Revolut "Open Banking" Revolution

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Forums › Finance and wealth management › Revolut "Open Banking" Revolution

geek4me

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#224022 29-Oct-2017 12:27

I like the idea of Open Banking to reduce bank fees when exchanging money. Revolut may be coming to NZ soon according to the stuff article https://www.stuff.co.nz/business/money/98222629/nz-prepares-to-join-the-open-banking-revolution I have signed up. Sounds like a great way to do currency conversions.

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#1892110 29-Oct-2017 12:39

It doesn't explain how it saves you money when transferring funds though.

From what I can gather it just collates all your bank account details from various banks into one user interface so, for example, if you have accounts with kiwibank and anz then you wouldn't have to open their individual banking apps to see the balances.

I suppose you could have a high interest bearing account with Rabobank and your day to day account with Westpac and transfer the funds across when you need it but even with the intraday processing nowdays it's still not instant between banks.

geek4me

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#1892116 29-Oct-2017 12:53

I'm more interested in the foreign currency conversion cost savings than accessing all NZ bank accounts from one app but that will be useful too.

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cokemaster

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#1892131 29-Oct-2017 14:32

After reading that article, I’m not too sure what they can offer that HSBC can’t. I already don’t pay ATM (free for any nz atm) fees and international access is pretty much free with the ability to open foreign accounts and transfer money between them without fees.

I also have a brilliant relationship manager who makes sure everything is taken care of... would not be willing to give that level of service up.

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#1892140 29-Oct-2017 14:49

cokemaster: After reading that article, I’m not too sure what they can offer that HSBC can’t. ...

Potentially a lower cost to entry? According to this "Everyday banking account" , and I quote, "Non-Premier customers require a minimum opening balance and ongoing balance of NZD50,000". Ouch!

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cokemaster

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#1892190 29-Oct-2017 17:30

I forgot about that - with Premier you don’t need to worry about per account minimum balances but there are minimum banking requirements. I agree that it’s a premium solution. They tend to have better mortgage rates too.

With the main NZ banks - all of them offer free checking/online saving accounts and free EFTPOS/same bank ATM access. I guess my only bug bear is that I have 5x banking apps. It’s just a case of mixing and matching. If something offical came up that allowed me to have a single view - I’d probably use it but anything not approved by the banks is a step to far for me.

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#1892405 30-Oct-2017 09:11

cokemaster: ... I guess my only bug bear is that I have 5x banking apps. It’s just a case of mixing and matching. If something official came up that allowed me to have a single view - I’d probably use it but anything not approved by the banks is a step to far for me.

Maybe we should try to convince www.pocketsmith.com, the budget rethinkers, to be even more involved in your finances & do a unified banking interface?

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#1892454 30-Oct-2017 10:03

Revolut is massive in Europe. When I was living in Dublin anyone who regularly bought items online in Sterling or US Dollars used a Revolut card. The exchange rates offered always bettered either the merchants or your own bank. As per the article it could be as much as 3% savings is most instances.

Pumpedd

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#1892500 30-Oct-2017 11:15

Aussie Government was meant to be doing a full blown investigation into their banking companies..but it doesnt seem to have come to much.

frankv

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#1892524 30-Oct-2017 11:51

geek4me:

I like the idea of Open Banking to reduce bank fees when exchanging money. Revolut may be coming to NZ soon according to the stuff article https://www.stuff.co.nz/business/money/98222629/nz-prepares-to-join-the-open-banking-revolution I have signed up. Sounds like a great way to do currency conversions.

"... which isn't even a bank."

This is enough for me. If it doesn't have the same safeguards as a real bank, then it's not having my money.

robcreid

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#1892562 30-Oct-2017 12:44

Users will give Jude permission to access their banking details by effectively handing over their bank credentials, which is technically in breach of bank terms and conditions, something that has been happening in places like the US, where there is no regulated open banking regime.

"Yes, it's a breach of banks' terms and conditions, but banks don't really care," Lynch says.

If they do, there's precious little they can do about it.

What could possibly go wrong.

SepticSceptic

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#1892623 30-Oct-2017 14:26

robcreid:

Users will give Jude permission to access their banking details by effectively handing over their bank credentials, which is technically in breach of bank terms and conditions, something that has been happening in places like the US, where there is no regulated open banking regime.

"Yes, it's a breach of banks' terms and conditions, but banks don't really care," Lynch says.

If they do, there's precious little they can do about it.

What could possibly go wrong.

We already have Poli that has that kind of unauthorised bank access ?

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mdf

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#2132424 23-Nov-2018 09:37

Revolut now seems to be soft launching in NZ. Early access sign up is available at: https://www.revolut.com/nz/

Seems like an awesome idea, though will be interested in the fine print and the pricing (current pricing page seems to be in Euros and refers to UK bank accounts).

keepitwarm

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#2132469 23-Nov-2018 09:56

mdf:

Revolut now seems to be soft launching in NZ. Early access sign up is available at: https://www.revolut.com/nz/

Seems like an awesome idea, though will be interested in the fine print and the pricing (current pricing page seems to be in Euros and refers to UK bank accounts).

They have been soft launching for months, im currently in line 3239 on the app, with 1220 behind me, and hasn't shifted yet.

.............................................................

simple logic.

mdf

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#2132573 23-Nov-2018 11:44

keepitwarm:
mdf:

Revolut now seems to be soft launching in NZ. Early access sign up is available at: https://www.revolut.com/nz/

Seems like an awesome idea, though will be interested in the fine print and the pricing (current pricing page seems to be in Euros and refers to UK bank accounts).

They have been soft launching for months, im currently in line 3239 on the app, with 1220 behind me, and hasn't shifted yet.

Thanks for this. Shows I'm out of the loop!

taneb1

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#2132588 23-Nov-2018 12:02

They are hoping for an early 2019 launch according to their twitter - https://twitter.com/RevolutApp/status/1065198119338590209

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