Great thanks - Reading Ts & Cs tomorrow is on my to do list
Brill, thanks very much, I’ll look into this option
Your money is not protected in Revolut.
They are not covered by the Uk gov guarantee up to 85k due to not having a Uk banking licence. Saying they keep it with a tier 1 institution is like anyone else saying they keep the money you’ve lent them in a bank.
They claim to have a European banking licence but due to the legal complications this does not actually mean much.
I still use it to transfer cash but try to get in and out as quick as possible. Storing cash in Revolut is a risky strategy.
Ok so remove it asap is what you’re saying?
I wouldn’t leave money in there that would have a big impact if you lost it.
If you’ve got costs in Eur the best way to pay is through a Curve Card (which gives you the MasterCard daily rate without commission) and link it to a Tandem credit card so you get cashback
We got married in Spain a few use back and used Transfer wise for anything we needed to pay for. Flat fee of £9 to send £5000 I think we got a great X-rate and we reckoned we saved ourselves a good few grand using them.
If I wanna get some euros out of an ATM in NL, is it better to use Revolut or my normal bank card?
There's a £200/month limit on Revolut still, right?
Depends on your bank and what day it is. If it's a weekday and under £200 then definitely revolut.
Cool, I'll use that first.
Starling have just added Euro accounts which is nice. Just had to open app and click add Euro account as I'd expressed interest a while ago.
Got a IBAN number for sending and receiving Euro payments and FSCS £85k protection too and you can flip cash between GBP and Euro accounts and no fees for anything.
Anyone using Tide? Looking to move from HSBC and seen some stuff from Tide that appeals.
Starling, nothing else (that I’ve seen so far) comes close
Sign up for Monzo biz beta?
This could be of interest.
Thanks all - tbh at a quick glance they all look much of a muchness. Not sure how long the Monzo waiting list is.
Weirdly all of them use some variation of the phrase "banking but better".
Will do some more reading over the weekend.
Moneysaving expert summarises them as 'app friendly' but you can usually get better deals than all of them with 'traditional' providers. Amazing as a second account, but not much more.
All of them have too much VC money but they are trying a few interesting things.
Golden ticket link for Monzo 👍🏼
Really, really good link for Monzo.
Anyone using Tide?
Anyone using Tide?
Yes, mostly because it was the only business account I could sign up for quickly while out of the country last year. Comparing with Monzo personal, it is missing any kind of notification on transactions which I find frustrating.
Monzo now doing loans? APR seems high to me though (compared with a quick search via money saving expert on comparable amounts/months)
It doesn't look the most competitive but doesn't look exploitative either.
Certainly not payday lender type stuff.
3.7% APR for £7.5k
vs 2.9% as a headline on MSE
I guess the ability to manage it via the app is attractive to an extent
And repaying early without extra faff (or fees)
And ease of doing it. Wouldn't underestimate the difference a frictionless process can make. Also just believing it will be easier than with another app
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