Monzo / Mondo / Revolut banking

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  • I don't think you need the golden ticket anymore, they've got 400,000 people and the prepaid thing is pretty much working. Probably just to keep the illusion of exclusivity.

    ^^ Current account is clearly where it's at (new page fail)

  • its getting watered down ..


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  • Killing the whole use of the system in one simple move.

  • Amazing....
    Did you see their latest innovation announcement?
    The continuation in financial services revolution...?

    Are you ready?
    Hold onto your hats....
    .................
    ..............
    ...........
    ........
    .....
    ..
    Loans
    &
    Overdrafts

    Consider your shit disrupted kids.

  • I predicted this a while ago. Their business model appears to be just do what Revolut did but a year later.

  • Just tried signing up but just get a screen saying nobody in front of me or behind me in the queue, and they will let me know when current accounts are available. Do I need a ‘golden ticket’ to get a card, and can anyone send me one?

    Cheers

  • The withdrawal fees are a bit of a PITA & also not sure why they're charging 3% when Revolut are charging 2%.

    If they said you had an annual limit of £2400 then I wouldn't be too fussed but 200/300 is pretty low if you're away for more than a week

  • Current accounts I think you just have to wait, not sure on what basis they're giving them out.

    If you want an card invite (rather than a current account) PM me an email address and I'll send you one of mine.

  • Current accounts are in beta still. I've got one but you're not missing much - the app is lagging behind the normal prepaid card one atm. Unless you're desperate then I'd say stick with the prepaid until they merge the apps and you get all the features.

  • yeah its a bit meh, which one of these techy appy banks I can use for business account?

  • Yeah I’m just after the prepaid but I’m not getting the option... just a note about the current account .

    Cheers @christianspaceman pm’d

  • Sorry - I'm an idiot. I didn't have a ticket after all. If anyone else has got one feel free to jump in!

  • Think I've got one

  • Didn't think you needed one anymore for the prepaid card? Think I've a golden ticket.

  • A ball ache of a low withdraw fee, will stick to my Halifax Clarity card for overseas.

  • Turns out the restrictions are worse than I thought if you only have the card

    This will apply to all Monzo current accounts, and by the time the limits are put in place, we expect to have offered all existing customers a current account. If you’re still on the existing prepaid card at the time, you’ll only be able to make one free withdrawal per calendar month, up to £200, due to the restrictions of our card processor.

    One free withdrawal per month makes it pretty pointless and I've no desire to open a current account given the withdrawal limits.

    I'll be saving this for occasional online transactions and moving back to Revolut, Metro bank (free cash withdrawals in Europe) and Halifax Clarity Card (no charges for use overseas except for ATM).

  • Same here. Assume no prepaid cards anymore?

  • This is what happens when you make 'interest free' overseas transactions part of your core offering, when it was really just an existing pre-paid Mastercard feature and doesn't scale well.

    I'll still use Monzo when abroad, cash is no longer king, especially in Sweden!

  • Revolut charge 2% on withdrawals over £200 no?

    Do Metro Bank and Halifax Clarity also offer intrabank rates?

  • Both intrabank.

    Revolut is also capped but you can make more than one withdrawal.

  • Revolut is £200 per calendar month after which 2% fee

  • Yes, but you can make 4 smaller withdrawals totalling £200 for free with them whereas Monzo only allows one withdrawal per month.

  • Yeah I got an email back from them today, you can't just apply for a prepay card anymore, they're switching current users onto the current account I think then accepting new users once that's done.

    Cheers for the golden ticket offers though guys - they won't work anymore.

  • I'd been considering a Monzo card as a way to try and spend less by giving myself a set allowance per week rather than getting all excited and spendy on payday and being skint at the end of the month.

    Given that they aren't doing the simple pre-pay card anmore, what's my next best option? Revolut?

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Monzo / Mondo / Revolut banking

Posted by Avatar for danb @danb

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