Monzo / Mondo / Revolut banking

Oh. It worked for me, not a subscriber

Edit: or even logged in, that column is not paid-subscriber-exclusive (what do you call that, a registrationwall?)

Ah I just had to sign up and it worked.

Interesting read but not really anything new.

Yes, but it's a counter to comments on the last couple of pages about them making money on transaction fees

Monzo have reintroduced their £5 signup bonus, if anyone's not joined yet.
https://join.monzo.com/c/31dpgx9 (my referral link)

Looks like Revolut have been hacked.
Looks like they're hoping the majority of their customers won't notice
https://techcrunch.com/2022/09/20/revolut-cyberattack-thousands-exposed/

Ffs, thanks for posting

interesting. A couple of days ago I got a couple of payment requests from Revolut followed by an eBay payment request, all within about 20mins.
Declined them all from the Monzo app and cancelled the card. Assumed someone had managed to get hold of my Monzo details but maybe it was via my Revolut account (and I'd have used Monzo to top that up).

Ah well. card cancelled anyway and new one arrived today.

Monzo turning the screw on this. Do you legally have to supply your salary, job details and tax residency info to a bank?

1 Attachment

Monzo/banks have an obligation to do “Know Your Customer” to avoid money laundering. They historically had very lax rules which meant they could sign anyone up but got slapped in the end of July for breaches. I think they’re moving to tighten up to avoid further slapping.

That's obviously the way they've decided to do their KYC. You may not legally have to provide it (they could employ other routes) but if you refuse they can drop you as a customer as not passing their vetting.

They aren't the only one asking for similar details. If you want to avoid it you've probably got a better chance with a traditional bank where you can open an account in branch.

Legally, you don't have to give them anything. But Monzo are also not legally bound to give you a bank account, and can decide who to give accounts to based on the risk. And Know Your Customer / Anti Money Laundering (KYC/AML) regulations say they should ask for proof of ID.

They historically had very lax rules which meant they could sign anyone up but got slapped in the end of July for breaches.

Agile product development innit

Okay thanks all. Am sure my data is all over the place these days so not sure why this particularly bugs me, but don’t see why I should have to confirm my employment status etc.

I’ll fold no doubt.

If you want to avoid it you've probably got a better chance with a traditional bank where you can open an account in branch.

They are moving to similar methods: https://www.hooyu.com/h/natwest-launches-its-new-digital-account-opening-journey-powered-by-hooyu-identify/

Monzo asking here for salary etc probably means they can't infer sufficient info from other sources, i.e. @greeno has a small 'digital footprint'.

For some reason monzo are denying me a business account (into my second year as a sole trader and need to make it easier to do taxes at year end)
Whave a personal account with them, so thought it’d be pretty simple to get one from them.
What are my monzo alternatives? Starling? tide? Also does anyone have any recommendations or stay away froms?

Thanks

I couldn’t get a business account with Starling for my tri club as we’re a charity rather than ltd. Think you need details on companies house

I have Tide for my one-person company. Seems fine to me. You pay per payment out, so it might not be economical if you are making many small payments.

Monzo's UI/UX has gone a bit over the top with tracking spending, hasn't it?

Balance, spending and target trackers which can be tailored to apply to one or more accounts, as well as the old budget tracker, which is only per account.

Feels like it should really show only your preferred one or two methods...

Also, weren't these premium features until now?

Hey @chez_jay is this your personal thread dude ? ;-)

No, I'm just at a very loose end

FWIW I have a Monzo account. i like it

Anyone tried or used mettle? Had a look and it seems like just the online only business account I’m looking for..

Anyone able to see Alerts in Revolut at the moment?

Nevermind, seems fine now.

Anyone given ekko a go?

I've found the Chase app and easy acess savings pretty good and I sweep my salary into it @ 3.1% and drop it back into my First Direct current account as bills go out.

Also 1% cashback on their debit card for 12 months and a round-up account that rounds debit card spend up to nearest pound and puts it in an account at 5%