Free FSCS protected Euro account
Posted: June 11th, 2019, 2:55 pm
by BobbyD
Never used Starling.
Looks like no card, so digital payments only.
Conversion charge is 0.4%.
https://www.starlingbank.com/current-ac ... k-account/
Re: Free FSCS protected Euro account
Posted: June 15th, 2019, 5:06 pm
by stevensfo
I don't see why we'd need a separate card. Revolut and Transferwise do exactly the same thing, so Starling is simply trying to keep up with the rest. The app on your phone shows you how much you have in each account and each with its own IBAN/SWIFT/UK acc. number and sort code for transfers in.
It'll be interesting to see how Starling compares with the others. The competition is growing.
Steve
Re: Free FSCS protected Euro account
Posted: June 15th, 2019, 6:15 pm
by swill453
I've not yet worked out what advantage a "challenger bank" would give me. By suitable selection of current accounts and credit cards I pay no bank charges, get cashback on purchases, get free cash withdrawals abroad at the Interbank rate, can use a credit card abroad with no charges and at the Interbank rate. And I can monitor all this instantly with apps on my phone. And naturally all money is FSCS protected.
Am I missing something I could get with Starling, Monzo etc?
Scott.
Re: Free FSCS protected Euro account
Posted: June 16th, 2019, 8:51 am
by stevensfo
swill453 wrote:I've not yet worked out what advantage a "challenger bank" would give me. By suitable selection of current accounts and credit cards I pay no bank charges, get cashback on purchases, get free cash withdrawals abroad at the Interbank rate, can use a credit card abroad with no charges and at the Interbank rate. And I can monitor all this instantly with apps on my phone. And naturally all money is FSCS protected.
Am I missing something I could get with Starling, Monzo etc?
Scott.
For someone always in the UK and abroad only for the occasional holiday, I think you're right that a traditional bank is just as good. But for those who want to be paid in other currencies and move around a lot, it may be helpful to be able to hold other currencies in their account. There are a lot of TEFL teachers around the world who use Transferwise and Revolut to receive their salary in the local currency or US dollars. They can then convert into pounds whenever they want and transfer to their main bank that has FSCS protection.
Steve