Hopefully TransferWise will be able to integrate with Monzo soon!
Monzo will soon be bringing international transfers, so why would we need TransferWise, am I missing something?
Depends if they are going it alone or having an integration in app with a 3rd party provider for the international payments. Although they’ve said they’ll give us an IBAN so suggests the first
This will be another chapter in the book Making Monzo (probably chapter 3 after the the story of the Monzo split from Starling, and what the history of Pay really was).
I think that Monzo was also trailing working with TransferWise at one point (or am I mistaken?) Assuming that international payments aren’t an integration of the Borderless Account into the Monzo app (fascinating idea… ), I wonder whether Monzling* had unreasonable expectations on the commercials (seems odd given that’s two different banks) or whether TransferWise was always eyeing the (borderless) account business and looking to cut out the digibank brigade?
The answer is almost certainly nuanced and not an either/or - nor will we (tell-all book not withstanding) ever know - but I wonder when TransferWise’s agreement with N26 ends - and what happens then… That might be instructive!
*I’m so very sorry
Starling is looking well-placed to win the £120 million “Pool A” grant, which is being decided by an independent panel — not least if the fund is to meet its remit of genuinely increasing competition within SME banking.
I found this part on the Capability and Innovation Fund rather interesting too.
As you know, Starling is all about customer service
This quote from Anne in that article made me laugh, my experiences with Starling’s customer service reps have always been just as bad as a legacy bank.
Agreed, seems the response she gave was a generic corporate response trying to plug the marketplace, their demand and customer service, and didn’t actually have anything specific to say.
I find that last sentence particularly strange. Firstly because customer service is brought up out of nowhere. And secondly because she says “As you know” to the reporter, but it’s obvious targetting at prospective users, which wouldn’t know that. Some sort of suggestive mind game.
I actually found the article itself somewhat strange, as much hasn’t really happened. They haven’t raised the money yet, they’re just saying they’re looking for investment, and the rest of the article is about a partnership with TransferWise ending, but apparently it never started?
I like how user numbers are still not mentioned
Yes, that was exactly my feeling as well. It’s a big article about … nothing?
I get that it’s very interesting that the partnership has been ended, and that it’s worth reporting on. But somehow I feel that the article went on and on without really saying anything of substance …
maybe Starling are prepping for a crowdfunding round to share the love
Starling’s foreign transfer service is laughable. They have about 5 currencies and they failed to inform people that when using swift it’s possible that 3rd parties will take their cut.
It is crazy you can’t specify if you want MT103 field 71A for charges to be BEN, SHA or OUR! With a legacy bank I can specifically stipulate how I want any charges accounted for, and would assume a fintech to offer the same.
Starling seem to send SWIFT transfers with code SHA (if some of tbe incidences reported by customers are true) rather than OUR! I would not use it if this is the case.
However, payments sent via local partners (which includes SCT and SCTinst payments) do seem to be OUR not SHA.
They certainly pulled the wool over people’s eyes whether intentionally or otherwise. As you say, if you use a local partner (and I’m not sure why you wouldn’t when it’s £5.20 cheaper than swift) the recipient does get the same amount. Some of the currencies only have swift as an option and I don’t know why anybody would use Starling in that instance.
I prefer to stick to Monese or Azimo where I know what is arriving the other end!
If I sent a payment by Starling to pay an invoice or a property rental and the money arrived €35 short so I then sent the €35 only to find €30 arrives…you just can’t bank like that! With FX you need certainty not a gamble
It’s interesting that since setting out to raise £40m last year they’ve actually not announced the progress of that round - I can only assume it’s going well as they set to push for more. The stories around their RBS Innovation Fund seem a little ‘inflated’ - how someone can be so sure that they’re up there to win the £120m pot, when they’re up against some pretty stiff incumbent opposition I’m not entirely sure?
On the other hand - if they win, and get this round closed off, we’re looking at £200m for Starling to play with come the end of the year, perhaps they’re setting themselves up to give Revolut a run for their money overseas! Tbh… with the right funding behind them, I’d back them! Time will tell…
I think because some politicians have already stated it is an unfair playing field witb big high street banks owned by large foreign banks (e.g. TSB) up against small newcomers like Starling, and they expect them to get a sizable chunk of funds before giving any to longerstanding banks. Not sure how much influence the politicos will have though!