Anyone made a BACS payment to N26 bank?

10
Posted 12th Aug 2019
I am planning to make a BACS payment of just over £850 to someone who has a bank account with N26 bank.

I googled the bank as I have not heard of it and it seems to be a new bank that is similar to revolut and monzo.

Will I be charged for the BACS payment or will it be the same as any other UK bank?
Community Updates
Ask
10 Comments
No charge.
Got some poor reviews mind you
uk.trustpilot.com/rev…com
Edited by: "fearona" 12th Aug 2019
fearona12/08/2019 17:41

No charge.Got some poor reviews mind …No charge.Got some poor reviews mind youhttps://uk.trustpilot.com/review/n26.com


i will ask the guy to make sure he is happy to make the payment after reading the reviews as i won't be held responsible if he can't get the money even though it has left my account
mutley112/08/2019 17:50

i will ask the guy to make sure he is happy to make the payment after …i will ask the guy to make sure he is happy to make the payment after reading the reviews as i won't be held responsible if he can't get the money even though it has left my account


Problem is the bank is acting as your agent, so you will still be responsible if the money doesn't get there. Think about buying on ebay. If you buy something and they say they haven't received the money is down to you to chase through PayPal and ebay. Not him. If you had no PayPal protection, would you buy under those circumstances.
£850 will go as faster payments, to be honest it’s up to the seller which bank they use, the money will arrive if it’s doesn't it should bounce back, send £1 to make sure first.
eslick12/08/2019 19:03

£850 will go as faster payments, to be honest it’s up to the seller which b …£850 will go as faster payments, to be honest it’s up to the seller which bank they use, the money will arrive if it’s doesn't it should bounce back, send £1 to make sure first.


If you read the reviews, it would appear that the bank are fond of freezing an account for months at a time for no apparent reason. They respond with the same corporate response at all times. There is a real risk of the money being transferred , then the bank freezing the account for 'investigation'. They hide behind the anti money laundering requirements. So be prepared to send proof of where you got the money from, where they got it from etc etc.
Edited by: "Ringfinger" 12th Aug 2019
Ringfinger12/08/2019 19:10

If you read the reviews, it would appear that the bank are fond of …If you read the reviews, it would appear that the bank are fond of freezing an account for months at a time for no apparent reason. They respond with the same corporate response at all times. There is a real risk of the money being transferred , then the bank freezing the account for 'investigation'. They hide behind the anti money laundering requirements. So be prepared to send proof of where you got the money from, where they got it from etc etc.


Yep but nothing to do with Mutters. Getting a trace is easy could take a few days but ultimately if the person uses that bank it uses that bank, though Mutterly could suggest paying by cash if they are feel its going to be to much grief. Monly Laundering legislation only normally comes in at £10K so they should be okay.
Edited by: "eslick" 13th Aug 2019
eslick13/08/2019 08:11

Yep but nothing to do with Mutters. Getting a trace is easy could take a …Yep but nothing to do with Mutters. Getting a trace is easy could take a few days but ultimately if the person uses that bank it uses that bank, though Mutterly could suggest paying by cash if they are feel its going to be to much grief. Monly Laundering legislation only normally comes in at £10K so they should be okay.


i don't plan to pay by cash as i won't be seeing him in person but i was wondering maybe i could send him a cheque, not sure if this is any different to paying by BACS
mutley113/08/2019 11:19

i don't plan to pay by cash as i won't be seeing him in person but i was …i don't plan to pay by cash as i won't be seeing him in person but i was wondering maybe i could send him a cheque, not sure if this is any different to paying by BACS



its different as he has to cash it but to be honest if I am accepting £850 and asked you to put that in my bank I would be happy to receive it as a bank transfer. I am guessing they are a business so have it happen every day.
eslick13/08/2019 08:11

Yep but nothing to do with Mutters. Getting a trace is easy could take a …Yep but nothing to do with Mutters. Getting a trace is easy could take a few days but ultimately if the person uses that bank it uses that bank, though Mutterly could suggest paying by cash if they are feel its going to be to much grief. Monly Laundering legislation only normally comes in at £10K so they should be okay.


Yes, I am aware that money laundering regs come into force at £10K+. But trading the tenures they use these regs at any level. Reading between the lines they are using this device as a way to sieze money.
Do that to a thousand accounts any that child be a couple of million the back has to 'play' with... think of the long game. It's easy to repay some with funds siezed from someone else. Nick Leeson eat your heart out.
I have a weekly standing order going from Halifax to N26 account and it's done instantly (amount of £3,000)
Post a comment
Avatar
@
    Text

    Discussions

    Top Merchants