Competitor update

(Alex Sherwood) #338

I agree :slight_smile:

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(Alex Sherwood) #339

One of the founders of Tandem & a couple of colleagues were interviewed on the latest episode of the excellent 11:FS podcast. I haven’t had a chance to listen yet but it should be interesting!

http://11fs.co.uk/podcasts/ep204-tandem-building-digital-bank/

Just to highlight a few key points -

  • They will offer loans & on their own balance sheet (Monzo wants to keep it’s balance sheet small) & they’re expecting slow growth because of the constraints that the regulators will apply, as a result

  • They will offer other provider’s products too though, like Monzo

  • They want to pull together users data from all of the institutions that a users part of (aka banks), after the launch of the Open Banking Standard & PSD2, like the aggregators Bud, Pariti, Yolt etc.

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#340

More branch closures and they’re even stopping doing current accounts:

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(Jolin) #341

:grimacing: I have my current account with N&P, so I hope the :mondo: current account launches by 31Aug! :rocket:

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#342

Concentrate on savings and mortgages? Their savings rates are dire. Hopefully they will pay some decent rates now, that’ll be the best way to keep customers!

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(Thomas Welton) #343

Ok. Well guess I shot myself in the foot here.
I should have just paid the £5 for standard delivery when I first saw this last week. I’ve now just paid the £12 for express delivery so the card arrives before I go to Bulgaria next week, turns out Monzo doesn’t work well there, plus you get better rates with Revolut anyway.

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(Alex Sherwood) #344

So it

& by the looks of it, most ATM’s now that Magstripe withdrawals can be enabled.

What makes you say that you get better rates with Revolut?

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#345

None of the articles in the Monzo in Bulgaria thread mention Revolut so not sure where you got your comparative data on exchange rates. Can you provide a source for this?

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(Christos) #346

Since both cards are provided by wirecard right now I’m afraid I can’t see how one card would work while the other doesn’t. I’d suggest you carry a legacy bank card with you to avoid unwelcome surprises.

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(Thomas Welton) #347

Yeah I saw that post, but can’t really take the 50/50 risk as I prefer not to use cash.
And according to money saving expert with revolut you get the interbank transfer rate, and with Monzo you get the mastercard base rate, so it says Revolut is better (but with the delivery fee my savings my be negated)

Also my brother (@Wanderingwelshman) is in Myanmar and has had issues with Monzo there, so just figured it was worth getting

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(Thomas Welton) #348

If I use a legacy bank I’ll get terrible fees (Lloyds, AMEX)
However I’m not sure now if Revolut will be much better
https://community.revolut.com/search?q=bulgaria

Oh well… stay tuned for a Revolut review once I get back.

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Near Real-time exchange rates?
(Alex Sherwood) #349

Interesting so they’re offering a wholesale rate to individual consumers :thinking:

A couple of things worth noting -

From the Money Saving Expert Article

There are no spending fees, and no ATM fees on withdrawals up to £200 or equivalent per calendar month, but a 2% fee applies above that.

Whereas Monzo doesn’t charge for ATM withdrawals (although it does limit withdrawals).

I also did a quick Google search & found this blog with compares the MasterCard rates (N26’s) with Revolut’s & found that in some cases the MasterCard rates will be better & in other’s it’ll be Revoluts. Either way, apparently it’s marginal.

https://metabubble.net/payment-cards-bank-accounts/revolut-not-necessarily-cheaper-than-any-other-mastercard/

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(Mastercard) Currency Exchange Rates
Current Account in other currencies
Android app - long way to go
Stopped using Monzo
(Thomas Welton) #350

On the plus side the Revolut card isn’t hot coral :eyes::joy:

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(Thomas Welton) #351

But jokes aside. Maybe I won’t get many transaction benifits from Revolut. But, guess it’s worth trying.

My boyfriend is ordering cash for the trip. And we’re traveling because it’s my birthday. So worse comes to worse he will just pay for everything as a present :eyes:

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(Alex Sherwood) #352

Definitely, if you do get a chance to try Monzo too, please do let us know how you get on! Have a good birthday :birthday:

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#353

I have both the Revolut and Monzo card and I have tested both during several trips abroad. I also thought that Revolut exchange rate would be better but actually the Mastercard rate with the Monzo card has been giving me better exchange rates for multiple times already. Also keep in mind that Revolut adds 1% to the exchange rate during weekends which usually means the Mastercard rate will be better.

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#354

I also agree with this @alexs and @ricky . Recently tested out revolut and Monzo on a trip and found Monzo gave better settled rates on my first week while revolut gave better on the 2nd week. The results were as you say marginal so used :monzo: for the vast majority :grin:

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(Thomas Welton) #355

Ahhh. Wasn’t sure what to do, so decided to cancel.
I do love the Monzo travel reports I get so going to try and stick with that and get some cash just in case.

The Revolut support system redirects you to a chat bot first off. That was fun…

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(Dan Warriner) #356

Well they’re not winning any awards for Customer Support are they? :joy:

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(Thomas Horne) #357

I wonder if Rita-beta stands for robotic irritating technical assistant? :stuck_out_tongue:

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