Monzo / Mondo / Revolut banking

Yeah, Monzo want a pic of passport or drivers license and then a 5 second selfie vid of you saying hello Monzo and your name, or something similar. I presume so that people can't nick your drivers license and use it to sign up.
Did seem odd, but maybe just because I'd been with HSBC for 20 years and they hadn't asked for anything since... ever. I think it's probably progress that banks have to do some basic checking now.

Monzo make you do that little video and take a photo of your passport so they're getting pictures of your face as well.

Without any branches they both have to verify you're a real person one way or another.

Edit: didn't realise this had already been answered

I find it a little ironic that HSBC help launder drug money in Mexico but have the fucking gall to ask me for more information...

GDPR means I can fuck them over later though so maybe I'll just wait another two weeks before handing over any more info to Revolut.

Yes its newer anti money laundering regulation. open any kind of bank account now and you'll have to provide the same information. GDPR shouldn't change that, if you continue to use the card your account will be treated as 'on-going' which kinda means after an initial asking you how you want to be contacted etc their terms and conditions will state that those will remain in place until you leave.

if you dont use the card or cancel it then I believe GDPR kicks in and they have to contact you to get consent to keep your data. I dont know what that time period is.

Dont take what im saying as gospel because Im yet to do our GDPR course from a bank perspective which should clear up and contradict everything I have said probably.

I know enough about GDPR to be dangerous..

I wonder if they'll take a driver's lic. instead?

I think I signed up to both just using my drivers licence, but that was before Monzo was current accounts and I dont know if Revolut has changed requirements

They tend to like passports as your passport number gets run through something like https://risk.thomsonreuters.com/en/products/world-check-know-your-customer.html

Monzo now working with Apple Pay.
Finally. Can start using it more often again.

Just update and open the app and it'll prompt

Anybody given Starling a go? Seem to be offering what early Monzo/Revolut did re: forrun limits

Revolut was ok with photo of my face and my DL. But this was last year.

I got a Starling account last month for a trip to Lanzarote tomorrow. Signed up with driving license photo and selfie video as per and had the card in my hand in 48 hours.

.

Revolut do accept drivers lic for UK. I probably should've read further down the page but I only saw 'passport' and went 'fuck u'.

So, I've got some cash on Revolut now and it works in the UK. Do I need to do anything funky to get cheap US and EU monies?

No. Just use it in a cash machine like normal.

Sweet. The trick is to try and use it as a normal card and to not convert to UK currency right?

Yep, any cash machine, etc offering you a sterling amount will give a shit rate.

Yes, using their current account as my business account (sole trader), I'm friends with a developer and he'd been on at me for ages to give it a go - wish I had done sooner. I genuinely can't fault it, it's really what banks SHOULD be like. Sign up takes minutes, you photograph your drivers license / passport and then record a little video of yourself and it gets verified pretty quickly.

You can literally do everything via the app. All the normal stuff you can do with all the others that I've seen and more. Foreign currency payments/transfers in the global exchange rate so no more getting fucked over by bank fees when abroad and always the cheapest rates etc.

You can set 'goals' which is basically a way of segmenting your money, so you can save for that new frame you've even after by setting a goal and automatically sticking £50 a month into it.

Plus they're based in Britain and they're pretty pro-active about developing features. They're working on adding 3rd party apps/plugins so you can get direct integration with other services which could be very handy.

I'm defiantly a convert. I'm keeping my regular current account as a 'personal' account for spending and my savings accounts for money I want to keep completely segmented but in due course I'll probably add a Starling business account when they open it up to sole traders and keep the personal account.

@hippy
Likewise any time you're handed a card reader in a shop and it offers you local currency or GBP then choose the local currency. The GBP rate they'll be offering is guaranteed to be crap whereas Monzo/Revolut etc will use the exchange rate of the day.

I'll just have to remember that. I also need to get some local currencies (USD, EU, etc) for non-card transactions and any tipping, etc.

I got caught up in the TSB cluster fuck, and then locked out of my account and my card frozen due to some spurious fraud flag.... so I switched to First Direct.

My christ. First Direct's internet banking and app offer is fucking appalling.
What a 90s cluster fuck of half designed half thought through bit of useless functionality.

Been using the Monzo card as a top up/back up ting for a year but have just gone full gas and had my salary switched into it.

Let's see.

https://11fs.com/blog/worlds-first-smart-bank-monzo-release-ifttt-integration/

Interesting...

Could one tie this to Strava to allocate a certain amount of spending money on bikes per mile ridden or something? Don't ride your bike? No new frame for you.

The 30 day rolling withdrawal limit always annoys me - hit limit on Revolut premium €400 on 2nd and going to Berlin on 29th but then won’t be abroad again until September.

*by limit I mean withdrawals with 0 fees

I don't actually mind the First Direct online/app experience but that may be because I've been with them for a long time now (in modern banking terms)...

I have a monzo current account but only because I felt forced - would have kept it as it was. That said, I might make the full switch in the future, we'll see...