Euro kicking pound sterlings ass

[muppet]

I mentioned revolut here a few months back. Great service but it does have its drawbacks and risks. As a start-up, their support is awful.

I am amazed how easy it is to set up and use. For example, I tried twice to set up an online share dealing account and every time I just got pissed off with AML procedures and never quite get there. But there is none of that on this App.

What drawbacks & risks should I be worried about?

[screenexile]

Hard to know really about Brexit. . . surely a yes vote gives sterling and the euro strength and a no vote tanks both.

I think though Sterling has a lot to gain from a yes vote in terms of trade with the Eurozone and it should propel Sterling back to a €1.30-€1.35 rate as it was a few months ago before the vote was called.

[muppet]

Hard to know really about Brexit. . . surely a yes vote gives sterling and the euro strength and a no vote tanks both.

I think though Sterling has a lot to gain from a yes vote in terms of trade with the Eurozone and it should propel Sterling back to a €1.30-€1.35 rate as it was a few months ago before the vote was called.

That would be what I am betting on.

[screenexile]

Hard to know really about Brexit. . . surely a yes vote gives sterling and the euro strength and a no vote tanks both.

I think though Sterling has a lot to gain from a yes vote in terms of trade with the Eurozone and it should propel Sterling back to a €1.30-€1.35 rate as it was a few months ago before the vote was called.

That would be what I am betting on.

You'd be better off putting it on trap 6!!

[Ulick]

Have a couple of properties for sale in Belfast a the minute with a view to converting the cash into Euro to purchase in the south and have been glued to the rates for the past couple of months. Can't see the £ getting over €1.27 again until after the referendum and may even fall to €1.10 or so if the No camp start to take a big lead. On the other side, the 3rd Greek bailout has stalled so hopefully that might put downward pressure on the Euro to keep the £ at least in the €1.20-1.25 range. I've been trying to time my sales for completion after the referendum and would be optimistic for close to €1.30 come end of July if the Brits vote to stay. If not I'm pretty much resigned to buying a caravan.

[gallsman]

I mentioned revolut here a few months back. Great service but it does have its drawbacks and risks. As a start-up, their support is awful.

I am amazed how easy it is to set up and use. For example, I tried twice to set up an online share dealing account and every time I just got pissed off with AML procedures and never quite get there. But there is none of that on this App.

What drawbacks & risks should I be worried about?

For a start, when I opened it there were no limits on ATM withdrawls or anything, then they brought in a fair usage policy that caps them at €650 (or its equivalent) before you've to start paying a 2% fee. There was no way the model was sustainable, so who knows what's next?

The integration of the cards isn't great yet. For example, they appear to be coded as credit cards, but aren't so can't use them for things like pre-authorisation.

Some major currencies aren't supported.

They can take an age to refund payments that haven't been successful.

I'm lucky as can use my AIB card to top up instantaneously but a lot of UB users have reported difficulties. The money appears to leave their account, is pending in Revolut and then gets returned a week or so later.

You'll lose out if doing conversions at the weekend as they drastically change their rates to cover for weekend fluctuations, often to the point that the rate offered will be worse than a standard debit card.

Most of all, they are a Fintech start up who appear to pool all their cash in one Barclay's account in the UK. Your account with them is not a bank account, so as far as I understand, your deposits aren't guaranteed. If the company goes tits up, whatever money is on your account goes with it, so don't hold large balances on it.

Don't get me wrong, it's a great service and it's particularly useful for things like online shopping abroad where you can just change the registered address. I'm planning on using it a lot in New York at the end of the year and would recommend it to anyone, but proceed with caution. There's a huge thread about it over on boards.

[muppet]

I mentioned revolut here a few months back. Great service but it does have its drawbacks and risks. As a start-up, their support is awful.

I am amazed how easy it is to set up and use. For example, I tried twice to set up an online share dealing account and every time I just got pissed off with AML procedures and never quite get there. But there is none of that on this App.

What drawbacks & risks should I be worried about?

For a start, when I opened it there were no limits on ATM withdrawls or anything, then they brought in a fair usage policy that caps them at €650 (or its equivalent) before you've to start paying a 2% fee. There was no way the model was sustainable, so who knows what's next?

The integration of the cards isn't great yet. For example, they appear to be coded as credit cards, but aren't so can't use them for things like pre-authorisation.

Some major currencies aren't supported.

They can take an age to refund payments that haven't been successful.

I'm lucky as can use my AIB card to top up instantaneously but a lot of UB users have reported difficulties. The money appears to leave their account, is pending in Revolut and then gets returned a week or so later.

You'll lose out if doing conversions at the weekend as they drastically change their rates to cover for weekend fluctuations, often to the point that the rate offered will be worse than a standard debit card.

Most of all, they are a Fintech start up who appear to pool all their cash in one Barclay's account in the UK. Your account with them is not a bank account, so as far as I understand, your deposits aren't guaranteed. If the company goes tits up, whatever money is on your account goes with it, so don't hold large balances on it.

Don't get me wrong, it's a great service and it's particularly useful for things like online shopping abroad where you can just change the registered address. I'm planning on using it a lot in New York at the end of the year and would recommend it to anyone, but proceed with caution. There's a huge thread about it over on boards.

Thanks for that comprehensive critique.

I will use it but won't put too much into it.

[gallsman]

There are a few other fintech start-ups worth exploring as well. Number26 will give you a free digital (euro) bank account that is guaranteed under German law that (currently) has unlimited withdrawls. Again, al done from an app. If you're a regular commuter in and out of the eurozone, a combination of it and Revolut would be useful.