Realex launch new kind of bank account

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PolkaDot

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From here:
[broken link removed]

 
Interesting development........

I don't see how this is a new type of "bank account" though. Can you get paid into it from your work? Can you do direct debits, standing orders etc?

In my eyes its in the same market place as Paypal. Its a payments system only. Open to correction if I'm wrong on that. Similar to Paypal, I assume you can only pay people who also have a Fire account.

I'm not a fan of having anything banking related connected with Facebook accounts. Its too "dumbing down" for me, though Realex claim its more "social".....I'm not sure I like the idea of "social" banking!

Great to see an Irish company developing cutting edge stuff like this though.
 
This is a strange service, it is a person to person (or business) service just like PayPal but has it's own sort code and bank account number for loading (instead of paying to a general account with reference like PayPal) and is limited to people in your circle (not like PayPal).

Also it only accept payments to the loading account from an account in your name that is registered (to avoid third party loads).

There is a lot "At this time, we do not have the facility to.." on their FAQ.

Very strange service limited to paying users in your circle with funds you pre-load, so essentially you are improving Realex cash flow and I can't see any statement on the page who those funds are guaranteed (i.e. as a bank or emoney).
 
I've opened an account and did a transfer of €1 - when I get the €1 I'll probably transfer it back and never use it again. However if direct debits,standing orders appear and maybe even some kind of ATM card well then I'll have to re-consider.
 
Yeah, a lot of misleading reports that this is somehow a current account replacement service.

No debit cards.
No credit cards.
No ATM cards.
No standing orders.
No direct debits.
No cash services.
No way to do non-EUR transactions.
No interest earnt on your account.
No deposit insurance (that I can see).

I don't know why anyone would bother with this service.
 
Rubbish journalism as usual in Ireland surrounding this product. It's like the journalists have just reproduced the company's press release. It is simply not a current account and doesn't even appear to offer anything remotely new. Fine if they want to compete with PayPal (best of luck with that btw) but the papers shouldn't report that this is a new type of bank account. Lazy, lazy journalism,
 
Maybe the thread title should be modified to...... Realex launch new kind of "bank account" !!
 
This kinda reminds me of the games we used to get up to in order to land venture capital - get something out there not matter what, so you can go for the next round of funding...
 
The Realex Fire personal account is like a bank account but with more features.
Click to expand...

What are the additional features?

Presumably it must have some features of use to some people?

Is it of use to people who are refused bank accounts by the banks?
 
Brendan Burgess said:
What are the additional features?

Presumably it must have some features of use to some people?

Is it of use to people who are refused bank accounts by the banks?
Click to expand...

You can't use this if you don't have a bank account, so it's not for people who are refused a bank account by the government controlled banks (or other's if there are such left).

Beside paying people in your realexfire circle there is NO other use, nothing, nada, this whole account at this point is a bogus with reports in the press being based on a bad pr notice from realex.

As Jim2007 says, this is great to make noise about Realex but otherwise nothing like the PR machines claims.
 
I concur with the criticisms of the poorly researched article on this in the SIndo.

Brendan Burgess said:
What are the additional features?
Click to expand...

An attempt at 'social network banking', there is the feature where you can pay friends who sign up to the service by seeing their profile. Joke, when you can pay anyone with a regular current account anyway.
 
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