131–140 of 517 posts
Earlier quoted context omitted.
Next step for UK is to reduce regulations compared to EU to make it easier for people to setup shop in UK compared to EU.
I’d rather have regulated banks please.
This is not the first market this bank has pulled out from. A couple of years ago they stopped signing up people from two EU markets they previously served (Latvia and Lithuania) without any reason. Granted all existing accounts remained untouched, still these accounts get somewhat crippled functionality and their future is unclear. Although their app is great and I didn't have any big issues with the service itself,…
>I'm somewhat wary of keeping any larger sums of money in my N26 account. It's German. All savings are guaranteed by German gov up to €100k. This is not the case with Monzo or Revolut.
Earlier quoted context omitted.
Both Monzo and Revolut have over 3m customers compared to 1.7m for metro bank. Starling is over 1m. So plenty of traction all for the challenger banks.
How many of those users are using Monzo/Revolting as their main bank though? I have Monzo for small expenses when travelling in Europe but my main accounts remain with Barclays. I am guessing a lot of people do similar although, I concede, it's hard to find numbers that will corroborate this?
It works great and unless they start going South I wouldn't look back.
Earlier quoted context omitted.
Anecdote time - the only person I know who had an account (I work in London fintech at the moment) never used it and only opened it for the fancy translucent card. He seems to have accounts with all the 'challenger' banks.
Of all the challenger banks Revolut seems to be the most used one across countries. Not as main account but quickly sending money around.
Edit, I had a quick look at Google play downloads as a benchmark (Not great I know) but looks like you're right. Monzo is 1m~ Revolut is 5m~
Earlier quoted context omitted.
I think you should follow UK politics more closely. Referendum was 4 years ago. But only until the recent election i.e. Dec 2019 did Johnson have the numbers in Parliament to actually "get Brexit done". And this week for the first time in 4 years, UK government is formerly advising businesses that there will be a hard Brexit: https://www.gov.uk/government/news/government-confirms-plans...
I am in the UK, I know all about Brexit and British politics ad nauseam . The point remains that this isn't the key reason behind their decision. I guess it's easier to blame Brexit than to explain to your customers that you're closing their accounts because of good old business. They launched in the UK after the Brexit referendum and they don't even need that bank licence to offer electronic current accounts in the…
It is all brexit related, why can’t you see that? Why else would they suddenly pack up shop?
Unfortunately This is just the first to come.
Earlier quoted context omitted.
You might be right, here in Germany the banks are extremely archaic and make things difficult if you're a foreigner and just moved here. N26 onboarding is streamlined (video call on your phone) and can be done in at least English and German, maybe other languages now they're expanding. They also invested heavily in native mobile experience first while the other banks where struggling to offer decent online banking.
Not sure how that's today, but a few years ago their "mobile experience first" stuff resulted in quite some security issues: https://media.ccc.de/v/33c3-7969-shut_up_and_take_my_money . That alone would be enough for me to not trust them with any of my money.
Rumor is that they are also going to cancel their launch in Brazil. I think they are just re-focusing and trying to make money instead of burning it. Launching in a new market is always expensive.
Earlier quoted context omitted.
They also had a card with a transparent part - if you were eating with friends and someone had one everyone would be "ohhhh, what's that?"
Amex was issuing translucent cards in the UK in the 90s. By far the best looking card they ever did.
Earlier quoted context omitted.
Of all the challenger banks Revolut seems to be the most used one across countries. Not as main account but quickly sending money around.
Interesting I would say Monzo is by a mile. Edit, I had a quick look at Google play downloads as a benchmark (Not great I know) but looks like you're right. Monzo is 1m~ Revolut is 5m~