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.

  • 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?

    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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Monzo / Mondo / Revolut banking

Posted by Avatar for danb @danb