Revolut chat

Not anymore

Revolut has avoided the whole issue by the skin of its teeth!

Well, as a service pretty much everyone has been ditching them already

Curve, Revolut, dozens et al

Really not. Itā€™s just the sensible thing to do as the business grows.

1 Like

24 posts were merged into an existing topic: Wirecard shares collapse

A post was merged into an existing topic: Wirecard shares collapse

4 Likes

Fantastic news! They day they start using their U.K. license is the day they become my primary account. Unless any of their competitors improve between now and then.

4 Likes

Bringing the heat to monzo i like it, id say there will be alot of people this will make happy to have the additional assurance

Interesting, although I think personally the issue for me isnā€™t the lack of license I think itā€™s the brand portrayal. I donā€™t know why particularly, but I always have viewed revolut similar to the way I view crypto. A bit techy, a bit risky and a bit less grounded. I think the fact it does so much is actually a bad thing for me, itā€™s more of a utility card than a keep funds in bank. Not sure how they would turn that around for me personally.

9 Likes

Perhaps thatā€™s just down to personal preference and thereā€™s not much they could do change it. For me, I like them for essentially the same reasons you donā€™t; consolidation. I like that everything is in a single place with a well thought out cohesive interface. A license would definitely help portray them as more trustworthy for holding your funds though. I donā€™t trust them in that regard yet.

2 Likes

Thinking about it I imagine itā€™s the same reason Monzo is only recently getting away from the travel card thing for lots of people, its been marketed as a card rather than a bank for a long time. A card is for doing things with, a bank is for holding your money.

1 Like

That sounds like reasonable thinking. Monzo was and still is great at being a spending card with a good app. My issues with Monzo started when I used them as my bank. They didnā€™t quite work as well as being my bank, and my concern is the same thing will happen with Revolut. Becoming a bank is one thing, but revamping your app to work better as a bank is tricky hurdle. I think Starling had an advantage in this regard by going the bank first approach, and probably why they feel like the more polished bank when you compare the three.

Can you elaborate on these issues?

Merchant enrichment is often incorrect and isnā€™t updated. Even correct merchants can change to incorrect ones overnight for no reason. Iā€™d much prefer to see the unenriched data Monzo receive as that would at least make some sense to me.

Payee management is absolutely unacceptable for a bank and there have been numerous calls for years for improvement but nothing. The only app Iā€™ve seen do it worse was N26 where they werenā€™t saved at all. I remember there was a time when Monzo wouldnā€™t allow you to save your payees either, it just showed you 2 or 3 recents. Not sure if that changed as I only have 2 people I ever pay.

(Inconsistent/unclear loan and overdraft criteria)

Hiding the chat.

There are also lots of things they do well, I like having shared tabs right there in app and the ease with which I can pay Monzo contacts.

Being able to see upcoming payments now three days early is also great but not that important for me

Overall there are little niggles but theyā€™re still the best overall option for me despite the compromises. I wouldnā€™t trust Revolut just yet even with a banking licence after the stories of accounts being frozen

1 Like

Can we stick to Revolut in the Revolut thread please? Thereā€™s an entire forum to talk about Monzo.

Thanks

1 Like

@ndrw covers most of my qualms.

Iā€™ve elaborated on my issues many times on other threads which are more suited for discussions on Monzo, so I wonā€™t rehash too much. Essentially it just comes down to the fact that for my use they donā€™t work well as being both my bank and my spending card, and the half baked features theyā€™ve made to try to make Monzo work better as a bank left me frustrated as a user. Iā€™m also not keen on the interface and the customer support issues of late donā€™t really help.

The good news is, Monzo recently indicated that they are aware of their pitfalls when it comes to being both a great bank and a great spending card and are trying to improve in that aspect. If they get it right, Iā€™ll give them another go at being my bank. Hereā€™s what Monzo have said they are doing that would make the experience better for me:

1 Like

The ability to give payees nicknames is only recent on Revolut, but what a difference a little feature makes.

2 Likes

I really like the Revolut interface, so if they get a full uk banking licence then I would feel more confident to use them as a primary bank.

I certainly wouldnā€™t, after reading this study of the customer service Revolut currently offers:

https://builtformars.co.uk/banks/support/

3 Likes