N26 and Irish Stamp Duty for Debit Cards

In Ireland there is stamp duty on financial cards. A credit card account attracts a €30 per year stamp duty charge. Debit cards are now charged a 12c stamp duty tax for each ATM withdrawal capped at €2.50 for ATM only cards and capped at €5.00 per year for ATM and debit cards.

This means an Irish customer of N26 will be liable for 12c per ATM withdrawal capped at €5.00 per year. There was some confusion as to how N26 would collect this fee.

In early February I received an email from N26 stating they would collecting the stamp duty fee in the coming days.

This is a heads up to let you know that we’ll collect a stamp duty tax of €1.44 from your account in the coming days. 

Please ensure that you have sufficient funds in your account to cover this tax. You don’t need to take any action, and the amount will be debited from your account automatically. 

For further information about the stamp duty tax please refer to our price list or section 123B and C Stamp Duties Consolidation Act 1999 (as amended by Section 62 Finance Act 2015). 

Then later on in February I saw the deduction from my account and shortly after I received an email confirmation.

This is a brief confirmation that, based on your cash withdrawals in 2018, we have successfully collected the €1.44 stamp duty tax from your account (12ct per withdrawal). 

For further information about the stamp duty tax please refer to our price list or section 123B and C Stamp Duties Consolidation Act 1999 (as amended by Section 62 Finance Act 2015). 

So there you have it, N26 will charge the stamp duty in arrears in February and they are very upfront as to how much will be charged, when it will be charged and why it is charged.

You can view all posts about N26 on the Mega Post.

In the interest of full-disclosure, links to N26 are affiliate links. Should you click through to N26 via my affiliate link and sign up to their bank account I will receive a small commission payment. These affiliate payments have no impact on my reviewing of the product. If you believe I have been influenced by the potential commission when reviewing a product please call me out. 

One Reply to “N26 and Irish Stamp Duty for Debit Cards”

  1. I prefer this approach with N26 of collecting it all in one go. I did an ATM withdrawal on Revolut the other day, and was surprised to see a second transaction for 12 cents stamp duty come off the balance at the same time. And I was only using the ATM because Revolut said it was required to authorise a new card.

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