Monzo/Starling Banking/Revolut

[englishpremier]

Yet with Atlantic Money it wouldn't have cost anything (first transfer), and you're getting just as good or better exchange rate.

HSBC's Zing, would cost €60, for the €30k transfer, with similar exchange rate.

The rate on XE at the time of me writing is £1.1587 to EUR, vs £1.1699 on Zing, and 1.1697 with Atlantic Money.

Revolut's rate is £1.1712 but would charge a €251 in fees.

 

[dlockers]

Yet with Atlantic Money it wouldn't have cost anything (first transfer), and you're getting just as good or better exchange rate.

HSBC's Zing, would cost €60, for the €30k transfer, with similar exchange rate.

The rate on XE at the time of me writing is £1.1587 to EUR, vs £1.1699 on Zing, and 1.1697 with Atlantic Money.

Revolut's rate is £1.1712 but would charge a €251 in fees.

The trick with Revolut is just signing up to premium just before.

 

[jpaul]

Yet with Atlantic Money it wouldn't have cost anything (first transfer), and you're getting just as good or better exchange rate.

HSBC's Zing, would cost €60, for the €30k transfer, with similar exchange rate.

The rate on XE at the time of me writing is £1.1587 to EUR, vs £1.1699 on Zing, and 1.1697 with Atlantic Money.

Revolut's rate is £1.1712 but would charge a €251 in fees

OK haven't looked at Atlantic Money's rates ..
with xe you have to ring up for best rates on larger amounts - I contacted them yesterday, their online system anomalously showed better rates on smaller amounts.
WTH they said they had a special offer on intermediate amounts, but then modified my account configuration to show better rates on larger amounts.
from my data xe is about 1% spread off the underlying bank exchange rate, which would suggest Atlantic money, 1% better, on your figures, are giving that bank rate, and revolut giving money away, which I don't believe.

I was using bank exchange rates from the FT in my comparisons, which I considered as reference https://markets.ft.com/data/currencies/tearsheet/summary?s=EURGBP

XE doesn't seem to have a wallet concept where you can hold money with them, and avoid delays of incoming chaps transfer, to be ready to move if you seen an exchange rate you like.

 

[Martynt74]

Unusual you found that with CD, i found they only got cheaper than Wise when you went over £70k

 

[englishpremier]

...revolut giving money away, which I don't believe.

Yeah that was a strange one. I wonder if they hold the rates a little longer. Or just had a bunch of GBP they wanted rid of.

It was definitely into the 1.171 range though, as I had a market order complete for that, and the rate was showing slightly higher later in the day.

Sometimes companies do weird things. Like Brittany ferries, as French company, yet everything onboard is far cheaper in GBP over and above the exchange rate.

 

[Reuben klang]

Rev is a funny one. I’m not sure how they’ve made money from someone like me. I signed up via the friends referral and my mate shared the £50 with me. (£20 profit after having to pay for the card) I then sent referrals to a couple of mates and my brothers. Then split it with all them in turn.

Then rarely if ever used it again unless it was for weekend spending when traveling abroad.

They must hate people like me.

 

[Hades]

I'm quite disappointed with Revolut support and am considering cancelling my account. Previously I've been really happy with the product which is why I haven't cancelled already.

A couple of weeks ago I realised I couldn't find my card. It's definitely in the house somewhere because I've not taken it out recently. So I went on the app to order a new card (which automatically cancels the old one). It gave me an ETA of 9th April for the new card to arrive. By 12th April it still hadn't arrived so I tried to contact them. Despite being on the paid Metal plan I couldn't find any number to call so I thought I would use chat. But there was simply no chat available in my app at all. I used help in the app and even searched online. Both returned instructions on where to fin chat in the app but I still couldn't find it. I don't know what I'm doing wrong but chat simply isn't there. I have used it in the past so either it's disabled or it has been moved somewhere very obscure to discourage contact.

So I decided to email them. 24 hours later I got an automated email back saying they are experiencing a higher than normal number of contacts and it recommended I use their chat. But if I still wanted to continue on email I could reply back again. So I obviously replied back. Another 48 hours later someone emailed me back to ask some security questions, which I answered. Another 48 hours went past and I was told that my card was delivered on 21st March and I had cancelled it on 2nd April. This simply wasn't what happened and there is no way my replacement card could have been delivered on 21st March because I had not ordered it until 2nd April. I replied back asking them to check again because that couldn't be right. 24 hours later they said it was right and I could use the app to order a new card. It took them several days to get around to helping me and then they told me something that was impossible.

I do use some of the benefits with the Metal plan but the absolutely shoddy support has left a very bad taste in my mouth.

 

[dlockers]

Hades - Revolut isn't even a bank. They are infamous for their poor support and binning off accounts without notice - it is like PayPal of the early 2000's. Get a proper bank.

 

[Hades]

Hades - Revolut isn't even a bank. They are infamous for their poor support and binning off accounts without notice - it is like PayPal of the early 2000's. Get a proper bank.

Yes I'm aware. I have several proper bank accounts. I use them for travel in different currencies, some other perks and their one-off disposable virtual cards. But thanks.

 

[200sols]

They make money milking people with ridiculous margins on their trades.

 

[englishpremier]

They make money milking people with ridiculous margins on their trades.

If people are trading via Revolut rather than something like T212 they probably deserve it.

Before anyone mentions the spread on T212. I have post back in the stocks and shares where I compared T212 to H&L and IG, and find it the same or better on spread for common and popular stocks. Where they get you is on the more obscure stocks, and of course those who play with CFDs.

 

[200sols]

If people are trading via Revolut rather than something like T212 they probably deserve it.

Before anyone mentions the spread on T212. I have post back in the stocks and shares where I compared T212 to H&L and IG, and find it the same or better on spread for common and popular stocks. Where they get you is on the more obscure stocks, and of course those who play with CFDs.

They have spread on crypto + fees. Real fee is much higher than quoted. But it is very simple to use. They are bringing out an exchange soon apparently with much lower fees, more like Kraken pro.

 

[jpaul]

I don't want to know how much further the pound sank don't tell me - but this morning
revolut tr, xe bot left, cd bot right ...
revolut show massive uncertainty fees if you transfer larger amounts, and would have worked out same as what I bought at cd after calling, [email protected].
(someone has to be payed for the glitzy revolut app - appealing to the young thins)