Revolut - Ultracheap FX (prepaid Mastercard)

TheChizler

makeorbrake wrote: »

Exchange to dollars during business hours Monday - Friday. If you pay for $ purchases from a euro balance on the weekend, it works out as being 1 or 2 % more expensive (read back on the thread for details of same).

Sitting in T2 now doing a bit of research. What's the reason for this do you know? Was just going to use my European balance and let it convert on the fly.

Yggr of Asgard

Its no longer such a big mark-up on weekends according to Revolut.

Here is their current explanation in their FAQ:

Our rates mirror the Spot Interbank exchange rate. The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channeled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.

At the weekend (Friday 00:00 - Sunday 23:59) we apply a small mark up on the spot rate as the Forex markets are closed. We take the rate from Friday 00:00 and apply a 0.5% mark up on major currencies and 1.0% on other currencies to protect the company from potential losses due to a large fluctuation in the rate.

For illiquid currencies like Russian Ruble and Thai Baht, there is 1.5% mark up on weekend.

Our rates are provided by Morning Star © 2016. All Rights Reserved. 

So in principle the rates should match what you see on http://www.morningstar.co.uk/uk/markets/Currencies.aspx plus the markup.

As to exchanging into another currency in the wallet (like $ or £) it really comes down to your preference and how you like to spend your money.

If you have a € budget and want to know in advance how many $ you have to spend you can exchange in advance and have the right amount of funds available.

If you don't care about the budget in € and just want to get a better rate than your Irish Credit card, leave it in € and just spend, it will take the appropriate exchange rate every time you use you card. Maybe before the weekend lock in some cheaper $ by exchanging the amount you are likely to spend.

If you don't exchange an amount into the wallet you will profit if the exchange rate gets better and you will loose if the rate get's worse. That is a risk that is transparent to you more so with Revolut than with your credit card while you spend where you only see it at the end of the month.

It really comes down to you, how much you want to spend, what your budget is and how you think the rate is going to do during your trip.

TheChizler

Cheers for that! Forgot about the weekend mark up of course that was the reason. Excellent I'll convert some to dollars for the weekend. Can always convert back after. Many thanks!

bigboss1986

Hi all.
Since I have Revolut card I am using it only for online shopping.I have never use it in ATM or in the shop .I would like to use my card in Spain next week.As Spain use Euro if I top up whatever I need and go to the shop,hotel etc etc with my card is it going to be charged in Euro automatically or will I see Pounds and Euro at the terminal and I have to choose one( Euro of course).

Thanks

Cortina_MK_IV

I would say you will be charged in Euro. The only other place I use mine is in the north so at the point of sale I get my total in £-STG of course.

adam88

Its all a matter of timing. Used the card to pay for deposit of my new car. Have stg sitting up the north so decided I'd use that. Between the jigs and the reals I played the waiting game and saved myself 300-400 euros. Happy days. Could have easily went the other way and could have costed me that amount

Yggr of Asgard

bigboss1986 wrote: »

Hi all.
Since I have Revolut card I am using it only for online shopping.I have never use it in ATM or in the shop .I would like to use my card in Spain next week.As Spain use Euro if I top up whatever I need and go to the shop,hotel etc etc with my card is it going to be charged in Euro automatically or will I see Pounds and Euro at the terminal and I have to choose one( Euro of course).

Thanks

It depends on what card terminal & bank the vendor is using and if they are reading the CHIP or the magnet stripe.

With some terminals and banks you might be offered DCC (Dynamic Currency Conversion) and be offered to be charged in £ rather than € due to the way the card is coded.

Always decline the DCC and ask to be charged in the local currency, in this case €.

TheChizler

Anyone heading to the US don't forget to enable magstripe transactions like I did!

Yggr of Asgard

TheChizler wrote: »

Anyone heading to the US don't forget to enable magstripe transactions like I did!

Also have an alternative method of payment ready, there are some reports that magstripe transactions are declined from time to time if there is no balance in the $ wallet but enough funds in the € wallet. Same transaction went through when the chip was used.

That does not mean it is going to happen, but best be prepared and ask the clerk to use the CHIP (most larger shops now have CHIP readers, but do CHIP/Signature).

It's silly how the US is so behind and still used magstripe or even the strange CHIP/Signature combo.

TheChizler

Used the contactless feature for the first time in a convenience store just there. The cashier looked at me like I had two heads. Did a bit of reading and turns out contactless cards are rare as hens teeth here, it's all Apple/Android/Samsung Pay.

Dardania

TheChizler wrote: »

Used the contactless feature for the first time in a convenience store just there. The cashier looked at me like I had two heads. Did a bit of reading and turns out contactless cards are rare as hens teeth here, it's all Apple/Android/Samsung Pay.

Thta's the next thing - apple pay support.

What's the dollar limit for contactless in the US? It seems to vary across Europe...

Shefwedfan

Guys

I couldnt really find the answer and I did a search on thread, I just signed up and wondering do you have to pay the 30 euro Irish tax on this? I am only using the virtual card

I guess if you order physical you would have to but

TheChizler

If you're talking about stamp duty it's only if you use it in ATMs up to a limit of €5.

sweetie

I'm in NY and need to withdraw cash, what banks are free does anyone know?

EagererBeaver

sweetie wrote: »

I'm in NY and need to withdraw cash, what banks are free does anyone know?

I don't think there's a known one any more. Just go to a major bank and pay the 3 dollars.

TheChizler

Or see if a retailer does cashback.

Yggr of Asgard

sweetie wrote: »

I'm in NY and need to withdraw cash, what banks are free does anyone know?

If you really don't want to pay the 3$ try Aldi (no I'm not making it up, their ATM usually are surcharge free for most foreign cards).

Also try a local credit union, they sometimes also don't charge, but generally you are going to spend more in travel than you are going to save by searching for surcharge free ATM.

hoosh1

Hi all,

Sorry in advance if these questions have been answered before but this thread is huge. I'm just about to set up a Revolut account as I am going on trip around the world in the coming months. Every place I plan to go is included on the list of Revolut currencies.

Are there any referral codes at the moment that will give me any nice bonus? I know a couple of people with accounts already, can I get them bonuses too and what information do I need from them?

I have read about an issue of making purchases/withdrawals over the weekend and the rate being fixed plus Revolut adding a small percentage, does this apply on the "weekend" in my home country or the weekend in the country I happen to be in as this can be different, particularly in Dubai.

If the account is linked to my phone number and I start using a different sim card in my phone will the app not work?

Cheers.

F1ngers

hoosh1 wrote: »

Hi all,

Sorry in advance if these questions have been answered before but this thread is huge. I'm just about to set up a Revolut account as I am going on trip around the world in the coming months. Every place I plan to go is included on the list of Revolut currencies.

Are there any referral codes at the moment that will give me any nice bonus? I know a couple of people with accounts already, can I get them bonuses too and what information do I need from them?

I have read about an issue of making purchases/withdrawals over the weekend and the rate being fixed plus Revolut adding a small percentage, does this apply on the "weekend" in my home country or the weekend in the country I happen to be in as this can be different, particularly in Dubai.

If the account is linked to my phone number and I start using a different sim card in my phone will the app not work?

Cheers.

Have a read through the faq: https://revolut.com/faq/

killbillvol2

hoosh1 wrote: »

If the account is linked to my phone number and I start using a different sim card in my phone will the app not work?
.

It'll work fine with different sims.

Delta2113

I withdrew €650 earlier today at a ROI atm and was charged a 12 cent Irish Stamp Duty. It would have been nice if Revolut had advised that this would happen.

I wonder will they charge for my 2016 atm withdrawals.

TitianGerm

Delta2113 wrote: »

I withdrew €650 earlier today at a ROI atm and was charged a 12 cent Irish Stamp Duty. It would have been nice if Revolut had advised that this would happen.

I wonder will they charge for my 2016 atm withdrawals.

Did they not issue a statement a few weeks ago saying they would be applying the stamp duty charges?

Yggr of Asgard

Delta2113 wrote: »

I withdrew €650 earlier today at a ROI atm and was charged a 12 cent Irish Stamp Duty. It would have been nice if Revolut had advised that this would happen.

I wonder will they charge for my 2016 atm withdrawals.

I raised this nearly a year ago with their support and they confirmed that they will deduct the applicable stamp duty (no surprise, it's the law).

It's also mentioned in the thread here when they confirmed it.

Sure it would be nice if it's called out in the price list or FAQ.

Their Answer than:
https://twitter.com/RevolutApp/status/691931818019393538

noel100

That's great no stamp duty unless you make a withdrawals...

Delta2113

I presume your balance would go into minus if you didn't have the 12 cent or maybe the transaction would not go through -we just don't know and as per usual rely on this thread and it's good users.

I presume all the 12 cent are kept at Revolut until end of year/start of new year and then handed over to Irish Revenue.

Can Revolut operate the €2.50 and €5 cap correctly? -again we just don't know.

Irish Revenue couldn't care less once they get the duty which probably will be very little.

Yggr of Asgard

Also they can't charge you 12 cents now because you might not actually be liable for Stamp duty at the end of the year.

For example you could close your account on the 30th of December and hence would not be liable for Stamp duty.

Delta2113

Yggr of Asgard wrote: »

Also they can't charge you 12 cents now because you might not actually be liable for Stamp duty at the end of the year.

For example you could close your account on the 30th of December and hence would not be liable for Stamp duty.

- I wonder how I would get on if I report them to Revenue for charging me 12 cent today - probably laugh down the phone.

Yggr of Asgard

I think you might get randomly selected for a Tax audit if you have not declared your Revolut account on your last income tax return.

But as revenue will never know the individual for which the tax was charged (as they will only get told the total transactions that are liable for all revolut customers) they will not care about your input and tell you to talk to Revolut.

At least Revolut does charge the tax in a clear matter unlike some other banks out there.

AlmightyCushion

Yggr of Asgard wrote: »

Also they can't charge you 12 cents now because you might not actually be liable for Stamp duty at the end of the year.

For example you could close your account on the 30th of December and hence would not be liable for Stamp duty.

Are you sure about that? I'm pretty certain that stamp duty applies to the card if you had at any stage during the tax year even if you close it before the tax year is over.

EagererBeaver

AlmightyCushion wrote: »

Are you sure about that? I'm pretty certain that stamp duty applies to the card if you had at any stage during the tax year even if you close it before the tax year is over.

Certainly like that for credit cards. I got hit for 2015 stamp duty in April having left Ireland in October '15.