Monzo/Starling Banking/Revolut
- Thread starter Junglist
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OcUKFans
Soldato
I had similar problems when I had to refund an item that I had bought via Google Pay. Lesson learned, if you might need to refund then don't use a facility that masks the real payment method.
Soldato
- Joined
- 19 Jan 2006
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I see the FCA are investigating Monzo, unsurprising really.
Caporegime
Yep, was mentioned post #1610. Their financials look pretty bad as well, they need to raise funds again or they will go into the ground.
Soldato
- Joined
- 19 Jan 2006
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- 4,634
Whoops! Ctrl F'd for "FCA" and didn't see anything - my bad!
I see the FCA knocking on the doors of the other banks of this ilk.
I see the FCA knocking on the doors of the other banks of this ilk.
I mainly hopped onto both monzo and revolut for the exchange rate advantages when abroad.
Me parents didn't believe it when I showed them how much of a saving could be made just pulling money out of a cash point abroad and selecting let me. Bank do exchange haha
Me parents didn't believe it when I showed them how much of a saving could be made just pulling money out of a cash point abroad and selecting let me. Bank do exchange haha
Now I feel like even more of an idiot! Will do that from now on, just seen it.You could've done that with the Natwest app
NatWest are great. Still got my £3k overdraft that I had from my uni days years ago.
Soldato
It seems to vary, there's been the odd time i've accidentily withdrawn cash using a credit card over here in the UK and it's charged me a cash withdrawl fee, but then i've also done it with another credit card and it's worked fine.
Soldato
People have this image of old banks being corrupt, broken and horrible to deal with.
In the most part, they are fine to deal with, the people are great, this is why they remain large banks and have a lot of commercials dealings.
Yes, they are sometimes slow releasing features and adapting, but this is because they have a large amount of legacy systems/governance to deal with (I know it first hand). There is a reason why they continue to win awards - look at the Natwest Mortgage piece just last year (full E2E digital journey). It's easy to be misled by people who have had bad experiences due to reasons we never really know fully about - "they wouldn't give me X", they "did this to my account"
For example, I bank with Barclays, yet I have a Starling account. The app is great, service is great, never had an issue with contacting me etc. No reason to move. It's not like realistically we speak to a bank on a day to day basis - so I really don't know where these service level ratings / NPS come from sometimes.
Some of these FinTech's only survive due to interchange fee's and soon might feel the pain when Open Banking takes over the UK market. Though I don't know specifics about Monzo, we will see if a fine is coming.
Caporegime
Anyone applied for or already have the new JP Morgan Chase account?
I'm on the waiting list but no invite yet.
Soldato
Joined the waiting list on Tuesday but I'm still waiting for my invite. I've heard of people who joined the list later who have now received their invite so it looks like they are not giving the invites out in order of who joined first.
I just joined the waiting list a few minutes ago and have already received a text saying the app will be ready for me to download soon.
My first impression was that it would be for select few but now it looks like anyone can get one
Caporegime
I see Monzo are starting their own 3 month flexi pay system for purchases, so instead of mucking about with the likes of Klarna, you can just buy on your debit card and choose what transactions to split over 3 months.
The 1% cashback is the difference. Starling does everything i need. The app layout and everything else is perfect. Monzo i use it on the side as when required.
TBH I would recommend using a rewards credit card for most of your spend anyway, so debit card functionality has never been a thing for me.
I'm with COOP who give me £1/mo for free (down from about £2quid IIRC) and 2p each time I use the card up to 50 transactions. Much rather take money out of the system than have a designer app!