Wish list for Monzo USA account

I do like the fact that they’re so far the only multi-currency spending account in the US that allows you to swap between currencies at reasonable rates (the Travelex card’s rates are positively predatory by comparison) but yeah, the itchy trigger fingers in the compliance department are keeping me from really using the card (I’ve topped up with $20-50 at a time to kind of “fool around” with the card).

Oh, that and the fact that top-ups are processed in the UK. Revolut would be much improved if they processed card top-ups in the US, because at this point their main selling point is dampened by the fact that to top up from most US bank debit cards will cost a foreign transaction fee even if you do the top-up in US$ because their fee applies to US$ transactions processed overseas as well. At this point, the only cards I can top up my Revolut account from without an additional fee are my TransferWise card, my SoFi card, and my Fidelity card, and at that point the only reasons I’d go through Revolut over using those cards directly are if I want to use virtual cards or if I want to lock in an exchange rate (and even then, if I’m going to a country like Thailand I’d also need to consider Revolut’s Thai baht markup and the fact that if I used SoFi or Fidelity directly, they’ll reimburse my ATM fee whereas Revolut won’t).

And now we’ve gone a bit off-topic, talking about Revolut in a thread that’s supposed to be about Monzo.

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Hi @J.une! I have to use checks to pay rent to my landlord, but also prefer to use it to pay my housecleaners; cash doesn’t afford me a receipt, nor any budgeting accountability. Of course I’d prefer to use my card, but that’s not an option with them.

Transferring money using an app would require us to all have the same app (so far; not sure what Monzo has in mind) but also presumes they have a traditional bank account. Many lower income people in the US use check-cashing firms and pre-paid debit cards (or cash) themselves.

As much as possible, I try not to use (or even have) physical currency.

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Monzo connecting through Plaid is another point to be added to the wish list as more and more banks/apps are nowadays using Plaid to link external accounts.