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It may also be that the EU banking system has customer tracking, the UK does not. N26 relies on customer tracking, so you can’t just withdrawal a large amount o

It may also be that the EU banking system has customer tracking, the UK does not. N26 relies on customer tracking, so you can’t just withdrawal a large amount of money and disappear. It is all brexit related, why can’t you see that? Why else would they suddenly pack up shop? Unfortunately This is just the first to come.

n4r9 7y ago
It's not even the first, in terms of businesses packing up shop. Norton motorcycles is another recent example that springs to mind.
- colourgarden 7y ago
  Norton went bankrupt. N26 are choosing not to operate in the UK any longer.
distances 7y ago
> It may also be that the EU banking system has customer tracking, the UK does not. Can you explain a bit more what you mean by this? Tracking exactly in which sense?
- doublerabbit 7y ago
  As part of the EU money laundering scheme. A bank within the EU can access data on a client who's with another bank without another EU country. So lets say you have a bank account in the United Kingdom. Now for whatever reason, I am now living in Austria, the bank can ring up my information without additional paperwork. Now that the UK is in the process of transition, this isn't possible unless a court order is presented yadda yadda. It would be a threat for like N26 to have me as a client but unable to look in to my spending habits. If I had a bank account with loans enabled, I could take a loan and just disappear.
  - matthewheath 7y ago
    > Now that the UK is in the process of transition, this isn't possible unless a court order is presented Under the European Union (Withdrawal Agreement) Act 2020 all existing EU law has been incorporated into our domestic legislation so the EU mony laundering scheme (assuming it is some form of legislation by the EU) still applies even though we are no longer an EU Member State. However, it can be repealed after the transition period ends (1st January 2021) which might well happen depending on the priorities of the Government at that time.

n4r9 7y ago

It's not even the first, in terms of businesses packing up shop. Norton motorcycles is another recent example that springs to mind.

colourgarden 7y ago
Norton went bankrupt. N26 are choosing not to operate in the UK any longer.

distances 7y ago

> It may also be that the EU banking system has customer tracking, the UK does not. Can you explain a bit more what you mean by this? Tracking exactly in which sense?

doublerabbit 7y ago
As part of the EU money laundering scheme. A bank within the EU can access data on a client who's with another bank without another EU country. So lets say you have a bank account in the United Kingdom. Now for whatever reason, I am now living in Austria, the bank can ring up my information without additional paperwork. Now that the UK is in the process of transition, this isn't possible unless a court order is presented yadda yadda. It would be a threat for like N26 to have me as a client but unable to look in to my spending habits. If I had a bank account with loans enabled, I could take a loan and just disappear.
- matthewheath 7y ago
  > Now that the UK is in the process of transition, this isn't possible unless a court order is presented Under the European Union (Withdrawal Agreement) Act 2020 all existing EU law has been incorporated into our domestic legislation so the EU mony laundering scheme (assuming it is some form of legislation by the EU) still applies even though we are no longer an EU Member State. However, it can be repealed after the transition period ends (1st January 2021) which might well happen depending on the priorities of the Government at that time.