Revolut - Ultracheap FX (prepaid Mastercard)

BohsCeltic

Creamy Goodness wrote: »

Pretty much every pub I’m in either

a) takes contactless
b) runs a tab for you if you ask.

Yep. I use the card when paying. I will have cash on me as a back up but pretty much just use this card when i am in Asia.

Hurrache

Creamy Goodness wrote: »

Pretty much every pub I’m in either

a) takes contactless
b) runs a tab for you if you ask.

Yes, every pub I go to also uses contactless, nothing unusual there. But I don't want to be handing my card over for the duration of the night unless I'm in my local. If I'm not, and haven't gone by an ATM, I'll get cash back.

jakdublin

Creamy Goodness wrote: »

Pretty much every pub I’m in either

a) takes contactless
b) runs a tab for you if you ask.

Depends on circumstances. I like a beer before a live soccer match at my local club but it’s always packed. The barmen are rushed off their feet and I know I get served promptly because it’s one pint, cash, quick transaction, so they get rid of me faster than someone with a card. Same principle applies at a gig imo. When speed is essential, you’re being a bit of a dick paying with a card. I also like a curry chips at half time at soccer. No way are they taking cards. I’m pretty much cashless wherever possible but in some cases cash is still king.

The J Stands for Jay

Mr.S wrote: »

Literally the whole point of contactless, speeds everything up. The problem with bars is that the owner will probably have 1 terminal for the whole place, which (tbh) is their problem. Retailers need to evolve to fit the technology, mobile / contactless payments are clearly the future.

Ireland's a bit weird for contactless, perfectly fine in big retailers etc but small businesses / traders seem to have ignored it. Go to the US or the UK and even the ice cream van takes mobile payments :pac:

Like the 40foot pub in dun laoighaire with the terminals set into the bar facing the customers.

Dardania

Mr.S wrote: »

Literally the whole point of contactless, speeds everything up. The problem with bars is that the owner will probably have 1 terminal for the whole place, which (tbh) is their problem. Retailers need to evolve to fit the technology, mobile / contactless payments are clearly the future.

Ireland's a bit weird for contactless, perfectly fine in big retailers etc but small businesses / traders seem to have ignored it. Go to the US or the UK and even the ice cream van takes mobile payments :pac:

I noticed this phenomenon back in the mid 2000s when I worked on a till. From start to end the cash transactions seemed faster, as there was always a physical action / movement, but in reality the card transactions were swifter even though there was a swell time while the PSTN (or if lucky ISDN) connection was made.

What’s also an issue for retailers, that we the fintech loving people forget, is that there are merchant fees charged as a small percentage of each transaction. Retailers have to compare that cost against a cash handling cost. It might be why some retailers are reluctant to offer EFT more prominently

Marlow

Dardania wrote: »

What’s also an issue for retailers, that we the fintech loving people forget, is that there are merchant fees charged as a small percentage of each transaction. Retailers have to compare that cost against a cash handling cost. It might be why some retailers are reluctant to offer EFT more prominently

That has nothing to do with Fintech. That applies to all card transactions.

And this is, where it makes even less sense, that the small retailers and pubs wouldn't prefer contactless: the transaction fees are smaller to the retailer for contactless opposed to processing the card normally.

There is actually an incentive to use contactless.

/M

Wheety

Yeah, contactless is quicker than cash, unless you have the exact change. Businesses need move with the times and install more, quicker terminals.

I know there's a cost to that but surely it's cheaper then using cash? Safer too I'd imagine, if your tills aren't stuffed with cash.

The J Stands for Jay

Dardania wrote: »

I noticed this phenomenon back in the mid 2000s when I worked on a till. From start to end the cash transactions seemed faster, as there was always a physical action / movement, but in reality the card transactions were swifter even though there was a swell time while the PSTN (or if lucky ISDN) connection was made.

What’s also an issue for retailers, that we the fintech loving people forget, is that there are merchant fees charged as a small percentage of each transaction. Retailers have to compare that cost against a cash handling cost. It might be why some retailers are reluctant to offer EFT more prominently

It always struck me that there's loads of small businesses that don't calculate their costs properly. As they're not linked directly to individual transactions, they don't factor in the bank charges associated with handling cash.

TheChizler

McGaggs wrote: »

It always struck me that there's loads of small businesses that don't calculate their costs properly. As they're not linked directly to individual transactions, they don't factor in the bank charges associated with handling cash.

Some pay staff and suppliers with cash though so the savings are less.

Marlow

TheChizler wrote: »

Some pay staff and suppliers with cash though so the savings are less.

Paying staff and suppliers with cash is highly frowned upon by Revenue. For obvious reasons.

And if it comes to light .... and there is no paper trail ... Revenue will actually hit hard. Look your savings go the other way then. As a retail business, cash is a liability these days.

/M

TheChizler

Marlow wrote: »

Paying staff and suppliers with cash is highly frowned upon by Revenue. For obvious reasons.

Absolutely. Doesn't stop people doing it perfectly legally though.

Marlow

TheChizler wrote: »

Absolutely. Doesn't stop people doing it perfectly legally though.

Hence why I mentioned the paper trail. If that is in place, there is no problem. But it is still a liability to have those amounts of cash flying about.

/M

punisher5112

I can't remember is the pin on the chip/pin card the pin on the app.... I have yet to use my card and have completely forgot.

Lucas Hood

punisher5112 wrote: »

I can't remember is the pin on the chip/pin card the pin on the app.... I have yet to use my card and have completely forgot.

You can view the pin on your card on the app.

punisher5112

Lucas Hood wrote: »

You can view the pin on your card on the app.

Cool thanks.

tylercheribini

Mr.S wrote: »

Literally the whole point of contactless, speeds everything up. The problem with bars is that the owner will probably have 1 terminal for the whole place, which (tbh) is their problem. Retailers need to evolve to fit the technology, mobile / contactless payments are clearly the future.

Ireland's a bit weird for contactless, perfectly fine in big retailers etc but small businesses / traders seem to have ignored it. Go to the US or the UK and even the ice cream van takes mobile payments :pac:

Wetherspoons here have a good contactless set up, multiple fixed terminals at the bar, dangerously easy in a pub scenario, Id say they have paid for themselves in spades. Making drunk people part with their cash even easier is a no brainer.

Kerry Gooner

Have been to several venues where you can only pay by card, mainly concerts and sporting events.

Marlow

tylercheribini wrote: »

Wetherspoons here have a good contactless set up, multiple fixed terminals at the bar, dangerously easy in a pub scenario, Id say they have paid for themselves in spades. Making drunk people part with their cash even easier is a no brainer.

You are sort of safe though. At 30 quid it stops and needs the PIN.

But yes ... I can see, how that keeps the money flowing.

/M

Palmach

Marlow wrote: »

Paying staff and suppliers with cash is highly frowned upon by Revenue. For obvious reasons.

And if it comes to light .... and there is no paper trail ... Revenue will actually hit hard. Look your savings go the other way then. As a retail business, cash is a liability these days.

/M

Not true. Many small businesses including mine pay their staff in cash and some suppliers too. As long as invoices are produced and you are submitting the numbers to revenue everything is fine. Cash is legal tender so there is and should not be any problem using said legal tender.

Marlow

Palmach wrote: »

Not true. Many small businesses including mine pay their staff in cash and some suppliers too. As long as invoices are produced and you are submitting the numbers to revenue everything is fine. Cash is legal tender so there is and should not be any problem using said legal tender.

Can you please read my post again .. and tell me, where what i said is not true ?

I said:
- Paying staff and suppliers with cash is highly frowned upon by Revenue
- And if it comes to light .... and there is no paper trail ... Revenue will actually hit hard

That implies, that if the paper trail is there, there is no problem. Revenue still doesn't like it though.

So don't say, that I'm making untrue statements.

/M

Calltocall

Folks I have a revolut card but it’s not contactless have to put pin in each time, is it straightforward to get a contactless card and if so can I keep account I have now with pin card or do I have to set up new account for contactless card??

Synode

Marlow wrote: »

Can you please read my post again .. and tell me, where what i said is not true ?

I said:
- Paying staff and suppliers with cash is highly frowned upon by Revenue
- And if it comes to light .... and there is no paper trail ... Revenue will actually hit hard

That implies, that if the paper trail is there, there is no problem. Revenue still doesn't like it though.

So don't say, that I'm making untrue statements.

/M

Revenue couldn't care less if you pay staff or suppliers by cash. Completely untrue

_Godot_

Calltocall wrote: »

Folks I have a revolut card but it’s not contactless have to put pin in each time, is it straightforward to get a contactless card and if so can I keep account I have now with pin card or do I have to set up new account for contactless card??

Have you checked in the app to see if you've got contactless turned off?

punisher5112

Does the card have the contactless symbol on it?

If yours doesn't request a new one.

Calltocall

punisher5112 wrote: »

Does the card have the contactless symbol on it?

If yours doesn't request a new one.

Thanks for reply, it’s defo not contactless, I had a look at ordering contactless just there but it seems to have only two options either metal or premium and both carry a monthly fee whereas the standard plan I’m on now is free, don’t fancy paying monthly fee, is there any way of just paying a one off fee for the contactless card??

SleetAndSnow

I just got my standard card the other day and it is indeed, contactless. Check the card security options to make sure contactless is enabled. Standard cards are contactless.

Calltocall

SleetAndSnow wrote: »

I just got my standard card the other day and it is indeed, contactless. Check the card security options to make sure contactless is enabled. Standard cards are contactless.

Thank you, looked again and found the option under security settings, cheers

Collie D

Ordered a standard card yesterday. Have read this thread back as far as start of year and the Revolut site and have a couple of questions I don’t see covered.

I see that there is an FX fee at weekends and a 2% ATM fee for withdrawal above €200 or equivalent each month.

Is weekend classed as 00.00 Saturday to 23.59 Sunday and if so presumably that’s GMT or is it local to your current location?

Along the same lines is the ATM month a calendar month i.e. could I withdraw €200 on the 28th of February and another €200 on the 1st of March without a fee or is it a month from date of first withdrawal?

Thanks in advance

troyzer

Collie D wrote: »

Ordered a standard card yesterday. Have read this thread back as far as start of year and the Revolut site and have a couple of questions I don’t see covered.

I see that there is an FX fee at weekends and a 2% ATM fee for withdrawal above €200 or equivalent each month.

Is weekend classed as 00.00 Saturday to 23.59 Sunday and if so presumably that’s GMT or is it local to your current location?

Along the same lines is the ATM month a calendar month i.e. could I withdraw €200 on the 28th of February and another €200 on the 1st of March without a fee or is it a month from date of first withdrawal?

Thanks in advance

I have no idea what exact time they start the weekend at. That seems a strangely and oddly specific question though. What realistic difference would it make?

Withdrawals are based on a calendar month.

Collie D

troyzer wrote: »

I have no idea what exact time they start the weekend at. That seems a strangely and oddly specific question though. What realistic difference would it make?

Withdrawals are based on a calendar month.

Well if I want to go to UK for example and load my GBP wallet in advance it would be nice to know whether I should do it on Thursday or Friday (if for example the fees kick in at Friday lunchtime). Not that odd.

Thank you for the monthly ATM answer.