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You could say the same about Transferwise. Revolut is setting themselves up as a bank for millenials/gen Z. It is light years ahead of traditional banks in term

by mantap 7y ago

You could say the same about Transferwise. Revolut is setting themselves up as a bank for millenials/gen Z. It is light years ahead of traditional banks in terms of user experience. Banks are a proven way of making money.

ValentineC 7y ago
> It is light years ahead of traditional banks in terms of user experience. Their app experience is mostly stellar, but I wouldn't say the same of their support, and the fear that one's account would be locked because they hit some undisclosed limit. I haven't had to deal with TransferWise's support yet, but I've heard that it's one of the "better" ones.
- mantap 7y ago
  Any bank account can be locked at any time because an algorithm disagrees with you, traditional or online. That's just the reality of banking, especially in the post-HSBC scandal era. I wouldn't keep my savings in Revolut for sure, but it's not really designed for that.
- ritz_labringue 7y ago
  If you pay for the premium/metal plan, the support is stellar as well (or at least, it has been for me)
chx 7y ago
Transferwise though is not playing the free game. They charge you fees and they have been profitable for three years now. https://transferwise.com/gb/blog/annualreport2019 https://transferwise.com/gb/blog/annualreport2019
rsync 7y ago
"It is light years ahead of traditional banks in terms of user experience." Show me a proper US bank that doesn't care that it's "Presidents Day" or "Labor Day" or "Sunday" (since nobody else does) and let's me conduct proper business 365 days per year - then we can talk about user experience ... I am annoyed and amused (mostly annoyed) that I am using a global internet to access remote banking that credits bank transfers using a (literal) horse and buggy clearing timetable.
- jermaustin1 7y ago
  What is funnier still is I have tried to transfer from one Wells Fargo account to another Wells Fargo account, and it still took 3 days to deposit (of course, they took it from me immediately).

by mantap 7y ago

ValentineC 7y ago

> It is light years ahead of traditional banks in terms of user experience. Their app experience is mostly stellar, but I wouldn't say the same of their support, and the fear that one's account would be locked because they hit some undisclosed limit. I haven't had to deal with TransferWise's support yet, but I've heard that it's one of the "better" ones.

mantap 7y ago
Any bank account can be locked at any time because an algorithm disagrees with you, traditional or online. That's just the reality of banking, especially in the post-HSBC scandal era. I wouldn't keep my savings in Revolut for sure, but it's not really designed for that.
ritz_labringue 7y ago
If you pay for the premium/metal plan, the support is stellar as well (or at least, it has been for me)

chx 7y ago

Transferwise though is not playing the free game. They charge you fees and they have been profitable for three years now. https://transferwise.com/gb/blog/annualreport2019 https://transferwise.com/gb/blog/annualreport2019

rsync 7y ago

"It is light years ahead of traditional banks in terms of user experience." Show me a proper US bank that doesn't care that it's "Presidents Day" or "Labor Day" or "Sunday" (since nobody else does) and let's me conduct proper business 365 days per year - then we can talk about user experience ... I am annoyed and amused (mostly annoyed) that I am using a global internet to access remote banking that credits bank transfers using a (literal) horse and buggy clearing timetable.

jermaustin1 7y ago
What is funnier still is I have tried to transfer from one Wells Fargo account to another Wells Fargo account, and it still took 3 days to deposit (of course, they took it from me immediately).