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Monzo/Starling Banking/Revolut

Discussion in 'General Discussion' started by JunglistE, Aug 4, 2017.

  1. Jimbeam3678

    Capodecina

    Joined: Dec 8, 2002

    Posts: 16,942

    Location: North Yorkshire

    Starling are fine, indirectly I know the people working for them.
     
  2. englishpremier

    Soldato

    Joined: Feb 15, 2003

    Posts: 6,815

    Location: Europe

    What is there to test? It's a bank. I rarely hear about people 'testing' Barclays or Nationwide etc.. Pretty much any current account from an institution with a UK banking licence (not e-money licence) is going to work as you'd expect a current account to work.

    Revolut is another matter. Its licence is from Lithuania. Nothing wrong with that in principle, but Revolut has more customers than the population of Lithuania. There's no mention of how much your deposits are protected up to (or if Lithuania could afford to pay). There is mention of the European Deposit Insurance scheme, but this doesn't even exist yet, and there's no set date for when it will come it if at all.
     
    Last edited: Feb 11, 2019
  3. satchef1

    Mobster

    Joined: Apr 17, 2009

    Posts: 3,946

    The people behind Monzo and Starling seem legitimate enough; Anne Boden was COO of Allied Irish before founding Starling. Tom Blomfield founded Go Cardless, then became CTO at Starling before founding Monzo. Both have a UK banking license, so up to £85k is covered under FSCS. The only reservation I have is profitability. Both currently make substantial losses, which is to be expected. But the path to profit relies on people buying in to the idea of one account for everything. Both companies want to manage all of your money for you. Mortgage, loans, savings, insurance, investments, all from a range of third party providers. Only time will tell if this is something people actually want.

    For now, neither is likely to go bust as VCs seem quite content to keep taking a punt on it all working out.
     
    Last edited: Feb 11, 2019
  4. Diddums

    Capodecina

    Joined: Oct 24, 2012

    Posts: 18,247

    Location: London

    I can't speak highly enough of Starling, Revolut and Curve however can take a long walk off a short pier.
     
  5. String

    Capodecina

    Joined: Jan 6, 2013

    Posts: 11,644

    Come on, you really need to ask that? I want to test the app interface and functionality. Customer service is a factor, so I've tested that, too.
     
  6. LeeUK

    Mobster

    Joined: Mar 1, 2008

    Posts: 4,561

    I got a Revolut account too, strange thing with the virtual card is that it's Visa while the physical card is Mastercard.
     
  7. englishpremier

    Soldato

    Joined: Feb 15, 2003

    Posts: 6,815

    Location: Europe

    Fair enough, I've just never heard of anyone test a regular bank before.
     
  8. String

    Capodecina

    Joined: Jan 6, 2013

    Posts: 11,644

    I've actually just received some updates on my Bank of Scotland account and they seem to be going toe to toe with Starling and the like. They're adding the ability to get payment alerts, view upcoming payments and so on. Apparently I can add other bank accounts to the BoS app? I have to say, arranging a car loan with BoS via the app was seamless recently and the interest rate was the best out there, I can overpay when I like without penalty.

    If BoS can do foreign currency withdrawals like Starling then I wonder if there's a reason to switch?
     
  9. Diddums

    Capodecina

    Joined: Oct 24, 2012

    Posts: 18,247

    Location: London

    For me it's a matter of principle. The high street banks claim bailout after bailout, gamble with everyone's money and make us pay for it. They're absolute scum which is why the sooner I can relieve myself of them, the better.
     
  10. Minusorange

    Mobster

    Joined: Nov 25, 2005

    Posts: 3,931

    Why Revolut ?

    I only use them when I'm buying stuff online in $'s or €'s but haven't had any issue
     
  11. Raymond Lin

    Capo Crimine

    Joined: Oct 20, 2002

    Posts: 63,139

    Location: Wish i was in New York

    They are all the same. They all take your money and invest (gamble). It’s what banks do. What else are they going to do? Keep it under a mattress?
     
  12. ak22

    Soldato

    Joined: Jun 14, 2010

    Posts: 7,013

    Location: South of the Wall

    Hello which one is the safest/cheapest for me send money to bank account abroad?
     
  13. englishpremier

    Soldato

    Joined: Feb 15, 2003

    Posts: 6,815

    Location: Europe

    Where to? Europe? Revolut is the best for moving money around to different countries. That is what it was designed as from the start. I recently made a large swift transfer to Spain. Mastercard exchange rate and zero fees.
     
  14. ak22

    Soldato

    Joined: Jun 14, 2010

    Posts: 7,013

    Location: South of the Wall

    Morocco had enough of natwest taking their large cuts
     
  15. Mr^B

    Mobster

    Joined: Nov 25, 2002

    Posts: 3,413

    Revolut is run by an absolute monster.

    [​IMG]

    Good luck with those upcoming data breaches/service outages when a completely ragged team of developers ships something that isn't working properly...
     
  16. Tephnos

    Mobster

    Joined: May 20, 2011

    Posts: 3,940

    Location: Aberdeen, Scotland

    Starling pushed their Euro accounts with free interbank rate conversion, so now there's even less reason to use Revolut, lol.
     
  17. englishpremier

    Soldato

    Joined: Feb 15, 2003

    Posts: 6,815

    Location: Europe

    I use Revolut a lot but as a pre-pay card only to move some money around. Even though it now has a Lithuanian banking licence, I wouldn't leave anything in the account for longer than it takes to send.

    The Starling Euro account isn't fully active yet. I don't have one and nearly all my spending is in Euros via my main Starling account. They haven't seen fit to invite me for it.
     
  18. Tephnos

    Mobster

    Joined: May 20, 2011

    Posts: 3,940

    Location: Aberdeen, Scotland

    Ah, I got selected and just made it; working fine for me.
     
  19. willhub

    Capodecina

    Joined: Jan 3, 2006

    Posts: 21,286

    Location: MediaCityUK

    I can't get Monzo on my phone, just keeps on saying the verification code expired.
     
  20. gizmoy2k

    Mobster

    Joined: May 3, 2004

    Posts: 2,876

    Location: Scotland