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I have been using Number26 as my main spending account for a few months now but wouldn't use it as my main account. There are a few things that aren't implement
by germanier 11y ago
I have been using Number26 as my main spending account for a few months now but wouldn't use it as my main account. There are a few things that aren't implemented yet, such as crediting cheques (I still get one or two a year) or non-SEPA transfers (though to be fair it is very expensive at banks compared to e.g. Transferwise so I wouldn't use it either way). The support is overwhelmed at the moment and over Christmas they had technical diffuculties that weren't fixed for around a week, presumbly because they had no staff on-call to do so. Also their card doesn't have a Girocard function which makes it unusable at some locations in Germany.
Unlike other banks they don't refund ATM charges. Also, according to internet forum users those tend to be a bit higher compared to other MasterCard cards for some reason. Additionally multiple users reported problems using at card at some South-East Asian POS Locations. But having a backup card is never a bad idea.
It's very convient that they immediatly deduct money from your account as soon as the charge is authorized (which makes it easier to model in my mind as it works just like real money) compared to traditional cards where it takes a few days. However that also applies to holds (e.g. from hotels). I would advise they have another card for such purposes.
Also, I wouldn't suggest keeping your money in a currency that you have no connection with simply because of the forex risk.
You might also want to take a look at Revolut https://revolut.com https://revolut.com It's not a bank account but a very useful card with very good exchange rates.
- scrollaway 11y agoThanks a lot for that Revolut link, it looks like exactly what I need. Have you used it? Regarding currency: I'm currently in the eurozone but I travel a lot. I was in sweden until recently for a year, not long enough to bother with a bank account. If I did I would actually have lost a fair bit of money, seeing how the GBP and SEK evolved in that year.
- germanier 11y agoYes, they offer the best rates out of any card I have ever seen. I use them for travel outside the Eurozone. They allow to keep money in EUR, USD and GBP at the same time. Note that it's classified as electronic money under British law so much worse fund protection than a bank account if any. I wouldn't keep much money there. They say that they will Charge fees after the first year of using it but haven't said how it will look like yet. Until now they haven't charged anything. They have planned some new features for tommorrow but I don't know what to except.
- Symbiote 11y agoAnyone in Britain could also get a card detailed here [1]. I've been using a Halifax Clarity card for years. I've not paid any ATM or purchase charges in ~20 countries. I now have a Revolut card, since I recently left the UK, but haven't used it yet. [1] http://www.moneysavingexpert.com/credit-cards/travel-credit-cards#bestbuys http://www.moneysavingexpert.com/credit-cards/travel-credit-...
- pjc50 11y agoRevolut: No fees and perfect interbank rates? Where do they make their money, then?
- scrollaway 11y agoI got myself a Revolut account, talked to support and they say they make money as part of a deal with Mastercard, IIUC they get a % off the merchant fee.
- germanier 11y agoPresumably they get the interchange fee (1-2% in the US and capped to 0.2% in the EU now). I suppose they operate at a loss at the moment but which business we talk about on this site doesn't?