Monzo/Starling Banking/Revolut

Junglist · 5 Mar 2019 at 16:42

Raymond Lin said:
Monzo or Starling. Much are muchness between them. I have both, their features are very similar too. I prefer Starling for the fact that I can get a Business Account with it. In terms of rates they are the same for overseas purchases. Both have NPC wallet support, both have categories of spending and alerts etc.

I also have Revolut as well.

I've stopped using my Starling account. I just prefer the iOS Monzo app. Was in Thursday-Monday and Monzo is just great for travelling. Last few holidays I've been on it is nice not worrying about taking cash with me.

The only thing stopping me from going fully into Monzo now is that they don't have any benefits on their account like I do with my Natwest one. So at the start of the month I just transfer most of my income on to Monzo and just use that.

englishpremier · 6 Mar 2019 at 08:07

JunglistE said:
I've stopped using my Starling account. I just prefer the iOS Monzo app. Was in Thursday-Monday and Monzo is just great for travelling. Last few holidays I've been on it is nice not worrying about taking cash with me.

The only thing stopping me from going fully into Monzo now is that they don't have any benefits on their account like I do with my Natwest one. So at the start of the month I just transfer most of my income on to Monzo and just use that.

Monzo isn't great for travelling though as they have low ATM withdrawal limits. Starling has none.

That is one promise they went back on. They also said they'd never do business accounts, but seemingly after Starling opening theirs, Monzo want one too. After-all Monzo is born from Starling anyhow, so might as well copy them right

I have both accounts, but Monzo has turned me off them over the past year or so.

inferno · 8 Mar 2019 at 18:33

Can someone sum up the problems with Revolut? I was pretty pleased that they are a British company but heard some bad things...

Dirk Diggler · 8 Mar 2019 at 18:43

inferno said:
Can someone sum up the problems with Revolut? I was pretty pleased that they are a British company but heard some bad things...

They're not a British company?

beh · 8 Mar 2019 at 20:35

inferno said:
Can someone sum up the problems with Revolut? I was pretty pleased that they are a British company but heard some bad things...

CFO resigned recently following some compliance issues that could have facilitated money laundering. Also reports of somewhat questionable recruitment practices and a workplace culture driven by crazy KPIs. Not overly surprising for a company that has "Get **** done" in neon on their office wall. That said, I don't have a problem with using them occasionally when abroad and being able to send/receive/hold euros is a cool feature.

Minusorange · 8 Mar 2019 at 22:14

beh said:
CFO resigned recently following some compliance issues that could have facilitated money laundering. Also reports of somewhat questionable recruitment practices and a workplace culture driven by crazy KPIs.

So not overly different to every financial institution that has ever existed ?

McPhee · 9 Mar 2019 at 09:15

String said:
They're not a British company?

They were founded in London, and remain headquartered in London.

Dirk Diggler · 9 Mar 2019 at 09:42

satchef1 said:
They were founded in London, and remain headquartered in London.

Couldn't they be more accurately described as a Lithuanian bank with offices in London?

englishpremier · 9 Mar 2019 at 13:44

String said:
Couldn't they be more accurately described as a Lithuanian bank with offices in London?

More like a British company with Lithuanian banking licence. They didn't just magically become a Lithuanian company when they received their banking licence.

Still though, they are the only digital only bank/challenger to have made a profit.

McPhee · 13 Mar 2019 at 08:10

MSE's latest bank customer service poll is out. For the first time ever, First Direct didn't come top. Monzo beat them.

https://www.moneysavingexpert.com/n...ect-to-win-our-banking-customer-service-poll/

Starling placed third.

This is also the first time Monzo and Starling have featured in the poll results.

LeeUK · 22 Mar 2019 at 23:00

Just had an email from Revolut saying they are changing account numbers and sort codes and that the old ones won't work after the 22nd May.

Glad I don't use them. Not sure why I even bothered opening the account. Would be a right faf having to change all payment info and direct debits etc.

Kreeeee · 22 Mar 2019 at 23:10

Jokester · 2 Apr 2019 at 07:35

Sounds like Revolut might be in a bit of bother.

Revolut whistleblower had concerns over CEO conduct and compliance https://www.bbc.co.uk/news/technology-47751945

XeNoN89 · 2 Apr 2019 at 09:01

Just signed up for Starling. Mainly because of some of the stories coming out about Revolut but also because it's the only one with no charges after x amount when withdrawing money outside the UK!

Junglist · 2 Apr 2019 at 12:47

englishpremier said:
Monzo isn't great for travelling though as they have low ATM withdrawal limits. Starling has none.

That is one promise they went back on. They also said they'd never do business accounts, but seemingly after Starling opening theirs, Monzo want one too. After-all Monzo is born from Starling anyhow, so might as well copy them right

I have both accounts, but Monzo has turned me off them over the past year or so.

That's never really bothered me as I always prefer to deal with a card than cash when travelling but it's not ideal for some countries where cash is king. I'm not going to close my Starling account I just forget to use it

The_Abyss · 2 Apr 2019 at 13:40

Jokester said:
Sounds like Revolut might be in a bit of bother.

Revolut whistleblower had concerns over CEO conduct and compliance https://www.bbc.co.uk/news/technology-47751945

How much more evidence to people need...?

It is still your money people, even you've never held it and it is just numbers on a screen. However 'cool' or convenient it may appear, it just isn't worth the risk.

Liquidfox · 2 Apr 2019 at 14:24

Revolut is still handy for me to process quick EUR bank transfers.
Starling is my go-to travel card now though as it seems a lot of places in NL/Belgium don't like the pre-paid aspect of it.

Begbie · 2 Apr 2019 at 14:42

Quite worrying about Revolut, had £250 sat in a vault!

Will be removing it tomorrow. It's so bloody handy too.

Basher · 2 Apr 2019 at 19:26

Begbie said:
Quite worrying about Revolut, had £250 sat in a vault!

Will be removing it tomorrow. It's so bloody handy too.

I just sold some stock and was waiting to see how low the ££/$$ would go before transferring, think I'll just cash in now as Revolut worry me more and more each day.

Dirk Diggler · 2 Apr 2019 at 20:53

I've got a couple of grand in Starling accounts (joint and personal). There's no risk there, is there?

I'm not liking this talk of shady tactics with these challenger banks.