Monzo/Starling Banking/Revolut

[englishpremier]

One aspect that annoys me about all of these accounts (and I have them all). Is app updates.

For some reason they think it's ok have crappy little updates or add new features most people are never going to use (fair enough), and then force you to update. If you accessing your account on a limited network downloading a 150mb (some are that big) doesn't work.

It's not like you are given much notice either. If you travel often or for longer periods, you can easily download the update before you go, but then get caught out whilst abroad.

IMO updates should only be forced for critical security events. This isn't unique to banking apps, but it the affects are more severe with them.

 

[Diddums]

One aspect that annoys me about all of these accounts (and I have them all). Is app updates.

For some reason they think it's ok have crappy little updates or add new features most people are never going to use (fair enough), and then force you to update. If you accessing your account on a limited network downloading a 150mb (some are that big) doesn't work.

It's not like you are given much notice either. If you travel often or for longer periods, you can easily download the update before you go, but then get caught out whilst abroad.

IMO updates should only be forced for critical security events. This isn't unique to banking apps, but it the affects are more severe with them.

Starling has never forced or asked for an update on Android. I just updated it manually now.

 

[Jimbeam3678]

One aspect that annoys me about all of these accounts (and I have them all). Is app updates.

For some reason they think it's ok have crappy little updates or add new features most people are never going to use (fair enough), and then force you to update. If you accessing your account on a limited network downloading a 150mb (some are that big) doesn't work.

It's not like you are given much notice either. If you travel often or for longer periods, you can easily download the update before you go, but then get caught out whilst abroad.

IMO updates should only be forced for critical security events. This isn't unique to banking apps, but it the affects are more severe with them.

That is modern day software development, smaller sized releases more frequently is less risk than the old big bang release.

As Diddums said I've never don't been able to access a banking app because I haven't updated it.

 

[englishpremier]

That is modern day software development, smaller sized releases more frequently is less risk than the old big bang release.

As Diddums said I've never don't been able to access a banking app because I haven't updated it.

Yep, it's fine, just bad practice to force it upon users unless there is a substantial reason like a security threat. At some point (I travel often) I have been unable to access all of them except for Revolut. Monzo and Tide have been the worst. Barclays were terrible for this too but at least you could log in online. I cant see a good reason for it since nearly all of the features/functionality and changes should be back end. The app is basically just a secure UI.

Another thing about this is that on iOS sometimes you don't get the very latest app. It's like it takes time to propagate. You might see an update and install it, only to then find out it's not the latest one. This has happened to me on iOS a few times (not with banking apps but with other software).

 

[randomshenans]

Revolut changed their layout completely in this latest update. I didn't know where anything was! I don't mind updates but a bit of a heads up would be nice when you load the new app maybe.

 

[Maccy]

Revolut changed their layout completely in this latest update. I didn't know where anything was! I don't mind updates but a bit of a heads up would be nice when you load the new app maybe.

I never use Revolut anymore, but just had a look at the app and I actually prefer it - looks much fresher!

 

[randomshenans]

I never use Revolut anymore, but just had a look at the app and I actually prefer it - looks much fresher!

I do agree, I prefer it like this and makes more sense than it did before but it's quite different when you load it so wasn't sure where to go for things.

 

[Feek]

So now money comes into the account you can auto schedule to drop it into a pot and then DD's get taken from that pot.

I've got a payment coming in tomorrow which will be repeating every couple of weeks. Is it possible for me to configure it so that that payment goes straight into a pot? I don't want DDs taken from that pot, I just want this money to automatically drop into a specific pot. Can I do that and if so, how?

 

[Diddums]

I never use Revolut anymore, but just had a look at the app and I actually prefer it - looks much fresher!

Same. Ever since I read about all their shady shenanigans I dropped off sharpish.

 

[englishpremier]

I still use Revolut. It works well when paying into foreign bank accounts. It is also a method of getting around Starlings 0.4% fee when transferring from your GBP account to your Euro account. Instead transfer from GBP to Revolut, do the conversion, then transfer Euros to the the Starling Euro account. All done in a couple of mins, so limited risk.

 

[enigma27]

I've got a payment coming in tomorrow which will be repeating every couple of weeks. Is it possible for me to configure it so that that payment goes straight into a pot? I don't want DDs taken from that pot, I just want this money to automatically drop into a specific pot. Can I do that and if so, how?

Doesn't look like it as its based on moving an amount of cash rather than specific incoming payment

 

[Diddums]

paying into foreign bank accounts.

Can you elaborate on this please? We're frequently sending money to South Africa at the moment and anything to reduce the fees would be very welcome!

 

[Maccy]

Can you elaborate on this please? We're frequently sending money to South Africa at the moment and anything to reduce the fees would be very welcome!

You can use Revolut to send money to almost any foreign bank, just need the relevant details. Create an account in the relevant currency, I'd guess SA Rand in your case, transfer from GBP to RSA and then you can do a bank transfer from RSA to another RSA account.

 

[Jimbeam3678]

Decent blog post explaining why these type of banks exist and what their alternative end cash out game could be
https://www.leveris.com/insights/what-can-spacex-tell-us-about-banking/

 

[englishpremier]

Decent blog post explaining why these type of banks exist and what their alternative end cash out game could be
https://www.leveris.com/insights/what-can-spacex-tell-us-about-banking/

Only one sentence in that mentions any kind of end game. Not that there has to be any end game or cash out at all, especially since the likes of Revolut are already profitable.

The article seems to be aimed at US audience, and I can't see how it sheds much light on anything. I don't find it particularly useful, meaningful, or even reflective of the UK banking market.

 

[Jimbeam3678]

Only one sentence in that mentions any kind of end game. Not that there has to be any end game or cash out at all, especially since the likes of Revolut are already profitable.

The article seems to be aimed at US audience, and I can't see how it sheds much light on anything. I don't find it particularly useful, meaningful, or even reflective of the UK banking market.

Guess lockdowns got you bad

It didn’t tell me anything I didn’t already know, I did think some others who aren’t as interested in the sector might find it interesting.

 

[Deleted member 651465]

Is anyone else using IFTTT with Monzo?

There’s some good applets available such as rounding up spending to the nearest 10p, 50p or £1 (bit more granular than the built in option), saving when you hit an exercise goal and saving card payments to a spreadsheet if that’s your thing.

The £1 a day saving challenge (goes up +£1 every day of the money) is also a cool gimmick, if you wanted to save some extra cash without thinking about it.

Being full Monzo for a while it’s the little improvements and integrations which keep it fresh

 

[Marky]

I'm tempted to chuck my bank account in and throw all my money into my Revolut account. Would that be silly?

I've seen people stick their noses up at Fintech banks like Revolut and Monzo etc. Has the opinion changed?

 

[Feek]

Is anyone else using IFTTT with Monzo?

There’s some good applets available such as rounding up spending to the nearest 10p, 50p or £1 (bit more granular than the built in option), saving when you hit an exercise goal and saving card payments to a spreadsheet if that’s your thing.

The £1 a day saving challenge (goes up +£1 every day of the money) is also a cool gimmick, if you wanted to save some extra cash without thinking about it.

Being full Monzo for a while it’s the little improvements and integrations which keep it fresh

I already have a pot (called 'stash') which I transfer £1 day into, don't think I could afford to increase that by a pound every day though.

I like the roundup feature where all the 'change' goes into a pot, I put that into the same pot my £1/day goes into and it's hidden (and locked) so I really have no idea exactly how much is in there.

I'd love to have my balance always rounded, so if someone transfers me [say] £4.49, the 49p goes into my stash pot automatically. Can I do that by IFTTT?

 

[englishpremier]

Guess lockdowns got you bad

It didn’t tell me anything I didn’t already know, I did think some others who aren’t as interested in the sector might find it interesting.

haha, not really. I get to chill and eat breakfast with wild turtles.

It's just pretty much most things in the press especially the industrial press were already talking about this a couple of years ago. Especially with BBVAs huge state in Atom, and a little more recently Starling as being a potential take over target given that it is already consulting with traditional banks, supposedly to help them with their tech.

I work loosely in finance so fair enough I do probably read around it a little more. You're right no harm, if others find value in the article, so I'll wave my white flag now.