Monzo/Starling Banking/Revolut

I recently opened a Revolut account and have to say there's a few things that impress me.
  1. Being able to freeze the card at any time; it's my default state as I simply unfreeze when I want to use it. It comes across as a really good security feature.
  2. Fingerprint required to unlock, again secure.
  3. Transfer to other accounts with no fees.
  4. Transfer to other currency with no fees.
  5. The ability to control what balance is in the account; again security and protection if card gets stolen.
It has a few flaws
  1. Customer service consists of a chat bot, and I dread the day I actually need some customer service.
  2. A limit of £4,000 deposit a year; meaning I'll have to stop using it soon (seems pointless).
  3. A bit intrusive. After I stepped off the plane the App starts offering me local currency.
  4. You can't use it with pay at pump and similar.
  5. Lots of hidden fees from what is initially advertised. I wouldn't say you get tricked into paying them, more a case of going to do something and realising there are fees (e.g. buying Crypto).
I think traditional banks will steal some of the innovative ideas that these cards are bringing to the table, but whether they can replace a traditional bank account, I'm not sure.

Edit: The forum software has decided to resize all the text in this post for some reason.
 
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The customer service by chat message is brilliant on these internet banks, far from a con it's a massive plus.

Also isn't 4k limit, is due to you not doing ID the verification, that's legally needed to extend it.
 
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Glaucus said:
The customer service by chat message is brilliant on these internet banks, far from a con it's a massive plus.
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I'd say that was a personal perspective, for me it came across as a bit of a brick wall.

Glaucus said:
Also isn't 4k limit, is due to you not doing ID the verification, that's legally needed
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And then it's no limits? If so, I didn't realise that so will process it as I can see me using this card for sure.
 
String said:
I'd say that was a personal perspective, for me it came across as a bit of a brick wall.



And then it's no limits? If so, I didn't realise that so will process it as I can see me using this card for sure.
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The chat is great you write your issue and they solve it and get back to you or ask more questions.
It's far better than being on hold forever to a normal bank.

And yes laundering laws, untill you provide ID all are limited same as PayPal.
 
String said:
Not much use when it's offline. :confused:
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Odd online for me.
And unless they've changed it, when it's to complicated to respond humans take over.
Although I much prefer monzo app these days. Far cleaner look.

What I really waiting for iscustom start dates and predicted balance.
 
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String said:
Had anyone looked into the protection that Revolut cards provide when compared to a conventional credit card? Example, if a fraudulent purchase was made, is there a claims process?
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All MasterCard's and visa cards have protection.
You just don't get section75 protection unless it's a credit card, but that doesn't cover all transactions anyway.
 
String said:
Had anyone looked into the protection that Revolut cards provide when compared to a conventional credit card? Example, if a fraudulent purchase was made, is there a claims process?
Click to expand...

You can set Revolut so it won't work unless it's also around your location (your phone). I've had it go wonky a few times and start telling me the currency rate of Mexico and Italy when I've been in Portugal and I've had it declined wrongly once based upon location.
 
String said:
I'd say that was a personal perspective, for me it came across as a bit of a brick wall.



And then it's no limits? If so, I didn't realise that so will process it as I can see me using this card for sure.
Click to expand...

I think there's a £25k limit on deposits per year for Revolut. No idea what the limit is on premium accounts.
 
Been using Starling as my "spending" account for a few months now and nothing but impressed with how it all works.

The app is immediate with updating balance and notifying me of location and value of purchase, the interface is fantastic and easy to use.

I have a standing order set up from my traditional bank account to Starling on payday, so it helps with budgeting too knowing everything on the card is money I can spend that month and know that all bills etc are covered, something I'll admit to not managing well with in the past.

Overall, well worth it for me
 
Where’s the upside to Monzo?

I’ve got a card but they’re now charging to withdraw abroad AND forcing everyone to get a current account, whereas it used to be prepaid.
 
EVH said:
Where’s the upside to Monzo?

I’ve got a card but they’re now charging to withdraw abroad AND forcing everyone to get a current account, whereas it used to be prepaid.
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Purchases abroad are free, cash withdrawals are free for the first £200 per month.
So it is still great compared to most banks, although some credit cards are better.

And ersonaly I like using it as a spending account to budget and it's app and customer service is great.
As they add more features I may will switch but happy enough as it is. As I said as I'm paid 4 weekly I am excited about the custom month start dates and predictive balances(removes future DD and regular payments from balance) it's on there to do list, iirc in the 6month list.
 
A few things with Starling:

Card didn't work at Matalan. Only place I've had it fail.

Their service is second to none. I needed to reset my password as I changed phones, so I used their reset service which didn't work. I emailed them and got a reply within about 30 mins explaining what I had to do, which was to phone them. I rang them and they answered within about 30 seconds. As someone who's waited on hold with the major banks for far too long already, being punted from pole to post, pressing numbers to go from machine to machine, this was genuinely refreshing to just speak to a natively English speaking human right off the bat.

We'll see how long it takes for them to move to the crap systems the high street banks use but for now they're unbeatable.
 
With Revolut I need verify before the account get's unlocked. This is done by topping up via a debit card and confirming the code in the payment reference via my online banking it seems.

As I have no intention of using my debit card with the account and don't want them to store the card info, does anyone know if there's another way?
 
Rossi~ said:
With Revolut I need verify before the account get's unlocked. This is done by topping up via a debit card and confirming the code in the payment reference via my online banking it seems.

As I have no intention of using my debit card with the account and don't want them to store the card info, does anyone know if there's another way?
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Not sure why there's an issue with them having your card details, I'm sure you could unlink it though.
Alternative is to top up via bank transfer.
 
Maccy said:
Not sure why there's an issue with them having your card details, I'm sure you could unlink it though.
Alternative is to top up via bank transfer.
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I only use my debit card for cash withdrawal, I tend not to trust anything for my debit card. I have credit cards for everything else.

If I can unlink the debit card after verification, then that'd be fine because as you say, I could top up via bank transfer. Though I only want revolut to withdraw cash from coin exchange wallets.
 
Rossi~ said:
I only use my debit card for cash withdrawal, I tend not to trust anything for my debit card. I have credit cards for everything else.

If I can unlink the debit card after verification, then that'd be fine because as you say, I could top up via bank transfer. Though I only want revolut to withdraw cash from coin exchange wallets.
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Just had a quick check, yup there's an option to remove the card details when you go to the top up page and click on the i next to the card.
 
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