I've been looking at maybe moving my main banking over to Monzo after looking into the detail vs starling. The one thing that puts me off is around the lack of a dedicated fraud line, especially with the recent customer service notes where emails are not been replied to, and chat is taking up to 10hrs for a response. Is anyone else in a simialr position? I understand they've had an influx of customers, but after been rated one of the best for customer service, have things slipped heavily?
Monzo/Starling Banking/Revolut
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not entirely true. The major benefits of these banks are the lower overall costs which they have by not having high street stores;
In general, the OpenBanking movement benefits these the most. For those that don't know OpenBanking allows you to view your accounts and make payments from a central/other app; For example you can add in OpenBanking compliant applications into the majority of the CMA9 applications - meaning you have a central hub.
These banks are on the forefront of the digital trend, meaning they are customer focused to meet your wants in the digital revolution - whilst a lot of the CMA9 are still upgrading from decades old mainframes.
Soldato
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Lloyds, Barclays and Santander all support open banking? I'm sure others do too. Already using the connection on Xero and my personal banking app.
Our fee for our business back account is minimal/not even a consideration, £6 a month I think.
Plenty of the CMA9 do support OpenBanking - but some can't because they don't meet the strict criteria to get accredited. What this essentially means is that there's security implications in becoming part of 'OpenBanking' - e.g. you must adhere to this, use this, do this, etc - some of these don't (but are working towards it) so they aren't recognised.
https://www.openbanking.org.uk/customers/regulated-providers/ gives you a list of all OpenBanking providers.
For those that don't know, Open Banking was brought in in 2016 to stimulate competition in the banking market. This was driven by the FCA and HMT, alongside the CMA9. The result is OpenBanking.
Anyone have issues, or not, adding their Starling debit card to PayPal? It kept saying "invalid card number" but on speaking to PayPal they say Starling are denying the card add due to an invalid address.
After speaking to Starling they say they don't have any problems and can't see any requests from PayPal for this. They have passed it to their debut card team to look at anyway but if they say they can't find a problem then I'm in limbo with two suppliers saying the issue is not with them.
I have a mate who tried to add his starling cars to PayPal and same error. Linking the bank account is fine, no issue there.
After speaking to Starling they say they don't have any problems and can't see any requests from PayPal for this. They have passed it to their debut card team to look at anyway but if they say they can't find a problem then I'm in limbo with two suppliers saying the issue is not with them.
I have a mate who tried to add his starling cars to PayPal and same error. Linking the bank account is fine, no issue there.
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@ubern00b
I tried to add my Monzo and it wouldn't let me. Looks like these types of banks must not be allowed.
I tried to add my Monzo and it wouldn't let me. Looks like these types of banks must not be allowed.
But adding it as a bank account works fine so why would adding the debit card be any different except one method takes money via DD and the other is a direct transaction.
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I have no idea! I will check again soon to see if this has changed. I will add my Monzo account to check.
What does that mean? I like Starling, Monzo etc but aside from using them when abroad, I see very little benefit. In fact, a Santander 123 account is a FAR better proposition in terms of cash back/interest.
I've had my Starling card linked to my PP since the start of the year with no issues.
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You're not going to see the benefits straight away; but as these banks are part of the OpenBanking setup they have access to APIs, which allow them to do some cool stuff. Such as AISP and PISP. It's these types of banks, more than your CMA9 banks, which will use the APIs more creatively and ultimately benefitting the end user.
Don't forget, OpenBanking was setup to stimulate competition, which it is doing - a few years ago you wouldn't have thought about using a bank which doesn't have a single highstreet shop.
Soldato
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Yes and look at it. With Santander connections to FreeAgent (will assume other software is the same since it's all using the OB system) you have to re-connect your account every few months. This involves entering your customer number, followed by your password, then a passcode. Then you need to wait for an sms and enter the code from that, then after that you have to re-enter passcode. With the digital banks and accounts, it's a couple of clicks and you're setup until you decide otherwise. Simple.
Thanks for letting me know. It's either an isolated issue or a recent one. Time will tell which!
Just remembered I had a new card sent out at the start of the week and that one has just been added and confirmed with no issues as well.
Just my mate and me then hah. Hopefully I get a resolution.
Santander uses Open Banking too, so I'm still wondering what's the benefit?
It does and it's part of the eco system.
You might have seen the benefits without actually seeing them. There's a number of benefits already in place for us.
Aggregation of accounts into a single app - adding your barclays, or lloyds of whomever accounts into your Santander app.
The Openbanking infrastructure is much than just accounts and payments; It's lowered costs for the basic user, transaction costs are down as part of the implementation of OB; Such as the ability to pay banks in their standard currency providing they have a presence in the location you want to pay from. e.g. if you pay via pounds, to a US bank (which has a presence in London) you save on the exchange fees.
Surcharging of most credit card payments have gone down as a result of the extra competition in place now.
You have more consumer rights, Reduced Liability (reduced Cap of quick payment). Right of Recourse (SCA / Strong Customer Authentication). Multilateral interchange fees (charging cards excessively for us – capping surcharges imposed by retailers 0.2 Debit, 0.3 CC)
The banks now have opened up their APIs to fintech companies, meaning they can get creative with what they want to do with access to those APIs. Theres no longer a closed ecostructure.
SCA (strong customer authentication) is now mandatory, meaning you have to have 2 of three elements (PIN, biometric, possession).
Presume that's enough for now?
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Does Revolut support Google Pay yet?
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Just came back from 3 weeks away.
Well Starling is crap. Only about 50% of places in the USA and Canada it actually worked. Had to end up using the clarity card most of the time.
Revolut worked everywhere.
I'd say it's more of a back up card or for ATM use only abroad.
Clarity will now be my go to abroad use. With revolut as back up. Starling for ATM withdrawals.
Well Starling is crap. Only about 50% of places in the USA and Canada it actually worked. Had to end up using the clarity card most of the time.
Revolut worked everywhere.
I'd say it's more of a back up card or for ATM use only abroad.
Clarity will now be my go to abroad use. With revolut as back up. Starling for ATM withdrawals.