Monzo is great and all and I love it. I just signed up for it a few days ago and I love how it works, especially when I study abroad in the EU and it helps me save a fortune in exchange and the facts I don’t have to carry cash from the UK back here every time. I just wish the transfer was also free. I mean people like myself do a lot of transfer to international banks to pay things like bills, rent and tuition fee. Is this something they’re looking into right now? Would be great to have a free transfer. Just an idea!
No it isn’t I’m afraid.
Keep an eye out for Monzo Plus (Monzos paid for premium account) as I suspect it would be part of that if their stance changed
There’s not really any such thing as a free international transfer. If you don’t pay a fee, you’ll get gouged on the exchange rate.
As @Ordog said, keep an eye on Monzo Plus; there might be something that helps you out.
Yeha I have no problem with them getting money on the exchange rate. I will still get better rate than anywhere else
Is that really true?
Revolut doesn’t charge a fee and the exchange rate is very much the mid-market rate.
For a teaser amount of money, and they charge surcharges over the weekends and holidays and less often used currency pairs. Overall one still pays fees on conversion if one tries to use it on regular basis for everything in foreign currency. Also, outside of Lithuania, money with revolut is not protected with a deposit scheme.
Neither is any money you transfer with abroad once you’ve hit the button…
Revolut is okay too. They charge over the weekend so exchange rate is not good. They don’t have unlimited cash out in EEA/EU. They don’t have great customer service. I like the way Monzo customer service is so far.
I am confused about you bringing up transfers with respect to the protection of balance. GBP balance stored in revolut is not protected. But GBP Balance stored in Monzo is. And for example if I send money from EUR Starling account to EUR Bunq account it will be protected on either end, as both banks have deposit protection. Whereas anything in Revolut is not.
A bit more complicated than that though.
Any balance in your Monzo account is protected by the FSCS guarantee up to £85000. Any balance in your Revolut account is protected and ring-fenced, up to an unlimited amount, by a Tier 1 bank which I believe is currently Lloyds and Barclays.
I was more referring to when you make an international transfer - as soon as the money leaves your account to go to TransferWise it is no longer protected until it reaches the other end. It’s extremely unlikely anything would go wrong but there’s potential for the intermediaries to go bust. Never know.