Competition


#1

Looks like these guys are passing you up!

At the moment, you have to be in Spain or USA to sign up, but they already have both US and IBAN. Oh, wait, they don’t…

The above is not marketing for Denizen. They fooled me with the same tactic that Revolut used, i.e., claiming to have something they only applied for. I note that Revolut has edited their false claim to be more accurate, and apparently Denizen is also backing off on the hype. But “you never get a second chance to make a first impression,” and neither company is likely to ever get any business from me.


#2

Hey @WGroleau :slight_smile:

I’m unable to even find a proper website apart from a Zendesk page with around 5 FAQs answered… Doesn’t look like.


#3

I posted a FAQ link because it has that particular info. Zen desk is a tech support app that they use. Their main website is Denizen.io, which I found by searching “denizen bank” without the quotes. Although their website has some info, the details are in the zen desk site. Like Revolut, they brag to have things they are still working on, but it does appear that they already have both ABN and IBAN.


#4

Hey @WGroleau :slight_smile:

They’re a WIP project from BBVA, a trustable spanish bank, in collaboration with a US entity. No wonder how they’re already offering IBANs. However, BBVA is known here for starting innovative projects that do not receive the needed care to become popular (ahem, looking at you, Wizzo) and then letting them die.

Apart from that, I can not find any fee information or any actual info that makes it different from a vaguely described concept. On top of that, here’s the cherry to the cake that makes me trust the project at the current stage:


#5

Ha! Sounds like they’re even more competition with Revolut than I thought, copying the marketing strategy of bragging about things that don’t exist yet. However, BBVA does have a U.S. subsidiary, as does Santander. I think BBVA started in South America; not sure.

Anyway, I have to wait till I get back to Spain to sign up for anything. I have locked my credit reports, and US banks insist on a credit check to put money IN.


#6

Hey @WGroleau :slight_smile:

BBVA stands for Banco Bilbao Vizcaya Argentaria. Both Bilbao and Santander are Spanish cities, separated by around 100km. So, no, they’re not South American, but of course they do have US subsidiaries (and also South American ones, both of them). The CEO of Denizen is also the founder of Tuenti, which once was the most popular social network in Spain, and Kuapay, a (I’d dare to say failed) new payment method. BBVA + this person sounds like a solid combination, but however the product looks not even half-baked, and I’m being optimistic :confused:

They’re offering to match your first deposit up to $100 if you sign up before 31/12/2017, and that sounds too good to be true. However, when signing up, either Android or iPhone, they’ll just collect your data and tell you to wait until the app is available (yay!).

On top of that, they’re adding a (where elegible) clause to every single mention of the US account.


#7

Ah, now I remember. I looked it up a long time ago and somewhere since, my brain morphed “Argentaria” into “Argentina.” :slight_smile:

If I could sign up from here this month, I would. Either you get the hundred or you don’t. But since I can’t, …

On second thought, I won’t. Dishonesty is not something I look for in a bank. Calling it “marketing” doesn’t change what it really is.


#8

Hey @WGroleau :slight_smile:

I did, and I’ll keep the thread updated on whatever happens next, but… I doubt anything good will come out of this.


#9

Hiding a post that mentions your competition will NOT relieve you of the need to improve. If you are inferior, people will find out and switch.


#10

Hey again @WGroleau :slight_smile:

It’s not hiding your post. I personally reported it as SPAM because it looked like it to me, but your post is still visible. It’s actually the first result if you Google “Denizen Revolut”.

About Denizen, they’re not accepting sign-ups either with Android or iOS, and they’re sending vague and failed, duplicate or incorrect templates to your email once you sign up.

As an example, they’re running an erratic A/B email campaign which, to top it up, contains structural failures.


#11

I’m not supporting Denizen for doing the same dishonest marketing as Revolut. But it was Revolut that sent me an e-mail saying my post was hidden because I was marketing something when in fact, it was as much if not more pointing out that Revolut is being dishonest when they also brag that they “arrived in USA” and were a European bank when in fact they had only applied for both. Yes, Denizen did the same thing. Both are dishonest. Dishonesty is not a trait I look for in a bank!

(But I give them credit for saying “almost” in the images you posted. It’s more truthful than the first thing I saw from them.)


#12

Hey @WGroleau :slight_smile:

I might have not seen it, yet it might have happened. Can you post a single case in which :r: claimed to be a bank?

By the way, Denizen got my personal data claiming I’d be “only a couple minutes until my account was open” and… I’m still waiting.


#13

It was on their website when I first signed up here, along with the claim that they were also in USA. They have edited the one about USA to be more truthful, perhaps in response to the many forum messages about how it was misleading to say they had it and then to reveal on the forum that they had only applied for it. It caught my attention, because then (and now), I have only two ways to get money from my USA accounts to my Spanish account. One requires me to be in Spain, get cash from an ATM, and carry it into LaCaixa. The other is pay a high wire transfer fee along with the Wikipedia definition to prove it’s me. I know some people that have US and Spanish Paypal accounts, so they just pay themselves. But when I tried to open a Spanish Paypal account, they accused me of fraud and now both accounts are locked. I have a Skrill account, which I think I might be able to do it with, but I am not sure.


#14

Not sure whether that claim is still on their website or not, but here is an example of someone else who recognized they were being “inaccurate”: European Banking Licence 🏦