N26 Leaving the UK

Just received this email from N26:

Hey Geoffrey,

With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence. Therefore, we are writing to share the news that we will be leaving the UK and closing all accounts.

We are sorry to be leaving and we understand this will be disappointing for our customers.

We’ve planned the next steps carefully to ensure this process is as smooth as possible for you.

What will happen next?
We will close your account on 15 April 2020 , in line with our terms and conditions and you will shortly receive a formal termination notice.

If you have money in your account, please consider transferring it to an alternative bank account.

In the meantime, all account and app functionality will continue to work, so you can still spend or withdraw the money in your account. Your money will continue to be protected up to the equivalent of €100,000.

We have prepared a list of FAQs which you can find here in order to answer any questions you might have. We will continue to keep this updated, and will be in regular contact to support you through this process.

On behalf of the entire N26 team, I would like to thank you for the support you’ve given us since we launched in the UK. We have been proud to have you as a customer.

Kind regards,
Will Sorby
General Manager UK, N26

Can’t say it’s surprising - their UK product wasn’t getting much love and was probably struggling for users.

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Haven’t had my email yet

Edit

Just received my email

Just had mine.

Isn’t Monese also owned and operated by an Estonian ?

And there it is - following Fidor out of the UK.

Well, they didn’t exactly have their heart in it, did they?

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N26 never had a decent offering in the UK so no big issue. Strange how other banks are not going to have an issue operating in the UK. It’s an excuse to leave and not blame the offering but blame Brexit.

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Very true.

They couldn’t even be bothered to make a direct debit page, cya N26!

Wow, trying to move into the crowded UK market will have been quite an expensive folly for N26, I would imagine.

I wonder if they would have made any effort to adapt for the ‘challenges’ of operating in the UK post 2020 if they hadn’t been so, well, useless?

Do we know how many UK employees N26 have?

According to this article (in Dutch):

It was possible for all banks to apply for an exception (bunq for example did apply), so it is suggested that N26 does not depart from the UK because of Brexit, but because it was not able to gain a foothold in the UK because of the fierce competition of other online banks like Revolut, Monzo and Starling.

According to the same article they do not have employees in the UK. They have 1500 employees, working in 5 different locations: Berlin, New York, Barcelona, Vienna and São Paulo.

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Good news. Now they have to close my account!
Asked them few times… still open

Don’t going to cry over this one, the CS was awful and when they rejected me for an account, it was made out as if I was some mass fraudster or something… totally weird bank…

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N26 said they are leaving due to brexit and not able to use there banking licence, we all know that is nonsense and due to its rubbish offering rather than anything else.

Which is a shame because N26 is great in other markets, just never was in the UK

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I never got the email, but that’s because I never made it past their broken on boarding.

Not surprised, and it won’t be the last company to use brexit as an excuse for their failings.

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Same here, was asked for my IBAN to close my account too, something UK accounts didn’t have and I was also asked this when I currently had no account with them half way through a borked onboarding.

On the back of this news, I like Starling’s Facebook advert today:
“Just found out your bank’s making a swift Brexit? Don’t worry – we’re here to stay :muscle:

Now being covered by the BBC too:

Makes me glad I kept my N26 a/c in EUR in Germany :wink:

I know I shouldn’t mock, but couldn’t resist :rofl: :rofl: :rofl: :rofl: :rofl:

And reading through the thread, it looks like Starling have beaten them to it

:stuck_out_tongue: :stuck_out_tongue: :stuck_out_tongue:

Brexit is an excuse. Same situation with Jamie Oliver blaming Brexit for his chain of Italian restaurants going bankrupt.

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“Ehm… yeah… the customers obvs think my restaurants are leaving cos they think they’re in Italy”

Oliver, J. (2018)

Wrong.

They have/had a small office in London.