Why has N26 so few customers in Ireland?

[S class]

They frustrated my attempts to gain the refer a friend reward just honouring one refer a friend unlike Revolut.

I have referred several friends over the last few years. All referral fees were paid each time. The rules for qualification need to be carefully read and the referral fee was paid immediately after the rules were completed.

I had an account which I didn't use for a long period. I was offered free netflix for a year if I did one monthly transaction. This offer was fully honoured by N26.

My wife also had an unused N26 account and she was offered 10 euro per month for 6 months if she made 1 transaction per month. This offer was also fully honoured by N26.

 

[ACER10]

I moved from PTSB to N26 about 2 years ago. Great until I had an issue with N26 in relation to the metal card not getting delivered on time. I made a complaint in Sept. It took 2.5 months for the response, but it was super detailed and accurate. They even compensated as a gesture of goodwill €30, and posted standard card out for free.
So N26 back in my good books... So much easier than any of the Irish bank that I have been with (Ulster, KBC, PTSB).

 

[tomdublin]

Unlike Revolut, N26 doesn't enable sub-accounts in different currencies. Also, unlike Revolut it offers no free ATM withdrawals outside the Eurozone and its exchange rate is (slightly) worse.

 

[Freelance]

BE very careful of N26 ,... there is flaw in there banking app . My account got hacked and clean out .. 1100 euros .. when a seperate google pay account was open unknown to me... 11 transactions .. .. no notication was sent to my email or my phone no. .... after 6 months of formal complaints to n26 .. they refuse to refund me or listen to me . the german regulator Baffin .. don't enteraintain individual complaints ... I'm very sore over this .
An Irish customer

Are you Revolut in disguise ?

 

[Freelance]

Unlike Revolut, N26 doesn't enable sub-accounts in different currencies. Also, unlike Revolut it offers no free ATM withdrawals outside the Eurozone and its exchange rate is (slightly) worse.

I've used N26 overseas a lot and found the exchange rate to be very fair and a hell of a lot better than anything the Irish banks offer. Any time I checked the rate that was used corresponded with XE.com and a few other rate trackers.

The premium N26 membership tiers have sub-accounts if you need them. The free (standard) membership doesn't. You get what you pay for.

 

[newirishman]

Have N26 now for almost as long as they do business jn Ireland. Started with a paid for account due quite a bit of travelling and getting non-Euro cash from ATMs, as well as great FX rates on card transactions. Now use is for all types of day to day banking. I have nothing but praise for them to be honest. I still happily pay for it.

Also have a revolut account but I see revolut essentially as a "wallet of change", easy to pay someone, split a bill in a restaurant, etc. I do not use it for day to day banking (and would never do so), but also have a Revolut credit card - again purely due to beneficial FX rates (and N26 not offering credit cards).
And revolut is free, so why not use it?

 

[ardmacha]

Unlike Revolut, N26 doesn't enable sub-accounts in different currencies. Also, unlike Revolut it offers no free ATM withdrawals outside the Eurozone and its exchange rate is (slightly) worse.

This is an important issue. Many Irish people visit NI or Britain and many order stuff from Amazon.co.uk and other UK retailers and the multi currency wallet is a useful feature.

 

[Freelance]

This is an important issue. Many Irish people visit NI or Britain and many order stuff from Amazon.co.uk and other UK retailers and the multi currency wallet is a useful feature.

Agreed, it is an important feature for a minority. And it is available and fully supported by N26. It is entirely reasonable that features such as this are available for a small additional charge. Those that value such a feature have the option of paying for it by enrolling in one of the three premium plans, and those that aren't in need of it aren't saddled with the additional expense. Expecting all the bells, knobs and whistles to be thrown FOC is the reason why the Irish banks are so far behind in their feature sets and customer facing technology adoption. You get what you pay for.

 

[dubliner8]

This is an important issue. Many Irish people visit NI or Britain and many order stuff from Amazon.co.uk and other UK retailers and the multi currency wallet is a useful feature.

I wonder if more than 5/10% of people would be using a multi currency wallet.

The way I see it is Revolut became the app to send friends money for splitting a meal etc, people just had to be sheep and get it for that purpose because everyone already had it. It was pointless trying to get anyone to join N26 because Revolut already had the market on being the app for sending small change to friends. The other uses just weren't really what people were thinking about. For foreign exchange purchases Revolut was similar in offering to N26, although charging more at weekends. Needing to have cash in the UK isn't a huge necessity like it is in Germany for instance so I'm not sure many cared about having free ATM use in the UK.

I have used N26 for years now, I had 5 ATM uses per month and that's 3000eur or more depending on the ATM I could take out versus 200 for Revolut and I do take this amount out for lodgements to my credit card. That's now being reduced to 2 per month in January so I am sourcing online banking etc from EBS although might at some point go on N26's Metal for various insurances and other benefits.

 

[newirishman]

This is an important issue. Many Irish people visit NI or Britain and many order stuff from Amazon.co.uk and other UK retailers and the multi currency wallet is a useful feature.

I am visiting UK quite a bit and buy stuff from Amazon. Never needed or missed the multi currency wallet.

 

[euroDilbert]

I am visiting UK quite a bit and buy stuff from Amazon. Never needed or missed the multi currency wallet.

I'm the same - no real need for it.
However, if you receive significant payments in a different currency, and also spend in that currency, then it can save the cost of two conversions.

 

[newirishman]

I'm the same - no real need for it.
However, if you receive significant payments in a different currency, and also spend in that currency, then it can save the cost of two conversions.

Quite. in that case, an account in that currency is very much useful. And even buying/selling currency at opportune moments will of course help. (If you dare to time the market that is, and it is worth it...)

 

[Pmc365]

I have referred several friends over the last few years. All referral fees were paid each time. The rules for qualification need to be carefully read and the referral fee was paid immediately after the rules were completed.

I had an account which I didn't use for a long period. I was offered free netflix for a year if I did one monthly transaction. This offer was fully honoured by N26.

My wife also had an unused N26 account and she was offered 10 euro per month for 6 months if she made 1 transaction per month. This offer was also fully honoured by N26.

As regards refer a friend and N26 you misunderstood what happened. In my case N26 refused to permit me to refer more than one friend. It wasn't a case that conditions weren't met to obtain the refer a friend bonus. I think they did thus to spite me as I had some very frustrating chats where I found the customer service to be utterly appalling.
Aside from that I trust them as a bank as German BUT there are weaknesses in their security if for instance phone is stolen its very easy to reset pin / password if there's access to your email and text messages. Far too east in my view. I have a large deposit with them soon to withdraw. I have removed n26 app from my phone and have it just on my tablet. There's no email ( microspft outlook) on my tablet. I had also thought tablet didn't have sms until I found Google infiltrated sms and deactivated it and looged out of my Google account associated with my tablet.
I also don't like the way they ( N26) suddenly drastically reduced their interest rates well before ECB latest round of rate cuts.

 

[theresa1]

I was with them years ago but they couldn't understand the 12 cent ATM charge or give a straight answer so I closed my account.

 

[nest egg]

I was with them years ago but they couldn't understand the 12 cent ATM charge or give a straight answer so I closed my account.

A government stamp duty of 12 cent applies to ATM withdrawals (this is in addition to any charge from your bank). This is capped at €2.50 for ATM cards and €5 for combined (ATM and debit) cards. This stamp duty is collected in arrears. This means that charges for 2023 are charged to your account on 31 December 2023.

Stamp duty on financial cards

Stamp duty is charged on credit cards and charge cards annually. A transaction fee is charged on ATM withdrawals.

www.citizensinformation.ie

 

[ClubMan]

I think they did thus to spite me as I had some very frustrating chats where I found the customer service to be utterly appalling.

there are weaknesses in their security

I also don't like the way they ( N26) suddenly drastically reduced their interest rates well before ECB latest round of rate cuts.

Why are you still with them if you have so many complaints about them?

 

[dubliner8]

Aside from that I trust them as a bank as German BUT there are weaknesses in their security if for instance phone is stolen its very easy to reset pin / password if there's access to your email and text messages. Far too east in my view.

Agreed on this, that's why I have the app on a separate phone that I leave at home. I have all the other banking and trading apps on it too, pickpocket got into my actual N26 app when my phone was stolen based on their lax security so I decided I do not want that happening again ever, especially when it takes months to get whatever money stolen refunded.

 

[S class]

BUT there are weaknesses in their security if for instance phone is stolen its very easy to reset pin / password if there's access to your email and text

This is not correct.

The pin can only be reset using the 10 digit code on your N26 debit card.

The pin is required to transfer money from the N26 account.

Keep your debit card separate from your phone.

N26 is no more insecure than other banks.

 

[S class]

In my case N26 refused to permit me to refer more than one friend. It wasn't a case that conditions weren't met to obtain the refer a friend bonus.

@Pmc365
Did N26 actually state that they were penalizing you ?

 

[dubliner8]

This is not correct.

The pin can only be reset using the 10 digit code on your N26 debit card.

The pin is required to transfer money from the N26 account.

Keep your debit card separate from your phone.

N26 is no more insecure than other banks.

Sorry but what you say is not entirely correct. N26 staff allowed me to change my pin when I did not have my card when I chatted to them in April. It is entirely plausible that they did this with the thief who stole my phone and who was able to make a top up within the N26 app of 300eur. Yes N26 is more insecure than other banks, I know from my experience this year.