What challanger banks to open?

13
Posted 10th Jun
Hi,

I am looking at opening challanger bank(s) but confused as to which one to open? I am not primarily looking to have this as the main bank account, some stuff, I am looking for are;

1. Ability to create virtual cards, preferably Mastercards.

2. Ability to buy, hold or sell different currencies.


Thanks.
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13 Comments
Hi,

What you want is Revolut premium, what is recommended to have is Starling.

Regards
rainbowwheel10/06/2020 11:21

Hi,What you want is Revolut premium, what is recommended to have is …Hi,What you want is Revolut premium, what is recommended to have is Starling.Regards


Why?
IamMT10/06/2020 11:44

Have you looked at the two options suggested...


I have, I sort of understand startling is suggested due to UK FCSA protection but it doesnt offer the other features I am after.

I guess I'll revise my post a little to make it a bit more clearer
The main point is why have 1 bank account? No one will have all the features. Revolut is great as it’s not a current account it’s a prepaid card. Where as starling is an actual account. Monzo also has features. Lots of other banks as well.
Adam_Khan1Tc10/06/2020 11:47

I have, I sort of understand startling is suggested due to UK FCSA …I have, I sort of understand startling is suggested due to UK FCSA protection but it doesnt offer the other features I am after. I guess I'll revise my post a little to make it a bit more clearer



Cool. Revolut looks like what you're after with the caveats you're aware of, note impending changes: hotukdeals.com/dis…751

However, I have the free account & it does allow me to have virtual cards, so possibly worth getting & trying with low deposits...
IamMT10/06/2020 12:12

Cool. Revolut looks like what you're after with the caveats you're aware …Cool. Revolut looks like what you're after with the caveats you're aware of, note impending changes: https://www.hotukdeals.com/discussions/new-charges-for-revolut-announced-3481751However, I have the free account & it does allow me to have virtual cards, so possibly worth getting & trying with low deposits...


Are there other cards that allow virtual cards that you have or are aware of?
Adam_Khan1Tc10/06/2020 12:16

Are there other cards that allow virtual cards that you have or are aware …Are there other cards that allow virtual cards that you have or are aware of?



I'm sure there are - but I haven't personally used any others, sorry.
Edited by: "IamMT" 10th Jun
IamMT10/06/2020 12:29

I'm sure there are - but I haven't personally used any others, sorry.


No worries, thanks for the help.
Adam_Khan1Tc10/06/2020 11:47

I have, I sort of understand startling is suggested due to UK FCSA …I have, I sort of understand startling is suggested due to UK FCSA protection but it doesnt offer the other features I am after. I guess I'll revise my post a little to make it a bit more clearer


In addition to standard sterling UK Mastercard, Starling also has a Euro account option starlingbank.com/cur…nt/
AndyRoyd10/06/2020 14:05

In addition to standard sterling UK Mastercard, Starling also has a Euro …In addition to standard sterling UK Mastercard, Starling also has a Euro account option https://www.starlingbank.com/current-account/euro-bank-account/


Any thought on transferwise, not for main banking, but to exchange and hold currencies?
I thought Revolut now issue Visa cards only?
Adam_Khan1Tc10/06/2020 14:11

Any thought on transferwise, not for main banking, but to exchange and …Any thought on transferwise, not for main banking, but to exchange and hold currencies?


More currencies than Revolut but higher fees. But Revolut is also raising fees / reducing free limits on the free accounts from August, so please check.
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