Switched from Monzo to a legacy bank (Barclays) 💫

[Dan_R (Dan)]

iOS required either PIN or TouchID if enabled for transfers

[PhatPheddy]

@anon70107404

N26 came across as knowing what they were doing, focussed, making progress, on track.

Monzo came across as trying to make an idea happen but having little to show for it. A bit hapless.

Revolut came across as arrogant and aloof. Not an organisation I’d want to do business with.

My personal opinions only. I’m a little impatient for progress. N26 looks promising and I’ll keep an eye on Monzo developments, but nothing I’ve seen excites me enough to switch banks fully to Monzo.

Dont get too far on the hype train for N26.

I have it as I have a partly EUR based life and once I became aware that my ATM use was costing Monzo (Holland really isnt a cashless country… And Maestro is king there) I felt I would reduce that burden.

N26 feels like an even more basic and featureless version of Monzo… Theres no location mapping, the description of merchant is often a code (looking now I have CRV*, AUCAT, ACESA, ENPT1437, etc on a single screen) its VERY basic… Yes it works, yes I use it as a easy travel card to avoid my options of legacy bank fees or Fx conversions but its nothing to get excited over.

To me N26 feels even less like a ‘bank’ and more like a ‘pre paid mastercard, with vague in app spending’ than Monzo does.

I too used and didnt like Revolut… I have spoken with Transferwise who claimed to have a multi currency mastercard system ready by Q4 17… For that side of my life (multiple currency use) none of them are there yet.

I still feel Monzo is the best of the challengers, but as yet none of the challengers feel like more than bells and whistles on a cheap current account. I still bank with my primary banker (offshore) and wouldnt consider putting my holding assets into any of them.

[PhatPheddy]

@simonb

meaning that those who switched already would generally be the people who are committed to and believe in our vision of a completely modern and new way of banking, with the understanding that we are still building this out to where we want to be

What does that actually ‘mean’ tho ??

What is this vision of a new way of banking, how does that differ from my current way of banking.

The appeals to me were the ‘instant’ / fast updates of spending, the ‘free’ mid point FX and ATM use outside GBP… Plus perhaps an additional security of pre-paid / 2d card and app control of card segregated from my traditional accounts, not that I had ever had problems. All this was in the pre-paid card I got IIRC mid 16… I have since then ‘lost’ the overseas ATM advantage (fair enough… costs are costs)

The price I have paid for that is loss of airmiles / avios / points / cashback (biggish deal for me), and frankly simplicity… I now have this bank for this use, this bank for that use, a legacy bank to hold large savings, etc etc etc…

[GalaxyMergirl (Allie)]

I think there’s something more than the sum of its parts to Monzo - community, vision, fairness, nerdiness, overall quality. I don’t expect at all that everyone would have the same emotional reaction.

I’m still using my Amex for large purchases, and yeah, I’ve given up quite a few MR points - but I’ve also gained much easier acceptance. I don’t mean places that don’t take Amex - those are actually pretty rare and easy to be ready for. I mean no ‘oh, it’s Amex, you need to insert it’ and stuff like that. Now, granted, that was always the price to be paid for those MR points, but with something like Monzo (and again, the Amex still gets spend!) I prefer the simplicity and easy and organisation in my life.

Monzo isn’t for everyone, no product is, but I think that was it is, and who it is for, really isn’t something so analytically recognisable, certainly not at this early stage.

[PhatPheddy]

@HoldenCarver

I was a one-bank man until Monzo came along, but since having used it alongside my legacy account - and having experienced no ‘why do you have more than one account?’ problems in doing so - I’m fully on team “Have as many accounts as are right for you.”

…

If there’s one thing I’ve learned from reading what people have had to say in many threads here it’s that I’m something of an exception in learning to embrace multiple accounts for different needs and that most people are dead set on having just the one for everything. It might be something Monzo have to be more direct in tackling in future. Either by filling the gaps someone, or by more strongly selling the fact they can be used in conjunction with a legacy account rather than instead of.

This was me… One offshore legacy bank, offering multiple sets of plastic debit and credit, and fees but I have to admit many perks (Airport lounge access is a biggie for me) and a card that ‘never’ got refused. I simply had that bank system for all my adult life and they have held my life savings (something I simply wouldnt do with Monzo currently).

Then since Monzo… Then N26 for my euros… Then Starling to test… Then why not a revolut card… Then lets again simplify and try Curve…

I noticed a post above with the subtext of “oh you want to use Monzo for its advantages and keep other options for thier advantages” as though that was somehow wrong… Erm Hell yeah !! I will use each option for best in class, balancing that option against fees, or ease of use, or also against perks, you would be mad not to. Lets not forget if your someone who spends a lot on travel cashback, points, and airmiles are significant things we give away to use Monzo…

Notice I only opened N26 and revolut, when Monzo said they wanted to charge ATM fees… I think its perfectly fine to say thats a cost issue for us and then make it less appealing, but in making it less appealing of course I then explore more appealing options. Even if only as a sampler / tester… Thats simple cause and effect.

[PhatPheddy]

@rarther

The Monzo staff are getting a lot of digs in this thread. Totally unfair. I wonder if the frontline staff, engineers, product managers and CEOs on the Barclays community forums are more helpful? Oh wait, they don’t have one and have no interest in talking to you.

except I kind of do… I have a personal relationship manager for my accounts and have had for 20 years (multiple managers over that time of course).

One phone call from anywhere in the world, they will call me back if requested and any issues with my banking are handled… Transfers, multi 100k ones, Fx rates on large movements, Multi currency account opening, etc etc etc… Sure they are not answering questions about apple pay, but I have one point of contact who with verbal instruction will solve any banking related issue, while I am anywhere in the world.

I actually had a rough patch last year with my legacy bank, but recent changes with them seem to have fixed all but one of my issues over communication. Once downside of having one point of contact is if they are not good at thier job, thats your point of contact !!

[brandscill (Brandon Billingham)]

Good to see an honest take on N26! Very interesting.

[MichaelC]

It looks like you have used a Curve card for that transaction. That’s probably why the info isn’t displayed correct in N26?

[PhatPheddy]

ahh maybe… I was testing curve…

But not all of those are CRV, only one out of the 5 or so… ENPT1437 doesnt help me ID it much…

[JEJ (John J)]

I have to say I preferred the prepay version of Monzo and have no plans to use Monzo as a sole account. I switched my legacy bank account to Starling which has been absolutely fine and much more stable than Monzo. I use Monzo as a substitute for cash especially overseas but try to keep below the £200 ATM Foreign monthly threshold. Starling has no ATM charges at all by the way. Curve can be useful but not for cash withdrawals. I still have Revolut but rarely use it. For FX I have a TransferWise Borderless Account which I’m very happy with. I have a feeling that the Monzo bubble has burst. I hope not but let’s see!

[GalaxyMergirl (Allie)]

@JEJ

I have to say I preferred the prepay version of Monzo

Why? What features were removed by switching to the current account? As far as I can tell, nothing changed for the worse because of the switch.

[anon83566746]

I would like to see Apple Pay added to Monzo. They’ve said repeatedly it’s not coming anytime soon and I get that, but a lot of other next-gen banks are popping up with this feature. Starling have it already and more are coming. It may simply end up being the case that I go with someone else because for the next 12 months plus the situation may be it’s broken on Monzo, working everywhere else.

I’d be very interested in any bank that could give me an API. As a developer, the ability to do something creative with my own financial data is interesting. Again I don’t think Monzo will get around to this for more than a year. I love Monzo but some other banks are just somehow managing to do more, faster.

[JEJ (John J)]

The introduction of ATM limits overseas and the app seems fussier now than before. Not big issues but enough to make me prefer Starling.

[GalaxyMergirl (Allie)]

@JEJ

The introduction of ATM limits overseas and the app seems fussier now than before. Not big issues but enough to make me prefer Starling.

The ATM limits, though, aren’t something related to the current account. As for the app, that’s pretty vague but definitely report the bugs on here

[JEJ (John J)]

Guess I’m in the fickle customer category

[GalaxyMergirl (Allie)]

Nah, there’s tons of options that’s one’s right! Just trying to better understand why the current account bothers people. It only has advantages - more features and better protection.

I definitely see why ATM fees put a portion of people off!

[anon81274823]

@GalaxyMergirl

Just trying to better understand why the current account bothers people

Possibly because the pre paid card was fully featured whilst the rush into CA has left an unfinished product.

A pre paid card doesn’t need CASS. It would be very unusual to offer statements and there is no need for a joint pre paid card - just possibly a spare card.

[mop (Mark)]

[mop (Mark)]

Just hitting the trough. Hits everything. Patience I say, that uptick is coming …

I’ve not binned my old current account yet, but it’s purely there to receive salary. That feeds Monzo, where everything is run from. Yep, it’s far from perfect at the moment, but I have optimism that it will eventually be better than legacy offerings. And I like being part of this journey to shape that offering. Keeping existing CA for me is the “belt and braces”. I’m no worse off than I was, yet I’m on this new journey too.

If startups like Monzo didn’t try then older businesses get stale and complacent. It’s good to challenge, keeps the world progressing.

[reala]

My phone died the other day…

… so did all access to my (potential) primary bank account.

Maybe i’m just old fashioned, but i simply cannot take the risk of a primary bank account without some other means of access.