Blue oceans for banks
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Blue oceans for banks
1–10 of 45 posts
Re: Blue oceans for banks
#2Sounds a lot like Revolut.
Re: Blue oceans for banks
#3I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed because of the governments in each of the countries you plan to do business in. They want to protect their own banks.
Re: Blue oceans for banks
#4Yea. Came here to say what the previous commenter said. This basically sounds like Revolut.
Re: Blue oceans for banks
#5Yea. Came here to say what the previous commenter said. This basically sounds like Revolut.
Yes both Revolut and centtrip have marketed their products to only consumers (travelers) where as the concept of multicurrency accounts is very useful to business as well. Not just individuals. The customer acquisition strategy is like Revolut but the larger goal is not (Not that I can say what they have in mind,long term).
Re: Blue oceans for banks
#6Yea. Came here to say what the previous commenter said. This basically sounds like Revolut.
Yes both Revolut and centtrip have marketed their products to only consumers (travelers) where as the concept of multicurrency accounts is very useful to business as well. Not just individuals. The customer acquisition strategy is like Revolut but the larger goal is not (Not that I can say what they have in mind,long term).
Revolut just announced business accounts. https://business.revolut.com
Re: Blue oceans for banks
#7I think the article is missing an important point. Why are there foreign transaction fees in the first place? Also I think that any large service is semi doomed because of the governments in each of the countries you plan to do business in. They want to protect their own banks.
You are right about the countries wanting to protect their own banks. We're not suggesting a "savings account" in the sense that you keep your money in a foreign bank. This is more like an efficient "bank proxy". Does "nginx for banks" explain what I'm trying to say? The money at the end of the day will be kept in your own banks.
Your point about foreign transaction fees is also correct in part. There are many layers of fees in a foreign transaction, many portions of which are directly controllable by the parent bank as is already proven by services like Revolut and centtrip.
Not much can be done about the remaining charges but even the savings that can be done with the help of a parent bank are very substantial and within the bounds of regulation.
Re: Blue oceans for banks
#8Earlier quoted context omitted.
Yes both Revolut and centtrip have marketed their products to only consumers (travelers) where as the concept of multicurrency accounts is very useful to business as well. Not just individuals. The customer acquisition strategy is like Revolut but the larger goal is not (Not that I can say what they have in mind,long term).
Revolut just announced business accounts. https://business.revolut.com
Ha! didn't know. Any way Revolut works in partnership with barclays. There are other banks to whom the service will be valuable.
Out of curiosity by just do you mean today?
Re: Blue oceans for banks
#9Earlier quoted context omitted.
Revolut just announced business accounts. https://business.revolut.com
Ha! didn't know. Any way Revolut works in partnership with barclays. There are other banks to whom the service will be valuable. Out of curiosity by just do you mean today?
I think it was at the start of this week.
They use Barclays as their backend but is anything of that visible to their customers?
Re: Blue oceans for banks
#10Earlier quoted context omitted.
Ha! didn't know. Any way Revolut works in partnership with barclays. There are other banks to whom the service will be valuable. Out of curiosity by just do you mean today?
I think it was at the start of this week. They use Barclays as their backend but is anything of that visible to their customers?
It should be on bank statements and on the card. What I was trying to say though was that the fact that Barclays has a system like Revolut is a problem for other banks that don't have a system like that. So our solution is still valuable for them.