Monzo/Starling Banking/Revolut

[jpaul]

(so is Monzo going to the wall awaiting buyout ?)


Anyone use revolut specifically for low cost international banking and currency exchange ?

had been reading a thread that suggests you would get a better exchange rate and costs with them,
compared to Wise or Currencies direct, who were my usual suspects

It seems their desktop app maybe limited in functionality though (lifes too short to play with online banking on a phone screen at home) and you can only sign up using a phone.
they don't seem to have a telephone number where you can actually speak to anyone either

I would consider signing up to one of their platinum accounts for a couple of months for the transactions I was planning to do.

 

[dlockers]

(so is Monzo going to the wall awaiting buyout ?)


Anyone use revolut specifically for low cost international banking and currency exchange ?

had been reading a thread that suggests you would get a better exchange rate and costs with them,
compared to Wise or Currencies direct, who were my usual suspects

It seems their desktop app maybe limited in functionality though (lifes too short to play with online banking on a phone screen at home) and you can only sign up using a phone.
they don't seem to have a telephone number where you can actually speak to anyone either

I would consider signing up to one of their platinum accounts for a couple of months for the transactions I was planning to do.

I use Revolut for large FX transactions. I previously used Wise when I was needing to wire from US brokers (Morgan Stanley normally). I think Revolut now has proper local US wire details so can just use Revolut.

I signed up for premium just to do the big FX and then cancelled in the grace period. I did get a fair use warning which made me worried (prior to cancelling), as there lots of Revolut horror stories of people being locked out.

 

[jpaul]

I use Revolut for large FX transactions. I previously used Wise when I was needing to wire from US brokers (Morgan Stanley normally). I think Revolut now has proper local US wire details so can just use Revolut.

I signed up for premium just to do the big FX and then cancelled in the grace period. I did get a fair use warning which made me worried (prior to cancelling), as there lots of Revolut horror stories of people being locked out

interesting - yes I have a lloyds international account for wires/$checks -
it is somewhat the better exchange rates that look useful if, per thread, it is potentially £50 cheaper per £10K

e: I need to establish how you can do good retrospective exchange simulations for each company

 

[ChrisD.]

I’ve been going Wise > Revolut. No idea you can go direct to Revolut now. Have some pretty large RSUs vesting next year so will remember that.

 

[jpaul]

analysis paralysis after reading below thread V

Wise/Transferwise still good value/safe to use? - FlyerTalk Forums

TravelBuzz - Wise/Transferwise still good value/safe to use? - Originally Posted by ovacikar Wise was never advantageous for large transfers, because its fee is percentage based. SWIFT charges a flat fee. Unfortunately banks in practice do the same, they just don't disclose it. Wise will give...

www.flyertalk.com

Wise was never advantageous for large transfers, because its fee is percentage based. SWIFT charges a flat fee.
International bank (SWIFT) charges : Varies: often ranges from 10 USD - 35 USD
Wise charges 0.5%- 2.5%
Another benefit of Wise is that you can see the what the exact cost will be /before/ you do the transfer. For large amounts you may be able to contact your bank and ask for a guaranteed exchange rate, and then compare that to Wise at real-time. I belive you can also contact Wise and negotiate a discount, but I have not tried that.
I opened the account, cleared KYC, sent the funds (pretty significant amount) and then had my account deactivated (with no communication from Wise and no real way to engage with them). About a month later my money (minus bank fees) was returned (again with no communication whatsoever).
I have used Wise, CaxtonFX and XE Money and been happy with all of them - saving a ton over traditional banks with transfers of around $25,000. For smaller amounts I have used Revolut but won’t touch them now, at least until they file their overdue accounts and dig themselves out of their regulatory issues.

 

[englishpremier]

interesting - yes I have a lloyds international account for wires/$checks -
it is somewhat the better exchange rates that look useful if, per thread, it is potentially £50 cheaper per £10K

e: I need to establish how you can do good retrospective exchange simulations for each company

EDIT: not what you're looking for.

 

[jpaul]

hmmh interesting just rang lloyds to do a currency exchange simulation :

​

Lloyds todays rate if you transferred e25K eur->£ : 1.1655 including 1.2% margin, they say - so you'd get £21.450K​

​

Wise simulation saying they'd give me £21.574K effective exchange rate 1.152 - £124 better off with wise​

e: Wise simulation saying they'd give me £21.574K (exchange rate 1.152, costs 0.56%) - £124 better off with wise​

​

e2: Currencies Direct £21.590K £140 better off​

​

on the other hand, coincidentally ecb exchange rate today 1.152 (maybe that is not a good reference though)​

 

[dlockers]

I’ve been going Wise > Revolut. No idea you can go direct to Revolut now. Have some pretty large RSUs vesting next year so will remember that.

Don't quote me on it, I just kept getting lectured by the youff when I explain my process. I also don't trust Revolut one iota. I'm not sure Wise is any better, but at least they aren't kidding themselves as a "current account".

 

[Martynt74]

hmmh interesting just rang lloyds to do a currency exchange simulation :

​

Lloyds todays rate if you transferred e25K eur->£ : 1.1655 including 1.2% margin, they say - so you'd get £21.450K​

​

Wise simulation saying they'd give me £21.574K effective exchange rate 1.152 - £124 better off with wise​

e: Wise simulation saying they'd give me £21.574K (exchange rate 1.152, costs 0.56%) - £124 better off with wise​

​

e2: Currencies Direct £21.590K £140 better off​

​

on the other hand, coincidentally ecb exchange rate today 1.152 (maybe that is not a good reference though)​

Interesting, when i ran a comparison with Wise/Currencies direct for €30k it was better with Wise although i don't recall the amount. I then spoke to Currencies Direct who suggested they were only cheaper over around £60k

Will have a look at Revolut, but always hear such grim stories that saving a few hundred quid over Wise might not be worth it!

 

[jpaul]

Will have a look at Revolut, but always hear such grim stories that saving a few hundred quid over Wise might not be worth it!

yes I decided not to pursue revolut after what I'd read on line and their poor desktop app (monzo's financial situation seems sticky too even if uk monies protected)

I will transfer a trial amount on currencies direct ... could be a false impression - but after I signed up they did ring up and I had a sane conversation,
compared to wise where guy just sent me links to their web pages.

with web apps especially (like currencies direct) did wonder how well protected you are for man in the middle attacks/scams,
with BNP you have to wait a day for new beneficieries to be consecrated seems a good precaution ..
versus currencies direct where the guy confirmed over phone the last digits of their iban account (also in email) that I should pay into - maybe they let test monies through,
waiting for a bigger payout.

 

[jeffk]

yes I decided not to pursue revolut after what I'd read on line and their poor desktop app (monzo's financial situation seems sticky too even if uk monies protected)

Yeah, at least Monzo has a UK banking license so your money is protected up to £85k. I personally wouldn’t touch Revolution with a barge pole.

 

[jpaul]

Test transfer inside eu between BNP and currencies direct of e20 worked fine & free.

I’ve been going Wise > Revolut. No idea you can go direct to Revolut now. Have some pretty large RSUs vesting next year so will remember that.

Had similar plus some dollar checks I'd put into a Lloyds international account - rather annoyed that it seems I have to IBAN/swift transfer that to the likes of Wise/currencies direct cost £12 a shot.

I'd like to find some excel add ons that would somehow provide functions to grab the currency exchange rates from the date, for HMRC declarations - anyone ?

 

[Scarfacé]

Why would Monzo be 'going to the wall' or in a 'sticky' financial situation? I can't find anything online suggesting they are performing badly financially, all recent articles suggest the opposite?

 

[jpaul]

Why would Monzo be 'going to the wall' or in a 'sticky' financial situation? I can't find anything online suggesting they are performing badly financially, all recent articles suggest the opposite?

thought monzo was a naughty boy over-leveraging like the chocolate, silicon, (sub-prime)barny mayhoe ? (Musk?) banks and had shares worth FA;
a bank advertised for the zoomer generation - bright young things, now waiting for cash injection/buy out
FA will protect 85K though, but maybe not a mortgage.

--

euro up to 0.869 yeh - but dollar still weak

 

[englishpremier]

Why would Monzo be 'going to the wall' or in a 'sticky' financial situation? I can't find anything online suggesting they are performing badly financially, all recent articles suggest the opposite?

Was a couple of years ago now, that in their annual report their own auditor (E&Y) said something along the lines of they 'fear for them as going concern.'

At the time Monzo was starting to introduce more and more paid features, loans, overdrafts etc.. to try and increase revenues. Not long after the founder was kicked out (depending on how you look at it).

Personally, I've no fears over Monzo. Bigger banks with chew their arm off to snap it up or invest if the time came.

 

[jpaul]

yes ok it was metro bank who had their shares crater & monzo looking for funding (google offering)

Which banks were the winners and losers of 2023?

What does the next year hold in store for Metro, Barclays, HSBC, Natwest, Lloyds, and challengers Starling and Monzo?

www.cityam.com

Hadn't realised revolut doesn't have a uk license Revolut, which was valued at $33bn in a funding round in 2021, has yet to receive a UK banking licence despite months of talks with regulators.

 

[Scarfacé]

yes ok it was metro bank who had their shares crater & monzo looking for funding (google offering)

Which banks were the winners and losers of 2023?

What does the next year hold in store for Metro, Barclays, HSBC, Natwest, Lloyds, and challengers Starling and Monzo?

www.cityam.com

Hadn't realised revolut doesn't have a uk license Revolut, which was valued at $33bn in a funding round in 2021, has yet to receive a UK banking licence despite months of talks with regulators.

Yeah metrobank has been in and out the news over the past few months. Even though they are protected as well I’ve avoided them for that reason.

Monzo on the other hand appear to be doing are well. They are now making a profit and investigations about money laundering seem to be behind them. Theres talk about them selling a stake to raise capital, potentially Google and eventually an IPO, but I read these as positive things. Two posts about monzo on this page made me think I’d missed something but appears people are getting metrobank and monzo confused?

Both are protected upto £85k but I don’t want to be dealing with the agro so I’m going to avoid metrobank for now…

 

[englishpremier]

yes ok it was metro bank who had their shares crater & monzo looking for funding (google offering)

Which banks were the winners and losers of 2023?

What does the next year hold in store for Metro, Barclays, HSBC, Natwest, Lloyds, and challengers Starling and Monzo?

www.cityam.com

Hadn't realised revolut doesn't have a uk license Revolut, which was valued at $33bn in a funding round in 2021, has yet to receive a UK banking licence despite months of talks with regulators.

It is unlikely to get one either. It's a crap shoot. The basic product is decent, good even, but the management and culture seems terrible.

Wasn't the latest incident the CTO threatening to shoot a customer? Their annual accounts were something like 6 months late, has anyone ever heard of a bank handing their accounts late? Then there is all the around KYC and money laundering that they skipped to sign up customers faster. That admittedly was some year ago now.

It's also worth pointing out that anyone who's part of Revolut's affiliate program is now prohibited from mentioning its status as a non-bank, or any of the various UK headlines. Obviously that sort of stuff doesn't go well with websites like Be Clever with Your Cash, or MSE as you can't have a fair and balanced article or comparison without mentioning their status.

 

[mrkev]

It seems that Chase are now changing the terms of their cashback offer so you now need to deposit at least £1500 per month into the account. It used to be £500.

 

[Kol]

Seems reasonable. You can just transfer the money in and straight back out. No need to keep it in if you don’t use it as your main account.