Revolut - Ultracheap FX (prepaid Mastercard)

wayne0308

I'm planning on using the revolut card to control my spending while I save up a mortgage deposit. Basically I will just top the card up by the same amount each week and use it for all the day to day expenses. If I use less on a given week, I'll just top it back up to the same amount Etc.

When the bank look at statements as part of a mortgage application, do you think the number/magnitude of transactions to the revolut card would be a red flag to them?

AlmightyCushion

wayne0308 wrote: »

I'm planning on using the revolut card to control my spending while I save up a mortgage deposit. Basically I will just top the card up by the same amount each week and use it for all the day to day expenses. If I use less on a given week, I'll just top it back up to the same amount Etc.

When the bank look at statements as part of a mortgage application, do you think the number/magnitude of transactions to the revolut card would be a red flag to them?

Someone earlier in the thread (or possibly another thread) said the bank they were applying to asked for statements from their Revolut account. Not a red flag as such but if you are planning to use your Revolut account to get away with things banks normally consider a red flag (such as regular gambling) then I would reconsider. For normal, day to day expenses, travelling, buying stuff in other currencies then I wouldn't worry about it.

wayne0308

AlmightyCushion wrote: »

Someone earlier in the thread (or possibly another thread) said the bank they were applying to asked for statements from their Revolut account. Not a red flag as such but if you are planning to use your Revolut account to get away with things banks normally consider a red flag (such as regular gambling) then I would reconsider. For normal, day to day expenses, travelling, buying stuff in other currencies then I wouldn't worry about it.

Thanks! I read somewhere that Revolut actually block gambling websites themselves, not sure if this is true or not. I have no plans to use it for this purpose however.

I want to use it to force myself to stick to a certain budget each week/month on things like food, clothes, diesel - basically anything I have been using my debit card from the bank to purchase. This will hopefully make it a bit easier to manage. Hoping it'll be a bit safer too as I'll never have too much money on the card at any one time.

Wheety

wayne0308 wrote: »

Thanks! I read somewhere that Revolut actually block gambling websites themselves, not sure if this is true or not. I have no plans to use it for this purpose however.

I want to use it to force myself to stick to a certain budget each week/month on things like food, clothes, diesel - basically anything I have been using my debit card from the bank to purchase. This will hopefully make it a bit easier to manage. Hoping it'll be a bit safer too as I'll never have too much money on the card at any one time.

They don't block gambling sites.

You can have a budget per card. So it's handy if you have one for day to day spending and another card for online shopping.

The Ayatolla

Went through a few mortgage applications for approval etc, they 100% ask for Revolut statements.

Thankfully theyre very easy to generate in the app and get an instant PDF. If only our banks were the same...

J_A_F_A

Revolut have got their European banking license. https://www.cnbc.com/2018/12/13/revolut-secures-european-banking-license.html

Also here https://news.sky.com/story/british-fintech-unicorn-revolut-wins-banking-licence-11578895

(Odd that there's nothing on their blog or Twitter account about it.)

littlecopilot

Revolut announced it was granted a banking license by the European Central Bank (ECB) that it will start to implement next year across key markets including the U.K., France, Germany and Poland.

Ireland?

Delta2113

https://www.irishtimes.com/business/technology/revolut-gets-european-banking-licence-tops-200-000-irish-customers-1.3727610

https://www.siliconrepublic.com/start-ups/revolut-fintech-european-banking-licence


https://www.independent.ie/business/irish/revolut-to-ramp-up-irish-services-after-securing-eu-banking-licence-37620744.html

The Ayatolla

Glad I bought some shares now in the crowd funding a few years back!

-=al=-

Fair play. It really seemed to skyrocket in the last year alone and probably will continue to do so!

Charisteas

I need to transfer money from my PTSB account to a Halifax account in the UK.
PTSB apparently charge €31.50 to transfer to a UK account, so I've set up a Revolut account to be the middle-man to avoid this 31.50.
As far as I can see, Revolut will be completely free to use for this purpose?
Just wondering; do PTSB charge any fee for transferring to a Revolut account?
And will the Halifax UK account charge any receiving fee on the other side?

Gooser14

Charisteas wrote:

I need to transfer money from my PTSB account to a Halifax account in the UK. PTSB apparently charge €31.50 to transfer to a UK account, so I've set up a Revolut account to be the middle-man to avoid this 31.50. As far as I can see, Revolut will be completely free to use for this purpose? Just wondering; do PTSB charge any fee for transferring to a Revolut account? And will the Halifax UK account charge any receiving fee on the other side?

I use Revolut to transfer money from a UK bank to an Irish bank & neither charge.

troyzer

Charisteas wrote: »

I need to transfer money from my PTSB account to a Halifax account in the UK.
PTSB apparently charge €31.50 to transfer to a UK account, so I've set up a Revolut account to be the middle-man to avoid this 31.50.
As far as I can see, Revolut will be completely free to use for this purpose?
Just wondering; do PTSB charge any fee for transferring to a Revolut account?
And will the Halifax UK account charge any receiving fee on the other side?

Why do PTSB charge for transfers? Is it because it's in Stirling?

How big is the transfer? Revolut fees kick in over a certain amount.

EagererBeaver

You will not incur any charges.

mac.in

PTSB doesn't charge any fees for transferring money to Revolut account. I have done it myself; I have transferred the money to Revolut from PTSB using PTSB debit card. Hope it helps.

TheChizler

SEPA transfers should be free regardless. Is that for an urgent transfer or something?

EagererBeaver

TheChizler wrote: »

SEPA transfers should be free regardless. Is that for an urgent transfer or something?

A euro payment to a sterling account wouldn't be covered by SEPA.

troyzer

EagererBeaver wrote: »

TheChizler wrote: »

SEPA transfers should be free regardless. Is that for an urgent transfer or something?

A euro payment to a sterling account wouldn't be covered by SEPA.

It is, the exchange isn't though.

5star02707

Charisteas wrote: »

I need to transfer money from my PTSB account to a Halifax account in the UK.
PTSB apparently charge €31.50 to transfer to a UK account, so I've set up a Revolut account to be the middle-man to avoid this 31.50.
As far as I can see, Revolut will be completely free to use for this purpose?
Just wondering; do PTSB charge any fee for transferring to a Revolut account?
And will the Halifax UK account charge any receiving fee on the other side?

I can only answer the ptsb to revolut, no charge. Just add your ptsb card in your revolut and top up with the amount you want. It's instant, the amount you wished to topped up will be in your revolut account.

Charisteas

Thanks to everyone who replied, it's put my mind at ease.

troyzer wrote: »

Why do PTSB charge for transfers? Is it because it's in Stirling?

I don't know. I guess they would have made a little profit from the currency exchange of my euros into sterling anyway, before then sending that sterling to the UK account, so I'm not really sure what the 31.50 covers.

TheChizler wrote: »

SEPA transfers should be free regardless. Is that for an urgent transfer or something?

Nope it's not urgent, I just simply want to avoid the 31.50 fee if Revolut can provide the same procedure for free.

rahmalec

With Revolut it's not just this fee you would be avoiding but also crappy exchange rates set by the bank.

TheChizler

Charisteas wrote: »

Thanks to everyone who replied, it's put my mind at ease.



I don't know. I guess they would have made a little profit from the currency exchange of my euros into sterling anyway, before then sending that sterling to the UK account, so I'm not really sure what the 31.50 covers.



Nope it's not urgent, I just simply want to avoid the 31.50 fee if Revolut can provide the same procedure for free.

I wonder were they covering to Sterling and charging you for a non-SEPA transfer then. Once you're sending Euro and the receiving bank is in a SEPA country they should only be charging you the same as a local transfer.

But you'd be hit for exchange fees at the other side regardless so yes Revolut would be a good bet there.

La_Gordy

Hey all, I'm trying to add a new AIB card to my revolut account. The verification 8 digit code is not being delivered at all. Anyone else encounter this?

Davy

La_Gordy wrote: »

Hey all, I'm trying to add a new AIB card to my revolut account. The verification 8 digit code is not being delivered at all. Anyone else encounter this?

Do you get other codes from Aib before now okay>?

homingbird

I am looking for iban & bic of revoult
what i am given on revoult does not work
IBAN Starts GB 42 REVO & BIC REVOGB
Which is wrong. Help please

Davy

homingbird wrote: »

I am looking for iban & bic of revoult
what i am given on revoult does not work
IBAN Starts GB 42 REVO & BIC REVOGB
Which is wrong. Help please

Its not wrong. You can transfer euro into it without issue covered under SEPA.
If your online banking is giving you issues taking it, you can add funds using the bank debit card just as easy.

homingbird

ok i topped up my revoult with my bank card how do i return some money to my card if not my bank account.

Davy

homingbird wrote: »

ok i topped up my revoult with my bank card how do i return some money to my card if not my bank account.

If you want to transfer balance out of your Revolut account, you need to transfer to your bank account IBAN, not your card. (Payments > Bank transfer > add account)

The card is for adding funds easily to Revolut, without having to wait till next day.

Gooser14

La_Gordy wrote:

Hey all, I'm trying to add a new AIB card to my revolut account. The verification 8 digit code is not being delivered at all. Anyone else encounter this?

Which mobile network are you on?

Soarer

Probably been answered in the previous 441 pages, but can you top up a Revolut card using a One4All card?