Which bank is best for FX transactions?Revolut? Monzo? Tide?

[seaninog]

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?

[seaninog]

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?

[seaninog]

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]

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.

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.