Revolut - Ultracheap FX (prepaid Mastercard)

Yggr of Asgard

It's not only them, there are several companies that have had an outage this morning. Most of the modern fintech providers in fact.

Suckit

Yggr of Asgard wrote: »

It's not only them, there are several companies that have had an outage this morning. Most of the modern fintech providers in fact.

http://www.businessinsider.com/uk-fintech-firms-monzo-revolut-curve-loot-down-users-2017-7?r=US&IR=T

Dardania

Funny enough I was using revolut all day today, no issues. Must have been fortunate

but1er

Got my money back from Manchester fraud case at the start of June. Long process but its back. Delighted but will never use reovult again

Aquos76

I've used my Revolut card three or four times today, also topped up and sent money to someone, no issues with any of those transactions.

gizmo81

Revolut said I had insufficient funds for an Amazon transaction today.

Had money in sterling, euro and dollar.

OU812

gizmo81 wrote: »

Revolut said I had insufficient funds for an Amazon transaction today.

Had money in sterling, euro and dollar.

It went down twice today.

Can't understand how this never happens to my bricks & mortar bank. Very hard to trust them.

gizmo81

Transfered euro to sterling and seems to have gone through now

OU812 wrote: »

It went down twice today.

Can't understand how this never happens to my bricks & mortar bank. Very hard to trust them.

Quackster

OU812 wrote: »

It went down twice today.

Can't understand how this never happens to my bricks & mortar bank. Very hard to trust them.

You're obviously not a customer of Ulster Bank!

OU812

Quackster wrote: »

You're obviously not a customer of Ulster Bank!

Actually, I am & apart from one incidence in 2011 or 2012, (can't remember which), I've never had any issues with them. That one time though I was inconvenienced as I was abroad at the time & was left unable to access funds for several days - not a *huge* deal as I had some cash & a credit card on me, but they compensated me extremely well when I kicked up a fuss.

vandriver

To save me wading through 4,000 posts,if I intend to use my revolut card in the UK(card purchases),do I need to transfer money into sterling on the app first?

maximoose

No, you can keep it in euro.

dubrov

maximoose wrote:

No, you can keep it in euro.

The rate isn't great at the weekend as the fx markets are closed.

So if you are planning to use it at the weekends you are better off converting it to sterling during the week first

mrcheez

dubrov wrote: »

The rate isn't great at the weekend as the fx markets are closed.

So if you are planning to use it at the weekends you are better off converting it to sterling during the week first

Better yet is to track when sterling is at it's lowest and buy in bulk.

Tend to do this for Amazon despite not ordering anything for a month or so.

dubrov

mrcheez wrote:

Better yet is to track when sterling is at it's lowest and buy in bulk.

If you can consistently predict when sterling is at its lowest you are in the wrong game. Easy millions await you in trading

mrcheez

dubrov wrote: »

If you can consistently predict when sterling is at its lowest you are in the wrong game. Easy millions await you in trading

https://www.dailyfx.com/eur-gbp


I'll take that cheque for a million now please, k thx

Dardania

Bitcoin coming.

Also a new funding round - might take a punt

https://www.reuters.com/article/us-britain-fintech-revolut-idUSKBN19W2U0

Yggr of Asgard

I don't know, they promised their own bank license and direct mastercard issuing and instead they now move from paysafe to wirecard (which dominates the prepaid issuer area).

Maybe it's only a temporary step because paysafe did not allow them to serve some markets (like Switzerland which is now back online due to wirecard being the issuer) but still there is very little communication about that.

Also while there are signs that with wirecard issuing the cards they will shortly do ApplePay and AndroidPay overall I think there is only limited amount of growth potential in the end with more and more providers coming in (Monese is now also going to do Euro accounts).

So the only area where they could make money is if they offer premium services, but looking at the debacle with the premium cards not being delivered (because of the move to wirecard) and the value for money I see that as very hard business if other providers are offering better service for a better flat fee for example.

soirish

Monese at 5 GBP per month isn't a real competitor.

Tristram

Have taken the plunge and registered. Will be in Oz later in the year for a while and will report back on how it goes.

Delta2113

Tristram wrote: »

Have taken the plunge and registered. Will be in Oz later in the year for a while and will report back on how it goes.

- I've seen some good feedback on Oz but just make sure you always have a back up card and even then some small amount of Oz Dollars with you.

Yggr of Asgard

They seam to have started rolling out IBAN for € accounts. Check in the App by going on top up / bank transfer / euro.

Also it seams they finally are sending out premium cards (issued by Wirecard, coded as prepaid cards).

Dardania

Yggr of Asgard wrote: »

They seam to have started rolling out IBAN for € accounts. Check in the App by going on top up / bank transfer / euro.

Also it seams they finally are sending out premium cards (issued by Wirecard, coded as prepaid cards).

Not there for me yet, however I do seem to be able to activate a sterling account for some reason...
Any consequence to opening another account - I have a fuzzy recollection of offshore accounts in the 90s and various tax liabilities as a result...

Yggr of Asgard

soirish wrote: »

Monese at 5 GBP per month isn't a real competitor.

That depends on your usage.

If you withdraw more cash than the Revolut allowance it might be cheaper.

Plus Monese offers some additional features like direct debits but their rates are also worse as they are the fixed mastercard rates.

It remain to be seen what the pricing is going to be for their € account and how it is linked to the £ account. It could make competition to N26 for sure.

Yggr of Asgard

Dardania wrote: »

Not there for me yet, however I do seem to be able to activate a sterling account for some reason...
Any consequence to opening another account - I have a fuzzy recollection of offshore accounts in the 90s and various tax liabilities as a result...

It is my understanding, that you will need to declare it in your tax return (the revolut account not each IBAN assigned to it).

Plus you will need to provide them with your PPS number at some stage.

Dodge

Just noticed I can activate a Euro account (with IBAN). Any reason why I should/shouldn't?

Yggr of Asgard

The advantage of having your own IBAN (Lithuania based) is that you can make payments to it without a reference number to load the card.

It also allows other people/organizations to make payments to that account to load your card, so you could receive payments directly to the card.

Now it's not a current account and it does not change the way payments out are done (at this time).

It's just easier to load via bank transfer now.

dohouch

Got app notification today that I can activate a Euro account (with IBAN). Can't find the option anywhere in app. Think it should show under profile. Have version 4.5.3_updated 2 days ago. Am free user. Anybody care to put up screenshot showing this Euro IBAN option.

Thanks

Dardania

click account details, then the EUR account

dohouch

Dardania wrote: »

click account details, then the EUR account

Do you think 3rd parties can make one-off payments into this account. For example a sometimes generous family member in U.S.A. might like to pay in say $1,000 randomly.