Revolut & Monzo banks

[PilatesPeach]

Why would someone want to bank with these rather than a high street bank? They seem to offer less services. What is the appeal/attraction?

Revolut isn’t a bank, I don’t think many people use it as a main account.

As for Monzo - it has a much better ap than high street banks, people like the ‘pots’ function for managing money, and the card is a fun colour.

For most people, visits to an actual physical back are unnecessary and a pain, so there’s no incentive to use a high street bank.

We have Monzo and it is soooooo convenient. I love it. So easy to transfer money to/request money from people (especially at the mo, booking to take the kids out with friends for evvvverything!). Pots is a good feature.

What features do we need?? We use first direct and Santander for actual bank accounts and put our weekly spending money into our individual Monzo accounts. First Direct internet banking is a shit show I haven’t been able to get into mine for years 😂 and don’t have it in me to faff around sorting it.

*do you need, I mean.

Monzo was cheaper to use when we were abroad a couple of years ago so we have it for that

Monzo also has an excellent international exchange rate which is super easy to make foreign transactions. I know a lot of students who got them just for their Erasmus placements and transferred small amounts of money from their main bank account so if their monzo got hacked thered be very little money in it but the money was easy to access and spend abroad. Worked well

And also I can send a payment link to friends for small amounts without needing their bank de to. I'd never do it for more than a tenner but it's really useful at work to be able to chip in for group bits and bobs without having the hassle of bank details

Revolut I originally opened to use abroad, great rates and free. Used it loads of times for holidays etc. I've also used it on some questionable sites to pay in foreign currencies , its a prepayment card so no risk of additional funds being withdrawn and instant notifications when a transaction is attempted.

We now use Monzo as our main bank account. The app is so easy to use, it helps budgeting by predicting your end of month balance. The pots are a great feature for many reasons. Monzo are a register bank so offer as much protection as any other High St branch. There customer service is very good as well.

We have kept a high street bank account open but the only thing I've used it for is in the last 6 months is to pay a cheque. You can pay cheques into Monzo but takes a lot longer to do it by post. They don't make this service easy as its a very expensive way of banking for them.

What services are you looking for that they don't provide?

I am not - I lent 2k to someone who banks with them paid into Monzo - he said he does not like high street banks - he has repeatedly said that he has sent me the money from Revolut via BACS but of course it never arrives can't understand why but he is hard to pin down - I suspect it has never actually been sent then I googled him and someone with his name and age has twice been charged with theft - not sure if convicted - but wondered if this might be why he does not like high st banks as they use markers. Just trying to piece it all together in my mind.

Monzo are brilliant

That’s nothing to do with Revolut. If he’s paid you, he’ll be able to show you a screenshot from the app… but it sounds like he hasn’t.

Monzo is definitely signed up to the same FCA guidance as the rest of the banks, and Revolut used to be, but I know they had a lot of changes around Brexit. But generally people charged with/convicted of theft can still get High St bank accounts.

@PilatesPeach

I am not - I lent 2k to someone who banks with them paid into Monzo - he said he does not like high street banks - he has repeatedly said that he has sent me the money from Revolut via BACS but of course it never arrives can't understand why but he is hard to pin down - I suspect it has never actually been sent then I googled him and someone with his name and age has twice been charged with theft - not sure if convicted - but wondered if this might be why he does not like high st banks as they use markers. Just trying to piece it all together in my mind.

Transfers from both accounts are instant and can be screen shot so he’s very likely telling fibs.

Although a theft conviction probably wouldn’t stop you opening basic accounts with High Street banks, they most likely wouldn’t be able to borrow from them.

I bank with Monzo and love them. I don’t know what service they don’t offer that a high street back does from a current account / savings provider that I’d want. Maybe paying cash in but you can do this with Monzo.
Bank transfers are pretty much instant unless flagged up for fraud.
Sounds like he’s trying to scam you. Ask him for a screen shot of the transaction he’s done from Revolut to you.
If he has been able to do it by BACS it will take longer than a faster payment. Revolut may not do BACS - Monzo don’t

Individuals don't use BACS, that's for larger companies. Your 'friend' is lying to you about sending the money but that's nothing to do with who he banks with.

I have a Starling account, which is very similar to Monzo, as well as accounts with another high street bank, but I can't remember going into an actual bank in the last 5-10 years, it's all done online.

I could transfer all to Starling but I get cashback from Santander so I'll keep it for now. I might have paid cash or cheques in at the post office very occasionally, but even that's rare now you can pay cheques in through an app.

Thanks all, yes suspected lies.

Monzo is great for people who travel or live overseas because of the currency exchange. Brick and mortar banks are going the way of the dinosaur I think.

It hasn’t arrived because he hasn’t made the payment to you. Nothing to do with Monzo or revolut’s credentials.

Another vote for Monzo here

@PilatesPeach

I am not - I lent 2k to someone who banks with them paid into Monzo - he said he does not like high street banks - he has repeatedly said that he has sent me the money from Revolut via BACS but of course it never arrives can't understand why but he is hard to pin down - I suspect it has never actually been sent then I googled him and someone with his name and age has twice been charged with theft - not sure if convicted - but wondered if this might be why he does not like high st banks as they use markers. Just trying to piece it all together in my mind.

I don't understand what the link is between the person you know clearly being a liar has got to do with why people choose to have a Mono bank account?

I'm a Monzo convert too.

It never arrives because he never sent it. HTH.

I use Monzo for my everyday purchases and expenses.
Super convenient when I travel to France.
We can split the bill with my boyfriend / friends
In terms of user experience, their app is fantastic.

I use my high street bank account (HSBC) just to receive my salary, to save on my ISA, and for direct debit.
I transfer £150/week onto my Monzo account for my expenses (food, transport, entertainment), and whatever is left at the end of the week goes to a pot which I use for holiday / furniture.

I use revolut have various vaults for budgeting and saving, spare change jar, cashback from certain retailers, send/receive money abroad for free. I do get a message saying it might take up to 24 hours but then the bank also says the same, but it's always instant.

Tell the person to screenshot you. Bullshit back and say you need it so your bank can track it down if you don't want to call them out.

To be honest, I was with NatWest and had endless, endless trouble with them. Hours on hold to customer service. Monzo is so much easier to use, quicker, and their customer service is really quick and excellent. They are still FSC protected.

I use Monzo (after reading about them on here) Fantastic customer service,great app,pretty card.

Can't remember the last time I went into a brick and mortar bank. Just keep my high street bank account to get my wages paid into and for bill paying. Transfer money for me into my Monzo account,so I know what I've got ''spare''

Love the round up pot,comes in handy at the end of the month!