Monzo/Starling Banking/Revolut

Feek · 1 Jul 2020 at 23:44

Dead easy, I just started the process from within the Monzo app and a couple of weeks later, it was all done automatically. Standing orders and direct debits were all transferred over along with my balance. If any money gets paid into the old account for up to three years, it's automatically moved into the new one without you having to do anything.

I had to re-set things which I had paid by card such as Audible, etc but there wasn't many of those.

Sho · 1 Jul 2020 at 23:50

Feek said:
Dead easy, I just started the process from within the Monzo app and a couple of weeks later, it was all done automatically. Standing orders and direct debits were all transferred over along with my balance. If any money gets paid into the old account for up to three years, it's automatically moved into the new one without you having to do anything.

I had to re-set things which I had paid by card such as Audible, etc but there wasn't many of those.

Ah thanks for that. Will give it a go tomorrow.
I think its quite normal to worry about something that I've never done

Been watching this thread for a while. Mrs has a Revolut card, completely different mobile banking experience then your standard bank apps.

Feek · 1 Jul 2020 at 23:56

You're welcome @Sho - If you scroll back to post #937 and onwards, you'll see that's when I did it and I had various questions which you'll probably have as well that were all answered very quickly.

Sho · 2 Jul 2020 at 00:19

Done the switch over. Will be up and running from 10th July. Not long left. Full transfer and closure of old account.

Happy with that.

One last thing, will I need to contact HR to update my bank details or will that get covered too?

Feek · 2 Jul 2020 at 00:53

You’ll need to do that yourself but the app can generate a nice little email with all the details for you.

Jambo · 2 Jul 2020 at 03:10

Marky said:
I am in the process of setting up my own business - Does anyone use these companies as their business accounts? Or is it typically a more sensible option to open a business account with a high street bank?

I just applied for a business account with Starling for a new company but it’s a bit of a pain. They want me to prove what the business does but I can’t because it’s new.

I can potentially get a letter from my accountant (which they give as an option) but have tried giving more detail on our plans first.

My mate had this problem as well.

Dirk Diggler · 2 Jul 2020 at 07:42

Jambo said:
I just applied for a business account with Starling for a new company but it’s a bit of a pain. They want me to prove what the business does but I can’t because it’s new.

I can potentially get a letter from my accountant (which they give as an option) but have tried giving more detail on our plans first.

My mate had this problem as well.

This is why I didn't bother with a business account with Starling

Vanquish-Storm · 2 Jul 2020 at 08:02

Jambo said:
I just applied for a business account with Starling for a new company but it’s a bit of a pain. They want me to prove what the business does but I can’t because it’s new.

I can potentially get a letter from my accountant (which they give as an option) but have tried giving more detail on our plans first.

My mate had this problem as well.

They will want an answer for every single thing they list. You give a piece of information they ask for more.

Try Monzo instead.

Maccy · 2 Jul 2020 at 08:58

@Jambo definitely consider Tide, they were very easy to setup.

Junglist · 2 Jul 2020 at 09:43

I'm really excited to make the switch. We should have completed our house purchase fairly soon and as soon as we get the keys I'm going to start the process.

I do wish they'd (Monzo) would look at returning the attempt of doing account benefits. That's the only thing keeping me tied to Natwest at the moment

LiE · 2 Jul 2020 at 11:37

Junglist said:
I'm really excited to make the switch. We should have completed our house purchase fairly soon and as soon as we get the keys I'm going to start the process.

I do wish they'd (Monzo) would look at returning the attempt of doing account benefits. That's the only thing keeping me tied to Natwest at the moment

Monzo are close to relaunching Monzo plus. Covid put it on hold but I’d expect to see it this year.

Marky · 2 Jul 2020 at 12:02

After reading a few pages, it looks like Monzo is the favourite out of the lot.

Has anyone used them for a Business Account?

I’m also looking into Tide - I see they do free company registration, but I am registering elsewhere as I don’t want to use my home address for the business address.

Vanquish-Storm · 3 Jul 2020 at 20:40

Marky said:
After reading a few pages, it looks like Monzo is the favourite out of the lot.

Has anyone used them for a Business Account?

I’m also looking into Tide - I see they do free company registration, but I am registering elsewhere as I don’t want to use my home address for the business address.

We used a company formation company to register, Monzo say they will send the first card to that address (even if you have a personal account with them) but messaged them in app and they confirmed my ID and sent the card to my home address.

You can also get a free square card reader and no fees on the first £1000 ATM through monzo if that's handy for anyone.

Jambo · 3 Jul 2020 at 21:08

Dirk Diggler said:
This is why I didn't bother with a business account with Starling

Vanquish-Storm said:
They will want an answer for every single thing they list. You give a piece of information they ask for more.

Try Monzo instead.

Maccy said:
@Jambo definitely consider Tide, they were very easy to setup.

Cheers guys. I still hadn’t heard back from Starling so applied with Monzo and had a personal and business account opened within 15 minutes.

Marky · 3 Jul 2020 at 23:03

Vanquish-Storm said:
We used a company formation company to register, Monzo say they will send the first card to that address (even if you have a personal account with them) but messaged them in app and they confirmed my ID and sent the card to my home address.

You can also get a free square card reader and no fees on the first £1000 ATM through monzo if that's handy for anyone.

What formation company did you use? The one I was going to use are not accepting any further applications due to COVID apparently...

Sho · 4 Jul 2020 at 12:37

I'm enjoying using my new Starling account. Switch over is on the 10th. Not long left.

But I've been very impressed with it. Like how you get notifications instantly when using Google Pay or paying for any good using debit card, or even receiving funds from friends or family.
Breakdown on what you've spent on. That's very handy.

Like the Spaces. Very good to save some money towards one side for what ever reaons. Already created one. Need to buy a laptop soon for my teenager, for school work.

The app is very clean. Much better then Santander app. So far it's been a very positive.

lord filbuster · 4 Jul 2020 at 13:05

englishpremier said:
This worked well with Supercard, and being a specialist travel card it made sense. With Curve I too can't really understand it unless you are trying to get AMEX points at places that don't accept it normally.

I only use it because Barclays won't work with Samsung or Google pay, and their own app is pretty annoying to use for contactless payments. No idea why Barclays are like that, because they work fine with apple pay. I just have one card linked to the curve one, which I only use for my phone. I wonder how many of their customers are doing something similar.

Vanquish-Storm · 4 Jul 2020 at 23:09

Marky said:
What formation company did you use? The one I was going to use are not accepting any further applications due to COVID apparently...

We used https://www.companiesmadesimple.com

Was all done quick and easy.

LeeUK · 4 Jul 2020 at 23:28

Sho said:
I'm enjoying using my new Starling account. Switch over is on the 10th. Not long left.

But I've been very impressed with it. Like how you get notifications instantly when using Google Pay or paying for any good using debit card, or even receiving funds from friends or family.
Breakdown on what you've spent on. That's very handy.

Like the Spaces. Very good to save some money towards one side for what ever reaons. Already created one. Need to buy a laptop soon for my teenager, for school work.

The app is very clean. Much better then Santander app. So far it's been a very positive.

Same. I love how every transaction is listed instantly on my account too unlike old banks where it takes days to show up.

I will never go back to old school banks full time.

Stu999 · 5 Jul 2020 at 09:20

LeeUK said:
Same. I love how every transaction is listed instantly on my account too unlike old banks where it takes days to show up.

I will never go back to old school banks full time.

To be fair, the old banks are copying this now. HSBC now does Starling/Monzo-like notifications although they don't have the spending data that is interesting too (I kept my old account when I switched). The old banks still have the legacy technology problem though and won't be up to Starling / Monzo levels unless they replace their whole technology stack.