaz »

davidw wrote: post #119
qubex wrote: post #109

Earlier quoted context omitted.

As an Italian, I understand this... but the obvious question is: why didn’t you open it at a branch more convenient for you?

We lived in one place, then moved. We got our mortgage via the one close to us prior to the move. Now we live in the US and it doesn't matter so much as trying to do anything with the bank from here is pretty much impossible. We had asked about having everything moved over to the branch closer to our home, but apparently the logistical requirements are close to those for sending a manned mission to the moon.

I can tell you that, in Italy, there is not a "standard", in the sense that not all banks are the same, and often one that excels in something is terrible in another aspect.

With home-banking these differences are even more marked, some sites have "reasonable" possibilities offered to the customer, some other have next to none (besides checking your account) some have relatively simple workflows some other are so stupidly complex that you give up.

More or less all of them (the sites) have an inane amount of meaningless dashboard/graphics, and very poor tools (as an example to download some data).

However, when it comes to "serious" matters things are seemingly "random" in the way they change from bank to bank, personal anecdata, a few years ago when an old relative died, to access the accounts it took the heirs (with exactly the SAME documentation):

Bank #1: 3 days Bank #2: 10 days Bank #3: 7 months (or 210 days) <- completely "crazy"

Re: N26 will be leaving the UK

#199

Post by toyg »

speedski1 wrote: post #179
Nursie wrote: post #76

Earlier quoted context omitted.

Anecdote time - the only person I know who had an account (I work in London fintech at the moment) never used it and only opened it for the fancy translucent card. He seems to have accounts with all the 'challenger' banks.

Random question, but I'm moving to London in a few months, do you have any suggestions on banks or "challenger" banks I should go with? (couldn't figure out how to DM you, not sure if it's possible on Hacker News)

Starling.

Re: N26 will be leaving the UK

#200

Post by Normal_gaussian »

Zenst wrote: post #73
jen20 wrote: post #21

Earlier quoted context omitted.

> Though the only real new Bank in the UK to do well, traction wise would be Metro Bank This probably indicates that you are not in fact as well exposed to bank marketing as you suspect - it's hard to argue that Monzo and Revolut have not done well.

I'm aware of those two at least, but from people I know, not one had them and basing around that aspect of traction - sure that may well not represent the market, but at least I'm aware of them, unlike this N26.

Banking is hard; and growing in Banking is hard. Monzo have only recently started advertising [1]; their word of mouth campaign had people sitting in virtual queues over 100k long.

[1] https://www.marketingweek.com/monzo-first-ad-campaign/

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