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Started by TheVoiceOfReason on Aug 21, 2018 11:00:35 PM
Revolut, Starling, Monzo: anyone tried these out?

Am contemplating moving to Revolut Premium but am a bit wary about going fully Internet. Does its current account work exactly the same as a “standard” one? Any experiences welcome. Currently with Nationwide if that helps with comparisons, and mainly considering it for the free foreign exchange (although apparently not on weekends).

Also had a quick look at Starling and Monzo so any experiences with those welcome too.

xDiggy - 21 Aug 2018 23:04:20 (#1 of 31)

You're too old for Monzo!

xDiggy - 21 Aug 2018 23:05:31 (#2 of 31)

All da kidz at my work love it though. They only have limited account features so I think most people get their salary paid into a conventional bank and then transfer money over to the cool bank.

xDiggy - 21 Aug 2018 23:07:00 (#3 of 31)

For exchange I got a Transferwise 'borderless account'. It's not a true bank account but the exchange fees are super-cheap, you can keep lots of currencies in it and get a proper sort code etc for €, $ and A$.

TheVoiceOfReason - 21 Aug 2018 23:13:27 (#4 of 31)

They only have limited account features

This is what’s concerning me; it’s actually quite hard to find out information about what their current accounts actually can and can’t do!

TheVoiceOfReason - 21 Aug 2018 23:28:04 (#5 of 31)

Just checked and Revolut isn’t part of the current account switching service! Screw that, no way am I agonisingly moving all my DDs and money transfer details one by one. Monzo and Starling are part of it though.

hailesaladdie - 22 Aug 2018 07:43:10 (#6 of 31)

I use N26 for a Euro account - I think they're in the UK now too. Very good, and a lot more full-featured than many of the challenger banks. I also use the Dutch bank Bunq, but that's for NL-specific features.

TransferWise are excellent. Really fast, well designed and great value.

Revolut, I find slightly underwhelming. Unless you want cryptocurrency, but I think that bubble's burst.

nemo75 - 22 Aug 2018 07:52:34 (#7 of 31)

Get a Halifax clarity credit card. No fee on foreign currency transactions and the rate is charged at the prevailing international rate.

Rendered - 22 Aug 2018 09:21:19 (#8 of 31)

Monzo is great. I use it for all my tip tap purchases. And when abroad as no transaction charges.

jambeslourdes - 22 Aug 2018 09:32:09 (#9 of 31)

I love Monzo. I don't currently have my salary paid into it or pay dds out of it, I just buzz cash over to it from our joint account on a weekly basis. I may in time move over to it f/t though as I like it for keeping an eye on how I'm spending.

OneOfOne - 22 Aug 2018 09:37:58 (#10 of 31)

I just got a transferwise magic card. I will run it in parallel with my Austrian bank for a year or so and if no problems I think I will shut down my Austrian bank acct

TheVoiceOfReason - 22 Aug 2018 10:26:26 (#11 of 31)

Lloyds Banking Group will not be getting a penny from me, nemo.

I don't really like the idea of needing to transfer money into a separate account, would much rather have one current account which also has the fee-free international stuff. Maybe Monzo rather than Revolut is the one to look at more closely.

SheikYerbouti - 22 Aug 2018 10:33:16 (#12 of 31)

A former poster with her Finger On The Pulse Of FinTech Start Ups reckons the people who run Monzo are the most appalling bunch of swaggering amateurs you could imagine.

TheVoiceOfReason - 22 Aug 2018 10:51:55 (#13 of 31)

I've also heard horrific things about the management of Starling, too.

SheikYerbouti - 22 Aug 2018 10:54:41 (#14 of 31)

The rumour was that Monzo was set up by a load of ex-Starling people who got tired of the bigshot banker who founded it not contributing anything.

nemo75 - 22 Aug 2018 12:36:06 (#15 of 31)

Lloyds are Grate, you weirdo.

nemo75 - 22 Aug 2018 12:36:51 (#16 of 31)

Plus they wouldn't get a penny from you, assuming you pay the card off every month.

SheikYerbouti - 22 Aug 2018 12:37:30 (#17 of 31)

They're fucking not. After working with some of their back office people a few years ago, I moved my current account on general principle.

nemo75 - 22 Aug 2018 12:38:24 (#18 of 31)

Hah. I've been banking with them since birth - my mum worked for them. Never had a problem.

SheikYerbouti - 22 Aug 2018 12:39:35 (#19 of 31)

Neither did I. Judging by their infrastructure, this was luck more than anything else.

OneOfOne - 22 Aug 2018 13:00:45 (#20 of 31)

I am still with RBS mainly due to inertia and their excellent call centre. I keep thinking I should change (basically any time I go on Money Saving Expert's website) but so far haven't bothered.

Probably one for another thread, but anyone got any recommendation for a UK bank they find GRATE (and why)?

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