Revolut - Ultracheap FX (prepaid Mastercard)

irishgeo

sorry i hadnt fully woken up. of course its a monthly limit

The Ayatolla

200 isn't too bad. I use Revolut for all my day-to-day spending including nights out etc and I rarely find myself having to go to an ATM.

What's annoying is the lack of cash-back because most places code it as a credit card. Very frustrating. Most shops/stores/pubs/clubs/petrol stations take card/contactless though so no biggie really. The problem of the ATM cap is even less prevalent in the UK, where these machines are seemingly everywhere.

TheChizler

The Ayatolla wrote: »

200 isn't too bad. I use Revolut for all my day-to-day spending including nights out etc and I rarely find myself having to go to an ATM.

If you could use Android pay with it for payments I'd replace my current account debit card. Just throw my monthly day-to-day budget on it and work away.

Quackster

Sono wrote: »

It is a shame they have dropped it so low though, suppose I could always get a few cards and lodge money into say 3 of them and get around it that way? Would this work?

If you 'encourage' (ie pester!) all your family members and friends to sign up, you could always borrow cards from those who mightn't be using them abroad in any given month.

It's simple transferring funds from yours to another Revolut account and then withdrawing at an ATM.

MarkY91

Quackster wrote: »

If you 'encourage' (ie pester!) all your family members and friends to sign up, you could always borrow cards from those who mightn't be using them abroad in any given month.

It's simple transferring funds from yours to another Revolut account and then withdrawing at an ATM.

But for every €500 it's only €10 fee right? Unless my maths is way off

Quackster

MarkY91 wrote: »

But for every €500 it's only €10 fee right? Unless my maths is way off

Exactly. It all depends on how much that tenner is worth to you.

gordongekko

Quackster wrote: »

Exactly. It all depends on how much that tenner is worth to you.

How is a tenner worth any more or less than a tenner?

The Ayatolla

gordongekko wrote: »

How is a tenner worth any more or less than a tenner?

A person's financial circumstances?

Dodge

gordongekko wrote: »

How is a tenner worth any more or less than a tenner?

If you have €100 than a tenner is worth 10%
If you have €1000 than a tenner is worth 1%

The Ayatolla

Dodge wrote: »

If you have €100 than a tenner is worth 10%
If you have €1000 than a tenner is worth 1%

And that concludes today's finance lesson.

Next we move onto "how big is your house".

danwhite88

Quackster wrote:

If you 'encourage' (ie pester!) all your family members and friends to sign up, you could always borrow cards from those who mightn't be using them abroad in any given month.

Pity with the whole confirming identify on new regs. Set up an account for a family member (for my use) but to verify the account I needed to a photo of their ID (passport or drivers licence) and take a selfie to confirm all. Seems a little too much. Any way around this?

Delta2113

danwhite88 wrote: »

Pity with the whole confirming identify on new regs. Set up an account for a family member (for my use) but to verify the account I needed to a photo of their ID (passport or drivers licence) and take a selfie to confirm all. Seems a little too much. Any way around this?

- No.

adam88

danwhite88 wrote: »

Pity with the whole confirming identify on new regs. Set up an account for a family member (for my use) but to verify the account I needed to a photo of their ID (passport or drivers licence) and take a selfie to confirm all. Seems a little too much. Any way around this?

What your doing or attempting to do is illegal and against money laundering laws unless you state your the beneficial user of the account

Dodge

adam88 wrote: »

What your doing or attempting to do is illegal and against money laundering laws unless you state your the beneficial user of the account

Settle down with accusations like that

He/she may merely have been trying to help set it up as they more tech savvy than the relative

Doge

The Ayatolla wrote: »

What good is withdrawing either side of midnight if the limit is €200 per month? Unless you do it on midnight on the 30/31 of each month?

Just double checking this with their fair usage page, and it says that the monthly limit is £200 with a 2% fee for anything pver that?

https://revolut.com/fairusage

I thought you were limited to £200 no matter what!

So now is there much of a point in withdrawing more than
£200 when you're abroad?

That 2% is surely higher than your banks exchange rate?

Dodge

It depends on the FX rate. My bank is 1% but their rate is regularly more than 1% worse than Revolut so would cost me more

I'd be hoping not to withdraw over the 200 though but can see how it's less useful for regular travellers to Asia etc

TheChizler

danwhite88 wrote: »

Set up an account for a family member (for my use)

adam88 wrote: »

What your doing or attempting to do is illegal and against money laundering laws unless you state your the beneficial user of the account

Dodge wrote: »

Settle down with accusations like that

He/she may merely have been trying to help set it up as they more tech savvy than the relative

Sounds like they're the beneficiary in reality. Doesn't sound like an accusation, just a warning that what they're trying to do is illegal.

danwhite88

adam88 wrote:

What your doing or attempting to do is illegal and against money laundering laws unless you state your the beneficial user of the account

Dodge wrote:

Settle down with accusations like that

No he is right, I have been planning to launder money for some time. Revolut will help me get an extra €200 cash pm from money transferred from my personal account.

Adam88 you are one heck of a spy, I will pm you my details and you can inform the guards and revenue.

StupidLikeAFox

danwhite88 wrote: »

No he is right, I have been planning to launder money for some time. Revolut will help me get an extra €200 cash pm from money transferred from my personal account.

Adam88 you are one heck of a spy, I will pm you my details and you can inform the guards and revenue.

He made a valid point that what you are attempting to do is against money laundering regulations. You are essentially trying to set up a bank account, for yourself, in somebody elses name.

adam88

danwhite88 wrote: »

No he is right, I have been planning to launder money for some time. Revolut will help me get an extra €200 cash pm from money transferred from my personal account.

Adam88 you are one heck of a spy, I will pm you my details and you can inform the guards and revenue.

You'd be surprised at the lengths people do to launder money. Supermarkets and their saving stamps got caught badly some time ago.

StereoSound

Can I pay a security deposit with this card for say a hotel? I think it's called a pre Authorization? I am staying in a hotel in Germany in a few days time and the hotel wants a security deposit taken from my card on check in which will be refunded again when I check out.. Usually they request a credit card for this but can the Revolut be used instead?

Thanks

maximoose

You can yeah, the funds need to be on the card though of course

mrcheez

A co-worker is heading abroad in 3 weeks and I advised him to get the Revolut card before he goes, though I don't recall if it took a week or a month to get the card.

Reckon he'll have time to sign up before he goes?

nsa0bupkd3948x

mrcheez wrote: »

A co-worker is heading abroad in 3 weeks and I advised him to get the Revolut card before he goes, though I don't recall if it took a week or a month to get the card.

Reckon he'll have time to sign up before he goes?

Should be fine. Mine took 5 days.

stamjoe

If I wanted to buy something say on mandmdirect.com for 80 pounds, do I exchange my euro to the 80 pounds first on the app, then use the card? Or do I leave the app in euro and let it convert itself? I've tried both and mandmdirect is failing on payment. 

Ideas?

TheChizler

stamjoe wrote: »

If I wanted to buy something say on mandmdirect.com for 80 pounds, do I exchange my euro to the 80 pounds first on the app, then use the card? Or do I leave the app in euro and let it convert itself? I've tried both and mandmdirect is failing on payment. 

Ideas?

Sounds like they don't accept prepaid Mastercard or don't recognise the issuer.

stamjoe

TheChizler wrote: »

stamjoe wrote: »

If I wanted to buy something say on mandmdirect.com for 80 pounds, do I exchange my euro to the 80 pounds first on the app, then use the card? Or do I leave the app in euro and let it convert itself? I've tried both and mandmdirect is failing on payment. 

Ideas?

Sounds like they don't accept prepaid Mastercard or don't recognise the issuer.

They accept Mastercard and Maestro.

TheChizler

stamjoe wrote: »

They accept Mastercard and Maestro.

Prepaid though?

Quackster

stamjoe wrote: »

They accept Mastercard and Maestro.

Could be a problem with how your address is stored with Revolut and on the retailer website. Did you use your Eircode with both?

Or maybe the retailer requires MasterCard 3D Secure which Revolut doesn't support?

The Ayatolla

The Ayatolla wrote: »

Sent complaint to An Post, Comreg (why not eh? ) and the Ombudsman.

Update on this. Comreg said they won't deal with it. Nothing back from Ombudsman. Comreg advised I contact the Competition and Consumer Protection Commission (CCPC). I've sent them an email.