WEBVTT
00:00:00.080 --> 00:00:02.479
Okay, welcome back to another episode of Banking Without Borders.
00:00:02.640 --> 00:00:06.000
So, how does a fee of£1.49 sound to receive your own wages?
00:00:06.160 --> 00:00:10.720
Or a 2% fee to take your own money out of a cash machine and no that's not abroad?
00:00:10.880 --> 00:00:14.400
Or my personal favourite, 50 pence to check your own balance.
00:00:14.560 --> 00:00:19.600
These are real fees on real UK accounts, and today we're gonna rank the four worst offenders.
00:00:19.760 --> 00:00:22.559
But there's something quite unsettling that they all share in common.
00:00:22.719 --> 00:00:26.399
These accounts are marketed at people who think a normal bank won't take them.
00:00:26.559 --> 00:00:31.679
So they come with no credit checks, no proof of address requirements, and you can sign up in minutes.
00:00:31.839 --> 00:00:36.159
They are basically pitching accessibility for people who can't get an account.
00:00:36.240 --> 00:00:37.759
But there's a price for that inclusion.
00:00:38.159 --> 00:00:41.119
You get charged to be paid, you get charged to pay a bill.
00:00:41.280 --> 00:00:45.600
One of them even takes a percentage of your money every time it leaves the account.
00:00:45.920 --> 00:00:50.159
So basically, they the less you have, the bigger slice they take.
00:00:50.320 --> 00:00:53.280
And here's the part that genuinely got us to make this episode.
00:00:54.079 --> 00:00:58.320
Most people using these accounts think that this is their only option.
00:00:58.799 --> 00:00:59.759
This is all they have.
00:01:00.240 --> 00:01:00.719
But it isn't.
00:01:00.880 --> 00:01:05.760
Everything these providers are charging for, you are entitled to for free by law.
00:01:06.000 --> 00:01:09.200
The nine biggest banking groups in the country have to offer it.
00:01:09.280 --> 00:01:11.680
And bad credit cannot be used to turn you away.
00:01:11.840 --> 00:01:15.280
So stay to the end because we're going to show you exactly how to use this.
00:01:15.439 --> 00:01:21.439
But before we get there, Yan, four accounts, ranks least bad to genuinely staggering.
00:01:21.599 --> 00:01:22.640
Where do we even begin?
00:01:22.879 --> 00:01:34.719
Let's start with Card One Money, Johnny, which is arguably the least bad of these four, um, which is quite fascinating because the only one with a monthly fee of£12.50, but at least everything is straightforward.
00:01:34.879 --> 00:01:43.040
They're selling uh transparency here, which you know is definitely a good thing if you compare that to all of these hidden charges these other accounts have.
00:01:43.200 --> 00:01:44.480
Doesn't mean it's cheap though.
00:01:44.640 --> 00:01:54.560
To close your account, and that's my personal favorite, um, to close your account, they charge 10 pounds, um, which to be fair, um only occurs if there's still a balance on the account.
00:01:54.640 --> 00:01:56.319
But now imagine you don't know of this charge.
00:01:56.400 --> 00:02:01.120
You want to close your account because you're fed up with all of these other fees, which I'm gonna talk about very shortly.
00:02:01.200 --> 00:02:06.000
Um, they'll they'll be deducting 10 pounds off your balance uh just to refund you your money.
00:02:06.159 --> 00:02:09.039
I think that's that's harsh, that's just not right.
00:02:09.120 --> 00:02:13.039
Um, and then have an additional card holder that's also a very fascinating charge.
00:02:13.120 --> 00:02:16.240
They charge five pounds for that every single month, right?
00:02:16.319 --> 00:02:22.240
That's 60 pounds a year on top of the 12 pounds fifty that you're already paying on a as a monthly fee.
00:02:22.400 --> 00:02:24.560
Um, absolutely fascinating.
00:02:24.719 --> 00:02:26.560
Um, it's not all bad though.
00:02:26.719 --> 00:02:26.960
Okay.
00:02:27.120 --> 00:02:29.919
A few of these other fees are somewhat reasonable, in my opinion.
00:02:30.080 --> 00:02:33.439
Um, receiving money from the UK is free.
00:02:33.759 --> 00:02:34.960
Who would have thought?
00:02:35.199 --> 00:02:46.479
Um it's free here, and that's also one of the reasons why this account is uh is not ranked worse, because all of these other providers do charge for this to withdraw money from a UK ATM costs£1.50.
00:02:46.719 --> 00:02:53.120
Um to withdraw money abroad is expensive,£3 plus 2.75% on top of that.
00:02:53.360 --> 00:02:57.520
That is no surprise though, because all of these accounts are terrible travel cards.
00:02:57.599 --> 00:03:00.479
So if you're thinking about using them abroad, uh better don't.
00:03:00.560 --> 00:03:01.759
Just don't think about that.
00:03:02.319 --> 00:03:04.960
Direct debits are free, it's in that's included.
00:03:05.199 --> 00:03:06.800
Standing orders as well.
00:03:07.280 --> 00:03:10.400
And um yeah, I think it's fair, somewhat fair.
00:03:10.479 --> 00:03:10.960
Why is it fair?
00:03:11.039 --> 00:03:12.879
Because it doesn't charge you to receive money.
00:03:12.960 --> 00:03:14.319
Um, that's at least somewhat good.
00:03:14.400 --> 00:03:15.039
This is an account.
00:03:15.120 --> 00:03:22.879
If I look at the website, it's targeted towards people who have been, yeah, who've had bad financial experiences in the past.
00:03:22.960 --> 00:03:24.080
Let's call it like that.
00:03:24.240 --> 00:03:29.680
You know, they might have bad credit, they might get refused by other accounts, but um, yeah.
00:03:29.919 --> 00:03:38.800
It's it's it's even more fascinating that the only account with a base fee um targets the people who probably have the least amount of money available, isn't it, Johnny?
00:03:39.120 --> 00:03:45.280
Yeah, the the highlight of their website is that this is a banking alternative that leaves no one behind.
00:03:45.919 --> 00:03:51.120
Or at least you're gonna be left behind if you don't have£12.50 to pay the base fee.
00:03:51.199 --> 00:03:54.879
I mean, come on, like you are leaving people behind immediately when you have a base fee.
00:03:54.960 --> 00:03:57.199
It's a significant amount of money as well, Jan.
00:03:57.280 --> 00:04:06.400
Let's have a look at comparatively to like a Monzo or a Revolu account that's rich with features and products that's less than£12.50.
00:04:06.639 --> 00:04:18.240
This is a fee for apparent accessibility or inclusion or opportunity to get a banking account, which I think to many people is a desperate moment when you don't have a bank account.
00:04:18.319 --> 00:04:22.399
Possibly you've been debanked or you're trying to get one for the first time, but you're struggling.
00:04:22.560 --> 00:04:32.319
That is a desperate time for many people, and they're putting a fee or they're taking advantage of that desperation by charging£12.50 and then pretending that they don't leave anyone behind.
00:04:32.480 --> 00:04:33.600
It ruffles my feathers.
00:04:33.759 --> 00:04:37.680
I'm trying to play devil's advocate like we always do, to have a balanced opinion, Jan.
00:04:37.759 --> 00:04:45.120
I'm looking at this website, card won money, but I'm I'm seeing nothing very good, to be honest.
00:04:45.199 --> 00:04:47.439
Have you got anything positive to say about this lot?
00:04:47.839 --> 00:04:49.920
Yeah, like really positive?
00:04:50.079 --> 00:04:51.360
Not really, to be honest, Johnny.
00:04:51.519 --> 00:04:58.879
But the the the things I've mentioned that were included, like receiving money, like direct debits, like standing orders, that's somewhat positive, isn't it?
00:04:59.040 --> 00:05:01.839
But as we'll but yeah, but as yeah, but somewhat, mate.
00:05:01.920 --> 00:05:06.959
But as we're gonna get to, we're gonna discover later in the episode that those things are free.
00:05:07.120 --> 00:05:08.800
Those things aren't£12.50.
00:05:08.879 --> 00:05:13.040
So are they truly positive, or is it like trying to polish a turd?
00:05:13.439 --> 00:05:18.319
In relation to these four providers that we're comparing here today, I think this is positive.
00:05:18.399 --> 00:05:22.480
Obviously, if you compare it to the rest of the market, it's um I mean should should be taken.
00:05:22.560 --> 00:05:30.240
We should take that for granted that this is included because there are many free accounts that provide this free of charge, um, plus several other features.
00:05:30.399 --> 00:05:33.279
Um, but yeah, in relation, this is rather good.
00:05:33.439 --> 00:05:34.560
It's not the worst one.
00:05:34.720 --> 00:05:37.360
Um, there's one that's that's fascinatingly worse.
00:05:37.600 --> 00:05:39.439
Yes, this next one is quite surprising.
00:05:39.519 --> 00:05:47.120
I think those that may have followed the channel for a while now, back when we were called Monito, you would have heard, at least you would have heard me talk about this provider.
00:05:47.279 --> 00:05:49.920
Jan, you've probably written about this provider.
00:05:50.240 --> 00:06:00.959
Monies, or I think I've called them Monis previously, started by a Romanian gentleman who had the experience of coming across to the UK and struggling to open a bank account.
00:06:01.120 --> 00:06:05.759
He lived the problem that he was going to solve through Monies.
00:06:06.319 --> 00:06:16.399
This account, the philosophy is it's built for someone that may have arrived in Britain with a foreign passport, no credit file, no proof of address, and they can have a working account in minutes.
00:06:16.560 --> 00:06:24.480
That still holds with this account, Jan, but the fee structure is despicable?
00:06:24.639 --> 00:06:25.839
Maybe that's a bit harsh.
00:06:26.079 --> 00:06:26.480
I don't know.
00:06:26.800 --> 00:06:30.079
Would you what word would you use to describe their fee structure?
00:06:30.399 --> 00:06:31.439
Ridiculous, Johnny.
00:06:31.600 --> 00:06:36.000
Ridiculous, which is quite sad because initially when this account first launched, I found it quite promising.
00:06:36.160 --> 00:06:39.600
I believe um I also signed up for it like many, many years ago.
00:06:39.680 --> 00:06:42.959
Um was rather satisfied, actually.
00:06:43.040 --> 00:06:44.399
I think it was was quite fine.
00:06:44.560 --> 00:06:46.720
Um, but now it just it just yeah, it's terrible.
00:06:46.879 --> 00:06:58.160
Let's start with uh uh yeah, my my favorite bad aspects about this account, um, paying in cash, 3.5% and a minimum of three pounds.
00:06:58.240 --> 00:07:11.040
So every time just imagine, like you you arrive in the UK, you know, you might might engage in the yeah informal economy or in other ways, just just trying to survive, you know, getting paid in cash.
00:07:11.279 --> 00:07:13.360
Want to deposit that into your account, you know.
00:07:13.439 --> 00:07:16.079
Getting paid in cash, by the way, doesn't mean it needs to be illegal.
00:07:16.240 --> 00:07:24.160
You can also get paid in cash with a legal business, but you're trying to deposit that into this account 3.5% you take off that.
00:07:24.319 --> 00:07:24.639
Ooh.
00:07:24.720 --> 00:07:24.959
Yep.
00:07:25.279 --> 00:07:26.160
Fascinatingly bad.
00:07:27.600 --> 00:07:33.680
That is, that is, and we're gonna talk a bit more about paying cash fees with the other providers, and we'll use this example throughout.
00:07:33.839 --> 00:07:38.319
But if we recall, Revolute used to have cash deposits, yeah, and they were charging 1.5%.
00:07:39.199 --> 00:07:39.839
That was the one.
00:07:40.079 --> 00:07:41.360
I think we made fun of that, Johnny.
00:07:41.680 --> 00:07:42.879
Yeah, we did, mate, we did.
00:07:42.959 --> 00:07:49.199
I think the first£100 was free, which I recall saying I feel like it should be the first thousand if you want to be fair.
00:07:49.360 --> 00:07:56.560
But I appreciate that there is a cost to using paypoint, for example, because there is a human interaction, typically, I believe.
00:07:56.720 --> 00:08:01.199
Um, so there is a cost to this, but it's not 3.5% or a minimum of three pounds.
00:08:01.279 --> 00:08:02.000
It's just not.
00:08:02.240 --> 00:08:02.800
It's just not.
00:08:02.879 --> 00:08:03.759
It's profiteering.
00:08:04.079 --> 00:08:09.920
I appreciate we live in a capitalistic market or economy, people are out to make money, businesses should make money.
00:08:10.000 --> 00:08:10.560
I get that.
00:08:10.800 --> 00:08:18.800
On the back of customers that don't have very much money, and your ethos is about opportunity and inclusion.
00:08:19.120 --> 00:08:25.120
You know, these aren't wealthy clientele, this isn't a wealthy client base that monies have, I imagine, Yan.
00:08:25.360 --> 00:08:28.720
But still, these fees certainly look like they have money.
00:08:28.879 --> 00:08:31.920
I mean, let's talk about let's talk about the litany of fees.
00:08:32.000 --> 00:08:37.600
I mean, this is an international account essentially, it's for an international user, but receiving money costs from abroad.
00:08:37.759 --> 00:08:45.840
Correct me if I'm wrong, Jan, because I struggle to get my head around the fee structure here, but I'm looking at£10 a year for an annual subscription alone just to receive money.
00:08:46.080 --> 00:08:46.399
That is right.
00:08:46.639 --> 00:08:48.879
And 2% per transfer.
00:08:49.840 --> 00:08:57.919
So an international product is charging a£10 fee to be international.
00:08:58.320 --> 00:09:00.159
Um a recurring fee.
00:09:01.279 --> 00:09:04.240
Uh there's a weekend currency surcharge as well.
00:09:04.320 --> 00:09:05.279
Hello, Revolute.
00:09:05.600 --> 00:09:07.360
You're not the only one doing this.
00:09:07.519 --> 00:09:13.519
And I get that, because you know, currency markets, they're volatile and they'd have to hedge because they're not open during the weekend.
00:09:13.679 --> 00:09:15.120
But this is not a good fee structure.
00:09:15.200 --> 00:09:23.120
And again, it just highlights this opportunity that they are taking to take advantage of their clientele under the guise of being inclusive.
00:09:23.440 --> 00:09:27.120
Jan, what is your take on the future of monies?
00:09:27.440 --> 00:09:35.600
Because realistically, if we look at the history of monies in 2022, they were bought, they were HSBC essentially propped them up with$35 million.
00:09:36.080 --> 00:09:38.159
That then fell through and they were bought out.
00:09:38.320 --> 00:09:42.639
With a fee structure like this, mate, do you do you see any future in this business model?
00:09:42.960 --> 00:09:47.919
No, I think the main problem is that people who sign up for monies think they have no other choice.
00:09:48.080 --> 00:10:06.320
That's why they are willing to accept such bad fees, and then as soon as they, you know, maybe have improved their opportunities slightly by getting a better form of identification, for example, or proof of address, they would obviously switch ahead to the uh switch to the next next best bank.
00:10:06.480 --> 00:10:10.639
You know, any bank available in the UK offers better fees than this.
00:10:10.799 --> 00:10:14.559
So if you can access a regular bank account, you just go ahead and sign up for one.
00:10:14.720 --> 00:10:16.080
You don't have to stick with monies.
00:10:16.159 --> 00:10:17.200
And I think that's their core problem.
00:10:17.279 --> 00:10:19.679
And honestly, that's not sustainable if you think about it.
00:10:19.759 --> 00:10:31.679
Um to be fair, they have some some paid tiers available, Johnny, that do drop the fees a little bit, but um here we're looking at the the base tier of each of these providers, and yeah, they're just terrible.
00:10:31.919 --> 00:10:36.399
And hey, uh, you didn't mention the one pound inactivity fee at the course of the money.
00:10:36.960 --> 00:10:40.080
I was just about to get to that because I was gonna say inactivity fee.
00:10:41.039 --> 00:10:51.200
Yeah, I was gonna say to counter your comment about how that you know people will just leave as soon as they have the ability to open a bank account uh with a say one of the high street banks.
00:10:51.519 --> 00:11:00.240
Well, don't worry, monies are hedging against that because they're hoping people will go inactive and they can then charge one pound a month if you stop using their account.
00:11:00.480 --> 00:11:01.840
What are we charging for here?
00:11:02.000 --> 00:11:03.519
What are you charging people for?
00:11:03.679 --> 00:11:05.679
You know, just to hold an account on your books?
00:11:05.840 --> 00:11:08.080
Arguably that's an opportunity to market.
00:11:08.159 --> 00:11:09.360
They're still in your funnel.
00:11:09.440 --> 00:11:14.399
You know, you can still try to return that customer with r some sort of offer.
00:11:14.559 --> 00:11:16.159
Let them pay in cash for free.
00:11:16.320 --> 00:11:17.759
I don't know, but there's opportunity there.
00:11:17.840 --> 00:11:21.360
They haven't gone forever, but still they have the audacity to charge a one-pound fee.
00:11:21.519 --> 00:11:27.840
This, to me, without hanging on this for too long, Yang, strikes me as a company that is on the cliff edge.
00:11:28.000 --> 00:11:28.799
Yeah, it seems like it.
00:11:28.960 --> 00:11:31.440
This is not a sustainable fee model, it's not competitive.
00:11:31.679 --> 00:11:34.320
Yeah, the fee model is yeah, extraordinarily bad.
00:11:34.480 --> 00:11:36.480
But it's not to worse in this comparison.
00:11:36.559 --> 00:11:37.279
It definitely isn't.
00:11:37.440 --> 00:11:38.720
Monise is owned by Pocket.
00:11:38.960 --> 00:11:47.840
Pocket does have a fascinatingly worse fee model, and you you think you read through the Monise's fee model, you think it can't get any worse, you're wrong.
00:11:48.000 --> 00:11:49.679
Um, it can definitely get worse.
00:11:49.840 --> 00:11:51.919
Let's start with receiving money in the UK.
00:11:52.000 --> 00:11:55.200
That costs£1.49, which is how much is that?
00:11:55.360 --> 00:11:58.559
50-50 pence more than what Moniz was charging.
00:11:58.720 --> 00:12:00.879
Direct debits are£1.49 each.
00:12:01.039 --> 00:12:05.840
ATM withdrawals within the UK cost two pounds, at least a flat fee.
00:12:06.000 --> 00:12:09.200
And now it comes card spending abroad, 4%.
00:12:10.000 --> 00:12:10.320
Oh.
00:12:10.720 --> 00:12:10.960
£4?
00:12:11.840 --> 00:12:14.240
I don't think I've ever heard a 4% fixed fee.
00:12:14.399 --> 00:12:14.639
No.
00:12:14.799 --> 00:12:15.840
Wow, that's a new number.
00:12:16.000 --> 00:12:17.200
That's definitely the highest here.
00:12:17.360 --> 00:12:18.559
Yeah, that's diabolical.
00:12:18.879 --> 00:12:20.159
Hey, it gets worse though.
00:12:20.399 --> 00:12:21.039
Go on, go on, go on.
00:12:21.200 --> 00:12:27.519
If you decide to withdraw cash while abroad, you pay these 4% plus£2.25 as a fixed fee.
00:12:27.679 --> 00:12:29.440
Plus whatever the ATM provider is charging.
00:12:29.519 --> 00:12:31.840
So now imagine you withdraw money in Thailand.
00:12:31.919 --> 00:12:43.519
Maybe you're a um a Thai migrant who gave everything up in Thailand, moved to the UK, now just, you know, earned, saved up funds to travel back to his family, visit them.
00:12:43.600 --> 00:12:45.600
You have to take out money from an ATM.
00:12:45.759 --> 00:12:47.919
I know this is a very fictional scenario, but it could be.
00:12:48.000 --> 00:13:02.159
And I'm just bringing up that scenario because I know the ATM fee in Thailand is fixed at 220 baht per withdrawal, then you're paying these 220 baht, which is in today's money, probably£5.50 or so, something like that.
00:13:02.399 --> 00:13:09.360
And on top of that,£2.25 for pocket, and then 4% of whatever you're withdrawing.
00:13:09.600 --> 00:13:10.320
Whew.
00:13:10.799 --> 00:13:17.440
What shocks me here, and people may have picked up on this, the fees are fixed.
00:13:17.919 --> 00:13:23.600
These fees are entirely fixed, and they are layered on top of ordinary banking activities.
00:13:24.240 --> 00:13:29.440
Withdrawing money, direct debits, receiving money, spending money abroad.
00:13:29.759 --> 00:13:36.000
These fees, you know, would just be would never exist in a normal bank account.
00:13:36.080 --> 00:13:42.159
In a regular high street bank, it just doesn't exist because they they wouldn't they wouldn't get away with that type of behavior.
00:13:42.559 --> 00:13:50.399
But if you were new to the UK, perhaps English isn't your first language, perhaps you would get a little bit caught up in the terms and conditions or the plans.
00:13:50.480 --> 00:13:52.639
You might not understand it, you might not understand how it works here.
00:13:52.799 --> 00:13:56.480
Based on where you're coming from, these things might, there might be a fixed fee on these things, Jan.
00:13:56.559 --> 00:13:57.120
I I don't know.
00:13:57.200 --> 00:13:59.600
But this feels quite this is like trickery.
00:13:59.919 --> 00:14:01.840
It's very, very fascinatingly bad.
00:14:02.159 --> 00:14:07.279
Early wage access at£1.49 is an interesting offer.
00:14:07.360 --> 00:14:09.840
I suppose you are being loaned money.
00:14:10.159 --> 00:14:10.320
Yeah.
00:14:10.639 --> 00:14:13.759
So charging a fee for that's somewhat justified.
00:14:13.840 --> 00:14:20.240
And I I know there's plenty of other providers that offer the product, but most of the time it's free, right?
00:14:20.480 --> 00:14:22.159
Most of the time this is a free product.
00:14:22.480 --> 00:14:23.440
I think I think so.
00:14:24.000 --> 00:14:30.159
Pocket's founder, Jan, has described their target market as the bottom half of UK adults.
00:14:30.799 --> 00:14:35.200
20 to 22 million people is their sort of target audience.
00:14:35.759 --> 00:14:36.799
That's his framing.
00:14:36.960 --> 00:14:46.320
Um it's not a very nice way to state that um socio economic uh population of the United Kingdom, bottom to call them the bottom half.
00:14:46.480 --> 00:14:50.240
But he's essentially saying, I think, at least, that they are targeting poor people.
00:14:50.480 --> 00:14:51.679
People that aren't very well off.
00:14:52.000 --> 00:14:53.279
So we're we're targeting poor people.
00:14:53.600 --> 00:14:54.960
And those are paying the highest fees.
00:14:55.360 --> 00:15:01.519
For those that are listening, uh I apologize, but I'm gonna show up for those that are watching some visuals of their website, and I'll try to describe them.
00:15:01.600 --> 00:15:03.919
But you've got a lot of visuals of the same woman.
00:15:04.000 --> 00:15:06.080
I think she's real, she may be AI generated.
00:15:06.240 --> 00:15:07.600
She looks extremely happy.
00:15:07.759 --> 00:15:10.000
She's holding a phone, she's holding a card.
00:15:10.080 --> 00:15:13.759
It's the most staged photo shoot in in the history of the world.
00:15:14.080 --> 00:15:15.679
She hasn't seen the fee schedule, Johnny.
00:15:15.919 --> 00:15:16.799
I can I'm I'm sure.
00:15:17.360 --> 00:15:18.000
She hasn't.
00:15:18.320 --> 00:15:19.039
There's no way.
00:15:19.360 --> 00:15:21.200
Uh they've got some cashback offers.
00:15:21.279 --> 00:15:22.159
Is it worth mentioning?
00:15:22.240 --> 00:15:27.840
You can get up to 5% on top brands, 1% cash back on all other spending and direct debits.
00:15:27.919 --> 00:15:30.559
Maybe that's a way to offset the cost of the plans.
00:15:33.200 --> 00:15:33.919
Just trying.
00:15:34.000 --> 00:15:35.840
I mean, we always try to be balanced on this show.
00:15:36.080 --> 00:15:38.320
How can you be balanced reading these fees?
00:15:38.559 --> 00:15:39.759
Let's look at their trust pilot.
00:15:39.840 --> 00:15:43.360
24,000 reviews from put 4.3 stars.
00:15:43.519 --> 00:15:45.279
So some people are satisfied.
00:15:45.440 --> 00:15:46.320
What does that tell you?
00:15:46.399 --> 00:15:55.039
That either tells you that maybe a proportion of those people don't know how this works, and they are satisfied because the alternative might not be that good anyway.
00:15:55.360 --> 00:15:59.600
Um, there are some credit building opportunities here.
00:15:59.840 --> 00:16:01.519
You know, what's the general consensus?
00:16:01.679 --> 00:16:05.360
The user experience, payment, customer service are all quite good at pocket.
00:16:05.440 --> 00:16:12.080
It does worry me when you see this kind of positivity and you see those types of fees, Jan.
00:16:12.159 --> 00:16:16.879
Can someone explain to me if, you know, do they not correlate necessarily and why is that?
00:16:17.120 --> 00:16:23.840
You know, high fees doesn't necessarily impact a trust pilot score, because if the service is good, then that's okay.
00:16:24.399 --> 00:16:30.639
But I would argue that this service can't be any better than a free account, so you can't really justify the fees.
00:16:30.799 --> 00:16:35.039
Maybe someone with experience of pocket is watching this right now and could jump in.
00:16:35.120 --> 00:16:38.000
And I'd say the same for any of the other accounts that we've talked about thus far.
00:16:38.240 --> 00:16:42.480
Yeah, Johnny, let's talk about one provider that's even worse, in my opinion at least.
00:16:42.639 --> 00:16:43.519
That suits me.
00:16:43.759 --> 00:16:44.720
Suits me.
00:16:45.120 --> 00:16:49.039
Looking at the fee schedule, get the assumption that it only suits them.
00:16:50.799 --> 00:16:54.080
Outgoing bank transfers, fascinatingly expensive, Johnny.
00:16:54.240 --> 00:16:55.600
Fascinatingly expensive.
00:16:55.759 --> 00:16:59.279
They charge 2.5% of whatever you're trying to transfer out.
00:16:59.440 --> 00:17:00.879
But it's kept at four pounds at least.
00:17:01.279 --> 00:17:01.919
Oh, just imagine.
00:17:02.000 --> 00:17:06.960
Like you're trying trying to initiate a transfer, trying to get money out of the account, they're charging you for it.
00:17:07.119 --> 00:17:07.519
Wow.
00:17:07.680 --> 00:17:11.279
So the only way to get rid of it essentially is prending it with your card.
00:17:11.599 --> 00:17:11.920
Okay.
00:17:12.079 --> 00:17:12.720
Oh god.
00:17:12.880 --> 00:17:18.480
Okay, so you can open the account in three minutes with no minimum deposits, but rewards as standard.
00:17:19.039 --> 00:17:20.799
What is this marketing jumbo?
00:17:20.880 --> 00:17:24.240
So it it's saying that the account rewards you as standard.
00:17:24.799 --> 00:17:25.599
Right, okay.
00:17:25.759 --> 00:17:26.160
Let's see.
00:17:26.240 --> 00:17:27.440
Where are these rewards then?
00:17:27.599 --> 00:17:28.960
What are these rewards, Jan?
00:17:29.119 --> 00:17:34.240
The rewards are, oh, okay, they reward you with a five-pound fee if you don't pay a direct debit.
00:17:34.400 --> 00:17:37.920
I thought we'd got past direct debit fees, but we we apparently have.
00:17:38.400 --> 00:17:39.599
Let me let me just interject here.
00:17:39.680 --> 00:17:40.480
That's for every try.
00:17:40.559 --> 00:17:42.960
So you know sometimes when you cannot pay a direct debit.
00:17:43.039 --> 00:17:48.640
I've had that happen actually in the past because I forgot to update my banking details and the account was empty, that was tried to be charged.
00:17:48.880 --> 00:17:56.319
Um so when when you uh when when they uh when when when you can't pay it, when you can't pay it, they try multiple times.
00:17:56.480 --> 00:17:59.599
So every single try is being charged at five pounds.
00:17:59.759 --> 00:18:01.599
They make that clear in their fee schedule.
00:18:01.759 --> 00:18:02.720
Um that's fascinating.
00:18:02.799 --> 00:18:07.440
Now imagine the provider trying three or four times, and that's when you you notice it.
00:18:07.599 --> 00:18:09.519
Wow, you might owe them for 20 pounds.
00:18:09.759 --> 00:18:11.759
Yeah, why couldn't you pay your direct debit?
00:18:11.839 --> 00:18:13.519
Maybe you just don't have enough money.
00:18:13.680 --> 00:18:18.720
You know, maybe you just skin so you're being charged a five pound fee for being broke.
00:18:18.960 --> 00:18:26.559
When you're arguably at your most vulnerable financially, um you're probably financially vulnerable before.
00:18:26.640 --> 00:18:32.960
That's why you signed up for Suits Me in the first place, because their philosophy is that it's built specifically for migrant workers.
00:18:33.359 --> 00:18:34.400
So there's no credit check.
00:18:34.480 --> 00:18:37.440
Again, I said this already with the other accounts, there's no proof of address needed.
00:18:37.920 --> 00:18:40.480
You know, they publish this website in 14 languages.
00:18:40.640 --> 00:18:41.759
So what does that tell you?
00:18:42.160 --> 00:18:53.440
It tells you that they are just spreading an extremely wide net to capture as many foreigners or or people that are foreign to the UK as possible.
00:18:54.880 --> 00:18:58.319
And any money moving through your account, it looks like they're taking a percentage for it.
00:18:58.480 --> 00:19:03.839
Balance inquiry, 50 pence card spending abroad, 3.47%.
00:19:04.400 --> 00:19:05.440
What are these figures?
00:19:05.920 --> 00:19:09.680
3.47% for spending abroad plus£1.97.
00:19:10.319 --> 00:19:12.160
Where are these numbers coming from?
00:19:12.799 --> 00:19:13.599
From their website.
00:19:14.640 --> 00:19:16.559
You know, yeah, from their website.
00:19:16.720 --> 00:19:20.319
Someone's spitting them out in the accounting accounting department.
00:19:20.960 --> 00:19:22.000
Paying in cash.
00:19:22.240 --> 00:19:23.839
Okay, this one got me as well.
00:19:24.000 --> 00:19:25.200
Paying in cash.
00:19:25.440 --> 00:19:27.119
Again, I said I'd return to this.
00:19:27.200 --> 00:19:33.200
They want two pounds plus 1.5% to pay in cash at pay point.
00:19:33.440 --> 00:19:34.319
That is expensive.
00:19:34.480 --> 00:19:47.839
Every time you're getting, say, your salary paid in cash because perhaps you're working a car wash, perhaps you're you're younger and you're, I don't know, mowing lawns, doing landscaping, uh, getting cash from customers.
00:19:48.240 --> 00:19:52.960
You are getting a two pound plus or plus 1.5% fee every time.
00:19:53.200 --> 00:20:01.759
What bothers me the most about this is that people in this position are typically at their most desperate and they may think that this is their only option.
00:20:02.720 --> 00:20:07.680
And is it time, Yan, to maybe talk about the fact that this isn't their only option?
00:20:08.160 --> 00:20:17.359
And the UK mandates that the biggest banks have to give people, have to provide people accessibility to a current account, albeit basic.
00:20:17.680 --> 00:20:19.359
I think now is a good time to move on, Johnny.
00:20:19.519 --> 00:20:20.160
Let's talk about that.
00:20:20.559 --> 00:20:30.240
Under the payment accounts regulation of 2015, we have the likes of Barclays, the Cooperative, HSBC, Lloyd's Banking, Santander, TSB, Virgin.
00:20:30.720 --> 00:20:37.839
These are apparently nine of the largest, biggest nine of the largest banks in the UK, but you know, Monzo should probably be on this list as well.
00:20:38.000 --> 00:20:40.000
They have to provide you with a current account.
00:20:40.079 --> 00:20:43.119
And that's where you can have your wages or your benefits paid into.
00:20:43.599 --> 00:20:53.920
You can get cash in and out at a branch, you know, you can use the post office, direct debits and standing orders must exist, a debit card, online and mobile banking, everything you would expect.
00:20:54.000 --> 00:20:59.920
Now, you should be able to open one of these accounts with no credit or poor credit.
00:21:00.079 --> 00:21:03.599
But I do wonder, Jan, maybe you can confirm this.
00:21:04.480 --> 00:21:07.599
A legal resident of the UK can open one of these.
00:21:07.680 --> 00:21:12.559
But can you confirm if someone who's come to the UK and isn't fully into the system yet?
00:21:12.799 --> 00:21:13.680
Well, not necessarily.
00:21:13.759 --> 00:21:24.720
So the FCA um is quite broad with the criteria they apply here, but they do say um that they have to make it easy and have to be flexible with the terms of identification that they accept.
00:21:24.880 --> 00:21:45.759
So there could be um, and I assume that official certificates, maybe a birth certificate that you bring with you, um, certain state letters, could be a letter from the job center, um, from the uh financial institutions, could be um maybe confirmation letter from a homeless shelter, potentially, you know, whatever whatever you have available.
00:21:45.920 --> 00:21:53.039
I'll say bring that to the bank, mention the situation that you're in, and then you should be able to to get this account opened.
00:21:53.200 --> 00:21:58.880
And if you don't with one bank, try with all of the eight others before you choose one of the options that we just discussed.
00:21:59.119 --> 00:21:59.839
Yeah, well that's it.
00:22:00.079 --> 00:22:00.960
That's what I was about to say.
00:22:01.039 --> 00:22:03.359
This is genuinely one of the harder requirements, isn't it?
00:22:03.519 --> 00:22:07.359
Just proving who you are so you can get past anti-money laundering checks.
00:22:07.519 --> 00:22:11.200
A bank as well is compelled to give you an answer within 10 days.
00:22:11.279 --> 00:22:20.640
So there might be a period of time where you could still be unbanked, shall we say, which is, I think, important to say that one of these providers that we've mentioned today could fill that void.
00:22:20.880 --> 00:22:22.559
Yeah, they're relatively fast, I think.
00:22:22.720 --> 00:22:25.119
Um suits me as an example.
00:22:25.279 --> 00:22:30.079
They do mention all kinds of ID forms that they accept on the website.
00:22:30.160 --> 00:22:31.599
Um it's a complete list.
00:22:32.079 --> 00:22:37.359
I would assume that these forms of identification are also accepted within a within a legacy bank.
00:22:37.519 --> 00:22:38.720
I would assume that.
00:22:38.799 --> 00:22:43.759
Um, but they do take much longer to decide whether they want to accept your application or not.
00:22:43.920 --> 00:22:51.680
But you know, that doesn't prevent you from from just applying with several different entities and just taking whatever uh the account that that gets approved.
00:22:51.759 --> 00:22:53.359
You know, just take that instead.
00:22:53.519 --> 00:23:03.200
Um, but in the meantime, maybe if you need an account within these first 10 days, maybe then suits me as a good option, or one of these other providers, but just don't stick with them for a long term.
00:23:03.279 --> 00:23:04.720
It's it's not worth it at all.
00:23:04.880 --> 00:23:07.519
And um, there's so yeah, way better options out there.
00:23:07.680 --> 00:23:14.799
This base account or basic account that's available to everyone within the UK, even my asylum seekers, right?
00:23:15.039 --> 00:23:16.720
Um, not just settled residents.
00:23:16.799 --> 00:23:19.039
Um good good alternative.
00:23:19.279 --> 00:23:22.079
So do let us know what you think of any of the accounts we've talked about.
00:23:22.160 --> 00:23:24.000
Do you have any experience using them?
00:23:24.160 --> 00:23:27.599
And also which of their fees were most shocking to you?
00:23:27.759 --> 00:23:36.400
I don't know, Jan, if people will find it that shocking that there is a fee attached to depositing cash, for example, because cash is becoming somewhat redundant.
00:23:36.640 --> 00:23:40.319
And as a result of like the opposite of economies of scale, right?
00:23:40.480 --> 00:23:44.960
It's gonna get more and more expensive to pay in cash the less people do it.
00:23:45.119 --> 00:23:54.799
So that's a fee I could necessarily accept, but when it comes to fees like closing accounts or an activity fee, or five pounds if a direct debit is missed, I have a real hard time accepting that.
00:23:54.960 --> 00:23:57.200
And Jan, I wanted to ask you a question.
00:23:57.839 --> 00:24:07.279
As someone who's lived an expat migrant life, do you have some do you relate to this kind of desperation in any way to open an account?
00:24:07.519 --> 00:24:12.319
Because you've moved internationally, surely, and you've been unbanked for a period of time.
00:24:12.480 --> 00:24:16.640
Can you relate to why some people would accept paying these types of fees?
00:24:16.960 --> 00:24:18.559
I've not been unbanked, Johnny.
00:24:18.640 --> 00:24:19.279
Let's make that clear.
00:24:19.440 --> 00:24:22.799
But I do kind of relate to um to this situation.
00:24:22.960 --> 00:24:24.559
I understand why it can happen.
00:24:24.720 --> 00:24:30.160
Um, I think the main problem is people losing access to accounts before they get to open another one.
00:24:30.240 --> 00:24:32.640
Um, and that's exactly the situation you don't want to be in.
00:24:32.799 --> 00:24:42.480
So um, if there's that's a risk that could potentially happen to you, just make sure to to have at least two or three different accounts available before uh you move abroad or so.
00:24:42.559 --> 00:24:50.079
Um, and then also, you know, I know it's not right, but let's say you're planning to move abroad, you're planning to move to a different country.
00:24:50.640 --> 00:24:57.599
Move there first, then open up a local bank account, and then go ahead and potentially update the address with your old bank accounts.
00:24:57.680 --> 00:25:08.880
Don't do that beforehand because else there might be a period where you don't have access to any bank account and you see that's that's not right, and then there are different institutions potentially trying to take advantage from for of you.
00:25:09.039 --> 00:25:10.880
Um so don't let that happen at all.
00:25:11.039 --> 00:25:14.720
Yeah, try to be clever about it, plan ahead, and I think that's all I can say about this.
00:25:14.960 --> 00:25:20.160
If you do have questions about this, if this is something that's actually bothering you, jump in our Discord.
00:25:20.240 --> 00:25:25.680
I'll put a QR code up on the screen, I'll put a link in the description box and message us, reach out to Jan, reach out to me.
00:25:25.839 --> 00:25:27.359
You can reach out to anyone in the server.
00:25:27.440 --> 00:25:42.319
We've got over a hundred founding members now, and lots of people are living an international lifestyle using various accounts with multi-currency capabilities, possibly accounts that are easier to access because they have various passports and live in different regions of the world.
00:25:42.559 --> 00:25:54.160
So, this is definitely something that I think, Jan, a lot of people on our Discord server could help those in need or those seeking advice around the idea of trying to find more inclusive, accessible bank accounts.
00:25:54.319 --> 00:25:55.519
Everybody, thank you for watching.
00:25:55.680 --> 00:25:56.559
Thank you for listening.
00:25:56.720 --> 00:25:59.200
Please do consider subscribing to the YouTube channel.
00:25:59.279 --> 00:26:01.200
I'll put a link in the description box below.
00:26:01.359 --> 00:26:09.359
And as always, if you've enjoyed the show, give the video a like, rate us on Apple Podcasts, rate us on Spotify, however you get your podcast, we'd really appreciate it.
00:26:09.599 --> 00:26:10.319
Five stars.
00:26:10.480 --> 00:26:12.160
And we'll see you in the next episode.
00:26:12.640 --> 00:26:13.359
Thanks everyone.
00:26:13.519 --> 00:26:14.000
Goodbye.
00:00:00.080 --> 00:00:02.479
Okay, welcome back to another episode of Banking Without Borders.
00:00:02.640 --> 00:00:06.000
So, how does a fee of£1.49 sound to receive your own wages?
00:00:06.160 --> 00:00:10.720
Or a 2% fee to take your own money out of a cash machine and no that's not abroad?
00:00:10.880 --> 00:00:14.400
Or my personal favourite, 50 pence to check your own balance.
00:00:14.560 --> 00:00:19.600
These are real fees on real UK accounts, and today we're gonna rank the four worst offenders.
00:00:19.760 --> 00:00:22.559
But there's something quite unsettling that they all share in common.
00:00:22.719 --> 00:00:26.399
These accounts are marketed at people who think a normal bank won't take them.
00:00:26.559 --> 00:00:31.679
So they come with no credit checks, no proof of address requirements, and you can sign up in minutes.
00:00:31.839 --> 00:00:36.159
They are basically pitching accessibility for people who can't get an account.
00:00:36.240 --> 00:00:37.759
But there's a price for that inclusion.
00:00:38.159 --> 00:00:41.119
You get charged to be paid, you get charged to pay a bill.
00:00:41.280 --> 00:00:45.600
One of them even takes a percentage of your money every time it leaves the account.
00:00:45.920 --> 00:00:50.159
So basically, they the less you have, the bigger slice they take.
00:00:50.320 --> 00:00:53.280
And here's the part that genuinely got us to make this episode.
00:00:54.079 --> 00:00:58.320
Most people using these accounts think that this is their only option.
00:00:58.799 --> 00:00:59.759
This is all they have.
00:01:00.240 --> 00:01:00.719
But it isn't.
00:01:00.880 --> 00:01:05.760
Everything these providers are charging for, you are entitled to for free by law.
00:01:06.000 --> 00:01:09.200
The nine biggest banking groups in the country have to offer it.
00:01:09.280 --> 00:01:11.680
And bad credit cannot be used to turn you away.
00:01:11.840 --> 00:01:15.280
So stay to the end because we're going to show you exactly how to use this.
00:01:15.439 --> 00:01:21.439
But before we get there, Yan, four accounts, ranks least bad to genuinely staggering.
00:01:21.599 --> 00:01:22.640
Where do we even begin?
00:01:22.879 --> 00:01:34.719
Let's start with Card One Money, Johnny, which is arguably the least bad of these four, um, which is quite fascinating because the only one with a monthly fee of£12.50, but at least everything is straightforward.
00:01:34.879 --> 00:01:43.040
They're selling uh transparency here, which you know is definitely a good thing if you compare that to all of these hidden charges these other accounts have.
00:01:43.200 --> 00:01:44.480
Doesn't mean it's cheap though.
00:01:44.640 --> 00:01:54.560
To close your account, and that's my personal favorite, um, to close your account, they charge 10 pounds, um, which to be fair, um only occurs if there's still a balance on the account.
00:01:54.640 --> 00:01:56.319
But now imagine you don't know of this charge.
00:01:56.400 --> 00:02:01.120
You want to close your account because you're fed up with all of these other fees, which I'm gonna talk about very shortly.
00:02:01.200 --> 00:02:06.000
Um, they'll they'll be deducting 10 pounds off your balance uh just to refund you your money.
00:02:06.159 --> 00:02:09.039
I think that's that's harsh, that's just not right.
00:02:09.120 --> 00:02:13.039
Um, and then have an additional card holder that's also a very fascinating charge.
00:02:13.120 --> 00:02:16.240
They charge five pounds for that every single month, right?
00:02:16.319 --> 00:02:22.240
That's 60 pounds a year on top of the 12 pounds fifty that you're already paying on a as a monthly fee.
00:02:22.400 --> 00:02:24.560
Um, absolutely fascinating.
00:02:24.719 --> 00:02:26.560
Um, it's not all bad though.
00:02:26.719 --> 00:02:26.960
Okay.
00:02:27.120 --> 00:02:29.919
A few of these other fees are somewhat reasonable, in my opinion.
00:02:30.080 --> 00:02:33.439
Um, receiving money from the UK is free.
00:02:33.759 --> 00:02:34.960
Who would have thought?
00:02:35.199 --> 00:02:46.479
Um it's free here, and that's also one of the reasons why this account is uh is not ranked worse, because all of these other providers do charge for this to withdraw money from a UK ATM costs£1.50.
00:02:46.719 --> 00:02:53.120
Um to withdraw money abroad is expensive,£3 plus 2.75% on top of that.
00:02:53.360 --> 00:02:57.520
That is no surprise though, because all of these accounts are terrible travel cards.
00:02:57.599 --> 00:03:00.479
So if you're thinking about using them abroad, uh better don't.
00:03:00.560 --> 00:03:01.759
Just don't think about that.
00:03:02.319 --> 00:03:04.960
Direct debits are free, it's in that's included.
00:03:05.199 --> 00:03:06.800
Standing orders as well.
00:03:07.280 --> 00:03:10.400
And um yeah, I think it's fair, somewhat fair.
00:03:10.479 --> 00:03:10.960
Why is it fair?
00:03:11.039 --> 00:03:12.879
Because it doesn't charge you to receive money.
00:03:12.960 --> 00:03:14.319
Um, that's at least somewhat good.
00:03:14.400 --> 00:03:15.039
This is an account.
00:03:15.120 --> 00:03:22.879
If I look at the website, it's targeted towards people who have been, yeah, who've had bad financial experiences in the past.
00:03:22.960 --> 00:03:24.080
Let's call it like that.
00:03:24.240 --> 00:03:29.680
You know, they might have bad credit, they might get refused by other accounts, but um, yeah.
00:03:29.919 --> 00:03:38.800
It's it's it's even more fascinating that the only account with a base fee um targets the people who probably have the least amount of money available, isn't it, Johnny?
00:03:39.120 --> 00:03:45.280
Yeah, the the highlight of their website is that this is a banking alternative that leaves no one behind.
00:03:45.919 --> 00:03:51.120
Or at least you're gonna be left behind if you don't have£12.50 to pay the base fee.
00:03:51.199 --> 00:03:54.879
I mean, come on, like you are leaving people behind immediately when you have a base fee.
00:03:54.960 --> 00:03:57.199
It's a significant amount of money as well, Jan.
00:03:57.280 --> 00:04:06.400
Let's have a look at comparatively to like a Monzo or a Revolu account that's rich with features and products that's less than£12.50.
00:04:06.639 --> 00:04:18.240
This is a fee for apparent accessibility or inclusion or opportunity to get a banking account, which I think to many people is a desperate moment when you don't have a bank account.
00:04:18.319 --> 00:04:22.399
Possibly you've been debanked or you're trying to get one for the first time, but you're struggling.
00:04:22.560 --> 00:04:32.319
That is a desperate time for many people, and they're putting a fee or they're taking advantage of that desperation by charging£12.50 and then pretending that they don't leave anyone behind.
00:04:32.480 --> 00:04:33.600
It ruffles my feathers.
00:04:33.759 --> 00:04:37.680
I'm trying to play devil's advocate like we always do, to have a balanced opinion, Jan.
00:04:37.759 --> 00:04:45.120
I'm looking at this website, card won money, but I'm I'm seeing nothing very good, to be honest.
00:04:45.199 --> 00:04:47.439
Have you got anything positive to say about this lot?
00:04:47.839 --> 00:04:49.920
Yeah, like really positive?
00:04:50.079 --> 00:04:51.360
Not really, to be honest, Johnny.
00:04:51.519 --> 00:04:58.879
But the the the things I've mentioned that were included, like receiving money, like direct debits, like standing orders, that's somewhat positive, isn't it?
00:04:59.040 --> 00:05:01.839
But as we'll but yeah, but as yeah, but somewhat, mate.
00:05:01.920 --> 00:05:06.959
But as we're gonna get to, we're gonna discover later in the episode that those things are free.
00:05:07.120 --> 00:05:08.800
Those things aren't£12.50.
00:05:08.879 --> 00:05:13.040
So are they truly positive, or is it like trying to polish a turd?
00:05:13.439 --> 00:05:18.319
In relation to these four providers that we're comparing here today, I think this is positive.
00:05:18.399 --> 00:05:22.480
Obviously, if you compare it to the rest of the market, it's um I mean should should be taken.
00:05:22.560 --> 00:05:30.240
We should take that for granted that this is included because there are many free accounts that provide this free of charge, um, plus several other features.
00:05:30.399 --> 00:05:33.279
Um, but yeah, in relation, this is rather good.
00:05:33.439 --> 00:05:34.560
It's not the worst one.
00:05:34.720 --> 00:05:37.360
Um, there's one that's that's fascinatingly worse.
00:05:37.600 --> 00:05:39.439
Yes, this next one is quite surprising.
00:05:39.519 --> 00:05:47.120
I think those that may have followed the channel for a while now, back when we were called Monito, you would have heard, at least you would have heard me talk about this provider.
00:05:47.279 --> 00:05:49.920
Jan, you've probably written about this provider.
00:05:50.240 --> 00:06:00.959
Monies, or I think I've called them Monis previously, started by a Romanian gentleman who had the experience of coming across to the UK and struggling to open a bank account.
00:06:01.120 --> 00:06:05.759
He lived the problem that he was going to solve through Monies.
00:06:06.319 --> 00:06:16.399
This account, the philosophy is it's built for someone that may have arrived in Britain with a foreign passport, no credit file, no proof of address, and they can have a working account in minutes.
00:06:16.560 --> 00:06:24.480
That still holds with this account, Jan, but the fee structure is despicable?
00:06:24.639 --> 00:06:25.839
Maybe that's a bit harsh.
00:06:26.079 --> 00:06:26.480
I don't know.
00:06:26.800 --> 00:06:30.079
Would you what word would you use to describe their fee structure?
00:06:30.399 --> 00:06:31.439
Ridiculous, Johnny.
00:06:31.600 --> 00:06:36.000
Ridiculous, which is quite sad because initially when this account first launched, I found it quite promising.
00:06:36.160 --> 00:06:39.600
I believe um I also signed up for it like many, many years ago.
00:06:39.680 --> 00:06:42.959
Um was rather satisfied, actually.
00:06:43.040 --> 00:06:44.399
I think it was was quite fine.
00:06:44.560 --> 00:06:46.720
Um, but now it just it just yeah, it's terrible.
00:06:46.879 --> 00:06:58.160
Let's start with uh uh yeah, my my favorite bad aspects about this account, um, paying in cash, 3.5% and a minimum of three pounds.
00:06:58.240 --> 00:07:11.040
So every time just imagine, like you you arrive in the UK, you know, you might might engage in the yeah informal economy or in other ways, just just trying to survive, you know, getting paid in cash.
00:07:11.279 --> 00:07:13.360
Want to deposit that into your account, you know.
00:07:13.439 --> 00:07:16.079
Getting paid in cash, by the way, doesn't mean it needs to be illegal.
00:07:16.240 --> 00:07:24.160
You can also get paid in cash with a legal business, but you're trying to deposit that into this account 3.5% you take off that.
00:07:24.319 --> 00:07:24.639
Ooh.
00:07:24.720 --> 00:07:24.959
Yep.
00:07:25.279 --> 00:07:26.160
Fascinatingly bad.
00:07:27.600 --> 00:07:33.680
That is, that is, and we're gonna talk a bit more about paying cash fees with the other providers, and we'll use this example throughout.
00:07:33.839 --> 00:07:38.319
But if we recall, Revolute used to have cash deposits, yeah, and they were charging 1.5%.
00:07:39.199 --> 00:07:39.839
That was the one.
00:07:40.079 --> 00:07:41.360
I think we made fun of that, Johnny.
00:07:41.680 --> 00:07:42.879
Yeah, we did, mate, we did.
00:07:42.959 --> 00:07:49.199
I think the first£100 was free, which I recall saying I feel like it should be the first thousand if you want to be fair.
00:07:49.360 --> 00:07:56.560
But I appreciate that there is a cost to using paypoint, for example, because there is a human interaction, typically, I believe.
00:07:56.720 --> 00:08:01.199
Um, so there is a cost to this, but it's not 3.5% or a minimum of three pounds.
00:08:01.279 --> 00:08:02.000
It's just not.
00:08:02.240 --> 00:08:02.800
It's just not.
00:08:02.879 --> 00:08:03.759
It's profiteering.
00:08:04.079 --> 00:08:09.920
I appreciate we live in a capitalistic market or economy, people are out to make money, businesses should make money.
00:08:10.000 --> 00:08:10.560
I get that.
00:08:10.800 --> 00:08:18.800
On the back of customers that don't have very much money, and your ethos is about opportunity and inclusion.
00:08:19.120 --> 00:08:25.120
You know, these aren't wealthy clientele, this isn't a wealthy client base that monies have, I imagine, Yan.
00:08:25.360 --> 00:08:28.720
But still, these fees certainly look like they have money.
00:08:28.879 --> 00:08:31.920
I mean, let's talk about let's talk about the litany of fees.
00:08:32.000 --> 00:08:37.600
I mean, this is an international account essentially, it's for an international user, but receiving money costs from abroad.
00:08:37.759 --> 00:08:45.840
Correct me if I'm wrong, Jan, because I struggle to get my head around the fee structure here, but I'm looking at£10 a year for an annual subscription alone just to receive money.
00:08:46.080 --> 00:08:46.399
That is right.
00:08:46.639 --> 00:08:48.879
And 2% per transfer.
00:08:49.840 --> 00:08:57.919
So an international product is charging a£10 fee to be international.
00:08:58.320 --> 00:09:00.159
Um a recurring fee.
00:09:01.279 --> 00:09:04.240
Uh there's a weekend currency surcharge as well.
00:09:04.320 --> 00:09:05.279
Hello, Revolute.
00:09:05.600 --> 00:09:07.360
You're not the only one doing this.
00:09:07.519 --> 00:09:13.519
And I get that, because you know, currency markets, they're volatile and they'd have to hedge because they're not open during the weekend.
00:09:13.679 --> 00:09:15.120
But this is not a good fee structure.
00:09:15.200 --> 00:09:23.120
And again, it just highlights this opportunity that they are taking to take advantage of their clientele under the guise of being inclusive.
00:09:23.440 --> 00:09:27.120
Jan, what is your take on the future of monies?
00:09:27.440 --> 00:09:35.600
Because realistically, if we look at the history of monies in 2022, they were bought, they were HSBC essentially propped them up with$35 million.
00:09:36.080 --> 00:09:38.159
That then fell through and they were bought out.
00:09:38.320 --> 00:09:42.639
With a fee structure like this, mate, do you do you see any future in this business model?
00:09:42.960 --> 00:09:47.919
No, I think the main problem is that people who sign up for monies think they have no other choice.
00:09:48.080 --> 00:10:06.320
That's why they are willing to accept such bad fees, and then as soon as they, you know, maybe have improved their opportunities slightly by getting a better form of identification, for example, or proof of address, they would obviously switch ahead to the uh switch to the next next best bank.
00:10:06.480 --> 00:10:10.639
You know, any bank available in the UK offers better fees than this.
00:10:10.799 --> 00:10:14.559
So if you can access a regular bank account, you just go ahead and sign up for one.
00:10:14.720 --> 00:10:16.080
You don't have to stick with monies.
00:10:16.159 --> 00:10:17.200
And I think that's their core problem.
00:10:17.279 --> 00:10:19.679
And honestly, that's not sustainable if you think about it.
00:10:19.759 --> 00:10:31.679
Um to be fair, they have some some paid tiers available, Johnny, that do drop the fees a little bit, but um here we're looking at the the base tier of each of these providers, and yeah, they're just terrible.
00:10:31.919 --> 00:10:36.399
And hey, uh, you didn't mention the one pound inactivity fee at the course of the money.
00:10:36.960 --> 00:10:40.080
I was just about to get to that because I was gonna say inactivity fee.
00:10:41.039 --> 00:10:51.200
Yeah, I was gonna say to counter your comment about how that you know people will just leave as soon as they have the ability to open a bank account uh with a say one of the high street banks.
00:10:51.519 --> 00:11:00.240
Well, don't worry, monies are hedging against that because they're hoping people will go inactive and they can then charge one pound a month if you stop using their account.
00:11:00.480 --> 00:11:01.840
What are we charging for here?
00:11:02.000 --> 00:11:03.519
What are you charging people for?
00:11:03.679 --> 00:11:05.679
You know, just to hold an account on your books?
00:11:05.840 --> 00:11:08.080
Arguably that's an opportunity to market.
00:11:08.159 --> 00:11:09.360
They're still in your funnel.
00:11:09.440 --> 00:11:14.399
You know, you can still try to return that customer with r some sort of offer.
00:11:14.559 --> 00:11:16.159
Let them pay in cash for free.
00:11:16.320 --> 00:11:17.759
I don't know, but there's opportunity there.
00:11:17.840 --> 00:11:21.360
They haven't gone forever, but still they have the audacity to charge a one-pound fee.
00:11:21.519 --> 00:11:27.840
This, to me, without hanging on this for too long, Yang, strikes me as a company that is on the cliff edge.
00:11:28.000 --> 00:11:28.799
Yeah, it seems like it.
00:11:28.960 --> 00:11:31.440
This is not a sustainable fee model, it's not competitive.
00:11:31.679 --> 00:11:34.320
Yeah, the fee model is yeah, extraordinarily bad.
00:11:34.480 --> 00:11:36.480
But it's not to worse in this comparison.
00:11:36.559 --> 00:11:37.279
It definitely isn't.
00:11:37.440 --> 00:11:38.720
Monise is owned by Pocket.
00:11:38.960 --> 00:11:47.840
Pocket does have a fascinatingly worse fee model, and you you think you read through the Monise's fee model, you think it can't get any worse, you're wrong.
00:11:48.000 --> 00:11:49.679
Um, it can definitely get worse.
00:11:49.840 --> 00:11:51.919
Let's start with receiving money in the UK.
00:11:52.000 --> 00:11:55.200
That costs£1.49, which is how much is that?
00:11:55.360 --> 00:11:58.559
50-50 pence more than what Moniz was charging.
00:11:58.720 --> 00:12:00.879
Direct debits are£1.49 each.
00:12:01.039 --> 00:12:05.840
ATM withdrawals within the UK cost two pounds, at least a flat fee.
00:12:06.000 --> 00:12:09.200
And now it comes card spending abroad, 4%.
00:12:10.000 --> 00:12:10.320
Oh.
00:12:10.720 --> 00:12:10.960
£4?
00:12:11.840 --> 00:12:14.240
I don't think I've ever heard a 4% fixed fee.
00:12:14.399 --> 00:12:14.639
No.
00:12:14.799 --> 00:12:15.840
Wow, that's a new number.
00:12:16.000 --> 00:12:17.200
That's definitely the highest here.
00:12:17.360 --> 00:12:18.559
Yeah, that's diabolical.
00:12:18.879 --> 00:12:20.159
Hey, it gets worse though.
00:12:20.399 --> 00:12:21.039
Go on, go on, go on.
00:12:21.200 --> 00:12:27.519
If you decide to withdraw cash while abroad, you pay these 4% plus£2.25 as a fixed fee.
00:12:27.679 --> 00:12:29.440
Plus whatever the ATM provider is charging.
00:12:29.519 --> 00:12:31.840
So now imagine you withdraw money in Thailand.
00:12:31.919 --> 00:12:43.519
Maybe you're a um a Thai migrant who gave everything up in Thailand, moved to the UK, now just, you know, earned, saved up funds to travel back to his family, visit them.
00:12:43.600 --> 00:12:45.600
You have to take out money from an ATM.
00:12:45.759 --> 00:12:47.919
I know this is a very fictional scenario, but it could be.
00:12:48.000 --> 00:13:02.159
And I'm just bringing up that scenario because I know the ATM fee in Thailand is fixed at 220 baht per withdrawal, then you're paying these 220 baht, which is in today's money, probably£5.50 or so, something like that.
00:13:02.399 --> 00:13:09.360
And on top of that,£2.25 for pocket, and then 4% of whatever you're withdrawing.
00:13:09.600 --> 00:13:10.320
Whew.
00:13:10.799 --> 00:13:17.440
What shocks me here, and people may have picked up on this, the fees are fixed.
00:13:17.919 --> 00:13:23.600
These fees are entirely fixed, and they are layered on top of ordinary banking activities.
00:13:24.240 --> 00:13:29.440
Withdrawing money, direct debits, receiving money, spending money abroad.
00:13:29.759 --> 00:13:36.000
These fees, you know, would just be would never exist in a normal bank account.
00:13:36.080 --> 00:13:42.159
In a regular high street bank, it just doesn't exist because they they wouldn't they wouldn't get away with that type of behavior.
00:13:42.559 --> 00:13:50.399
But if you were new to the UK, perhaps English isn't your first language, perhaps you would get a little bit caught up in the terms and conditions or the plans.
00:13:50.480 --> 00:13:52.639
You might not understand it, you might not understand how it works here.
00:13:52.799 --> 00:13:56.480
Based on where you're coming from, these things might, there might be a fixed fee on these things, Jan.
00:13:56.559 --> 00:13:57.120
I I don't know.
00:13:57.200 --> 00:13:59.600
But this feels quite this is like trickery.
00:13:59.919 --> 00:14:01.840
It's very, very fascinatingly bad.
00:14:02.159 --> 00:14:07.279
Early wage access at£1.49 is an interesting offer.
00:14:07.360 --> 00:14:09.840
I suppose you are being loaned money.
00:14:10.159 --> 00:14:10.320
Yeah.
00:14:10.639 --> 00:14:13.759
So charging a fee for that's somewhat justified.
00:14:13.840 --> 00:14:20.240
And I I know there's plenty of other providers that offer the product, but most of the time it's free, right?
00:14:20.480 --> 00:14:22.159
Most of the time this is a free product.
00:14:22.480 --> 00:14:23.440
I think I think so.
00:14:24.000 --> 00:14:30.159
Pocket's founder, Jan, has described their target market as the bottom half of UK adults.
00:14:30.799 --> 00:14:35.200
20 to 22 million people is their sort of target audience.
00:14:35.759 --> 00:14:36.799
That's his framing.
00:14:36.960 --> 00:14:46.320
Um it's not a very nice way to state that um socio economic uh population of the United Kingdom, bottom to call them the bottom half.
00:14:46.480 --> 00:14:50.240
But he's essentially saying, I think, at least, that they are targeting poor people.
00:14:50.480 --> 00:14:51.679
People that aren't very well off.
00:14:52.000 --> 00:14:53.279
So we're we're targeting poor people.
00:14:53.600 --> 00:14:54.960
And those are paying the highest fees.
00:14:55.360 --> 00:15:01.519
For those that are listening, uh I apologize, but I'm gonna show up for those that are watching some visuals of their website, and I'll try to describe them.
00:15:01.600 --> 00:15:03.919
But you've got a lot of visuals of the same woman.
00:15:04.000 --> 00:15:06.080
I think she's real, she may be AI generated.
00:15:06.240 --> 00:15:07.600
She looks extremely happy.
00:15:07.759 --> 00:15:10.000
She's holding a phone, she's holding a card.
00:15:10.080 --> 00:15:13.759
It's the most staged photo shoot in in the history of the world.
00:15:14.080 --> 00:15:15.679
She hasn't seen the fee schedule, Johnny.
00:15:15.919 --> 00:15:16.799
I can I'm I'm sure.
00:15:17.360 --> 00:15:18.000
She hasn't.
00:15:18.320 --> 00:15:19.039
There's no way.
00:15:19.360 --> 00:15:21.200
Uh they've got some cashback offers.
00:15:21.279 --> 00:15:22.159
Is it worth mentioning?
00:15:22.240 --> 00:15:27.840
You can get up to 5% on top brands, 1% cash back on all other spending and direct debits.
00:15:27.919 --> 00:15:30.559
Maybe that's a way to offset the cost of the plans.
00:15:33.200 --> 00:15:33.919
Just trying.
00:15:34.000 --> 00:15:35.840
I mean, we always try to be balanced on this show.
00:15:36.080 --> 00:15:38.320
How can you be balanced reading these fees?
00:15:38.559 --> 00:15:39.759
Let's look at their trust pilot.
00:15:39.840 --> 00:15:43.360
24,000 reviews from put 4.3 stars.
00:15:43.519 --> 00:15:45.279
So some people are satisfied.
00:15:45.440 --> 00:15:46.320
What does that tell you?
00:15:46.399 --> 00:15:55.039
That either tells you that maybe a proportion of those people don't know how this works, and they are satisfied because the alternative might not be that good anyway.
00:15:55.360 --> 00:15:59.600
Um, there are some credit building opportunities here.
00:15:59.840 --> 00:16:01.519
You know, what's the general consensus?
00:16:01.679 --> 00:16:05.360
The user experience, payment, customer service are all quite good at pocket.
00:16:05.440 --> 00:16:12.080
It does worry me when you see this kind of positivity and you see those types of fees, Jan.
00:16:12.159 --> 00:16:16.879
Can someone explain to me if, you know, do they not correlate necessarily and why is that?
00:16:17.120 --> 00:16:23.840
You know, high fees doesn't necessarily impact a trust pilot score, because if the service is good, then that's okay.
00:16:24.399 --> 00:16:30.639
But I would argue that this service can't be any better than a free account, so you can't really justify the fees.
00:16:30.799 --> 00:16:35.039
Maybe someone with experience of pocket is watching this right now and could jump in.
00:16:35.120 --> 00:16:38.000
And I'd say the same for any of the other accounts that we've talked about thus far.
00:16:38.240 --> 00:16:42.480
Yeah, Johnny, let's talk about one provider that's even worse, in my opinion at least.
00:16:42.639 --> 00:16:43.519
That suits me.
00:16:43.759 --> 00:16:44.720
Suits me.
00:16:45.120 --> 00:16:49.039
Looking at the fee schedule, get the assumption that it only suits them.
00:16:50.799 --> 00:16:54.080
Outgoing bank transfers, fascinatingly expensive, Johnny.
00:16:54.240 --> 00:16:55.600
Fascinatingly expensive.
00:16:55.759 --> 00:16:59.279
They charge 2.5% of whatever you're trying to transfer out.
00:16:59.440 --> 00:17:00.879
But it's kept at four pounds at least.
00:17:01.279 --> 00:17:01.919
Oh, just imagine.
00:17:02.000 --> 00:17:06.960
Like you're trying trying to initiate a transfer, trying to get money out of the account, they're charging you for it.
00:17:07.119 --> 00:17:07.519
Wow.
00:17:07.680 --> 00:17:11.279
So the only way to get rid of it essentially is prending it with your card.
00:17:11.599 --> 00:17:11.920
Okay.
00:17:12.079 --> 00:17:12.720
Oh god.
00:17:12.880 --> 00:17:18.480
Okay, so you can open the account in three minutes with no minimum deposits, but rewards as standard.
00:17:19.039 --> 00:17:20.799
What is this marketing jumbo?
00:17:20.880 --> 00:17:24.240
So it it's saying that the account rewards you as standard.
00:17:24.799 --> 00:17:25.599
Right, okay.
00:17:25.759 --> 00:17:26.160
Let's see.
00:17:26.240 --> 00:17:27.440
Where are these rewards then?
00:17:27.599 --> 00:17:28.960
What are these rewards, Jan?
00:17:29.119 --> 00:17:34.240
The rewards are, oh, okay, they reward you with a five-pound fee if you don't pay a direct debit.
00:17:34.400 --> 00:17:37.920
I thought we'd got past direct debit fees, but we we apparently have.
00:17:38.400 --> 00:17:39.599
Let me let me just interject here.
00:17:39.680 --> 00:17:40.480
That's for every try.
00:17:40.559 --> 00:17:42.960
So you know sometimes when you cannot pay a direct debit.
00:17:43.039 --> 00:17:48.640
I've had that happen actually in the past because I forgot to update my banking details and the account was empty, that was tried to be charged.
00:17:48.880 --> 00:17:56.319
Um so when when you uh when when they uh when when when you can't pay it, when you can't pay it, they try multiple times.
00:17:56.480 --> 00:17:59.599
So every single try is being charged at five pounds.
00:17:59.759 --> 00:18:01.599
They make that clear in their fee schedule.
00:18:01.759 --> 00:18:02.720
Um that's fascinating.
00:18:02.799 --> 00:18:07.440
Now imagine the provider trying three or four times, and that's when you you notice it.
00:18:07.599 --> 00:18:09.519
Wow, you might owe them for 20 pounds.
00:18:09.759 --> 00:18:11.759
Yeah, why couldn't you pay your direct debit?
00:18:11.839 --> 00:18:13.519
Maybe you just don't have enough money.
00:18:13.680 --> 00:18:18.720
You know, maybe you just skin so you're being charged a five pound fee for being broke.
00:18:18.960 --> 00:18:26.559
When you're arguably at your most vulnerable financially, um you're probably financially vulnerable before.
00:18:26.640 --> 00:18:32.960
That's why you signed up for Suits Me in the first place, because their philosophy is that it's built specifically for migrant workers.
00:18:33.359 --> 00:18:34.400
So there's no credit check.
00:18:34.480 --> 00:18:37.440
Again, I said this already with the other accounts, there's no proof of address needed.
00:18:37.920 --> 00:18:40.480
You know, they publish this website in 14 languages.
00:18:40.640 --> 00:18:41.759
So what does that tell you?
00:18:42.160 --> 00:18:53.440
It tells you that they are just spreading an extremely wide net to capture as many foreigners or or people that are foreign to the UK as possible.
00:18:54.880 --> 00:18:58.319
And any money moving through your account, it looks like they're taking a percentage for it.
00:18:58.480 --> 00:19:03.839
Balance inquiry, 50 pence card spending abroad, 3.47%.
00:19:04.400 --> 00:19:05.440
What are these figures?
00:19:05.920 --> 00:19:09.680
3.47% for spending abroad plus£1.97.
00:19:10.319 --> 00:19:12.160
Where are these numbers coming from?
00:19:12.799 --> 00:19:13.599
From their website.
00:19:14.640 --> 00:19:16.559
You know, yeah, from their website.
00:19:16.720 --> 00:19:20.319
Someone's spitting them out in the accounting accounting department.
00:19:20.960 --> 00:19:22.000
Paying in cash.
00:19:22.240 --> 00:19:23.839
Okay, this one got me as well.
00:19:24.000 --> 00:19:25.200
Paying in cash.
00:19:25.440 --> 00:19:27.119
Again, I said I'd return to this.
00:19:27.200 --> 00:19:33.200
They want two pounds plus 1.5% to pay in cash at pay point.
00:19:33.440 --> 00:19:34.319
That is expensive.
00:19:34.480 --> 00:19:47.839
Every time you're getting, say, your salary paid in cash because perhaps you're working a car wash, perhaps you're you're younger and you're, I don't know, mowing lawns, doing landscaping, uh, getting cash from customers.
00:19:48.240 --> 00:19:52.960
You are getting a two pound plus or plus 1.5% fee every time.
00:19:53.200 --> 00:20:01.759
What bothers me the most about this is that people in this position are typically at their most desperate and they may think that this is their only option.
00:20:02.720 --> 00:20:07.680
And is it time, Yan, to maybe talk about the fact that this isn't their only option?
00:20:08.160 --> 00:20:17.359
And the UK mandates that the biggest banks have to give people, have to provide people accessibility to a current account, albeit basic.
00:20:17.680 --> 00:20:19.359
I think now is a good time to move on, Johnny.
00:20:19.519 --> 00:20:20.160
Let's talk about that.
00:20:20.559 --> 00:20:30.240
Under the payment accounts regulation of 2015, we have the likes of Barclays, the Cooperative, HSBC, Lloyd's Banking, Santander, TSB, Virgin.
00:20:30.720 --> 00:20:37.839
These are apparently nine of the largest, biggest nine of the largest banks in the UK, but you know, Monzo should probably be on this list as well.
00:20:38.000 --> 00:20:40.000
They have to provide you with a current account.
00:20:40.079 --> 00:20:43.119
And that's where you can have your wages or your benefits paid into.
00:20:43.599 --> 00:20:53.920
You can get cash in and out at a branch, you know, you can use the post office, direct debits and standing orders must exist, a debit card, online and mobile banking, everything you would expect.
00:20:54.000 --> 00:20:59.920
Now, you should be able to open one of these accounts with no credit or poor credit.
00:21:00.079 --> 00:21:03.599
But I do wonder, Jan, maybe you can confirm this.
00:21:04.480 --> 00:21:07.599
A legal resident of the UK can open one of these.
00:21:07.680 --> 00:21:12.559
But can you confirm if someone who's come to the UK and isn't fully into the system yet?
00:21:12.799 --> 00:21:13.680
Well, not necessarily.
00:21:13.759 --> 00:21:24.720
So the FCA um is quite broad with the criteria they apply here, but they do say um that they have to make it easy and have to be flexible with the terms of identification that they accept.
00:21:24.880 --> 00:21:45.759
So there could be um, and I assume that official certificates, maybe a birth certificate that you bring with you, um, certain state letters, could be a letter from the job center, um, from the uh financial institutions, could be um maybe confirmation letter from a homeless shelter, potentially, you know, whatever whatever you have available.
00:21:45.920 --> 00:21:53.039
I'll say bring that to the bank, mention the situation that you're in, and then you should be able to to get this account opened.
00:21:53.200 --> 00:21:58.880
And if you don't with one bank, try with all of the eight others before you choose one of the options that we just discussed.
00:21:59.119 --> 00:21:59.839
Yeah, well that's it.
00:22:00.079 --> 00:22:00.960
That's what I was about to say.
00:22:01.039 --> 00:22:03.359
This is genuinely one of the harder requirements, isn't it?
00:22:03.519 --> 00:22:07.359
Just proving who you are so you can get past anti-money laundering checks.
00:22:07.519 --> 00:22:11.200
A bank as well is compelled to give you an answer within 10 days.
00:22:11.279 --> 00:22:20.640
So there might be a period of time where you could still be unbanked, shall we say, which is, I think, important to say that one of these providers that we've mentioned today could fill that void.
00:22:20.880 --> 00:22:22.559
Yeah, they're relatively fast, I think.
00:22:22.720 --> 00:22:25.119
Um suits me as an example.
00:22:25.279 --> 00:22:30.079
They do mention all kinds of ID forms that they accept on the website.
00:22:30.160 --> 00:22:31.599
Um it's a complete list.
00:22:32.079 --> 00:22:37.359
I would assume that these forms of identification are also accepted within a within a legacy bank.
00:22:37.519 --> 00:22:38.720
I would assume that.
00:22:38.799 --> 00:22:43.759
Um, but they do take much longer to decide whether they want to accept your application or not.
00:22:43.920 --> 00:22:51.680
But you know, that doesn't prevent you from from just applying with several different entities and just taking whatever uh the account that that gets approved.
00:22:51.759 --> 00:22:53.359
You know, just take that instead.
00:22:53.519 --> 00:23:03.200
Um, but in the meantime, maybe if you need an account within these first 10 days, maybe then suits me as a good option, or one of these other providers, but just don't stick with them for a long term.
00:23:03.279 --> 00:23:04.720
It's it's not worth it at all.
00:23:04.880 --> 00:23:07.519
And um, there's so yeah, way better options out there.
00:23:07.680 --> 00:23:14.799
This base account or basic account that's available to everyone within the UK, even my asylum seekers, right?
00:23:15.039 --> 00:23:16.720
Um, not just settled residents.
00:23:16.799 --> 00:23:19.039
Um good good alternative.
00:23:19.279 --> 00:23:22.079
So do let us know what you think of any of the accounts we've talked about.
00:23:22.160 --> 00:23:24.000
Do you have any experience using them?
00:23:24.160 --> 00:23:27.599
And also which of their fees were most shocking to you?
00:23:27.759 --> 00:23:36.400
I don't know, Jan, if people will find it that shocking that there is a fee attached to depositing cash, for example, because cash is becoming somewhat redundant.
00:23:36.640 --> 00:23:40.319
And as a result of like the opposite of economies of scale, right?
00:23:40.480 --> 00:23:44.960
It's gonna get more and more expensive to pay in cash the less people do it.
00:23:45.119 --> 00:23:54.799
So that's a fee I could necessarily accept, but when it comes to fees like closing accounts or an activity fee, or five pounds if a direct debit is missed, I have a real hard time accepting that.
00:23:54.960 --> 00:23:57.200
And Jan, I wanted to ask you a question.
00:23:57.839 --> 00:24:07.279
As someone who's lived an expat migrant life, do you have some do you relate to this kind of desperation in any way to open an account?
00:24:07.519 --> 00:24:12.319
Because you've moved internationally, surely, and you've been unbanked for a period of time.
00:24:12.480 --> 00:24:16.640
Can you relate to why some people would accept paying these types of fees?
00:24:16.960 --> 00:24:18.559
I've not been unbanked, Johnny.
00:24:18.640 --> 00:24:19.279
Let's make that clear.
00:24:19.440 --> 00:24:22.799
But I do kind of relate to um to this situation.
00:24:22.960 --> 00:24:24.559
I understand why it can happen.
00:24:24.720 --> 00:24:30.160
Um, I think the main problem is people losing access to accounts before they get to open another one.
00:24:30.240 --> 00:24:32.640
Um, and that's exactly the situation you don't want to be in.
00:24:32.799 --> 00:24:42.480
So um, if there's that's a risk that could potentially happen to you, just make sure to to have at least two or three different accounts available before uh you move abroad or so.
00:24:42.559 --> 00:24:50.079
Um, and then also, you know, I know it's not right, but let's say you're planning to move abroad, you're planning to move to a different country.
00:24:50.640 --> 00:24:57.599
Move there first, then open up a local bank account, and then go ahead and potentially update the address with your old bank accounts.
00:24:57.680 --> 00:25:08.880
Don't do that beforehand because else there might be a period where you don't have access to any bank account and you see that's that's not right, and then there are different institutions potentially trying to take advantage from for of you.
00:25:09.039 --> 00:25:10.880
Um so don't let that happen at all.
00:25:11.039 --> 00:25:14.720
Yeah, try to be clever about it, plan ahead, and I think that's all I can say about this.
00:25:14.960 --> 00:25:20.160
If you do have questions about this, if this is something that's actually bothering you, jump in our Discord.
00:25:20.240 --> 00:25:25.680
I'll put a QR code up on the screen, I'll put a link in the description box and message us, reach out to Jan, reach out to me.
00:25:25.839 --> 00:25:27.359
You can reach out to anyone in the server.
00:25:27.440 --> 00:25:42.319
We've got over a hundred founding members now, and lots of people are living an international lifestyle using various accounts with multi-currency capabilities, possibly accounts that are easier to access because they have various passports and live in different regions of the world.
00:25:42.559 --> 00:25:54.160
So, this is definitely something that I think, Jan, a lot of people on our Discord server could help those in need or those seeking advice around the idea of trying to find more inclusive, accessible bank accounts.
00:25:54.319 --> 00:25:55.519
Everybody, thank you for watching.
00:25:55.680 --> 00:25:56.559
Thank you for listening.
00:25:56.720 --> 00:25:59.200
Please do consider subscribing to the YouTube channel.
00:25:59.279 --> 00:26:01.200
I'll put a link in the description box below.
00:26:01.359 --> 00:26:09.359
And as always, if you've enjoyed the show, give the video a like, rate us on Apple Podcasts, rate us on Spotify, however you get your podcast, we'd really appreciate it.
00:26:09.599 --> 00:26:10.319
Five stars.
00:26:10.480 --> 00:26:12.160
And we'll see you in the next episode.
00:26:12.640 --> 00:26:13.359
Thanks everyone.
00:26:13.519 --> 00:26:14.000
Goodbye.
