Number 26 - Free German Mobile Bank Acc

[Split from Bitcoin thread]

Has anyone signed up for Number 26? number26.eu/. German-based bank account and credit card with a linked app. Works like a normal account, you can set up standing orders and DDs. No fees.

Edit: you get a MasterCard debit card, and open the account via video call :slight_smile:

I just opened a Number 26 current account via video call. The account opening process was a whole new experience!

They take control of your camera and take a photo of your passport.
They ensure that the passport hologram is in place.
They make sure that the passport has a readable cover.
They do an email address verification.
They do a mobile phone number verification.

Mantissa / Fungus

This Number26 is intriguing. I have free fees for life with PTSB - however being able to avoid foreign currency fees on purchases and non Euro cash withdrawals would be a big thing (even if I kept the PTSB account just transferring to Number26 when needed). They claim to give the “current Mastercard rate” with no fees - just interested how competitive this rate is vs PTSB (or other Irish banks)!

When you start using please post some feedback!

Flip - this crowd say Mastercard rate is pretty close to mid market. Checking here I see EUR/GBP is 0.716484 vs 0.719456 at XE

I’m almost sold.

Again Mantissa/Fungus - did you have to commit to closing your old bank account? I think I read something on their site about asking for a closing date for your “old” account when you’re opening but can’t find it now. Surely it’s not obligatory to just bank with them?

Just looking at “Switch your bank account to NUMBER26 in 3 steps”

It involves getting your salary paid in etc and step 3 is “Close your old bank account”

Is it obligatory or can I just open and if necessary lie and say I’ve no other bank account or salary?

I have not been asked anything about my old account. I intend to keep it for a while anyway.

The Number26 app also seems very good. Instant push notifications of transactions, too.

I did not commit to closing my old account. However, I will be doing a gradual manual switch myself.

I have a ‘free’ PTSB account but I’m spending a lot on non euro transactions these days, and I’m sick of PTSB’s FX fees. The free FXing is a major draw. As is the online support and the great interface. No government tax is also a tiny plus.

Thanks for the feedback lads

The card tax still applies though does it not?

There is no card tax with German issued cards even to Irish residents.

Actually budget 2016 abolished the card tax anyway IIRC.

The budget changed the tax to a per ATM withdrawal transaction tax up to a cap of 5 EUR per year.

30 EUR levy on credit cards remains.

So this is a debit card not a credit card, so it’s the former that will apply. And the tax applies to cards issued to Irish residents regardless of where the bank is located, according to Revenue: revenue.ie/en/tax/stamp-duty … cards.html

This sounds almost too good to be true, a bank account with no fees…

Mantissa/Fungus - a few questions before I take the plunge on signing up.

  1. Do you have a real bank account created for you? (i.e. your account has a real IBAN/BIC?).
  2. Is the card that you receive debit only?
  3. What documentation do you need on sign-up?
  4. How long does it take to say transfer funds from AIB/BOI to your Number26 account?
  5. Is the currency transfer really free? Have you bought anything on say Amazon, then checked the rate you got charged against what was currently the rate on XE.com?

Thanks!

Real account with a (German) IBAN/BIC. The MasterCard is debit only - not sure if they also provide credit but the standard one is debit. Only docs are a passport that you show them via video link.

Just did my first transfer today so let’s see how long it takes. Should be standard international transfer. I sent it as standard (non-urgent) to avoid UB fees so should be 2-4 working days.

Note that the rate is not the Interbank rate - it’s the MasterCard international rate, which is usually very good but not quite interbank. I’ll use it in STG when I get it and see what happens.

Edit: Rates here. mastercard.com/global/currencyconversion/

BTW the anti fraud is very good in the app – for example you can toggle foreign transactions and online transactions on/off instantly so you can leave them off most of the time if you want to deter Russian hackers.

My Number26 funds hit the account today (got a nice push notification). So one working day.

Once I locate my passport I’ll be signing up, looks like a good option.

Is the IBAN and Irish number (i.e. does it begin with IE)?

Nope, it’s German. But who cares?

According to people on Boards it’s a German IBAN, Wirecard bank regulated by German regulator.