N26 Feedback


(Graham - Mental health professional) #1036

Surely some, if not all, of that. It would at least begin to explain the bizarre launch.

Others have said that, in a few months time, when more features have been added, this’ll all be forgotten. I hope so, because there’s only so many ways of reporting how interesting / weird the card is, and dissecting the card’s journey to the doormat. :smirk:


(Ray Singh) #1037

Had my card delivered two weeks ago. Used it twice and not feeling any human/emotional connection with N26. They may be bigger, offer better card design (subjective) and offering lots more than Monzo currently offers BUT I am proud to be with Monzo since the beginning and it feels like my own personal journey with Monzo so I’m sticking with Monzo and new shiny N26 Card now rests in peace :smiley:


#1038

I don’t get how people form emotional connections with any non-local company.

I feel like N26’s card design is like marmite, you hate it or you love it :wink:

I mean, they’re not. They can’t even setup direct debits currently, nor can they do standing orders. They’ll be offering more in the coming months, going by their other markets offerings.

I’m assuming you mean kept in draw, because N26 don’t let you reopen accounts if you close them, lest you’ve decided you’ll never give them a chance in the future.


#1039

And yet they do, as shown by a large amount of Monzos use base, so it can’t be discounted.


#1040

Yeah but with any company it’s an act :thinking: so I don’t get why people do. There’s no non-local company that can connect with you on an actually personal level.


#1041

Other than the novelty card design (which I love btw), I don’t see anything else interesting with this account at the moment.

Yes, the app design is simplistic and some people like it, but that’s it. Very limited features. No forums. No surveys (despite the fact that they want feedback). And then, some people are getting declined for no apparent reason and without further information (decisions seem final and they offer no further information).

Also there is no money protection as far as I know. @coffeemadman clarified they do offer protection. Even TransferWise offers some protection through Barclays. Therefore, I don’t see the point of using N26 as a current account currently.

I was just trying them out as I thought it would be a good idea to have a paneuropean bank. But for now, I’ve locked the card via the app and put it in the drawers at home.


(Jonathon) #1042

N26 has a banking license so your money is protected like any other bank.


#1043

That’s good to know. I had the imperession there was no protection. Thanks for clarifying :smile:


#1044

Just to add on the above…
N26 deposits are protected by German protection scheme for upto €100,000. Most other banks in the UK are in FSCS with is a British Scheme.


(Jonathon) #1045

It’s still protected is my point :slightly_smiling_face:


#1046

It is protected to the equivalent of 100.000€ which is roughly 89.000£ as opposed to our scheme which only covers 85.000£


(Jamie 🏳️‍🌈) #1047

Worth pointing out, though, that in the event N26 fails, you will be dealing with the German government under their scheme, most probably in German. This in itself may make it more onerous for non–German speakers or those outside the country.

Revolut are looking to get a Lithuanian banking licence, and in a time of personal financial crisis I’m not sure I’d like to have to conduct my claim in Lithuanian.

Just something to bear in mind when considering how effective your ‘protection’ is.


#1048

I’m pretty sure English to German and vice versa translation is pretty good as it stands. I know I can get by with it on Twitter. We gotta remember that our languages have evolved very close to each other and has a lot of similarities as well. “my father” “mein vater” and all that jazz.

No idea about Lithuanian so I won’t comment on it.

Definitely something to bear in mind, but I wouldn’t stoop to calling it ‘protection’. It’s valid protection regardless and I’d be damned if you couldn’t ask to request an English speaker as a language that’s recognised widely across the EU, with many expats using the language in both Germany and Lithuania.

Let’s also remember that both Revolut and N26 are unlikely to fail; Revolut is now profitable and N26 just soaked up a massive investment from Tencent. I don’t see Tencent letting a business they have shares in fail.


(Jamie 🏳️‍🌈) #1049

You’re right, it is valid protection, but I’d argue that protection in another country and not the UK (especially with Brexit uncertainty) is enough to keep N26 a very niche bank where British consumers are concerned. Many people will have been burned by the uncertainty that surrounded the Icelandic Banking Collapse in 2008.

You haven’t heard of Lehman Brothers then?


#1050

There is no Brexit uncertainty. The UK said it will honour EU licences until the transition period finishes, which will give them time to move to a UK banking licence. There’s no promise we will have a deposit protection scheme if we leave the EU. Regardless, our banks will be on the same level as any foreign ones operating on a UK licence.

Unless we leave with no deal, but the EU have made it clear this is the best deal they’re willing to give us, so it’ll go through parliament I imagine.

I have but I’m afraid I was a young lad back in 2008 so I’m not too sure about what happened besides the entire world economy went into the bin for a while.


#1051

Wow.

We have no idea if the deal will get through Parliament. If there will be any last minute changes. If we’re headed for no deal - and what that would mean in actuality. Or if something else happens (leadership challenge, election, referendum…)

There is most certainly extreme uncertainty.


#1052

The EU has made clear that its either this deal or none at all, and I doubt parliament is willing to let us leave with no deal as we have no secured deals with other countries besides an offer from the USA.

EU have made clear this is the best deal we will get and there’s no room for negotiation on this front; France and Germany may have let out differently worded responses that have suggested otherwise but they’re not the Brexit negotiators.

It won’t happen, it’ll either be May’s deal or we have a referendum.

I mean, these are all very likely but I’m still not understanding what you think would happen? There’s not a vote of no confidence and if there is is quite a bit of uncertainty, but we’re not at that point and we’re at the peak of things happening now, I doubt it’s going to happen.

Election? Labour is the only one likely to win and won’t let us leave without a deal but the EU aren’t prepared to negotiate for a better one as they’ve stated.

Referendum? If the Tory’s get dethroned, yes it’s a possibility but as it stands it’s not happening. The courts have no opinion and thus its Britain’s choice of we want to revote, based on there being an interest of us to remain. It would have to be Labour that proposes this and I imagine they will wait to see if the deal fails in parliament before taking any action.

So the uncertainty isn’t likely to happen at this point, in my opinion. Our views are different and that’s fine.


#1053

Here is a thread for Brexit chat :wink:


#1054

I’m not predicting what will happen - I’m pointing out that nothing is currently certain. Your post is littered with words like “doubt” - you might not believe something will happen (and that’s fine), but there’s still a possibility that it will. That, therefore, implies uncertainty.

This isn’t a political opinion, just a statement of fact.

And, to drag this this back on topic, that’s the unfortunate reality for N26 in the UK (and has probably coloured Monzo and Starling’s thinking about European expansion) - things like financial protection schemes are eyed suspiciously until there’s more certainty.


(Thomas Horne) #1055

My ex who I visited a good amount of times is German. I found that a good amount of Germans have a good grasp of English, this is especially true amongst the youth.