I work within financial crime for a challenger bank and the one point I'd make is that the large majority of complaints centre around freezing of funds, with the large majority of these coming from mules/fraudsters which is a massive problem for the smaller financial institutes as they are the biggest target of this kind of activity relating to money laundering, which you did briefly touch on. It is worth mentioning though as someone who doesn't work in the industry may not be aware of this.
Spot on, I’ve also put a link in the description to Monzo’s explainer on why they (and every bank) freeze accounts from time to time. And quite right, the overwhelming majority of the time these frozen accounts are being used by fraudsters. Thanks for watching! 👍
@@o1iversmith Love the vids. I was very pleased when you added that caveat to the articles put out by MSM surrounding blocked accounts. Quite often when searching any fintechh company on Google you'll see an overwhelming amount of reviews claiming funds were wrongly frozen, but the reality is we are massive targets and rightfully in most cases freeze victim's funds in these accounts. Goodluck on reaching 10k+ :)
At least Barclays or Lloyds or HSBC banks have a branch to go if anything happens to your money ...How about Monzo or Starling where shall I find them if they suddenly vanish ???
I am from England....I have been living in the south of Spain for years now....I miss the UK but that weather behind...I certainly do not haha. Great video by the way. Very informative and unique angle.
I'm in Canada and will be moving to the Philippines next year. I use companies such as Wise (Monzo/Revolut isn't available here). I do business with about 6 fin tech companies and a few banks and I always wonder what might happen if one of these smaller fin tech companies goes bankrupt? I really don't want the hassle of thousands of dollars vaporizing when I am in south east Asia. I guess it's a chance we take when the world is teetering on global insolvency.
Those stories certainly shook people's trust in Monzo, not an easy one to recover from, especially as Monzo's hands are tied with what they can say about the closed accounts...
Im the same as you but I don't trust Monzo because they might be out of business soon because they have lost a lot of money this year and the year before
Ive had the opposite affect Starling declined our joint account after years of being a customer and they froze the account but couldnt tell us why, so we moved to Monzo and First Direct and had a great experience with them instead
I work within financial crime for a challenger bank and the one point I'd make is that the large majority of complaints centre around freezing of funds, with the large majority of these coming from mules/fraudsters which is a massive problem for the smaller financial institutes as they are the biggest target of this kind of activity relating to money laundering, which you did briefly touch on. It is worth mentioning though as someone who doesn't work in the industry may not be aware of this.
Spot on, I’ve also put a link in the description to Monzo’s explainer on why they (and every bank) freeze accounts from time to time. And quite right, the overwhelming majority of the time these frozen accounts are being used by fraudsters. Thanks for watching! 👍
@@o1iversmith Love the vids. I was very pleased when you added that caveat to the articles put out by MSM surrounding blocked accounts. Quite often when searching any fintechh company on Google you'll see an overwhelming amount of reviews claiming funds were wrongly frozen, but the reality is we are massive targets and rightfully in most cases freeze victim's funds in these accounts. Goodluck on reaching 10k+ :)
At least Barclays or Lloyds or HSBC banks have a branch to go if anything happens to your money ...How about Monzo or Starling where shall I find them if they suddenly vanish ???
Ive got a monzo accou t but ive not used it , it feels weird not being able too speak to somebody face to face
I am from England....I have been living in the south of Spain for years now....I miss the UK but that weather behind...I certainly do not haha. Great video by the way. Very informative and unique angle.
As someone who is currently seeking a new bank this is terrific information, thank you. Duly liked and subscribed.
Loving the VHS effect at the end
I've been a customer with Starling bank last 2 years & I've never had any problems with Starling bank
I'm in Canada and will be moving to the Philippines next year. I use companies such as Wise (Monzo/Revolut isn't available here). I do business with about 6 fin tech companies and a few banks and I always wonder what might happen if one of these smaller fin tech companies goes bankrupt? I really don't want the hassle of thousands of dollars vaporizing when I am in south east Asia. I guess it's a chance we take when the world is teetering on global insolvency.
I am a big fan of Chase, so far so good
The deposit guarantee only applies to sterling deposits up to £85,000 so (I assume) would not protect any euro deposits in a Starling account...
Awesome vid:) you’re easily going to get up to 10K subs and much more:))
Thanks Coldcity! Hope so🤞
I trust Starling, but definitely don’t trust Monzo with their closing of customers accounts lol
Those stories certainly shook people's trust in Monzo, not an easy one to recover from, especially as Monzo's hands are tied with what they can say about the closed accounts...
Im the same as you but I don't trust Monzo because they might be out of business soon because they have lost a lot of money this year and the year before
Ive had the opposite affect Starling declined our joint account after years of being a customer and they froze the account but couldnt tell us why, so we moved to Monzo and First Direct and had a great experience with them instead
Is keeping £20,000 on sterling safe?
🎉🎉Excellent🎉🎉🎉
informative
Hi
Great video
Hi...
Can a UK tourist open Monzo Account and can he keep the Account after his Visit to UK?
After one left UK?
Please answer...Thank You.
you ned a UK form of ID. If you have a UK passport or driving licence then yes.
Thanks Ben.