Idea - hold foreign cash reserves in special forex pots
I love Monzo, but it seems like it is losing a few potential customers to Revolut’s style of multiple wallets for different currencies - something that I like the idea of.
Could forex pots be created, which act just like a Revolut wallet (not governed by banking licence so wouldn’t have the protection, which I’d be okay with)? So we get the ability to transfer and hold foreign currencies until we want to swap it back into our main Monzo GBP account?
Are there regulatory hurdles for full-blown accounts in foreign currencies (as Monzo has a British banking license - not sure if this is a problem tbh)? If so, this could be a decent half-way approach if possible.
Sweeping end statements
Not only does this add 50% of what Revolut is offering for little extra work modifying the pots and (to my limited knowledge) no extra regulations, but it would then give Monzo, if they choose, an easy way to offering full foreign accounts.