Monzo/Starling Banking/Revolut

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.
 
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englishpremier said:
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.
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The trick with Revolut is just signing up to premium just before.
 
englishpremier said:
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
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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.
 
jpaul said:
...revolut giving money away, which I don't believe.
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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.
 
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.
 
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.
 
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dlockers said:
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.
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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 said:
They make money milking people with ridiculous margins on their trades.
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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.
 
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englishpremier said:
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.
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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.
 
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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)

53662395891_7756b447dd_c_d.jpg
 
Just noticed in my Monzo app that I there was a new "Upgrade" button at the top, clicked and looks like Monzo are changing their paid account tiers.

community.monzo.com

Introducing Extra, Perks and Max

Hey everyone For those of you who are new to the community, I’m Ross, one of the product marketers working on our subscriptions products and I’ve got some exciting news to share Today, we’re introducing Extra, Perks and Max – 3 brand new ways to upgrade your Monzo personal account based on...
community.monzo.com community.monzo.com

Currently pay £15pm for premium, and am half tempted to go down to the "Perks" tier, seeming as their phone insurance is useless so got Apple Care with my new phone, and I don't have any big trips planned until next year the earliest, so the insurance won't be needed. The "Discounted" lounge access was never that good anyway, £25 for access to the lower tier lounges which tend to only be £30-50 anyway.

Worth having a think about!
 
(unregulated) revolut getting some bad press over last week heard an r4 program relating below, plus other frauds - stupidity by both parties, (WTF selfie check ?)

As mentioned above the 'exchange rate uncertainty' costs meant they were not better than currencies direct for larger transfers,
currencies direct gave a good reassuring service where you ring them to nail down the exchange rate,
as martyn suggested, cd seem less competitive on small amounts, so may subsequently use xe for those.



Then someone calling himself ‘Lewis’ from Revolut’s fraud team called. Falcon Huerta assumed the call was related to the login attempts.
“It seemed like normal protocol, particularly as I hadn’t got around to changing my password,” she told AccountingWEB. “I deal with other banks regularly, and when making overseas payments I occasionally get calls from banks to confirm them.”
Lewis told Falcon Huerta she needed to delete the Revolut app and not install it for a while, then asked her to send the login emails to [email protected] – a fake Revolut email address controlled by the cybercriminals.
....
As part of its explanation, Revolut said their records showed the criminals had passed a ‘selfie check’, where a customer uses their mobile phone camera to verify their identity against a photo ID. After passing the check, the fraudsters had been able to log in and change crucial details in Falcon Huerta’s account. When asked to provide evidence of this selfie check, Revolut said they couldn’t because it was part of their internal process.
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Revolut and many others aren't signatory to the voluntary Contingent Reimbursement Model Scheme (CRM), neither are banks like Chase, Monzo etc.. as such there's no guarantee of getting any money back from 'authorised payment fraud' i.e. where the criminals have access to your device or passcodes etc.. in order to authorise payments.

IIRC Starling is a member, as are the big highstreet names.
 
jpaul said:
(unregulated) revolut getting some bad press over last week heard an r4 program relating below, plus other frauds - stupidity by both parties, (WTF selfie check ?)

As mentioned above the 'exchange rate uncertainty' costs meant they were not better than currencies direct for larger transfers,
currencies direct gave a good reassuring service where you ring them to nail down the exchange rate,
as martyn suggested, cd seem less competitive on small amounts, so may subsequently use xe for those.
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People still need telling, you never ever give details or follow instructions from someone who has called you claiming to be from a bank or financial institution.
 
I've had a few texts from fraudsters spoofing Revolut. In this screenshot all but the bottom SMS are legitimate Revolut texts, the bottom isn't. This was some time in 2022, I've had numerous more since.

AlREjW5.jpeg
 
Revolut been spamming me hard to “confirm my details”. Won’t even let me see my accounts on mobile app now, i get locked out at a “submit selfie” screen.

I could see accounts on web tho and was happy to see i didn’t have any money in the accounts.

I’ve no interest in giving them KYC info, I will just let the account stagnate
 
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