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  • FIRST POST
    • LuckyDuke
    • By LuckyDuke 15th Nov 17, 2:25 PM
    • 3Posts
    • 0Thanks
    LuckyDuke
    Arro Money Account Advice
    • #1
    • 15th Nov 17, 2:25 PM
    Arro Money Account Advice 15th Nov 17 at 2:25 PM
    My housemate just applied to open a bank account online, info arrived this morning and it seems he went against my advice of going with a high street bank and gone with Arro Money. I have never heard of them before, Anyone know if they are a secure banking option with relevant assurances? Outside of their own web info they seem a little light on background, they claim to be part of the Marq Millions and partners with GPS. "The Arro Card is issued by Wirecard Card Solutions Ltd ("WDCS") pursuant to licence by Mastercard® International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities". Advice please
Page 1
    • Robisere
    • By Robisere 15th Nov 17, 2:35 PM
    • 2,281 Posts
    • 3,084 Thanks
    Robisere
    • #2
    • 15th Nov 17, 2:35 PM
    • #2
    • 15th Nov 17, 2:35 PM
    Has your housemate asked you to be Guarantor, or otherwise used your name?
    If a rented property, whose name is on the rent agreement, or is it joint?
    These are the factors I would want to know about if I were you.
    I think this job really needs
    a much bigger hammer.
    • LuckyDuke
    • By LuckyDuke 15th Nov 17, 2:47 PM
    • 3 Posts
    • 0 Thanks
    LuckyDuke
    • #3
    • 15th Nov 17, 2:47 PM
    • #3
    • 15th Nov 17, 2:47 PM
    No, I am not the Guarantor, the account is in his name and name on house is mine. Just from my online searches I can only see info on Arro Money posted by themselves or press releases and details at companies house. It would be handy to know how secure they are and if anyone has had any past experience with them and feel secure with their services
    • eDicky
    • By eDicky 15th Nov 17, 3:10 PM
    • 3,513 Posts
    • 1,696 Thanks
    eDicky
    • #4
    • 15th Nov 17, 3:10 PM
    • #4
    • 15th Nov 17, 3:10 PM
    Until now I had never heard of Arro Money. They are obviously not a bank and there's nothing particularly secure about their prepaid accounts with ridiculous fees. It's hard to imagine why anyone would choose them when there are basic bank accounts and prepaid accounts without fees available.
    • Zanderman
    • By Zanderman 15th Nov 17, 5:10 PM
    • 1,592 Posts
    • 4,108 Thanks
    Zanderman
    • #5
    • 15th Nov 17, 5:10 PM
    • #5
    • 15th Nov 17, 5:10 PM
    Agree it seems an odd choice - not a bank, fees for lots of everyday things like withdrawals and no security for money.

    Plus, as you say OP, nothing about them online apart from their own info, which should ring very loud alarm bells.

    No reason to say they're dodgy, but no reason to say otherwise either - there's zero info about them. And that's very worrying.

    A proper basic bank account would make far more sense.
    • LuckyDuke
    • By LuckyDuke 15th Nov 17, 6:35 PM
    • 3 Posts
    • 0 Thanks
    LuckyDuke
    • #6
    • 15th Nov 17, 6:35 PM
    • #6
    • 15th Nov 17, 6:35 PM
    I think it was the quick set up time which was the attraction.
    • Anthorn
    • By Anthorn 23rd Feb 18, 10:48 AM
    • 3,670 Posts
    • 946 Thanks
    Anthorn
    • #7
    • 23rd Feb 18, 10:48 AM
    • #7
    • 23rd Feb 18, 10:48 AM
    I've applied to open an Arro account and I'm going to replace two prepaid cards with the Arrocard, Pocket and Soldo. Two things attracted me: It's a Debit card and it's issued by Wirecard. While the account is set up it's taking some time to receive the card. So far it's been 8 days not including weekends.

    Arro itself is what they call a "virtual bank account" which I personally call a "prepaid bank account". Currently under construction/development and it's what Arro itself calls the "Early Access Card" that is available at this time. Probably the development of Arro is likely to be similar to that of Monzo in that they issue a card so they can build funds and then build the rest of the account and other cards later.
    Last edited by Anthorn; 23-02-2018 at 10:51 AM.
    • heminui
    • By heminui 12th Mar 18, 1:04 PM
    • 1 Posts
    • 0 Thanks
    heminui
    • #8
    • 12th Mar 18, 1:04 PM
    Steer clear!!
    • #8
    • 12th Mar 18, 1:04 PM
    I do a little consulting work and opened an arro account to receive payments from various clients. After three months, Arro tells me that my payments look suspicious and suspend my account.
    They only have a 0844 number, and the person you get when you call is pretty much just a receptionist and has no access to any useful information. You can hear them typing the questions into search engine while you're paying 40p/min, then you get "I'm only able to give you advice" -please ask your question via our online form.
    • Ian011
    • By Ian011 13th Mar 18, 7:31 AM
    • 2,020 Posts
    • 1,180 Thanks
    Ian011
    • #9
    • 13th Mar 18, 7:31 AM
    • #9
    • 13th Mar 18, 7:31 AM
    They only have a 0844 number.
    Originally posted by heminui
    FCA regulations effective 26 October 2015 have banned banks, card companies and insurers from using premium rate numbers starting 084, 087 or 09.

    See https://www.handbook.fca.org.uk/handbook/GEN/7/2.html?timeline=true
    Last edited by Ian011; 13-03-2018 at 7:33 AM.
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