Which bank is best for FX transactions?Revolut? Monzo? Tide?
Discussion
My business earns some income in USD and I'd like to be able to hold it in a USD account and transfer it at a time of my choosing to GBP so can I ask which of these new mobile banking apps is best for this?
I've tried Revolut out on a personal level and though their FX offering is strong, I found the fact that there is no email address and no phone number for support rather you have to do everything via their in-app chat (which sometimes don't get back to you for 7-10 days) a bit tedious.
Are Monzo just as good for FX but with proper customer service or who else is dong this well?
I've tried Revolut out on a personal level and though their FX offering is strong, I found the fact that there is no email address and no phone number for support rather you have to do everything via their in-app chat (which sometimes don't get back to you for 7-10 days) a bit tedious.
Are Monzo just as good for FX but with proper customer service or who else is dong this well?
I use WorldFirst to repatriate my EUR & USD revenues, the rates appear good. I'm not sure if they are this new wave of app-based banking through.
You can probably get cheaper but I do find them convenient because you can set it to auto-withdraw at a specific frequency or limit, so I just set and forget so I can get on with my day.
You can probably get cheaper but I do find them convenient because you can set it to auto-withdraw at a specific frequency or limit, so I just set and forget so I can get on with my day.
Sounds like you'll be too small for our full audit service, but we have a partnership deal with one of the main players, happy to refer you across. Just pm me.
Open disclosure: we'll make a few pennies on each transaction (literally pennies) but you'll get a better deal than going direct.
Open disclosure: we'll make a few pennies on each transaction (literally pennies) but you'll get a better deal than going direct.
I'm not sure I can use a TRansferwise type service. Payments come in from Amazon and need to be deposited in a bank account ready to be transferred. Can Transferwise do this? Plus, I'd like to be able to feed all transactions into our Accounting software (Quickbooks) and I don't think Transferwise can do this either.
I'm thinking of opening a Monzo account. Has anyone got one and are they good for FX rates?
I'm thinking of opening a Monzo account. Has anyone got one and are they good for FX rates?
Monzo are indeed good for FX (indeed I think they are very impressive all round) but Revolut are probably better for what you need. Monzo do everything in sterling but offer interbank rates on exchange (e.g. paying for things abroad). Revolut actually let you have a multi-currency account (I have GBP, USD, EUR and CHF). You can swap between the currencies at wholesale rates. And, most importantly for me, you can open an account in the name of your company if you use one.
The technology isnt perfect - it is harder than it should be to make international payments and they can be a bit funny when funding the account. It isnt quite the same as having a EUR account with, e.g., HSBC. But it is a LOT cheaper.
Monzo partner with transfer wise on international payments.
Andrew
The technology isnt perfect - it is harder than it should be to make international payments and they can be a bit funny when funding the account. It isnt quite the same as having a EUR account with, e.g., HSBC. But it is a LOT cheaper.
Monzo partner with transfer wise on international payments.
Andrew
After trying many FX companies over the years, I came across Revolut and found them very good for receiving / making payments in EUR. Had no requirement for helpline, so can't vouch for that. But the rates are good and it's easy to use from a mobile device. The transactions are somehow slower compared to a normal bank, but not too bad.
MrCippo said:
After trying many FX companies over the years, I came across Revolut and found them very good for receiving / making payments in EUR. Had no requirement for helpline, so can't vouch for that. But the rates are good and it's easy to use from a mobile device. The transactions are somehow slower compared to a normal bank, but not too bad.
Yup. This is where I ended up. For now.May you never need their "support" as it's fairly non-existent. I'm hoping I haven't made a pact with the devil for my £25 per month account fee.
Thank to all who contributed to this thread.
seaninog said:
Yup. This is where I ended up. For now.
May you never need their "support" as it's fairly non-existent. I'm hoping I haven't made a pact with the devil for my £25 per month account fee.
Thank to all who contributed to this thread.
Update on this (in case anyone in a similar situation finds this thread): I binned Revolut within the 14 day trial period. I simply cannot run my business bank via a company that refuses to communicate via email or phone and insists on doing everything via in-app chat where you can literally be waiting for hours or days to get a reply, assuming you can get past the Bots in the first instance that is. I fail to understand how Revolut are growing so much as I've only had negative experiences with them. May you never need their "support" as it's fairly non-existent. I'm hoping I haven't made a pact with the devil for my £25 per month account fee.
Thank to all who contributed to this thread.
For a solution I went back to TransferWise who have a "Borderless Account" as they call it. Basically you open this account and can have several different currencies within it and transfer between them all at just a 0.6% fee per transaction and the account itself has no monthly/annual fee. Amazon accept payments in there, so too will my credit card processor and Amex so in theory it's what I need.
If my experience with them turns out less than I have outlined here, I will update this thread again. Thank to all who contributed.
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