New bank in Irish market: Number26

I'm pretty sure the answer is no - same as Revolut but the card is contactless unlike Revolut at the moment.
 
What are my limits with NUMBER26?
Here you can find all the limits in connection with your [broken link removed] and your NUMBER26 MasterCard®.

Maximum [broken link removed] per day: 600 €

Maximum ATM withdrawal per week: 2,000 €

In-store spending limit per month: 4,000 €

E-commerce spending limit per month: 4,000 €

[broken link removed] limit: 1,000 €
Incoming transfer limit per day: 25,000 €
 
I've now opened an account - should get the card in a few days. I was kind off nervous doing it via the video chat not because of any security concerns. I suppose I'm from an older generation (not 50 just yet) and it's all new but I like the technology and it just further highlights how far behind we are -Banks etc. with account opening processes and other things.
 
I've emailed them to ask whether the account is a payment account or bank account and whether they are acting as an agent of Wirecard bank.

I'm not sure that I would trust giving my money to a Fintech firm who is safeguarding it. What happens if they go bust and they haven't safeguarded client money properly...
 
It's a bank account - you get a IBAN. Number26 relies on a banking license from Wirecard Bank. Your money is deposited with Wirecard Bank and you are fully covered.
 
Yeah, and more than 100,000 EUR is protected ...

THE STATUTORY DEPOSIT PROTECTION SCHEME
German law requires a statutory protection of 100,000€ per depositor in case a bank is confronted with economic difficulties. This amount is endowed mandatorily by German private banks and is covered by the “Entschädigungseinrichtung deutscher Banken” (Compensation Scheme of German Banks).
THE VOLUNTARY DEPOSIT PROTECTION FUND:
Deposits exceeding 100,000€ are additionally protected by the deposit protection fund of the Bundesverband deutscher Banken e.V. (‘BdB’),an association representing private banks established in Germany. This voluntarily established fund protects the deposits at our partner bank up to several million euros per depositor.
Click to expand...
 
I'm happy enough with my PTSB current account at present. But I can see use for Number26 for anyone who is traveling (especially outside the Euro zone). I work in the UK a bit, and avoiding bank charges for using an ATM would have advantages. Plus if you only have a few 100 euros in it at any one time it has security benefits if your card gets stolen, cloned, etc while traveling. So I might be signing up for this as a secondary current account.
 
Totally agree JohnJay and that's what people will do with these products - basically mix and match so to speak.

You have fantastic control of the card within the app -block and unblock, block online, block atm - no ringing your bank.

I hope they can find a partner here that will take cash deposits for them.
 
theresa1 said:
It's a bank account - you get a IBAN. Number26 relies on a banking license from Wirecard Bank. Your money is deposited with Wirecard Bank and you are fully covered.
Click to expand...
It probably is I am just checking. In Ireland you have to be either a credit institution or a deposit agent authorised under the investment intermediaries act to take deposits. Number26 is neither. I understand that it is partnering with Wirecard Bank but my understanding is that they can't accept deposits in Ireland (as an agent of Wirecard Bank) unless they have been appointed by the Bank to do so under the investment intermediaries act. I don't see them on the Central Bank register of authorised firms therefore I am assuming that they are not taking deposits.

The product sounds great but I'd want to be 100% of what it is before signing up.
 
The best buy levy comment is based on what Number26 have told customers.

However, some posters elsewhere say that account holders should be liable based on Revenue rules.

As it is a little unclear, I well remove the government levy point from the best buys.
 
I took at look at the Central Bank of Ireland web site. It seems Wirecard Bank AG are now on the Central Bank of Ireland's register of credit institutions. You'll need to scroll down the PDF to the section 'Credit Institutions from other Member States of the European Economic Area (EEA) which have notified the Central Bank of Ireland of their intention to provide services in the state on a cross-border basis.' if you want to have a see for yourself.
 
As Banks in NI are required for charge the levy for sterling cards, which are very unlikely to be used in the Republic, I cannot see how a German bank can not pay the levy.
 
The "new" updated maximum limits you can now set are as follows:

Daily ATM withdrawals: up to 2,500 €

Daily POS spend: up to 5,000 €

MoneyBeam to NUMBER26 customer: up to 1,000 €

MoneyBeam to non-customer: up to 100 €

Daily maximum account credit: 25,000 €



You can easily set custom limits for ATM withdrawals and POS transactions in your NUMBER26 app.

Got my card -withdrew at ATM and used POS - very impressed so far.

They are now simply calling the card Mastercard and have dropped all reference to Credit Card which makes things clearer.
 
Does it take long to transfer funds to a 26 account?

Would Ulster Bank change (If you have free banking) to make such a transfer?
 
Took about two working days for me and no charge doing it online under international payments.
 
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