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Y Combinator invests in Monzo through its Continuity Fund

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Re: Y Combinator invests in Monzo through its Continuity Fund

#171

Post by krn »

nothrabannosir wrote: post #142
krn wrote: post #92

Earlier quoted context omitted.

> Also, note that there are already zero ATM fees in the UK That makes a big difference, and it's not the case in continental Europe. Monzo then seems to be optimized for a single market and a single type of user (who doesn't travel much). I totally understand your case now. > and don't need virtual cards Are you using the same physical debit / credit card for all online payments? I don't see how disposable virtual c…

I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur. Actually in all my travels ever in the entire world, it was only the USA where I really couldn’t find a fee-free ATM no matter how hard I looked. Ironically, the only European country where I ever even see some ATMs with fees, at all, is the UK. Monzo has no surcharge over the network fee for foreign currency transactio…

> I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur.

At least in my EU country, every bank charges 2% (min. 2.9€) for using any local or foreign ATM that doesn't belong to its own network.

With Monzo, taking out 1000€ from any ATM in continental Europe costs 30€. With Revolut it's 20€. The difference alone buys one a Premium subscription at Revolut.

Re: Y Combinator invests in Monzo through its Continuity Fund

#172

Post by randomvectors »

dastx wrote: post #55
randomvectors wrote: post #14

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 credit cards, check Tandem Bank. Worked there until a couple of weeks ago, they do several credit cards including one with 0.5% cashback on all transactions. Plus the usual no fx fees etc.

Over the last day since you wrote this I opened an account with Tandem, had to start a savings account with them even though I wasn't interested in it, applied for the cashback card, got declined despite of a good credit score, and closed my account. The person who I contacted about the account closure was ending his messages with ":D". Just a bad experience overall and I wouldn't recommend it.

Re: Y Combinator invests in Monzo through its Continuity Fund

#173

Post by cameronbrown »

Balero wrote: post #143
cameronbrown wrote: post #137

Earlier quoted context omitted.

> never having to interact with humans or call centres Many people would argue this is a tech company's biggest flaw.

Never having to?? I can understand "never being able to" being a flaw. But if I can get my stuff done without talking to someone then that is brilliant. I don't have to go out of my way to go somewhere, I don't have to bother with a bad phone reception, I don't have to wait in a line for it to be my turn. I just do the things I need to do when it is convenient for me. If I want to open a savings "pot" (Monzo version…

All I'm saying is they're less likely to invest in good customer service infrastructure if it never 'needs' to be used. There's always the possibility that something unaccounted will go wrong.

Re: Y Combinator invests in Monzo through its Continuity Fund

#174

Post by nicoburns »

jl6 wrote: post #162
tommypalm wrote: post #152

Earlier quoted context omitted.

> it's to pay my CC bill Most people in the UK don't put regular spending on a Credit Card. Nearly everyone will use their Debit Card for day to day spending. A lot of the traction it has got has been with the 18-30 age bracket who are wanting better budgeting tools than what larger banks have offered.

Are you sure? All the best cashback offers are with credit cards, not debit cards.

Yes. Cashback from credit cards is mainstream in US culture, but not in the UK (maybe some people care about this, but only ~5% of my friends even have a credit card). Probably this difference is because card transaction fees are regulated to reasonable rates.

Re: Y Combinator invests in Monzo through its Continuity Fund

#175

Post by Scirra_Tom »

martinald wrote: post #139
Scirra_Tom wrote: post #112

Earlier quoted context omitted.

Paypal need a USD account in USA, with a bank statement from said account showing your business name. I don't think that would do it.

Seems that it works. It is a USD bank. https://www.icomparefx.com/how-to-send-money-from-paypal-to-...

We have a business account - there is no ability to add USD account without having to go through support who require bank statements unfortunately.

Re: Y Combinator invests in Monzo through its Continuity Fund

#176

Post by astannard »

mojuba wrote: post #68
astannard wrote: post #36

I do like Monzo, they are one of the few startups I have invested in. I tend to personally use them for my fun money and still use my long time bank for paying the bills and getting my wages etc I transfer my monthly spending money to Monzo and when that runs out the fun stops.

Same here. Something still prevents me from taking Monzo and similar banks seriously and manage my entire income on their accounts, though can't say what it is. Maybe it's the "you can't possibly trust a bank that's not even profitable" despite all the effort of cutting costs, e.g. no walk-in offices and so on. That, coupled with being "ethical" as a selling point somehow doesn't sound great in the context of banking…

Yes, I think when I feel comfortable that they will stick around I will feel comfortable with putting my wages in.
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