5 ms·

Monzo and Revolut were a thousand times better than N26. Good riddance N26 !

by marvel_boy 7y ago

notkaiho 7y ago
What was poor about N26? I have a Monzo account but have not really used the others.
- marvel_boy 7y ago
  They lied about the reasons to betray 200.000 users in UK. One hint: it was not Brexit.
  - mstade 7y ago
    Do you have a source for this? All I see in the article is conjecture. (Edit: I am not nor have I ever been an N26 customer, just curious.)
  - 0x1221 7y ago
    Do we have any evidence that they lied? Like actual evidence, not the comments of a few outraged customers (one of them literally calling it "fake news").
  - kmlx 7y ago
    it's known across the financial news teams that N26 left the UK due to very low adoption numbers. applying to the UK regulators did not make sense.
    - mnd999 7y ago
      That would confirm what they're saying - that the costs of continuing to give it a go in the UK market will increase substantially post brexit. Inside the EU costs would have been lower so it was worth trying to gain a foothold.
    - pgeorgi 7y ago
      As I understand it, the need for UK regulation only came up due to brexit (before they were in thanks to the common market), so I guess "it's brexit" is sort of right, even if that leaves it a couple of steps? Without it they could have coasted along for a while longer with not much extra effort.
- kennydude 7y ago
  afaik they shipped cards from germany (really ineffecient) and were generally really really slow at anything
- kmlx 7y ago
  - no IBAN number - when receiving a new card due to upgrade the old one becomes void but there's no mention anywhere of this - the login didn't work consistently (faceid today, tomorrow password) - no extra features, or very poorly implemented the general feeling I got from N26: not up to standard. it's a poor app with poor customer support.
  - bathory 7y ago
    - Of course you have an IBAN, it displays when you click on the profile icon on the top right. - Sounds reasonable? - FaceID works for 30 days, after that you have to enter your pass again for FaceID to work another 30 days, it says so when activating FaceID - I agree that there are no really nice "extras"
    - kmlx 7y ago
      > - Of course you have an IBAN, it displays when you click on the profile icon on the top right. No IBAN support in the UK. really bad startup, avoid.
      - fenk85 7y ago
        They are a German bank, UK are not part of SEPA european payment system, and now UK are not part of EU either... You are blaming a company for not accommodating non standard UK systems, and now deciding to pull out of UK, as UK literally does not want to be held to common standards (be it chargers, trade or bananas) as rest of Europe. Brexit is imposing costs on companies, some like N26 decide not to bother with UK, others like Revolut and Coinbase now have to open offices and operations in EU if they want to retain access to this large market. Did you vote for Brexit? Brexit has consequences, N26 leaving is a very minor one compared to whats coming down the line, live with it.
      - myopenid 7y ago
        Having lived in Germany (where N26 started), had the opposite experience. Revolut is a disaster. Reason being: - No 3DSecure, renders it useless for most online transactions. - No personal IBAN, uses some janky shared IBAN that is not tied to your name, which is required for many online depositing service like Coinbase.
- bathory 7y ago
  Revolut lets you receive many different currencies at 1:1 Interbank exchange rates during weekdays. That is pretty amazing compared to any bank.
- neximo64 7y ago
  Its really slow for me and very frustrating to use.
kmlx 7y ago
Starling as well.
- marvel_boy 7y ago
  Yes, agree.
bilekas 7y ago
There is a difference, N26 is an issuing bank. That means they have to follow different regulations than Revolut for example. Its not as black and white, as usual with banking nonsense.
- krn 7y ago
  > There is a difference, N26 is an issuing bank. Monzo and Revolut are too: https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ https://blog.revolut.com/we-got-a-banking-licence/ https://blog.revolut.com/we-got-a-banking-licence/
  - bilekas 7y ago
    Okay, I don't know too much about Monzo at all tbh, but Revolut got an EU banking license, which means, simularly to the N26, it will not be applicable for the UK Market. If that means they fall bank to not issuing accounts with Deposit protection in the UK, I'm not sure, or if it means they are just waiting to see what happens; sugested here : https://blog.revolut.com/how-we-protected-our-customers-from-brexit/ https://blog.revolut.com/how-we-protected-our-customers-from... It's not sure. But either way, if there are not enough people in the UK market to warrant the hassle of re-investing in the UK, I don't see the issue. The EU feel betrayed by Brexit too.. :(
  - throwaway9d0291 7y ago
    Monzo yes, Revolut no. Revolut has permission to operate a bank but currently does not actually do so. It has the license but doesn't offer full current accounts.
  - venantius 7y ago
    Revolut is a bank in Lithuania but not in the UK.
neximo64 7y ago
Which one isn't an issuing bank?
- tluyben2 7y ago
  Revolut started out with another bank (wirecard?) issuing for them. Now they have a banking license and issue themselves.
  - throwaway9d0291 7y ago
    Correct that they have a license however they don't yet use it. Funds deposited at Revolut are subject to the same (near non-existent) protection as always.

Monzo and Revolut were a thousand times better than N26. Good riddance N26 !

notkaiho 7y ago

What was poor about N26? I have a Monzo account but have not really used the others.

marvel_boy 7y ago
They lied about the reasons to betray 200.000 users in UK. One hint: it was not Brexit.
- mstade 7y ago
  Do you have a source for this? All I see in the article is conjecture. (Edit: I am not nor have I ever been an N26 customer, just curious.)
- 0x1221 7y ago
  Do we have any evidence that they lied? Like actual evidence, not the comments of a few outraged customers (one of them literally calling it "fake news").
- kmlx 7y ago
  it's known across the financial news teams that N26 left the UK due to very low adoption numbers. applying to the UK regulators did not make sense.
  - mnd999 7y ago
    That would confirm what they're saying - that the costs of continuing to give it a go in the UK market will increase substantially post brexit. Inside the EU costs would have been lower so it was worth trying to gain a foothold.
  - pgeorgi 7y ago
    As I understand it, the need for UK regulation only came up due to brexit (before they were in thanks to the common market), so I guess "it's brexit" is sort of right, even if that leaves it a couple of steps? Without it they could have coasted along for a while longer with not much extra effort.
kennydude 7y ago
afaik they shipped cards from germany (really ineffecient) and were generally really really slow at anything
kmlx 7y ago
- no IBAN number - when receiving a new card due to upgrade the old one becomes void but there's no mention anywhere of this - the login didn't work consistently (faceid today, tomorrow password) - no extra features, or very poorly implemented the general feeling I got from N26: not up to standard. it's a poor app with poor customer support.
- bathory 7y ago
  - Of course you have an IBAN, it displays when you click on the profile icon on the top right. - Sounds reasonable? - FaceID works for 30 days, after that you have to enter your pass again for FaceID to work another 30 days, it says so when activating FaceID - I agree that there are no really nice "extras"
  - kmlx 7y ago
    > - Of course you have an IBAN, it displays when you click on the profile icon on the top right. No IBAN support in the UK. really bad startup, avoid.
    - fenk85 7y ago
      They are a German bank, UK are not part of SEPA european payment system, and now UK are not part of EU either... You are blaming a company for not accommodating non standard UK systems, and now deciding to pull out of UK, as UK literally does not want to be held to common standards (be it chargers, trade or bananas) as rest of Europe. Brexit is imposing costs on companies, some like N26 decide not to bother with UK, others like Revolut and Coinbase now have to open offices and operations in EU if they want to retain access to this large market. Did you vote for Brexit? Brexit has consequences, N26 leaving is a very minor one compared to whats coming down the line, live with it.
    - myopenid 7y ago
      Having lived in Germany (where N26 started), had the opposite experience. Revolut is a disaster. Reason being: - No 3DSecure, renders it useless for most online transactions. - No personal IBAN, uses some janky shared IBAN that is not tied to your name, which is required for many online depositing service like Coinbase.
bathory 7y ago
Revolut lets you receive many different currencies at 1:1 Interbank exchange rates during weekdays. That is pretty amazing compared to any bank.
neximo64 7y ago
Its really slow for me and very frustrating to use.

kmlx 7y ago

Starling as well.

marvel_boy 7y ago
Yes, agree.

bilekas 7y ago

There is a difference, N26 is an issuing bank. That means they have to follow different regulations than Revolut for example. Its not as black and white, as usual with banking nonsense.

krn 7y ago
> There is a difference, N26 is an issuing bank. Monzo and Revolut are too: https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ https://monzo.com/blog/2018/06/07/is-monzo-a-bank/ https://blog.revolut.com/we-got-a-banking-licence/ https://blog.revolut.com/we-got-a-banking-licence/
- bilekas 7y ago
  Okay, I don't know too much about Monzo at all tbh, but Revolut got an EU banking license, which means, simularly to the N26, it will not be applicable for the UK Market. If that means they fall bank to not issuing accounts with Deposit protection in the UK, I'm not sure, or if it means they are just waiting to see what happens; sugested here : https://blog.revolut.com/how-we-protected-our-customers-from-brexit/ https://blog.revolut.com/how-we-protected-our-customers-from... It's not sure. But either way, if there are not enough people in the UK market to warrant the hassle of re-investing in the UK, I don't see the issue. The EU feel betrayed by Brexit too.. :(
- throwaway9d0291 7y ago
  Monzo yes, Revolut no. Revolut has permission to operate a bank but currently does not actually do so. It has the license but doesn't offer full current accounts.
- venantius 7y ago
  Revolut is a bank in Lithuania but not in the UK.

neximo64 7y ago

Which one isn't an issuing bank?

tluyben2 7y ago
Revolut started out with another bank (wirecard?) issuing for them. Now they have a banking license and issue themselves.
- throwaway9d0291 7y ago
  Correct that they have a license however they don't yet use it. Funds deposited at Revolut are subject to the same (near non-existent) protection as always.