Revolut - Ultracheap FX (prepaid Mastercard)

Delta2113

3.2 Charge to stamp duty - from Revenue.ie

Card issuers are referred to as promoters in the legislation. Promoters (promoter
includes credit and financial institutions but does not include credit unions, An Post
or any of its subsidiaries) are liable to stamp duty on cash transactions. They are
required to pay stamp duty of €0.12 per cash transaction in respect of each cash
card and combined card which is used at any time during the calendar year and
is valid on 31 December of that year. The charge is capped at €2.50 in respect
of cash cards and combined cards that were only used for cash transactions and
€5.00 for combined cards where both functions were used.
For a card to be within the charge to stamp duty the card must be issued to an
individual who has an address (address on the bank statement) in the State.
The location of the promoter is irrelevant as to whether a card comes within the
charge. A cash card or combined card issued by a foreign promoter to such an
individual comes within the charge while a card issued by any promoter to an
individual whose address is outside the State does not. A non-Irish resident with
an address in the State with a card registered at that address is similarly liable to
the stamp duty charge. These rules similarly apply to all cards issued on accounts
denominated in a foreign currency.
A “cash transaction” means a withdrawal from an ATM in the State using a cash
card (ATM only) or a combined card (cash and debit card). Withdrawals from
ATMs located outside the State or cashback from point of sale at any location are
not liable to stamp duty.

Yggr of Asgard

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.

I refer you to the Revenue Webpage:

http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html

Scroll down to the FAQ and you will see the exclusions.

BlackWizard

Keep your clothes on in them photos now Colly!

Zardoz

CollyFlower wrote: »

Something else I found out while talking to support, the support chat is a Bot.

Are you serious ?

coldfire1x

Zardoz wrote: »

Are you serious ?

Yes they are bot. Not real people.

You dont need to be really polite when you see a women. :D

Arbie

coldfire1x wrote: »

Yes they are bot. Not real people.

You dont need to be really polite when you see a women. :D

Where did you hear that? A couple of weeks ago they were still talking about launching the bot.

F1ngers

Arbie wrote: »

Where did you hear that? A couple of weeks ago they were still talking about launching the bot.

That was the bots talking...:pac:

Donal55

A good time to buy stg this morning.
.87+ on the exchange.

LG1234

I have a revolut card and want to get some US $ in Ireland, what is the cheapest way to do this? Is there an ATM in the airport that gives US $? Or am I better off going to the bank and just exchanging euros for $? I need $ before leaving Ireland

makeorbrake

LG1234 wrote: »

I have a revolut card and want to get some US $ in Ireland, what is the cheapest way to do this? Is there an ATM in the airport that gives US $? Or am I better off going to the bank and just exchanging euros for $? I need $ before leaving Ireland

Why do you need before you go? Load some cash onto your revolut card. Bring your visa/mastercard debit card with you also as backup. Hit the atm on arrival stateside. Job done.

Yggr of Asgard

LG1234 wrote: »

I have a revolut card and want to get some US $ in Ireland, what is the cheapest way to do this? Is there an ATM in the airport that gives US $? Or am I better off going to the bank and just exchanging euros for $? I need $ before leaving Ireland

makeorbrake wrote: »

Why do you need before you go? Load some cash onto your revolut card. Bring your visa/mastercard debit card with you also as backup. Hit the atm on arrival stateside. Job done.

You are assuming he is going to the US, maybe he needs some US$ Cash to pay for a Visa on Arrival in some country?

I would not recommend using an ATM at the Airport to get $, you might end up being double penalized for that as the ATM might charge you in £ because it thinks that is the card's main currency.

If you need $ for something until you can see an ATM change something in a bank or a currency changer.

If you use something like ICE at the Airport you can also change the rest back if you keep the receipt, sure you get hit with the bad rate but at least not commission.

jack presley

Is there anyway to see the exchange rate you're going to get when exchanging between euro and dollars/sterling? I'm looking to buy something in sterling on Amazon that's £204. I know that's roughly €235 so normally I'd transfer that over but I'm usually left with a few pennies left and I was wondering if there was a way I could top up with the exact amount needed.

I know I'll use whatever's left at a later date so it isn't the end of the world, just curious more than anything.

maximoose

Go to Exchange, select currencies and put in figures.

Yggr of Asgard

jack presley wrote: »

Is there anyway to see the exchange rate you're going to get when exchanging between euro and dollars/sterling? I'm looking to buy something in sterling on Amazon that's £204. I know that's roughly €235 so normally I'd transfer that over but I'm usually left with a few pennies left and I was wondering if there was a way I could top up with the exact amount needed.

I know I'll use whatever's left at a later date so it isn't the end of the world, just curious more than anything.

Why do you transfer it over? You can just pay in £ and it will take it automatic from your € balance. There is no need to transfer it over.

Also during working days the rate changes nearly every second, so it will change very quickly, the only time it's fixed is over the weekend, where they take the rate at 0000 Saturday Morning and add a certain % depending on the currency.

jack presley

Yggr of Asgard wrote: »

Why do you transfer it over? You can just pay in £ and it will take it automatic from your € balance. There is no need to transfer it over.

Also during working days the rate changes nearly every second, so it will change very quickly, the only time it's fixed is over the weekend, where they take the rate at 0000 Saturday Morning and add a certain % depending on the currency.

Sorry, should have said my euro balance is usually 0. I just transfer money over when buying something.

I see what you mean about it moving though. I did what Maximoose said and saw it flutter up and down.

Yggr of Asgard

jack presley wrote: »

Sorry, should have said my euro balance is usually 0. I just transfer money over when buying something.

I see what you mean about it moving though. I did what Maximoose said and saw it flutter up and down.

Ah, so when you say transfer you mean you load.

The rate is constantly updated as it's using the Spot Interbank exchange rate provided by Morning Star during the week and not using fix rates like your normal credit card.

In your case, you have to estimate the amount and will end up with either too much or too little depending on how volatile the markets are.

isnottheword

Yggr of Asgard wrote: »

You are assuming he is going to the US, maybe he needs some US$ Cash to pay for a Visa on Arrival in some country?

You're quite right - I was. Can he come back and confirm?

Yggr of Asgard wrote: »

I would not recommend using an ATM at the Airport to get $, you might end up being double penalized for that as the ATM might charge you in £ because it thinks that is the card's main currency.

That may be a concern. My experience in the states was that there were regular atms (by that I mean atms from the mainstream U.S. banks) at the airport.

nsa0bupkd3948x

isnottheword wrote: »

You're quite right - I was. Can he come back and confirm?

That may be a concern. My experience in the states was that there were regular atms (by that I mean atms from the mainstream U.S. banks) at the airport.

As far as I know the ATMS in Dublin airport that dispense USD and GBP charge your card in euro. So they'll be a hefty mark up.

When I need USD for visas on arrival I normally just go to a bank or post office for the cash checking which is the best value.

isnottheword

Thaddeus Clean Bodyguard wrote: »

As far as I know the ATMS in Dublin airport that dispense USD and GBP charge your card in euro. So they'll be a hefty mark up.

When I need USD for visas on arrival I normally just go to a bank or post office for the cash checking which is the best value.

Yup, you're right - and that's the case in many airports. I had experience of San Francisco Airport in the States and they had regular bank machines - i.e. no additional gouging (although as we know, almost all atms in the states charge a fee on non-us card withdrawals).

LG1234

isnottheword wrote: »

You're quite right - I was. Can he come back and confirm?

That may be a concern. My experience in the states was that there were regular atms (by that I mean atms from the mainstream U.S. banks) at the airport.

Ye I need dollars for a visa and to pay for a tour, in a country that doesn't use dollars. So can't go to an ATM there. Will just go to a bank tomorrow

isnottheword

LG1234 wrote: »

Ye I need dollars for a visa and to pay for a tour, in a country that doesn't use dollars. So can't go to an ATM there. Will just go to a bank tomorrow

Can you not pay for the tour by visa/mastercard? Will they accept local currency? In some countries (eg. Mexico and some other central american countries), they have a decent network of atms that spit out us dollars.


However, I get that you have to have dollars available for the visa - and that they won't accept anything else. Had that scenario when I was in Nicaragua earlier this year.

jack presley

Couple of quick questions for when travelling. Do you need to bring the phone with you and if so, do you need to have Mobile Data turned on (expensive if roaming)?

I see something about a 'Two Step Verification' process on their website but when I'm on holidays I like to leave the phone back in the hotel. Will I need to enter a code into the phone everytime I go to use the card and if so, is the code sent by text or over the internet?

isnottheword

jack presley wrote: »

Couple of quick questions for when travelling. Do you need to bring the phone with you and if so, do you need to have Mobile Data turned on (expensive if roaming)?

I see something about a 'Two Step Verification' process on their website but when I'm on holidays I like to leave the phone back in the hotel. Will I need to enter a code into the phone everytime I go to use the card and if so, is the code sent by text or over the internet?

You should bring the phone and have the app running on it. I'm open to correction but you don't need to enter a code on the phone every time you use the card. you'll have to input a pin alright (and a pin to access the app).

Yggr of Asgard

Some of the security functions require you to have your mobile with you, however you can disable them in Card Security under My Card in the App.

You need to disable the "location based security" at least as it will in theory take your location from the mobile into account and if you don't have data it will try to use the last IP logged in. If you have the feature on but do not have the phone with your, the card might not work.

Also if you go to a country which does not do Chip/Pin/Signature and requires the usage of the magstripe (like the US) you need to make sure you enable those before you go.

There is no requirement to have the phone with you when you spend but the functions (like real time notifications, advance security, on demand security to ensure you have optimum coverage like magstripe on demand, NFC on demand) are depending on mobile data, so you should have a look at a good roaming provider.

You also would need the App to be able to load on demand if you need more funds.

There is no need to enter a code from your mobile every time you use the card in a store, so you would be safe there. You need to enter your cards pin if the country has Chip/PIN just like with your debit/credit card.

However why get a card with security functions and than not use them is a different question. Sure the exchange rate might be one but still , get a roaming provider and be on the safe side.

isnottheword

Pick up a local sim card at the airport with the minimum amount of data that you need on it.

jack presley

Thanks guys.

As I said, I don't like carrying a phone around with me when on holidays (nice to get a break from that as well every now and then..!!).

I'll only have enough to get through each day on the card ($200 or so) so if it does get lost or comprised it won't be the end of the world. And I'll have my standard Visa card with me too.

I'm staying in a hotel with wifi so will top up each night and check the transactions then.

Yggr of Asgard

jack presley wrote: »

Thanks guys.

As I said, I don't like carrying a phone around with me when on holidays (nice to get a break from that as well every now and then..!!).

I'll only have enough to get through each day on the card ($200 or so) so if it does get lost or comprised it won't be the end of the world. And I'll have my standard Visa card with me too.

I'm staying in a hotel with wifi so will top up each night and check the transactions then.

If you use the hotel's wifi you need to make sure you disable the location based security setting. Hotels might use providers with IP's that give a wrong location and that could lead to problems.

For example if you don't have data on your phone in your hotel in Bangkok and their provider uses an IP from Switzerland (that is real world example) Revolut thinks you are in Switzerland and will decline any transaction in Bangkok. So make sure you disable the security setting.

jack presley

Yggr of Asgard wrote: »

If you use the hotel's wifi you need to make sure you disable the location based security setting. Hotels might use providers with IP's that give a wrong location and that could lead to problems.

For example if you don't have data on your phone in your hotel in Bangkok and their provider uses an IP from Switzerland (that is real world example) Revolut thinks you are in Switzerland and will decline any transaction in Bangkok. So make sure you disable the security setting.

Will do. Thanks.

I usually use my vpn when using hotel wifi too so that'll be secure anyway.

TheChizler

Location from IP is only used as a backup. It should get a very accurate location from AGPS etc. Just check Google maps to see where it things you are. I was in the states last week and had the location based security on. Had no problems and only had Internet in the hotel and the occasional subway station.

Delta2113

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.

Revolut without any contact from me refunded me the 12 cent charge.