Best bank account time use? It’s not revolut!

[Silverman2U]

Hi I am interested in people’s thoughts.

I have been looking to run all my investment purchases though one bank so easy to keep track on transactions in real time. Old banks are like dinosaurs these days requiring days to see transactions. 
 

I set this up with revolut having had a great past experience. However in the last month I have had my account locked 3 times requiring me now to send my IRD statement, my last 3 pay cheques, photos of my cryptocurrency statements, and my personal bank statement! I have also had my number hacked by a “locked” URL revolute address that looked so so real. The only communication they have is by app (no computer, email, phone or website!). So after loosing a few deals I have jumped out of her back to using starling for the minute. Took the best part of 2 weeks now just to gain access to my funds again. 

My concern is that I have to prove the purchase of anything every day soon. 
 
I expect the bank to ask questions on £10-20k transactions (to a degree) but £1000k? Is that normal? What does everyone else do? 

PS. I have included screen shoots. I have never seen a bank ever do this before? 

 

[HerefordBullyun]

I have heard a lot of people say theyve had problems with Revolut. I dont think they are listed on FCSC also. But they do checks pretty sporadically Ive heard. A lot of the feeedback Ive heard hasnt been positive. So for me its an avoid, I know they are good on currency exchange - but I thing its only better if you have smaller amounts to change, when it comes to larger transactions they seem to be very intrustive and a pain. There a lot of these new fintech companies that really havent thought about thier customer care model. The problem is they are new to the banking game, as much as the mainstream banks are crooks - they are governed crooks!

[Tn21]

I have a NatWest which I will slowly wind down to minimal usage, a Monzo (where I get paid, used to be NatWest) and a revolut for spending. I often mis managed my NatWest account and often went O/D, takes a few days to show update current outgoings and in this era it's not good enough. 

 

The issues you are having with Revolut are to do with the crypto side of things?

I use revolut probably max £200 a month as I link it with my phone for google pay for food and drinks etc. Monzo is decent I have been using that for a year or so now. My pay goes into the Monzo account and so far so good with them. 

 

Only issues with these newer fin tech banks is the withdrawal limits, it's part of the reason why I will keep the NatWest account active. 

[Silverman2U]

12 hours ago, Tn21 said:

I have a NatWest which I will slowly wind down to minimal usage, a Monzo (where I get paid, used to be NatWest) and a revolut for spending. I often mis managed my NatWest account and often went O/D, takes a few days to show update current outgoings and in this era it's not good enough. 

 

The issues you are having with Revolut are to do with the crypto side of things?

I use revolut probably max £200 a month as I link it with my phone for google pay for food and drinks etc. Monzo is decent I have been using that for a year or so now. My pay goes into the Monzo account and so far so good with them. 

 

Only issues with these newer fin tech banks is the withdrawal limits, it's part of the reason why I will keep the NatWest account active. 

Yes. Agree on all points there. I think paying a wage directly into a fintech bank and then using that money only will create fewer issues. 
 

keep checking the terms on those Fin tech banks though that pay out. Starling didn’t and now they have cut this right back claiming it’s the result of bank if England dropping the rate. If Monzo hasn’t done it already it won’t be far off.  

[silvernewbie]

I use revolut for crypto and holding fx never had an issue yet, but crypto should be out the banking system hence going to use hardwallet

[Goldfinga]

5 minutes ago, silvernewbie said:

I use revolut for crypto and holding fx never had an issue yet, but crypto should be out the banking system hence going to use hardwallet

Can you transfer crypto from revolut to a hardwallet? I only have a couple of quids worth of Bitcoin in my revolut account, but i thought you couldn't transfer it anywhere and you can only exchange it or trade with it inside revolut? I could be wrong.

[silvernewbie]

19 minutes ago, Goldfinga said:

Can you transfer crypto from revolut to a hardwallet? I only have a couple of quids worth of Bitcoin in my revolut account, but i thought you couldn't transfer it anywhere and you can only exchange it or trade with it inside revolut? I could be wrong.

nope no transfers which is the problem its like a tracker, but good way of getting price exposure

i would sell it and buy from coinbase before transferring to hardwalet

[johnno]

I love monzo! I have been full monzo for nearly two years and they are great

[649tom]

Switches my current account to Monzo. Loving the UI. Get paid tomorrow so let's see how that goes. I've set up a load of schedule payments and pots. Along with my standing orders and direct debits. 

If I'm not back here complaining by the end of next week then you know it's working lol

I wouldn't use monzo for buying, selling PMs though. Not the way I used to do it. They'd block my account straight away lol