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In Europe, absolutely NOBODY should use those scam banks as their primary one, we have very strong regulations and having physical banks allows to have an immed

by sh33sh 4y ago

In Europe, absolutely NOBODY should use those scam banks as their primary one, we have very strong regulations and having physical banks allows to have an immediate answer and contact guarantee. I’ve never heard of account closing, money blocking and lack of contact in traditional banks (at least in Germany/France/Switzerland) while N26/Revolut ask for additional personal info to data mine like bank statements from family and friends. I use one of these online banks just for virtual cards to be extra safe and no more than 100€ in the account

zxspectrum1982 4y ago
N26, Revolut, etc are not scam banks. They have got their banking licenses and are subject to exactly the same regulation as any other traditional bank.
mcntsh 4y ago
N26 is regulated by BaFin and has a full German banking license; it's just as secure as your Deutsche Bank or Sparkasse account. They also must follow the same data privacy and security laws as those banks.
- mcv 4y ago
  But isn't Deutsche Bank involved in all sorts of money laundering around Putin and Trump?
  - satyamkapoor 4y ago
    Personal banking with D bank is so crap that you start loving banks like N26
- ig-88ms 4y ago
  N26 spared no effort to ignore and avoid any interference and control by BaFin. They are a different beast than Sparkasse or Deutsche. At one point, the only way for BaFin to contact N26 was via the customer hotline. There was no way for the banking regulation and control entity to contact them. N26 evaded BaFin as long as they coud. They've built their company and infrastructure extremely fast and extremely recklessly. https://www.reuters.com/article/us-n26-money-laudnering-idUSKCN1SS1TX https://www.reuters.com/article/us-n26-money-laudnering-idUS... https://fintechmagazine.com/banking/n26-customer-growth-limited-bafin-imposed-customer-cap https://fintechmagazine.com/banking/n26-customer-growth-limi...

by sh33sh 4y ago

zxspectrum1982 4y ago

N26, Revolut, etc are not scam banks. They have got their banking licenses and are subject to exactly the same regulation as any other traditional bank.

mcntsh 4y ago

N26 is regulated by BaFin and has a full German banking license; it's just as secure as your Deutsche Bank or Sparkasse account. They also must follow the same data privacy and security laws as those banks.

mcv 4y ago
But isn't Deutsche Bank involved in all sorts of money laundering around Putin and Trump?
- satyamkapoor 4y ago
  Personal banking with D bank is so crap that you start loving banks like N26
ig-88ms 4y ago
N26 spared no effort to ignore and avoid any interference and control by BaFin. They are a different beast than Sparkasse or Deutsche. At one point, the only way for BaFin to contact N26 was via the customer hotline. There was no way for the banking regulation and control entity to contact them. N26 evaded BaFin as long as they coud. They've built their company and infrastructure extremely fast and extremely recklessly. https://www.reuters.com/article/us-n26-money-laudnering-idUSKCN1SS1TX https://www.reuters.com/article/us-n26-money-laudnering-idUS... https://fintechmagazine.com/banking/n26-customer-growth-limited-bafin-imposed-customer-cap https://fintechmagazine.com/banking/n26-customer-growth-limi...