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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#251

Post by Tomte »

germanier wrote: post #235
Tomte wrote: post #154

Earlier quoted context omitted.

"c/o" is fine, I've used that before. [edit – wrong:] The German-language equivalent (that most young people won't even recognize anymore) is "z. Hd." ("zu Händen" – "to the hands of").

The German equivalent would be p. Adr. (although I haver never seen that much in the wild). z. Hd. is used in the opposite way, i.e. you write the actual recipient after it, not the address provider.

Ah yes, that was stupid of me. Although it can be used pretty much the same. "A c/o B" is in practice not much different from "B z.Hd. A", although it's legally different (when it comes to who is authorized to accept the mail if a signature is needed etc.).

I haven't actually seen "p. Adr." ever in my life.

Re: N26 will be leaving the UK

#252

Post by grey-area »

mytailorisrich wrote: post #101
threeseed wrote: post #93

Earlier quoted context omitted.

I think you should follow UK politics more closely. Referendum was 4 years ago. But only until the recent election i.e. Dec 2019 did Johnson have the numbers in Parliament to actually "get Brexit done". And this week for the first time in 4 years, UK government is formerly advising businesses that there will be a hard Brexit: https://www.gov.uk/government/news/government-confirms-plans...

I am in the UK, I know all about Brexit and British politics ad nauseam . The point remains that this isn't the key reason behind their decision. I guess it's easier to blame Brexit than to explain to your customers that you're closing their accounts because of good old business. They launched in the UK after the Brexit referendum and they don't even need that bank licence to offer electronic current accounts in the…

Brexit means it is more costly for them to operate in the uk, and they’ve decided the UK market is not worth that extra cost. If that’s not about Brexit I don’t know what is.

This will be true of many regulated industries if regulations diverge, and most industries with a supply chain across Europe too, so expect to see a lot of factory closures in the coming years, along with missed opportunities for new investment (for example Brexit was a significant factor in Tesla avoiding the UK, and financial services like EU clearing will probably gradually move toward the centre of gravity too).

You are in denial about the financial impact Brexit will have.

https://www.theguardian.com/technology/2019/nov/13/tesla-cit...

https://www.reuters.com/article/us-britain-eu-clearing-exclu...

https://www.theguardian.com/business/2019/feb/03/nissan-conf...

Re: N26 will be leaving the UK

#253

Post by dagaci »

WilliamEdward wrote: post #69
Karishma1234fff wrote: post #43

Earlier quoted context omitted.

Next step for UK is to reduce regulations compared to EU to make it easier for people to setup shop in UK compared to EU.

There are some regulations i agree are unnecessary and slow things down far too much, but as soon as the UK starts cutting corners on safety they ought to deserve no business at all.

I would love to know what these unnecessary regulations are.

Re: N26 will be leaving the UK

#254

Post by lottin »

CraigJPerry wrote: post #146
Retric wrote: post #113

Earlier quoted context omitted.

At least in the US more productive states like New York and California heavily subsidize less productive states like New Mexico. I think there was real fear that Brexit was required to avoid a similar situation developing in the EU.

I thought Germany was already propping up the less productive countries? They haven’t raised domestic salaries but their productivity remains high so they have a massive trade surplus which then then use to provide cheap loans to consumers in other euro countries who buy more German goods (because, stereotype or not, German stuff is generally damned good). At least that was my understanding of today.

The mechanism through which wealth is redistributed among EU countries is the EU budget. The wealthier countries (Germany and several others) are net contributors to the EU budget, whereas the more economically challenged nations are net receivers of EU funds. However the EU budget is quite tiny in relation to the EU economy, so the redistribution of wealth among EU members that takes place in this way is modest.

Re: N26 will be leaving the UK

#255

Post by LockAndLol »

Compared to Revolut, they're pretty expensive. Additionally, their app doesn't work without google services like Revolut does, so you're completely crippled. And finally, their app doesn't look as good, nor does it have a view of your expenses.

This isn't a big hit to England.

Re: N26 will be leaving the UK

#256

Post by noobermin »

Zenst wrote: post #2

As somebody who lives in the UK (London area), I've never even heard of this company N26, let alone aware that they had UK operations. I do frequent the web, youtube, bus stops, tubes, trains and utterly exposed to all forms of marketing. So from my perspective, this does seem like marketing failure from the start - at least from my perspective. Though the only real new Bank in the UK to do well, traction wise would…

This could, in fact, be their stab at marketing at least for EU countries they will still operate in.

Re: N26 will be leaving the UK

#257

Post by oAlbe »

jaclaz wrote: post #198
davidw wrote: post #119

Earlier quoted context omitted.

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 stu…

In Italy there's also the problem that most banks don't allow you to receive wire transfers from outside the SEPA area. I had a hard time finding a bank that would allow me to receive transfers from the US. Some of them were actually baffled when I called for information at the idea of someone wanting to receive money from oversea.

And let's not even get into keeping an account in another currency. My bank apparently never had to do anything of the sorts, and after digging for information they told me it would cost about 400€ per year just keep the account open.

Re: N26 will be leaving the UK

#258

Post by ArmandGrillet »

> we’ve already fully redesigned our mobile experience to simplify the actions that matter most to customers

I couldn't contain my laugh reading that, sending money using the N26 app is a 12 steps process (no exaggeration) since the app update and the "AI" behind the categorization of spendings is an amazing garbage, e.g. I have a once a month recurring payment of the same amount from my landlord, I have categorized it a dozen of times manually but it still gets registered as... grocery shopping.

Re: N26 will be leaving the UK

#259

Post by weddpros »

wikibob wrote: post #219
LinusU wrote: post #196

Earlier quoted context omitted.

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!

Monese is not a bank. They are not covered by the Financial Services Compensation Scheme (Equivalent to the Federal Deposit Insurance Corporation FDIC in the USA). They are an "Authorised Electronic Money Institution" like PayPal. If they go bankrupt, you will lose all your money. https://register.fca.org.uk/ShPo_FirmDetailsPage?id=0010X000... I'd strongly recommend you open a real banking account.

"If they go bankrupt, you will lose all your money " is not entirely true, according to Monese's FAQ:

https://support.monese.com/hc/en-gb/articles/115002002229-Is...

"Unlike banks we do not re-invest customer funds and have to keep all customer money separate to our own company finances. We are required by Regulation to Safeguard all funds received from Monese customers. This guarantees that even in the unlikely event that Monese is no longer in business, all of our customers would receive 100% of their balance back"

Re: N26 will be leaving the UK

#260

Post by alibarber »

bbbobbb wrote: post #243
alibarber wrote: post #216

Earlier quoted context omitted.

I've recently moved from the UK to another European country, and whilst I despise the way the politics is going back home - I'm amazed at how much better banking is back in the UK. It's free to have an account and debit card, often with a modest free overdraft. And transfers are really instant. As in I can transfer from Barclays to Santander and by the time I've double-tapped between bank apps the money will be there…

This really depends on the country you moved to. Banking in Germany will be much shittier while what you describe is norm in other countries for example.

Not Germany, but one that in many other ways is very efficient and forward thinking. I think the banking issues are more historical and due to having a small population with generally conservative attitudes towards money and financial institutions. But my point is that N26's offering is just not going to cut it across the whole EU(+UK), and any risk introduced by Brexit (or anything else that might happen) probably wasn't worth it for them, but claiming that they were pushed out by it is pushing it a bit.

As a side, in sites such as this (HN), especially when comparing things to the US there is defintitely a tendancy to make sweeping statements such as 'in the EU $thing is [blah]...' but actually there are huge differences across the continent, which I think is actually the news story here.

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