Monzo / Mondo / Revolut banking

The current account does all the prepaid did. Monzo lose money on the prepaid ones and I suspect don't on the current accounts. So if they're nagging that'll be why.
If you need to hold money in more than one currency then get Revolut. Otherwise this is just a bank account with a nice app. I'm not sure why aggi has kept with them since it sounds like he doesn't see the point or like the service.

My missus and mate got Monzo so I got one of their invites. Not signed up yet but I like the sound of it for TABR and TCR to avoid international charges and maybe speed up payments. Could've give a shit about budgeting or viewing spend on apps, etc.

The novelty has worn off a bit for me, and they don't have Apple pay yet (may be a day away, may be a year - Apple are apparently arsey with the NDAs so they can't discuss how close they are to it) so I'm using another card more often than not.
But if I'm abroad then I use it. Instant GBP estimates and no charges are nice.

I would only be using it overseas so it doesn't sound too bad.

I'm getting almost daily emails, texts and phone reminders nagging me to upgrade my account.

I think the point of this is that; if you do not upgrade within the timeframe your old account will close and I assume they will hold onto any money that it contained. I would think that the point of the nagging is so that they can say "we told you so" when that happens

If you don't upgrade the account is closed and any money on the card is refunded back to however you topped up so the nagging is definitely for their benefit, not yours.

I started with them for the fee-free overseas usage. When they cut that down I was willing to stick with them as a spare card but when they moved to a current account I couldn't really see any advantages they had over a standard bank account (and it seems worse in some areas, the app doesn't even appear to need a pin/fingerprint for use).

I'm happy to accept that the service isn't for me and let the card run down and have the money refunded but the constant nagging is a bit annoying (a quick check shows 5 emails and 2 texts in the past 10 days).

What did they cut down wrt overseas usage?

The latest update of app on android allows you to use your fingerprint to unlock it now, still not able to unlock the app just using a pin.

It used to be free unlimited cash withdrawals, now it is limited to one free withdrawal of up to £200 per month. It wasn't that surprising it happened, the overseas withdrawals cost them money and I think it was probably offered to entice in new users.

Revolut has literally revolutionised my holidays by saving me a decent amount of money. I reckon I save 10-12% over using a normal current account card abroad. But what's better for me is the fact I can use it to pay as I go as I do at home without any worries. I either dump a load of money on it before I go and any left I just use for food shopping when I'm back or just top up as and when I need to from my current account.
So far I've only used it within the EU and Ukraine.

Ah, I see, but you can still pay for free with the card? I mostly have currency for the countries I visit already (helps doing TCR multiple times and keeping the leftovers!).

I save 10-12% over using a normal current account card abroad

How? Just fees or better budgeting?
There's no way my fees were in the 10% range but I still didn't appreciate the £40+ 'bonus' after forgetting about int. charges on my amex during TABR last year.

It's a mixture of immediate saving on fees but beyond that it's from making sure you allow Revolut to do the currency conversion rather than the bank that owns the ATM or your own bank back home. Both of which will fuck you with shit rates. Same applies in restaurants etc.

All of this can be achieved with the correct credit card as well but I enjoy being able to just exist financially abroad as I do back home.

Well yeah, I can just smash my credit card out for everything but it'll cost me to do so. In the grand scheme of things it's not that expensive but every saving is well a saving so why not?

@hippy
It's not a single free withdrawal, it's as many as you need up to £200 over a 30 day rolling window
https://monzo.com/blog/2018/01/04/atm-fees-january/
Over £200 there's a 3% fee

With Revolut it's the same £200 within a 30 day period, then it's 2%
So Revolut is cheaper after you've taken out £200
https://www.revolut.com/us/help/exploring-revolut/spending-and-sending-money/using-my-card/will-i-be-charged-for-cash-withdrawals

Both of those are for withdrawing cash only. Using the card in shops etc is free with Monzo and Revolut (and my Nationwide credit card, and probably loads of others)

For me it just means more spending money whilst I'm away and no worries of how I'm going to pay it back, or not, once I'm home.
I'm sure the very best to save abroad is using a credit card. Or rather using a credit card to your advantage.
https://www.moneysavingexpert.com/credit-cards/travel-credit-cards

I'm unlikely to need 200 quid cash though.
Any hotel that costs 200 quid is going to take credit cards! :)

I just wanted it for getting food at 'gas stations' and stuff like that. Quicker than cash and if I don't have the currency, cheaper too.

Yep, in every day use they'll end up the same. Both unlimited free use at gas stations, and both £200 cash limit in as many little lumps as required

Hmm, so now I should look at specialist credit card? I hate money.

Nah, don't bother. Just get a Revolut. Done.

^this.

I work in a bank and it says something when everyone on the FX trading desk has and uses revolut when aboard because its by far the best rates (being Interbank rates) and I just top up, exchange to the currency im going to be using and then just tap away.

Admittedly I have only used it in euro and Swedish Kroner so far but as most of europe and Sweden especially is becoming increasingly cashless it really suits how I spend.

Any benefit to using it over Monzo, given I already have peeps inviting me to Monzo? Do I need invite to Revolut?

They probably all invested in it...