4 ms·

I was Monzo Beta user, but switched to Revolut. Much more features.

raesene9 8y ago
One small point to watch there is that AFAIK Revolut does not have a banking license so they're not covered by the FCA deposit protection scheme. Not a worry unless they go bust of course, but one to be aware of ...
- theBobBob 8y ago
  They have applied for a banking license, but that was like a year ago and haven't heard anything much since then.
- nullify88 8y ago
  Yeah it's a wonder why its taking so long. It's a great card to travel with but don't put too much money on it for this reason.
tim333 8y ago
I've got Monzo but am more using Transferwise. I prefer web based to app and they have some other advantages.
- pbowyer 8y ago
  My friction with Transferwise (as a debit card beta user) is that you can't set up a standing order to fund it. You have to go into Transferwise, say how much you're transferring, then do the transfer (by logging into your banking app if you want a free transfer). I'm using it for overseas expenses, but the time taken to fund it and keep an eye on it is outweighing the savings made using it.
  - roymurdock 8y ago
    If you have an iPhone and a debit account linked to Apple Pay, it's as simple as using your thumbprint to authorize a transfer. The fees are minimal and the money, converted at close to the market rate, sans a tiny fee, shows up in your account in less than an hour. really a revolutionary system when you compare it to opaque wire and bank transfers that I had to use 3-4 years ago when last traveling abroad
  - tim333 8y ago
    My card is now a full UK bank account and you can set up standing orders to pay into it in the normal manner. Unusually the account is multi currency and you can have linked accounts in like 23 currencies - I now have an Australian account number and sort code so aussies can make normal domestic transfers or standing orders to that in AUD. I'm not sure of any other banks that do that. Certainly not the regular banks, and my Interactive Brokers account is multi currency but AUD would go to the IB account for further credit to me rather than me having my own regular Australian account. In fact if you want say a US bank account and don't live there Transferwise may be the easiest way to have one.

One small point to watch there is that AFAIK Revolut does not have a banking license so they're not covered by the FCA deposit protection scheme. Not a worry unless they go bust of course, but one to be aware of ...

theBobBob 8y ago
They have applied for a banking license, but that was like a year ago and haven't heard anything much since then.
nullify88 8y ago
Yeah it's a wonder why its taking so long. It's a great card to travel with but don't put too much money on it for this reason.

tim333 8y ago

I've got Monzo but am more using Transferwise. I prefer web based to app and they have some other advantages.

pbowyer 8y ago
My friction with Transferwise (as a debit card beta user) is that you can't set up a standing order to fund it. You have to go into Transferwise, say how much you're transferring, then do the transfer (by logging into your banking app if you want a free transfer). I'm using it for overseas expenses, but the time taken to fund it and keep an eye on it is outweighing the savings made using it.
- roymurdock 8y ago
  If you have an iPhone and a debit account linked to Apple Pay, it's as simple as using your thumbprint to authorize a transfer. The fees are minimal and the money, converted at close to the market rate, sans a tiny fee, shows up in your account in less than an hour. really a revolutionary system when you compare it to opaque wire and bank transfers that I had to use 3-4 years ago when last traveling abroad
- tim333 8y ago
  My card is now a full UK bank account and you can set up standing orders to pay into it in the normal manner. Unusually the account is multi currency and you can have linked accounts in like 23 currencies - I now have an Australian account number and sort code so aussies can make normal domestic transfers or standing orders to that in AUD. I'm not sure of any other banks that do that. Certainly not the regular banks, and my Interactive Brokers account is multi currency but AUD would go to the IB account for further credit to me rather than me having my own regular Australian account. In fact if you want say a US bank account and don't live there Transferwise may be the easiest way to have one.