Revolut - Ultracheap FX (prepaid Mastercard)

paska

What do people think of using Revolut as your only bank?

killbillvol2

paska wrote: »

What do people think of using Revolut as your only bank?

Read the thread. Not an option.

Amouar

paska wrote: »

What do people think of using Revolut as your only bank?

Revolut is not a bank.

A combination of N26 and Revolut would be ok though.

paska

killbillvol2 wrote: »

Read the thread. Not an option.

Why did I get an Iban from them?

killbillvol2

paska wrote: »

Why did I get an Iban from them?

I repeat, read the thread. You asked about using it as your only bank.

paska

killbillvol2 wrote: »

I repeat, read the thread. You asked about using it as your only bank.

I used to be on boards a lot. People like you with your arrogant "read the thread' comments is the reason I only drop in for a look now and then.

Yggr of Asgard

paska wrote: »

What do people think of using Revolut as your only bank?

You can't as Revolut (which is not a bank) is not offering current accounts with functions like direct debits etc..

Revolut offers you an IBAN or a UK sortcode so that you can receive payments from 3rd parties and if you use your € account you also will be shown as sender of the payment if you make a payment in €, otherwise it's shown as "the currency cloud" with limited reference displayed.

In addition Revolut is not a bank, it's an electronic money institute and as such your money is not covered by a bank guarantee in case they go bust.

troyzer

Can someone explain to me what happens if I top up using my Australian debit card?

I've fiddled around with it after just starting and I now have a euro balance and a sterling balance. Had no problem topping up with an Irish debit card and I'm taking up a job in a few weeks in Northern Ireland. With a bank account number that means I can get paid into my Sterling account, transfer instantly for next to nothing to my Euro IBAN for the weekends back in Dublin? Nifty idea.

However, I'm in Australia at the moment and currently getting paid into an Australian account. If I want to top up with my debit card, will this show up as a purchase in Euro on my Australian bank statement with the accompanying high charges? Or will it think Revolut is Australian? When I go into the currency list, Aud isn't there. I assume I'm going to get hammered with charges by my Australian account which sort of defeats the purpose of the entire service for me. It would just be cheaper to do what I'd previously been doing with Currencyfair.

troyzer

killbillvol2 wrote: »

paska wrote: »

Why did I get an Iban from  them?

I repeat, read the thread. You asked about using it as your only bank.

It's 290 pages long...... "Read the thread" is impractical. There should be a new forum for e-banks/fintech with sticky FAQs on each one. But right now we're stuck with a superthread so some questions can and will be asked and answered several times.

EagererBeaver

troyzer wrote: »

It's 290 pages long...... "Read the thread" is impractical. There should be a new forum for e-banks/fintech with sticky FAQs on each one. But right now we're stuck with a superthread so some questions can and will be asked and answered several times.

True, but people could also make the effort to read the Revolut literature and FAQ before coming on here asking questions.

carrotcake

troyzer wrote: »

Can someone explain to me what happens if I top up using my Australian debit card?

I've fiddled around with it after just starting and I now have a euro balance and a sterling balance. Had no problem topping up with an Irish debit card and I'm taking up a job in a few weeks in Northern Ireland. With a bank account number that means I can get paid into my Sterling account, transfer instantly for next to nothing to my Euro IBAN for the weekends back in Dublin? Nifty idea.

However, I'm in Australia at the moment and currently getting paid into an Australian account. If I want to top up with my debit card, will this show up as a purchase in Euro on my Australian bank statement with the accompanying high charges? Or will it think Revolut is Australian? When I go into the currency list, Aud isn't there. I assume I'm going to get hammered with charges by my Australian account which sort of defeats the purpose of the entire service for me. It would just be cheaper to do what I'd previously been doing with Currencyfair.

As far as I can see, there is no option to top up an AUD balance using a debit card. This means that you would have to top up your EUR balance with it, and like you say, it would show up on your Australian bank statement as a euro purchase with your bank's exchange rate.

However, there is an option to top up an AUD balance by bank transfer, so you can do that, and when the money reaches your Revolut account you can exchange it for euros.

killbillvol2

paska wrote: »

I used to be on boards a lot. People like you with your arrogant "read the thread' comments is the reason I only drop in for a look now and then.

troyzer wrote: »

It's 290 pages long...... "Read the thread" is impractical. There should be a new forum for e-banks/fintech with sticky FAQs on each one. But right now we're stuck with a superthread so some questions can and will be asked and answered several times.

OK, on mature reflection I was being a dick.

Yggr of Asgard

troyzer wrote: »

It's 290 pages long...... "Read the thread" is impractical. There should be a new forum for e-banks/fintech with sticky FAQs on each one. But right now we're stuck with a superthread so some questions can and will be asked and answered several times.

How about this as a start:

Alternatives to Irish Banks & E-Money

http://www.boards.ie/vbulletin/showthread.php?t=2057778304

LC2017

So I missed the terms and conditions of ordering a premium card. I offered to send the card back to them but they won't accept it and want me to pay the €96 over the next year. They said they will "take further action to claim funds in negative balance" if I don't put any money in my account. I think I'll just leave it.

Yggr of Asgard

LC2017 wrote: »

So I missed the terms and conditions of ordering a premium card. I offered to send the card back to them but they won't accept it and want me to pay the €96 over the next year. They said they will "take further action to claim funds in negative balance" if I don't put any money in my account. I think I'll just leave it.

Are you past your first 30 days?

If you are within your first 30 days you can cancel at any time and only pay 10£ for the card delivery (if you ordered the card).

LC2017

apparently, it's in the terms that if you have a negative balance they can take money from linked cards/bank accounts

LC2017

Yggr of Asgard wrote: »

Are you past your first 30 days?

If you are within your first 30 days you can cancel at any time and only pay 10£ for the card delivery (if you ordered the card).

No just past it unfortunately. I understand I signed a contract but they're really not being helpful. I'm happy to pay for the card delivery and this month but I have no use for the premium at this time.

Yggr of Asgard

LC2017 wrote: »

apparently, it's in the terms that if you have a negative balance they can take money from linked cards/bank accounts

Yes they do as per point 22 of their new terms as one of the methods to collect funds:

22.2. On the happening of any event which entitles us to be compensated by you, if for whatever reason we are unable to exercise our right of set-off pursuant to Clause 22.1, we may initiate a payment transaction for the amount we are due to be compensated by you from one of your Stored Cards or User Bank Accounts.

LC2017

Yggr of Asgard wrote: »

Yes they do as per point 22 of their new terms as one of the methods to collect funds:

22.2. On the happening of any event which entitles us to be compensated by you, if for whatever reason we are unable to exercise our right of set-off pursuant to Clause 22.1, we may initiate a payment transaction for the amount we are due to be compensated by you from one of your Stored Cards or User Bank Accounts.

Do you think I'm just best to put €96 into the account and let it pay each month?
I've no use for the account but I don't want to get into any legal trouble. Thanks

Yggr of Asgard

New GB IBAN numbers for € are now available for most customers replacing the LT IBAN numbers which created some problems with banks due to the BIC not matching the LT number combination.

Dodge

still an LT IBAN here. Haven't used it though

Yggr of Asgard

Dodge wrote: »

still an LT IBAN here. Haven't used it though

They start replacing them customer by customer so you still might be in the pipeline.

Also fun fact, personalty in my Android App I can see my new GB and in my Apple App I still see the LT.

But the LT is still valid for receiving payments, it's just several banks could not deal with the LT/GB combination of IBAN and BIC.

MisterAnarchy

Yggr of Asgard wrote: »

New GB IBAN numbers for € are now available for most customers replacing the LT IBAN numbers which created some problems with banks due to the BIC not matching the LT number combination.

Are these unique accounts or a shared Revolut account ?

carrotcake

MisterAnarchy wrote: »

Yggr of Asgard wrote: »

New GB IBAN numbers for € are now available for most customers replacing the LT IBAN numbers which created some problems with banks due to the BIC not matching the LT number combination.

Are these unique accounts or a shared Revolut account ?

Unique

MisterAnarchy

carrotcake wrote: »

Unique

Thanks
Had a look in my account now and it does seem unique.
GBP account isnt though ,which is a pity as I have a good bit of Sterling in my Paypal account I'd like to get out without Paypals excessive conversion fees.

Yggr of Asgard

MisterAnarchy wrote: »

Thanks
Had a look in my account now and it does seem unique.
GBP account isnt though ,which is a pity as I have a good bit of Sterling in my Paypal account I'd like to get out without Paypals excessive conversion fees.

Open a free Fire account, withdraw from Paypal to that one in £ (UK account/sort code are unique) and than use as you want.

Transfer it to Revolut via the shared account (as the fire account is in your name that works) or convert it to € via Fire (1.25% fee) or spend it via the Fire Debit card (charges apply).

Than once the funds are gone close the Fire account or keep it open as there are no charges attached to keeping it open, they however might close it after some period of inactivity.

bromley52

I still have a £ account.

Yggr of Asgard

bromley52 wrote: »

I still have a £ account.

Those of us who clicked and got it once it was available initially got to keep it even after they restricted it to UK residents only.

But non UK residents right now only get the € IBAN option.

MisterAnarchy

Yggr of Asgard wrote: »

Open a free Fire account, withdraw from Paypal to that one in £ (UK account/sort code are unique) and than use as you want.

Transfer it to Revolut via the shared account (as the fire account is in your name that works) or convert it to € via Fire (1.25% fee) or spend it via the Fire Debit card (charges apply).

Than once the funds are gone close the Fire account or keep it open as there are no charges attached to keeping it open, they however might close it after some period of inactivity.

Thanks Yggr ,I will open a Fire account .

After looking closely at my Revolut GB account ,it seems I have two ,a local and an Iban .
The local one has an account number and sort code and is in my name as beneficiary so this looks like a unique account ?

Dodge

Yep. That's a unique account and can accept third party payments from other U.K. bank accounts

PS when I logged in there I got notified of my new GB € IBAN