Revolut, Monzo or Starling?

[JoySuckClub]

Evening

Can any of you who use these explain the advantages compared with, say, transferring funds between countries using Paypal. My other half is somewhat cautious because bank transfers (exchange rates are inevitably not great) and Paypal are 'known quantities' whereas in his words Revolut etc seemed a bit ''shilly'' - am not sure what he even means by that.
So yes, if you could explain them to me as if you were explaining to a 5 year old I'd be most grateful. Looking at transferring approx. a thousand pounds equiv. per month* from German bank account into UK account. Both accounts high street banks.
Many thanks in advance
*alternatively he could pay me maintenance in one lump sum but as I said, the interest on a bank transfer is poor (plus it would be going into a current account so not really good interest rate UK end either)
Cheers for any help or advice x

bump

Nothing helpful to say....but I thought this was a baby names thread!

I think if you’re transferring money from Germany to the UK it’s the German bank that will determine the fees.

If you want to transfer money from the UK to Germany Revolut is the one you would want I think. Monzo and Starling are great for foreign spending but not so much for transfers.

Revolut- love mine!

grandma That is very funny - I'd quite like a baby Monzo and a baby Mungo thanks

Or transferwise - always my first choice!

Personally I’d go with a Revolut euro account to receive the funds then you can exchange up to £5k/month into GBP fee free.

Ah. So Revolut only works for UK to German transfers, then?
There won't be any money being transferred the other way round sadly.
Germany does indeed do the rates in a normal bank transfer and we have already discovered that changing euros to pounds in the UK whilst in the UK is better than changing euros to pounds in Germany then bringing them over (this is probably obvious to those of you with financial acumen, for me it's stupidly difficult ).
Thanks for responses so far. I am still tickled with the idea of calling a child Revolut!

Ah hang on then, so...you open a Revolut euro account. You have a standing order from German account into Revolut account. And then you can transfer from Revolut to a British account.
Have I understood that correctly?!
Is the Revolut exchange rate that good/competitive? How do they make their money? (Sorry for being thick).

Revolut works for Euro to GBP transfers but I assumed from your post that the payments would be coming from a German bank?

Cross posted. Revolut is a British account but you can hold funds in GBP and Euro and convert between them. Like other banks they presumably make their money by investing the money they hold. They also have some premium accounts that they charge for.

Or is the revolut euro account based in the UK only and not from a european country - in which case the German bank would still be charging to transfer to a UK revolut account - I haven't understood this properly at all, have I?
Can any of you break it down for the poor of understanding. Same for Transferwise.

Thanks again x

And the exchange rate is the interbank rate which is as good as it gets.

You’d have to ask the German bank what they charge to do transfers into a UK Euro account.

Thanks anathema I will ask them tomorrow. Great name btw, did you like the recent adaptation?

I use TransferWise for my consultancy fees (European clients).

It essentially gives you a virtual bank account in a country/currency of your choice.

It's fantastic and the fees are quite low

Monzo and/or Transferwise.

I loved it, thought it was very well done. What did you think?

I have a revolut card and it confuses me a bit

I tend to put money on it and let it build up and then use the card when we are away, for fear of forrin scammers, if they get hold if that one to empty it then it's no biggie

You can put the money on it ££ or Euros, or whatever you like depending on the exchange rate, but you can spend your money wherever and it gets converted on the day iyswim

I have had it a couple of years now and not a hint of nonsense, although they are a bit emaily, I guess I should look in the settings to deal with that.

I use starling as a matched betting account and it's really simple and easy

I am Danny Glover! So...I am returning to the UK where I will re-become an habitual resident (hopefully, these things take time).
I have two existing high street UK bank accounts already.
I am separating from my husband (mutual uncoupling as per that goopy woman).
Whilst not required to he will be paying me regular maintenance either upfront or monthly (never financially abusive, won't need to be chased by Remo, this will happen irrespective of brexit, crashes etc)
We just need to work out the most financially viable way of transferring money from Germany to England.

If eligible to open a UK euro account, if the German bank transaction fee (?) is not prohibitive thus wiping out any gains from an interbank exchange rate, then in theory German bank transfers euros to euros then Revolut or Transferwise convert them into pounds for me?
Do you then ask them to convert to pounds and transfer across into a UK acccount or do you have a card for withdrawals at ATMs?
Sorry again for being obtuse.

I LOVED Good Omens but I was always going to as I adored the cast.
I thought Neil did a lovely job and Terry would have been proud

You will have a card on the account and can treat it as a normal current account (except that you can spend on it in any currency without conversion fees), or just transfer the money out.

If you OH is transferring from Germany then the rates you need to be concerned about are exchange rates and payment fees from the German account.

Generally, a larger amount will allow you to use an FX broker, potentially get a much better rate as a result, plus only pay one fee. However, in doing that you are taking the risk that this is the best sterling:euro rate you're going to get for the foreseeable future.

Any bank with a UK/European banking licence will give you fundamental levels of protection. The Financial Services Compensation Scheme will also apply to your deposits up to £85k.

Thank you all. Very useful.
Truly sorry it was not as interesting as had it been names for a baby I've had my babies!