41–50 of 176 posts
Not to be dismissive, but would these challenger banks (Monzo, Revolut, N26, TransferWise) survive once the regular banks and AmEx stop adding fees on top of foreign-currency charges and withdrawals? I personally don't see any other differentiating factor, and frankly, maintaining multiple cards and having to top up, etc. are a hassle.
Earlier quoted context omitted.
This is where they actually bring value right? - Delivering a good banking product outside of the UK. Because as a UK customer I see no reason to switch after trying Monzo for a couple of months. Positives: - a nicer mobile banking app Negatives: - no credit cards and no option to top up using a credit card from another bank - no physical branches Everything else is comparable to most other banks in the UK. Which isn…
> no option to top up using a credit card from another bank Can you top up your HSBC account with a credit card from another bank? A Monzo account is just another bank account. > no physical branches Is this really a con? Last time I visited a branch (Nationwide), I was told to just go online and fill in the forms. Monzo let you deposit cash and cheques at the post office - my post office has better opening hours, sh…
That's a good point. But with the low exchange rate and a modern app, they're also (willingly or not) competing with Revolut. I can top up a Revolut account with a credit card.
What's it's plan for making money. As I understood it current (checking) accounts don't really make any money, they're just used as loss leaders to lure in customers.
hey, i work at monzo we're currently making money from interest charged on loans that we make to our customers, from interest that the central bank pays us on our deposits, as well as from interchange that we earn when our cards are used. this is what most banks do (except they also make lots of money from fees that we don't have) there are several other ways we'll make money and we just started experimenting with a…
On another note, I love monzo and do use it, and don't want to offend but I just had a look at the monzo plus offering and it's a bit crap. A different colour card and (later this year, and not specified) interest on your account?
Not to be dismissive, but would these challenger banks (Monzo, Revolut, N26, TransferWise) survive once the regular banks and AmEx stop adding fees on top of foreign-currency charges and withdrawals? I personally don't see any other differentiating factor, and frankly, maintaining multiple cards and having to top up, etc. are a hassle.
The purpose, of course, is to keep the banks from central Europe out of Sweden, and that includes N26 et. al. They have very little interest or ability to compete with them, neither in terms of fees nor UX. Fortification and minefields are therefore the best alternatives.
A few years ago, the CEO of a (then) new investment bank famously said that they will be the last bank created in Swedish history, due to the above.
Not to be dismissive, but would these challenger banks (Monzo, Revolut, N26, TransferWise) survive once the regular banks and AmEx stop adding fees on top of foreign-currency charges and withdrawals? I personally don't see any other differentiating factor, and frankly, maintaining multiple cards and having to top up, etc. are a hassle.
So don't do that?
I think I still have a 'regular bank' account open, but I don't use it at all. Salary goes into Monzo, and payments go out. It's the only debit card in my wallet and that I use.
Earlier quoted context omitted.
This is where they actually bring value right? - Delivering a good banking product outside of the UK. Because as a UK customer I see no reason to switch after trying Monzo for a couple of months. Positives: - a nicer mobile banking app Negatives: - no credit cards and no option to top up using a credit card from another bank - no physical branches Everything else is comparable to most other banks in the UK. Which isn…
For me the killer feature is foreign currency transactions with no fees at the MasterCard exchange rate, both online and abroad. My "traditional" bank charges me a flat fee and a percentage for any transactions in other currencies.
The UK bank space could do with some fresh players. Currently I'm looking for a new bank for my business, because: 1) I need to have foreign currency accounts. My bank has them, but I'm unable to see the accounts when I log in. They've known about this for 4 months now, and I keep getting sent in circles by the Indian call centre. They've sent me to branch twice, with no coordination, the people in the branch can't h…
Earlier quoted context omitted.
This is where they actually bring value right? - Delivering a good banking product outside of the UK. Because as a UK customer I see no reason to switch after trying Monzo for a couple of months. Positives: - a nicer mobile banking app Negatives: - no credit cards and no option to top up using a credit card from another bank - no physical branches Everything else is comparable to most other banks in the UK. Which isn…
> - no physical branches Massive positive for me. I've never had a good experience going to a physical bank branch (if they're ever even open), and now I'll never have to go again
After waiting a couple of minutes, a lovely lady sorted out my problem with no fuss at all.
I agree, mostly I never need to step foot in a branch but sometimes it helps to be reminded that there are advantages of doing business 'face to face'.
What's it's plan for making money. As I understood it current (checking) accounts don't really make any money, they're just used as loss leaders to lure in customers.
Having millions of people lend you billions of pounds you can invest/trade short term is the sort of loss I want to get into!
Earlier quoted context omitted.
Another victim of Brexit uncertainty, as I understand it - because of uncertainty of best approach post Brexit they paused continental Europe plans.
They could have just got a banking license in Ireland. I believe they still need to apply for one in the US. At least in terms of the population, the EU market is 60% larger than the US, and Europeans are already used to paying for everything with debit cards. Also, in many EU countries people rarely do chargebacks or expect them to succeed, which makes supporting them much easier.
I'd argue the other side and say the EU isn't a single market when it comes to payment and banking culture. I'd also argue that there are large swathes of Europe that still don't have a card culture.
My personal anecdata on chargebacks corroborates yours, but my own assumption is that the market for a fintech company is much larger in the States than in continental Europe.