Revolut chat

Any limits on these?

Without limits, this would be very appealing to me.

This is the only info on limits that I can find - as usual, Revolut is not great at communicating the essentials… Maybe the FCA will straighten them out :joy:

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I wonder how easy it is to work out how much more you would need in savings for, say, it to be worth moving from £15 p/mth Monzo Premium at 1.5% for £2,000 to a (I think) £12.99 p/mth Revolut Metal at 0.4% for £85,000.

It’s probably easy but I haven’t had my coffee :coffee: :sleeping:

assuming its 0.4% on the 85K :slight_smile: and not limited to a couple of thousand …and are prepared to risk 85K prior to being licenced

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Yeah this is based on the information I can see of course.

It would be interesting to know at what point it becomes better to move over. And I of course am not talking about protection of funds, purely the financial side.

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This is not a simple question (because Monzo limit the interest to balances below £2k)

(Edit: actually, yes, it is. Revlout is always cheaper if the numbers given by @coffeemadman are right)

Revolut website says you need £18,500:

Get £120 in interest per year when you stash £18,500 in a Savings Vault - so your plan pays for itself!

I fear the exclamation mark is doing a bit too much heavy lifting there.

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I feel they’re really trying to beef up deposits, which is an intelligent move with an eye on a UK licence. Anyone with that amount in savings though would probably be looking at ISAs and/or investments.

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If you’re account we’re to be locked with Revolut. Would you still have recourse to the funds via say Investec who are the partner I beleive?

Not 100% sure, but I believe the whole lot would be locked under the AML rules - otherwise, there would be one massive loophole! This is one of the big downsides to bundling services with one provider - dozens faces the same issue.

Am I correct in saying that the Plus plan is £2.99/mth, and the Premium plan is £6.99/mth? How much is Metal?

Have to say that I still wouldn’t trust Revolut with a large sum. Sadly, as an investor, I’d trust Monzo even less.

Inadvertently posted this on the Dozens thread:

Revolut has pretty much implemented Tom’s early vision of the financial hub, and has done so whilst onboarding four times as many customers.

Doubts still remain about the viability of the Lithuanian licence, and that country’s exposure to underwriting Revolut when it has fewer citizens than use the company across Europe, and when Revolut transacts more than Lithuania’s entire GDP.

But on the other hand, the huge tightening-up of money laundering and security has made a big difference, as well as the CEO taking a step back from his autocratic style.

I was wondering the other day if a Monzo–Revolut merge would be beneficial, but ultimately I came to the conclusion competition is better.

But Revolut definitely seems to be smashing Monzo’s goals right now.

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Have you seen that Tom has ‘left the building’?

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Yes.

I’ve thought Tom was unable to deliver his vision for a couple of years now.

And now I think the vision has changed, and will change moving forward.

Which is all the more interesting that Revolut has made it work.

Sadly I feel Monzo’s MVP approach was the wrong one. If something doesn’t work, people aren’t going to stick around for two years whilst Monzo sorts it out cf. Payee Management.

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What isnt working and is causing people to not stick around?

Got a BACS payment in yesterday, the merchant said it was processed on Wednesday and it came in without fuss on Thursday after 5.

Revolut: bitcoin hype-merchant or bank?

Revolut — the London-based, Russian-led $5.5bn fintech unicorn — appears to be having an identity crisis.

Earlier this month the firm applied for a full UK banking license so that it can start to offer overdrafts, loans and fully fledged current accounts to its three million-plus British customers. Over the past year or so Revolut has also hired a load of grandees from the world of traditional finance — such as Aberdeen Asset Management founder Martin Gilbert, now Revolut’s chairman, and former Goldman Sachs vice-chairman Michael Sherwood — in an apparent bid to shake off its reputation for being unreliable and unprofessional, and to become a grown-up financial institution.

And yet it often seems to behave more like a teenager.

The thing is, Revolut does already offer lots of good and sensible services for helping customers manage their money, such as budgeting and analytics tools, “savings vaults” with decent interest rates (or decent enough, given the times we live in), and a “linked accounts” feature that allows you to see all your various bank balances in one place.

But the problem is that none of those seem to make them very much money. So they also offer a load of much less sensible features for helping retail customers take on risks, such as cryptocurrency speculation, “commission-free” stock trading, and commodity trading, under the category of “Wealth”.

The article goes on to say that Revolut’s focus on crypto and trading undermines its attempt to become a serious bank.

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Personally I think the Wealth distinguishes it from the other fintech offerings. It’s certainly part of why I have started using them.

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Revolut has just hooked up with a broker without any investment firm licence of its own. I’ve read a few reports of the horrors that can lead to, where customers end up bouncing between Revolut and the broker for answers. (Edit: their broker is in the US as well, which seems to be another source of problems)

AFAIK, dozens is the only fintech with its own investment licence alongside a current (emoney licence) account

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Well, I sold Game stop off a £10 punt yday. 1 buy, 1 sell and a few rejects.

I’m on the standard plan, it charged me £1 commision on the second trade and you’re supposed to have 3. Why should rejected orders be included?
So I’m currently disputing this, shall see how they handle it!