81–90 of 176 posts
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Yes, just like Lehman Brothers / Northern Rock.
Weren't they dodgy as xxxx though? I mean if you're not criminal/greedy/irresponsible.
Regulators weren't exactly breaking down their doors pre crash. I don't believe anything criminal was found at Northern Rock (not sure about Lehman). Yes they probably were greedy and irresponsible, but then so was everyone else.
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Aside from the obvious horror stories circulating about customer service and culture, I don't see Revolut's offering as more compelling at all. They seem to offer all that stuff that I don't want from a retail banking service – "instant access to 5 cryptocurrencies" or "overseas medical insurance" or "LoungeKey Pass access" are just distracting noise. Each to their own of course, but the thing that really attracted m…
Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.
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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…
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> 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.
> So don't do that? I didn't switch wholesale because I'm not fully convinced. I feel these new banks and bank-like offers will for some time search for a right fit and may change or disappear in the next few years. Also, no-fees-abroad is a great feature, but perhaps not the 10x to spur (my) wholesale adoption. Maybe I'm just not an early adopter (although I use them abroad, so in a way, I am).
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I've needed cash more often in San Francisco than I've needed anywhere in Europe in the last 5 years. To my experience, even the smallest shops in most of Europe accept contactless payments, whereas in the States the smaller ones did not accept card payments for purchases under 2 (or sometimes even 20) dollars. I'd agree that the market for a fintech company in the States is much larger, but this is solely because it…
Depends where you are. UK/France/Spain, yes, Germany absolutely not. Even mid range restaurants are 50/50 if they'll take card. Not really sure what you are meant to do if they don't take card and you are settling a large table which costs more than your daily ATM limit...
[0] this is a bigger thing than you'd expect and goes back to my point on culture - unless you want to feel like a tourist standing out, there's plenty of places in Europe still where cash is very definitely implied to be preferred. And don't even try if you're not in a major metro area.
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> Can you top up your HSBC account with a credit card from another bank? A Monzo account is just another bank account. 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.
That's also a fair point - the idea of a bank account has been muddied. Monzo had "pots" which all gain interest, and they come from the same account. I'm not aware of any other bank accounts that offer embedded savings accounts. I do think that comparing a bank account to a prepaid card is a little too much of a stretch thoigh.
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Right, but every other bank offers overdrafts and still don't make much money from current accounts. Additionally new regulations are coming in (in the UK) banning you from charging a daily overdraft charge [1], torpedoing it's one source of income, which doesn't jive with it's doubling in value in less than a year. [1] https://www.bbc.co.uk/news/business-48553193
That bans fixed fees - (e.g. you get charged £1 a day when in overdraft) Monzo has never had fixed overdraft fees, and can still charge a daily % interest rate as usual Overdraft fees are also not their "one source of income"
"A 50p charge every day your account is overdrawn by more than £20, up to a maximum charge of £15.50 a month. No other fees, that’s it".
That sounds like a 50p a day fixed fee to me.
They can still charge a percentage, but that 50p per day (£15.50/ month)is £186pa on a potentially only £20 overdraft, I don't think they would get away with the equivalent APR.
In the context of the conversation, one current source of income was offered, so I think its reasonable at that point to label it their one source of income, other sources have been mentioned elsewhere on the thread though.
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Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.
Only for their Metal subscription, which is paid, not free. Irrelevant comparison. https://www.revolut.com/introducing-revolut-metal
False. Monzo's ATM fee is 3%, Revolut's 2%. Monzo gives MasterCard's exchange rate, Revolut gives real exchange rate.
If you take out at least 600 EUR / GBP monthly, the Revolut Metal subscription with all the benefits becomes essentially free.
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Aside from the obvious horror stories circulating about customer service and culture, I don't see Revolut's offering as more compelling at all. They seem to offer all that stuff that I don't want from a retail banking service – "instant access to 5 cryptocurrencies" or "overseas medical insurance" or "LoungeKey Pass access" are just distracting noise. Each to their own of course, but the thing that really attracted m…
Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.
Also, note that there are already zero ATM fees in the UK, Monzo does £200 of fee-free foreign withdrawals/month in line with the Revolut free account, and cashback is only 1% outside of Europe, if you are paying for the most expensive account. This is kind of what I mean – the offering seems to suffer from the same problems as older banks, in that it kinda looks good on the surface but mostly comes with a bunch of stuff I have zero interest in.
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.