Fintech

[Libelula21]

Hi,

I’m thinking of opening an account with Revolut, but I know very very little about fintech in general. Anyone care to share any views, experiences, or cautionary advice?

I don't have any experience of them myself but it's worth bearing in mind that Revolut is not a bank and does not have all the protections (e.g. the £85,000 protection) that a bank has. I wouldn't use an account to hold money personally and I wouldn't treat it like a bank account - it is a payment service.

@pattypan many thanks for your reply.

So you mean it would be like have a few thousand stashed in your PayPal account? Not sure I like that idea!

With news that the EU is launching legal action against the UK, I’ve been wondering whether that jeopardises ratification of the TCA... so if the UK ends up having both tariffs and other frictions, what will that do to the £. So looking for a hassle free place to stash some Euros.

Paypal actually has a banking licence in Luxembourg so might be marginally safer, but yes it's similar to that Not sure if there is a solution to your issue actually, other than opening a bank account abroad. Maybe there's a gap in the market there that some enterprising firm will fill.

I used to have an account with the Allied Irish Bank (AIB) many years ago... maybe I should look into the Irish banks again. Thanks for your comments.