Online Bank vs High Street Bank

[ebay*merchant]

I have come across different online banks being mentioned on the forum; Transferwise, Uaccount & Pockit (for UK paypal accounts), can someone please tell me what the advantages are in using these compared to a high street current account/savers account?

As a UK national why would I choose to open one of the above instead of a conventional account? Are they easier to open? Does it not appear on my credit file? Are they more anonymous somehow?

Thank you in advance

[james_112233]

You wouldn't.

Open a high street bank account if you can.

[Play]

There isn't much of a difference when it comes to adding to PayPal and withdrawing to it.

Some however offer great exchange rates, and other additional features, which set them apart from traditional high street banks.

[Ebayorbust]

Transferwise is one of the cheapest ways to send and receive money from abroad. Far better than most high street banks. Their only downside is they have a tendency to hold some incoming payments for periods up to 48 hours.

Some of the online banks have the potential to be a lot more fussy about incoming funds and their reason for receipt. Many members on here have had issues with uaccount blocking accounts and withholding funds for long periods of time.

Depends really what you are wanting to do. Like Play says, many of them have some additional features like being able to buy crypto. If you are just wanting them for stealth purposes, it would be better to stick to high street banks.

[ddm50]

Originally Posted by Ebayorbust

Transferwise is one of the cheapest ways to send and receive money from abroad. Far better than most high street banks. Their only downside is they have a tendency to hold some incoming payments for periods up to 48 hours.

Some of the online banks have the potential to be a lot more fussy about incoming funds and their reason for receipt. Many members on here have had issues with uaccount blocking accounts and withholding funds for long periods of time.

Depends really what you are wanting to do. Like Play says, many of them have some additional features like being able to buy crypto. If you are just wanting them for stealth purposes, it would be better to stick to high street banks.

Revolut has that ability.

[rafpaflac]

I am currently looking for solution how to withdraw money from stealth PP account?

I am living in UK. Would like to find safe way of withdraw.

I have Revolut account already , but wondering if different addresses and names is an issue?

I mean Revolut will have completely different name and address and PP will have another one as I bought both eBay & PP account few months ago.

[JamesNorth101]

Addresses wont matter

Names will matter with some banks

If your in the UK then the best thing to use will always be real UK high street banks. HSBC, Nationwide etc

[BlackLion]

I'd like to point out that I was the 1st to mention Transferwise on the forum but did not get any credit.. That is all

[rafpaflac]

Originally Posted by JamesNorth101

Addresses wont matter

Names will matter with some banks

If your in the UK then the best thing to use will always be real UK high street banks. HSBC, Nationwide etc

Hello

I have my personal account in Barclays bank. Do you know if there are any problems with this bank when I want to withdrawn money from Paypal ?

Which bank makes least problems with such actions?

[jonbailey]

Do not use uaccount. They will steal your money without explaination.

[spindoctor]

Barclays is good. Never had any problems with them.

Originally Posted by rafpaflac

Hello

I have my personal account in Barclays bank. Do you know if there are any problems with this bank when I want to withdrawn money from Paypal ?

Which bank makes least problems with such actions?

[spindoctor]

Originally Posted by jonbailey

Do not use uaccount. They will steal your money without explaination.

Make a complaint with the financial ombudsman. Uaccount don’t like that.

[sax4]

I never had a problem with Uaccount, then again I am not putting large amounts of money through. I prefer to do that with real banks.

[jonbailey]

Originally Posted by spindoctor

Make a complaint with the financial ombudsman. Uaccount don’t like that.

I tired to PM you but because i don't have 25 posts i cannot yet.

Could you give me a bit more advice on how to make a complaint with the FO. Never had an issue like this before so never had to contact them but it was my next step. Would just like a point in the right direction as how to go about it and what to state.

cheers mate

[jonbailey]

Well put a complaint in hopefully this helps, any ideas how long the FO takes to sort these things? Looking at uaccounts trustpilot reviews. Clearly falsifying them. How does a tiny bank like that have 4000+ 5 star reviews with their "service" halifax has 800.

Moody company!! Steer clear folks