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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#391

Post by smabie »

Nextgrid wrote: post #314
fredophile wrote: post #302

Earlier quoted context omitted.

A credit card that pays 2% back on all purchases is pretty easy to get in the US. Since cashback isn't taxed this is close to 3% in pre-tax dollars. If having a balance on the card and money in the bank is too confusing you could just pay it daily on days that you use it. I'd say the minimal effort is worth the reward in this case.

> pay it daily Unless I can automate this it’s still an extra step I can’t be bothered to do.

And you get to invest the money in the mean time. If you manage to get a bunch of cards you can just roll over your credit and earn bond or equity returns on the deferred payment. It’s totally worth it, you can make thousands of extra dollars this way.

Re: N26 will be leaving the UK

#392

Post by Tainnor »

tnolet wrote: post #365
Hamuko wrote: post #352

Earlier quoted context omitted.

My free N26 has five free ATM withdrawals per month. However, that is about five more than I use in the median month, so I don't really care about it. I really only need cash when buying second-hand and really even second-hand transactions are increasingly turning to mobile payments.

I'm in Berlin. Cash is king here.

unfortunately, this is true.

Re: N26 will be leaving the UK

#393

Post by notahacker »

razakel wrote: post #308
twic wrote: post #280

Earlier quoted context omitted.

Looking more broadly than just challenger banks: https://www.which.co.uk/money/banking/bank-accounts/best-and... Top of the list (as it often has been for decades) is First Direct. This is a challenger bank in its own way - it was launched in 1989 to pioneer telephone banking, a disruptive technology at the time! It now has phone and internet banking, but still has no physical branches. Monzo and Starling, the proper…

>The Co-operative Bank is, as the name suggests, a co-operative. It's no longer a co-op and its relationship with the Co-Operative Group will end later this year.

True, it's only minority-owned by the Cooperative Group, though it does supposedly now also recognise the influence of an independently-founded customer cooperative on its ethical policy.

[any fintech enthusiasts trying to think of a challenger bank niche the UK hasn't already got multiple heavily-marketed competing alternatives in might like to go down the ethics route...]

Re: N26 will be leaving the UK

#394

Post by wott »

BTinfinity wrote: post #338
szatkus wrote: post #332

Earlier quoted context omitted.

Why don't you just say where you moved to? It's quite interesting in context of your earlier comment.

Finland if we believe his LinkedIn, no idea if it's up to date though

> Finland

Weird. Transfers were instant when I moved over there almost 20 years ago, and you could already do them online if you wished (there was a system of codes on a paper or a card, on top of login+password). And that was in very traditional banks like the Postal Bank (Postipankki/Leonia/Sampo: it changed name at least 3 times during my stay). I cannot imagine it can have gone worse during the last 10 years.

Opening an account was no problem and quasi-immediate. The only annoying thing is that as a foreigner I had to stay 2 years before getting a regular credit card (I didn't care about the 'credit', since in my home country we don't use credit cards but only debit cards, but for 2 years I was only allowed the Visa Electron which was not well accepted or perhaps not accepted at all abroad, so it was limited even as a debit card).

Re: N26 will be leaving the UK

#395

Post by smabie »

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!

What, specifically, are you referring to?

Re: N26 will be leaving the UK

#396

Post by jryle70 »

rolltiide wrote: post #299
alibarber wrote: post #260

Earlier quoted context omitted.

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 w…

yeah, in the US here is no expectation of a same day free transfer between banks. Only a "maybe" in the same bank. And you can sometimes game the ACH debit system to make things occur in "technically the same 24 hour time period". there are a couple tiers of paid wire transfers, but still no guarantees that you will have liquid settled cash in the same business day. the mere concept of the SEPA system in the EU is pr…

Transferring money using Zelle [0], between participating banks, is pretty much instantly, at least in my experience. The limit is up to 20,000 monthly for me. YMMV.

(0) https://en.wikipedia.org/wiki/Zelle_(payment_service)

Re: N26 will be leaving the UK

#397

Post by doublerabbit »

distances wrote: post #389
doublerabbit wrote: post #135

Earlier quoted context omitted.

It may also be that the EU banking system has customer tracking, the UK does not. N26 relies on customer tracking, so you can’t just withdrawal a large amount of money and disappear. It is all brexit related, why can’t you see that? Why else would they suddenly pack up shop? Unfortunately This is just the first to come.

> It may also be that the EU banking system has customer tracking, the UK does not. Can you explain a bit more what you mean by this? Tracking exactly in which sense?

As part of the EU money laundering scheme. A bank within the EU can access data on a client who's with another bank without another EU country.

So lets say you have a bank account in the United Kingdom. Now for whatever reason, I am now living in Austria, the bank can ring up my information without additional paperwork.

Now that the UK is in the process of transition, this isn't possible unless a court order is presented yadda yadda. It would be a threat for like N26 to have me as a client but unable to look in to my spending habits. If I had a bank account with loans enabled, I could take a loan and just disappear.

Re: N26 will be leaving the UK

#398

Post by oAlbe »

smabie wrote: post #385
oAlbe wrote: post #257

Earlier quoted context omitted.

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…

Do Italians not invest in US securities at all? Seems kind of strange...

I've yet to figure that out. Personally, I'd love to be able to easily invest in a vanguard fund, or even just have the ability to put money every month on index funds, but so far from what I've seen doesn't seem to be possible.

Re: N26 will be leaving the UK

#399

Post by djmobley »

n4r9 wrote: post #128
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 live in the London area, have a Revolut account and am aware of Monzo but have never heard of N26. I agree with the above poster that their advertising cannot have been very good.

Worth noting Revolut do not have a UK banking licence, and your funds with them are not protected by the Financial Services Compensation Scheme (FSCS).

Re: N26 will be leaving the UK

#400

Post by oAlbe »

riffraff wrote: post #320
oAlbe wrote: post #257

Earlier quoted context omitted.

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…

FWIW, fineco will let you have foreign currency accounts, for free, and with minimal conversion fees, it's pretty convenient.

That's actually very useful to know, thank you for the information!
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