Monzo / Mondo / Revolut banking

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  • 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.

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Monzo / Mondo / Revolut banking

Posted by Avatar for danb @danb

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