Monzo / Mondo / Revolut banking

Given revolut now let you also do sharetrading and crypto trading,I expect many users have more than a hundy loaded on

Oh, and I didn’t open an ISA, I just use one of the regular saving pots with interest as you can continually add / withdraw whenever you want (1 day notice for withdrawals)

You could've moved to First Direct or Santander, got £100 free and then still moved to Monzo :) Better than pittance interest rate increases.

All very true indeed. It was more for the functionality really.
But if I made sensible financial decisions, I wouldn’t be riding bikes!

Riding bikes IS a sensible financial decision.

I have a revolut account and was wondering if the international health insurance that comes with premium/metal was worth it. Will probably be doing a few snowboarding trips this winter so will be a good idea to have some kind

I just bought some AUD on Revolut because the exchange rate is good (aka less shit than normal, thanks Brexit).

Can my missus do the same on her Monzo?

No

What I’m learning from this is I should have a monzo and a Revolut

I reckon this factor was what swayed me to Revolut instead of Monzo.
Ok, well I've got some forrun currency on my card while GBP is strong - she can get some cash or something from the PO.

But, but, you get a nice pink card....

She can still withdraw £200 when she is there without any charges, then payments on her card are at the MasterCard rate with no additional monzo charge.

Plus pound will rocket next week with Bojos mega deal

I know, the point is, the exchange rate is good now.

The pound might jump if Brexit is fucked off into space.

Monzo taking a few hits on the one show tonight

Is Revolut evil or not?

https://en.m.wikipedia.org/wiki/Revolut

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Anyone care to explain how the budget function works on Monzo, I can't get my head around it. Although it may be because I started using it in the middle of the month.

You can set it for any day.

I don’t bother categorising everything, I just do one overall budget amount

Note any payment you make or receive will be counted, but you can choose to ‘exclude from summary’ if you don’t want it to

So all i'm budgeting on there is my 'fun money' to an extent. As all my bills (phone, internet, mortgage) are already classed as committed spend?

Yeah that’s basically what I do. Rent and bills committed, everything else budget. I just set my overall spend amount and forget the categories

On the ‘summary ring’ screen you can click on ‘this period’ top middle, and set the date. I coincide mine with payday as day one

I do still categorise my payments though just to see what I’m spending on. I use the smiley face entertainment category for booze only. It’s quite scary how quick that one can add up. But I don’t touch the budgets. I just want to know if my overall monthly spend is on track as im going.

At the end of the month I then transfer any surplus into a savings pot. Wish I had Monzo when I was in my 20s...

I quite like the idea of having the overall spend amount. I think sticking it to categories seems like a lot of work at this stage when I'm just trying to understand where my money is going...

Equally transferring it at the end of the month seems like a great idea.

One last one - do you movements into other pots count as part of the budgetted non committed spending? For example when I get paid I automatically transfer over £30 to pay for my six monthly car tax, does that need to be expressed as part of the budget?

Wish I had Monzo when I was in my 20s...

Well I've got it, albeit at the end...

When you transfer money to a pot, I don’t think it comes out of your budget/summary. But if does you can choose to exclude it

Unless you want to get include it? I’d just exclude and reduce your overall spending budget by £30. Ie factor it in yourself if that makes sense