Hi Fools,
After discovering Number26 (https://number26.de/en/) on this message board, I decided to open an account. There is a lot to like about this bank. Here are a few things:
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Opening an account is extremely easy. All I had to do is fill out a form and set up a video call with a representative to verify my identity. They take my picture and scan my passport. Once this is done, I get access to my account and receive a credit/debit Mastercard in the mail.
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Transferring money to and from my account is extremely easy using the SEPA (Single Euro Payments Area) system. In the future, they will add other money transfer options as they expand overseas. An additional feature is MoneyBeam, which lets one transfer money to anybody in your phone contacts. I haven’t tried this yet. But the instructions look pretty simple.
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They are backed by Wirecard, “a software and IT specialist for outsourcing and white label solutions for payment processing…” (https://www.wirecard.com/).
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Notifications and statements are simple, intuitive and descriptive. Although I haven’t used the account for daily activity yet, its user interface (app & web) works great and is easy to use. I like getting everything on my iPhone in an easy-to-use manner.
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There are no foreign currency fees when I use my my Number26 Mastercard to make purchases in other currencies. This will come in handy when I take trips back to the US.
If and when this bank goes public, I’ll become a shareholder. There are a lot of banks that are ripe for disruption here, and these people seem to get it right.
DJ