Monzo fintech to :
Monzo fintech to :
I worry about Revolut for two reasons:
1: they have to be seen as a competitor. I don’t think it’s a great product to be honest but it sure is growing fast.
2: should financial services firms be playing the game they’re playing? With Monzo you see Tom making sensible decisions such as become a bank, build in the proper features, bring down the cost per user. Revolut is like their drunk uncle who is chucking money at everything and hoping against hope that the money keeps coming in at a rate to cover the outgoings. It feels unsustainable and out of control. Is your cash protected in the same way if they go bust?
You’re forgetting that Revolut have a freemium model that already generates material revenue. Besides, both companies have no problems raising private funds to fund their growth and their primary competition is legacy incumbent banks not each other.
Sustainability issues over the medium term aren’t pressing and they certainly are not out of control imho, just have a different business strategy.
“If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).
It’s worth pointing out that this scheme is not currently in place, so your current funds with Revolut remain safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations.”
Blog post from Revolut
Could I ask what this means for Revolut?
Now they have a banking license what does this allow them to do differently than what they currently do?
I would think Revoluts banking Licence it is a restricted banking licence at the moment (?) and not a full banking licence, so I don’t think much will change in the short term - it took Monzo roughly 8 months to have their restrictions lifted to gain a full banking licence.
“Now, it’s worth pointing out that nothing is going to change right away. Despite being granted with a licence, this does not automatically turn us into a bank right away.”
Reading the comments on the blog is a bit like going back in time. Basically “congrats on the licence. Where’s Apple Pay?”
Anyone have any thoughts on the effect the crypto slump will be having on Revolut?
Most crypto currencies have crashed by 80%+ since this time last year when Revolut rode the crypto bubble to quickly shoot up from sub-1m users to 2m+ in a matter of months.
I wonder how many of those 1m or so speculators are still speculating, how many have converted into regular Revolut users and how many have moved onto the next shiny thing?
Good Bank imo. However it has serious issues.The customer support. I dont have anything to say about that when it take it takes 6 hours to get to live chat thats not good for a bank. They should stop with all the fancy feature such as wealth and cypto and focus on getting the basics right such as better customer support and getting apple pay and android pay fully implemented.
It’s probably better not to just counter opinion with opinion otherwise we end up going round in circles pretty quickly. It’s actually fine to disagree. We can all only talk of our own experiences so, by the very mature of things, our views are going to be different. No-one is right or wrong. (That’s fairly evident from most of the Monzo threads!)
OK, if you say so. I didn’t think it was worth arguing about so I’m not starting now.
Lol relax mate. Im talking from my personal experience. It took me 3 hours to get connected on the weekend so its still not there imo.
A financial institution taking an hour to get back to you is pretty bad, they should be available immediately, and worse than that, for pretty much anything they redirect you to a specialized team that only works specific hours and while you wait for them to get back to you or to reply, you cannot talk with costumer support for anything else, so you may end up a week waiting to talk to them about a new issue you may have because you’re still back and forth with them about your previous issue.
Not to mention since September I’ve had money randomly disappearing from my balance, not related to any transaction or debit, just money randomly disappearing, in amounts ranging from 100 to 150 Euros or pounds and while they immediately credit the money back after you talk to cs AND with the specialized team, so about 3 days to get it sorted, they promise to look for an explanation to what happened and you never hear back until it happens again. So not a big fan of them right now…
Tell me about it. Woke up this morning to my account being randomly locked and 3 hours to get to support resulting in a automated message. They have temp disabled messaging on FB aswell. Really need to invest in support.
I REALLY recommend Revolut. This is the best multicurrency app on the market.
Easy to deal with and best currency exchange rate.
No ‘randomly’ money deissapearing or anything like that. I think you guys are just good story-tellers.
Never had any trouble and support is good as well.
Revolut is a good service, the features are generally innovative the app could be slicker though.
My experience with support has been very slow although the replies are usually good and clear, but once they never got back to me after they said they’ll escalate something.
Story teller? Why would I make up something like that? Just because it hasn’t happened to you doesn’t mean it hasn’t happened to anyone else. Who are you to question my credibility, really?
And if you say support has been good for you, then you clearly haven’t dealt with them much…
Also, they don’t always offer the best exchange rates. Mastercard can sometimes be better and monese is better most times
Dealt with support many times with no problem. Short waiting time. Oh… Maybe because I’m on Metal plan…
So you should realise that non-premium don’t have priority support.
Don’t know monese and will not go there because I am very happy Revolut user.
How much is the Metal subscription currently, and what are the main features you like about it?
You maybe should realize that with any of my other banks where I don’t pay any commissions or monthly plans I have 24/7 immediate support. So having to pay to get decent support in not an excuse.
And if you don’t know about other services you should probably refrain from making statements like “this is the best thing ever” as it doesn’t help anyone if you don’t have a comparison basis