I wonder if Monzo will pay the debit card stamp tax (yes, Ireland actually taxes debit and credit cards - 12 cents per ATM withdrawal for debit up for 5 EUR/year; 30 EUR/year flat rate for credit - this tax replaced the old tax on cheques - 50 cents each, if I remember correctly).
N26 is currently paying this for their Irish customers.
Ireland has absurdly expensive banking - and the concept of taxing people on accessing their money is just ludicrous. Monzo will be some much-needed competition. However, Ireland also has even more strictly regulated debit interchange than the EU regulation - 0.1%. So it’s tough to stay in business and not charge absurd fees (some Irish banks charge for every purchase you make, for example).
It’ll be interesting to see how Monzo does it. Getting customers in Ireland should be easy - N26 has done very well. Making money, however…