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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/07\/07\/challenger-bank-n26-finally-adds-french-ibans\/<\/a><\/br> After obtaining its banking license in 2016<\/a>, fintech startup N26<\/a> started offering bank accounts to anyone in the Eurozone. But because of the German banking license, clients received a German International Bank Account Number (IBAN) that started with the letters DE.<\/p>\n That shouldn\u2019t be an issue, as Germany is part of the Single Euro Payments Area (SEPA), meaning that anyone with a European IBAN can send money to anyone with another European IBAN. In reality, European financial institutions \u2014 and their customers \u2014 suffer from IBAN discrimination.<\/p>\n For instance, a utility company sometimes doesn\u2019t accept foreign account numbers for direct debits. Or a company may require local bank accounts to pay its employees. That\u2019s why several European fintech startups teamed up and created a campaign called \u201cAccept my IBAN.\u201d<\/a> Wise created this coalition and other members include N26, Revolut, Starling Bank and Klarna.<\/p>\n But things aren\u2019t going to change overnight. Some challenger banks have started opening branches in other European countries so they can offer local IBANs. In theory, this shouldn\u2019t matter. In practice, it means that many customers can switch and use a challenger bank as their main bank account.<\/p>\n And now, new N26 customers in France automatically receive a French IBAN from N26\u2019s local branch in France. As an added benefit, these customers with a French IBAN no longer have to tell tax authorities that they have a foreign bank account \u2014 that\u2019s less paperwork.<\/p>\n As for existing customers, N26 is going to offer a way to switch from a German IBAN to a French one. This feature isn\u2019t live yet, but the process should start in the coming weeks. This is a significant change, as N26 has 2.5 million customers in France. It is one of the company\u2019s main markets as N26 manages 8 million bank accounts across 24 European markets.<\/p>\n \u201cWhile the European single market exists for the benefit of customers, with EU legislation mandating seamless acceptance across borders for all European IBANs, IBAN discrimination continues to exist today. This sometimes creates unnecessary friction for banking customers who may struggle to deposit their salaries or pay for utilities if they do not have a local IBAN,\u201d N26 GM for France and Benelux J\u00e9r\u00e9mie Rosselli said in a statement.<\/p>\n \u201cHaving launched local IBANs to millions of other customers in our European markets, we\u2019re excited that all our customers in France will be able to have a fully French N26 account with a French IBAN by the end of the year,\u201d he added.<\/p>\n This isn\u2019t the first country that is getting local IBANs. In addition to Germany, the startup also offers local IBANs to customers in Spain and Italy. The company says that this change has led to a significant increase in customer deposits.<\/p>\n Similarly, Revolut started offering Lithuanian IBANs after obtaining a banking license in Lithuania \u2014\u00a0it doesn\u2019t have a banking license in its home country, the U.K. It then added local IBANs in France, Ireland and potentially other countries. Bunq<\/a> also offers local IBANs in the Netherlands, Germany, Spain, France and Ireland.<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nChallenger bank N26 finally adds French IBANs<\/br>
\n2023-07-09 22:02:58<\/br><\/p>\n