New Post Advanced Search

Welcome to the new MSE Forum!

If you were registered on the old Forum BEFORE 6th February 2020, you will need to reset your password (here) before you are able to log in. When you've reset your password, you can close this message with the 'X' in the top-right corner to make it disappear. If you need any help getting started, click here.

Bo Money

edited 30 November -1 at 12:00AM in Budgeting & Bank Accounts
32 replies 4K views
13

Replies

  • SystemSystem
    177.6K posts
    50000 Posts
    ✭✭✭✭✭✭
    eDicky wrote: »
    As a Visa debit card is provided, and virtually all the other fee-free 'travel' cards are MasterCard, this would be my only reason for opening this account. It may be handy with a few quid loaded in case of limited acceptance of MasterCard in some countries or a problem with their network.

    As for CASS switching, it's easy enough to open a normal RBS or other bank account for this purpose.

    Revolut issue UK cards on the Visa network so can be used in the event of Mastercard issues.

    I still don't see why they don't give free access to Link ATMs or even just RBS Group ATMs in the UK & ROI.

    They could also leverage RBS/NatWest/Ulster branches like First Direct does with HSBC.
  • edited 16 December 2019 at 5:16PM
    adindasadindas
    4.8K posts
    Forumite
    Ninth Anniversary 2500 Posts
    ✭✭✭✭
    edited 16 December 2019 at 5:16PM
    I had and online chat with them. I can confirm that information below posted by Slappermum is no longer correct. There is no limit how many fee free cash withdrawals you could make in a month. You could withdraw as many as you like. The only limit is daily cash withdrawal of £500. So this debit card is actually a gem.

    Also If you see the FAQ and T&C is now changing and the FAQ and T&C posted by Slappermum has already disappeared and be replaced with a new one (as below).

    https://wearebo.co.uk/terms-and-conditions/

    "15. Account fees and charges
    Making cash withdrawals from ATMs in the UK, EU or anywhere else in the world is free.
    If you lose or damage your card, we’ll replace it free of charge the first two times. But if you lose or damage it again before it naturally expires, we’ll charge you £5 each time to replace it.
    If your card is stolen or you need the name changed (e.g. if you get married), we’ll always send you a new card free of charge."

    This is what is mentioned on the FAQ.
    https://wearebo.co.uk/faq/

    "Does Bo have fees?
    Making cash withdrawals from ATMs in the UK, EU or anywhere else in the world is free when you use Bo. However, you may be charged by the cash machine’s operator.
    If you lose or damage your card, we’ll replace it free of charge the first two times. But if you lose or damage it again before it naturally expires, we’ll charge you £5 each time to replace it.
    ."


    Slappermum wrote: »
    FAQs:

    Making cash withdrawals from ATMs in the UK, EU or anywhere else in the world is free when you use B!. However, you may be charged by the cash machine’s operator.

    Terms and Conditions:

    5. Account fees and charges

    You can make up to two cash withdrawals from a cash machine each calendar month free of charge. But after that we will charge you 50p for every additional withdrawal from a cash machine in the UK or EU, or £1 if you’re using a cash machine anywhere else in the world.

    I'm sure it inspires a lot of consumer confidence to have your FAQs contradict your terms and conditions...
  • jeepjunkiejeepjunkie
    1.7K posts
    Forumite
    Part of the Furniture 1000 Posts
    ✭✭✭
    Still figuring what the point of my Bo account is. Seems to be all about tracking spending but I spend very little preferring to save real money instead of pretending to save by buying stuff at discount or one less latte a week. What I do like is the instant notifications when you do buy something :)
  • edited 16 December 2019 at 8:24PM
    adindasadindas
    4.8K posts
    Forumite
    Ninth Anniversary 2500 Posts
    ✭✭✭✭
    edited 16 December 2019 at 8:24PM
    jeepjunkie wrote: »
    Still figuring what the point of my Bo account is. Seems to be all about tracking spending but I spend very little preferring to save real money instead of pretending to save by buying stuff at discount or one less latte a week. What I do like is the instant notifications when you do buy something :)

    I also get impressed that transaction is shown instantly on your BO AC.
    But for spending tracking, you could do it with any current account with online or mobile banking presence, nothing really special.

    The main advantage of BO is to be used as travel debit card. Unlimited fee free withdrawals in foreign currencies almost anywhere in the world where Visa is accepted and you get Visa exchange rate. There are only very few Debit Cards which allow you to do this.
  • 18cc18cc
    2.1K posts
    Forumite ✭✭✭✭
    I think one advantage of the account is that it can help you with budgeting during the month -
    for example you transfer to the account your spending money for the month and when it's gone it's gone
  • EarthBoyEarthBoy
    2.3K posts
    Forumite
    Part of the Furniture 1000 Posts
    ✭✭✭✭
    18cc wrote: »
    I think one advantage of the account is that it can help you with budgeting during the month -
    for example you transfer to the account your spending money for the month and when it's gone it's gone

    That's an advantage of having two current accounts, but you can do that with any bank, so Bo is nothing special in that respect.
  • robatworkrobatwork
    5.6K posts
    Forumite
    Part of the Furniture 5000 Posts Photogenic
    ✭✭✭✭
    image-400x400-1.jpg
  • 18cc18cc
    2.1K posts
    Forumite ✭✭✭✭
    EarthBoy wrote: »
    That's an advantage of having two current accounts, but you can do that with any bank, so Bo is nothing special in that respect.

    Yes that is true but Bo are supposed to have tools etc that show you where your money is spent - these might help with your budgeting.

    Not saying Bo is unique in this respect or indeed any respect other that the bright yellow debit card - that is certainly unique
  • edited 15 January at 2:20PM
    rob_cbrob_cb
    11 posts
    Forumite
    10 Posts
    MoneySaving Newbie
    edited 15 January at 2:20PM
    So I decided to download the Bo app and register. It seems like it's a good overseas backup card, especially with fee-free overseas spending and ATM withdrawals. I don't plan to use it for daily spending.

    However, after 5 days since application, the app still says:
    We're almost ready to order your card

    Once we've finished checking your documents, we'll notify you to say your card is ordered or to ask for more information.

    You can close Bo for now, but please don't delete it as any progress may be lost.
    This is after applying and uploading driving licence photos and 3 selfies (including tongue sticking out). Maybe they didn't like my tongue?

    I did email them with no identifying information apart from my email address, and they replied to say they got everything and the app screen will change when everything has been updated so "please watch this space".

    Has anyone actually got the account opened and how long did it take?
    Makes me wonder if they're really ready for public release.
  • rob_cbrob_cb
    11 posts
    Forumite
    10 Posts
    MoneySaving Newbie
    rob_cb wrote: »
    Has anyone actually got the account opened and how long did it take?
    Makes me wonder if they're really ready for public release.

    Just a few minutes after posting my question on MSE, I receive a text mesasge from Bo saying my account is now open, card is on the way and here's you PIN number. Well then, question answered.


    What are the chances of that??:eek:
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms