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Can someone list the advantages of using this instead of a regular bank+credit card? 1) Monitoring spending in real time or on a weekly basis is useful, and th

Can someone list the advantages of using this instead of a regular bank+credit card? 1) Monitoring spending in real time or on a weekly basis is useful, and this seems to make it easier. But just a tool for downloading, viewing and analyzing the data from a regular credit card site would suffice, and can be self made. 2) It creates competition for the regular banks, so they potentially would stop being hogs about some of the fees. But what else?

purerandomness 9y ago
3) It's much quicker to get an account. There is absolutely no paperwork involved. 4) Concentrating only on one thing, they tend to get UI and UX much better than old-fashioned banks, who have to still serve clients who are skeptical about online banking and fill in paper-form money transfers and bring them to the bank in person.
- deleted 9y ago
  [deleted]
Rjevski 9y ago
UX and the fact that everything runs on a modern platform instead of legacy, COBOL-based rust.
- rkachowski 9y ago
  This is true, transactions are entered very quickly compared to most other banks in Germany, and the push notification on a transaction has saved me more than once (being immediatedly notified that Easyjet double charged an airfare, for example). Having said that, the limited monthly access to ATMs and their bad history (closing multiple peoples accounts with no warning) makes me hesitant to recommend them. I use them as a tool for online purchases and little more.
coinerone 9y ago
Transfers are faster, at least in Germany. Compared to the Deutsche Bank (my Main Account). Also the notifications are nearly Realtime. But the biggest selling point to me was the convenience of switching online- and foreign payments on and off wihin the app. I Use N26 heavily for travel and online payments.
- badestrand 9y ago
  I love how fast the notifications are with N26. When I am standing at the ATM I can feel my phone vibrating while the ATM still counts the money to give it out to me. Same when I pay with the credit card at a hotel for example, I know the transaction worked before I the credit card-machine spits out the receipt. I know this doesn't sound like much of an advantage but it fills me with trust in the system and just feels very modern.
s_dev 9y ago
1. It's free or being very close to being free. Some European banks charge a quarterly fee unless there is minimum amount of Euros in the account. 2. The partner app you get is easy to use and offers full transparency about how many Euros in the account at that moment in time. This is stark contrast to some Irish banks who can't even give you a Bank statement on your account even if you walk in to the branch that holds your account. Which in this day and age is tantamount to being ridiculous. 3. The cards do look very nice. 4. The on boarding process is smooth and quick. Again in stark contras to some other banks who seem to want to stop you creating an account.
tgsovlerkhgsel 9y ago
The reasons why I use them for my credit card (and only for that): - No transaction fees and fair exchange rates as far as I know - Free - The instant (really instant, <5 sec) push notifications are nice
- lloeki 9y ago
  > (really instant, <5 sec) push notifications Over here I get notifications before I even pull the card out of the reader, and sometimes even before the PIN terminal itself displays "payment accepted". Also, getting notifications for SEPA transfers that turn out to proceed timely is kind of refreshing when you come from traditional banks with which you feel the cogs of a 20th century mainframe mindset that refreshes accounts (on workdays only FFS!) by performing nightly COBOL/RPG-processed EDI between AS400-or-something machines. Also also, authenticating using a password of arbitrary complexity of my choosing to log in to my bank instead of an incremental account number and stupid 6 digit PIN that I have to type on a "randomized virtual pinpad" both vulnerable to shoulder surfing and a disaster of accessibility. Also also also, why the hell can old banks only show me the last month or three of transactions is beyond me in the day and age. > Can someone list the advantages of using this That's why I'll skip over the direct advantages and go straight to the indirect one being that N26 & al. may make old banks move their collective ass that is hopelessly stuck in the '90s.

purerandomness 9y ago

3) It's much quicker to get an account. There is absolutely no paperwork involved. 4) Concentrating only on one thing, they tend to get UI and UX much better than old-fashioned banks, who have to still serve clients who are skeptical about online banking and fill in paper-form money transfers and bring them to the bank in person.

deleted 9y ago
[deleted]

Rjevski 9y ago

UX and the fact that everything runs on a modern platform instead of legacy, COBOL-based rust.

rkachowski 9y ago
This is true, transactions are entered very quickly compared to most other banks in Germany, and the push notification on a transaction has saved me more than once (being immediatedly notified that Easyjet double charged an airfare, for example). Having said that, the limited monthly access to ATMs and their bad history (closing multiple peoples accounts with no warning) makes me hesitant to recommend them. I use them as a tool for online purchases and little more.

coinerone 9y ago

Transfers are faster, at least in Germany. Compared to the Deutsche Bank (my Main Account). Also the notifications are nearly Realtime. But the biggest selling point to me was the convenience of switching online- and foreign payments on and off wihin the app. I Use N26 heavily for travel and online payments.

badestrand 9y ago
I love how fast the notifications are with N26. When I am standing at the ATM I can feel my phone vibrating while the ATM still counts the money to give it out to me. Same when I pay with the credit card at a hotel for example, I know the transaction worked before I the credit card-machine spits out the receipt. I know this doesn't sound like much of an advantage but it fills me with trust in the system and just feels very modern.

s_dev 9y ago

1. It's free or being very close to being free. Some European banks charge a quarterly fee unless there is minimum amount of Euros in the account. 2. The partner app you get is easy to use and offers full transparency about how many Euros in the account at that moment in time. This is stark contrast to some Irish banks who can't even give you a Bank statement on your account even if you walk in to the branch that holds your account. Which in this day and age is tantamount to being ridiculous. 3. The cards do look very nice. 4. The on boarding process is smooth and quick. Again in stark contras to some other banks who seem to want to stop you creating an account.

tgsovlerkhgsel 9y ago

The reasons why I use them for my credit card (and only for that): - No transaction fees and fair exchange rates as far as I know - Free - The instant (really instant, <5 sec) push notifications are nice

lloeki 9y ago
> (really instant, <5 sec) push notifications Over here I get notifications before I even pull the card out of the reader, and sometimes even before the PIN terminal itself displays "payment accepted". Also, getting notifications for SEPA transfers that turn out to proceed timely is kind of refreshing when you come from traditional banks with which you feel the cogs of a 20th century mainframe mindset that refreshes accounts (on workdays only FFS!) by performing nightly COBOL/RPG-processed EDI between AS400-or-something machines. Also also, authenticating using a password of arbitrary complexity of my choosing to log in to my bank instead of an incremental account number and stupid 6 digit PIN that I have to type on a "randomized virtual pinpad" both vulnerable to shoulder surfing and a disaster of accessibility. Also also also, why the hell can old banks only show me the last month or three of transactions is beyond me in the day and age. > Can someone list the advantages of using this That's why I'll skip over the direct advantages and go straight to the indirect one being that N26 & al. may make old banks move their collective ass that is hopelessly stuck in the '90s.