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N26 will be leaving the UK

n26.com

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Re: N26 will be leaving the UK

#371

Post by distances »

alibarber wrote: post #358
BTinfinity wrote: post #338

Earlier quoted context omitted.

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

Correct. It felt a bit impolite to moan about it, as I’ve found that once you get established and figure out the system everything else here works very well. That said all the natives that I know don’t exactly love their banks - so it’s ripe for disruption but I feel the market is always gonna be quite limited, due to inertia and size. Online banking is also _the_ identity service for logging into official and semi o…

Banking being the identity verification provider for everything (including governmental services) does add hoops, mainly the requirement for in-person identity verification when opening new accounts. As far as I understand the law doesn't allow strong identification to be provided using accounts that were opened with online identity verification.

Re: N26 will be leaving the UK

#372

Post by the_mitsuhiko »

twic wrote: post #304
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.

Let's look at various banks' total assets, as listed on this random website i found [1], in millions of pounds: Monzo 139.82 Starling 206.64 Marks & Spencer 5569.90 Ulster 11641.00 Metro 21647.00 Co-operative 23102.80 Coutts 34280.00 Clydesdale 43583.00 HSBC (retail) 238939.00 Barclays (retail) 251305.00 On that measure, at least, Metro Bank is a hundred times bigger than either Monzo or Starling. Assets are not the…

    Monzo                 139.82
From the same website — N26:

    428.86 mln EUR

Re: N26 will be leaving the UK

#373

Post by thawaway1837 »

marrs wrote: post #41
billpg wrote: post #26

Earlier quoted context omitted.

Back then, the government were still talking about keeping the same benefits of membership after we leave.

No, they were talking about doing that or leaving without a deal. That message didn't really change until the Chequers speech in July 2018, when no deal was essentially taken off the table.

There is no such thing as leaving without a deal.

No deal simply meant the UK would now have to negotiate hundreds and thousands of piecemeal deals instead of a single, simpler, quicker, omnibus starting deal based off existing rules.

That’s assuming the UK didn’t want famines because they couldn’t import food, didn’t want unnecessary deaths because it couldn’t get medicines, didn’t want Heathrow to shut down because planes wouldn’t be able to fly over Europe, didn’t want the bulk of their service exports which form the majority of their exports to disappear overnight etc.

Re: N26 will be leaving the UK

#374

Post by Symbiote »

gigatexal wrote: post #247
TulliusCicero wrote: post #194

Earlier quoted context omitted.

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?

The perks are nice, the app is great: I really like spaces. Sending money to other N26 users is instant. 5 free ATM withdrawals. I could go on

> 5 free ATM withdrawals

Banks in Germany normally charge you to get your own money from a machine?!

Re: N26 will be leaving the UK

#376

Post by p10jkle »

twic wrote: post #304
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.

Let's look at various banks' total assets, as listed on this random website i found [1], in millions of pounds: Monzo 139.82 Starling 206.64 Marks & Spencer 5569.90 Ulster 11641.00 Metro 21647.00 Co-operative 23102.80 Coutts 34280.00 Clydesdale 43583.00 HSBC (retail) 238939.00 Barclays (retail) 251305.00 On that measure, at least, Metro Bank is a hundred times bigger than either Monzo or Starling. Assets are not the…

According to the website, that Monzo stat is two years old. monzo.com shows the current customer count - 3.8 million ie 10% of the adult population of the UK.

According to https://www.thisismoney.co.uk/money/saving/article-7647253/M... Monzo has over half the challenger bank market share

Re: N26 will be leaving the UK

#377

Post by distances »

qubex wrote: post #337
speedski1 wrote: post #179

Earlier quoted context omitted.

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)

Revolut

Revolut has acquired quite some infamy due to their employee/applicant treatment. Not sure I'd want to keep my money with them

Re: N26 will be leaving the UK

#378

Post by distances »

Symbiote wrote: post #374
gigatexal wrote: post #247

Earlier quoted context omitted.

The perks are nice, the app is great: I really like spaces. Sending money to other N26 users is instant. 5 free ATM withdrawals. I could go on

> 5 free ATM withdrawals Banks in Germany normally charge you to get your own money from a machine?!

Most of them have their own ATMs where withdrawals are free, and you have to pay for withdrawals from other banks' ATMs. Same for international cards: many ATMs now include a withdrawal fee for European cards, which will likely be a nasty surprise for many tourists.

A bunch of the banks have free withdrawals from all ATMs though. N26 is one of these, though as parent said, that's now limited to 5 per month. Several others are still free without limits.

Re: N26 will be leaving the UK

#379

Post by cosmodisk »

alibarber wrote: post #216
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)…

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…

Some parts of the UK banking are good,some are bad, and some are outright fully fledged idiocy. In mainland Europe it varies a lot depending on a country, i.e. Scandinavian banks in Baltics are pure shit.I had some funny situations with banks since I moved in to the UK: Barclays refused to open a bank account because the letter from the job centre( Confirmation of National Insurance Number application) had its logo in black and white instead of color. Santander issued some random card that is even more limited than simple debit card. Walked into Metro bank to pay a bill and asked how much it'd cost me- the guy's jaw dropped on the floor and then he replied that it's free( then my jaw dropped on the flor because that was undheard of for me). A guy I used to know walked into a branch of Santander with his employment contract with Starbucks asking to open a bank account.They refused.Walked out and went to the nearest branch of the same bank- they opened an account immediately. And the list goes on and on.

Re: N26 will be leaving the UK

#380

Post by thesimon »

kristianc wrote: post #274
scalesolved wrote: post #261

Earlier quoted context omitted.

Oh for sure, Monzo and Starling I've heard very good things of. Revolut doesn't have a banking license so hesitant to include them here.

That’s not completely accurate. Revolut has a specialized banking license, which means they can offer a limited range but not investment banking services.

>Revolut has a specialized banking license

Do you have more details on that? FCA only lists a e-money license.

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