Revolut - Ultracheap FX (prepaid Mastercard)

EagererBeaver

Just took out 100 francs in Geneva airport. The dcc was 93.15 euro. Euro charge to revolut was €88.03. Nearly 6% of a difference. Never ceases to amaze me just how much of an absolute scam it is.

Wheety

homingbird wrote: »

Dont revoult send a code to your account that you are linking to revoult that you need to set it up how do you get this code from your credit union when they dont do online banking.

Do you link an account?

I just top up my Revolut with my debit card. I've sent a bank transfer to it before but just used the IBAN. No linking anything.

Quackster

homingbird wrote: »

Dont revoult send a code to your account that you are linking to revoult that you need to set it up how do you get this code from your credit union when they dont do online banking.

It's not necessary to link an account to Revolut to make transfers from Revolut into it. In any case, most credit unions do offer online banking.

Lashes28

Has anyone had random names on a transaction?
Bought things in Superdrug today and it notified that I spent money in a Presbyterian Church?!

Davy

Lashes28 wrote: »

Has anyone had random names on a transaction?
Bought things in Superdrug today and it notified that I spent money in a Presbyterian Church?!

I haven't had it personally, but yes its a issue that has happened previously. Iirc it will revert to correct name tomorrow or when resolved.

lawred2

EagererBeaver wrote: »

Just took out 100 francs in Geneva airport. The dcc was 93.15 euro. Euro charge to revolut was €88.03. Nearly 6% of a difference. Never ceases to amaze me just how much of an absolute scam it is.

dcc?

You mean what the machine said it would charge you?

paddy19

Bought things in Superdrug today and it notified that I spent money in a Presbyterian Church?

Superdrug, anaesthetising pain and promising cosmetic redemption.... close enough to the Presbyterian Church

Jeff2

Lashes28 wrote: »

Has anyone had random names on a transaction?
Bought things in Superdrug today and it notified that I spent money in a Presbyterian Church?!

This has me laughing .

Maybe location is turned on and you were right beside a church.

Nigel Fairservice

homingbird wrote: »

Dont revoult send a code to your account that you are linking to revoult that you need to set it up how do you get this code from your credit union when they dont do online banking.

They send codes to your phone, not your account. Some credit unions have basic online banking functions. My credit union has an app as well. It's basic enough but it's fine for what I need it for.

jakdublin

Lashes28 wrote: »

Has anyone had random names on a transaction?
Bought things in Superdrug today and it notified that I spent money in a Presbyterian Church?!

Yep. I bought some grub at a Bagel Bar in Santry a couple of weeks back and it says I spent in the Dublin Unitarian Church.

EagererBeaver

lawred2 wrote: »

dcc?

You mean what the machine said it would charge you?

Dynamic Currency Conversion.

It's essentially a scam under the guise of being user friendly. At an ATM or at a point of sale outside your home currency, they offer to charge you in your home currency, except the rate they give you is appalling.

lawred2

EagererBeaver wrote: »

Dynamic Currency Conversion.

It's essentially a scam under the guise of being user friendly. At an ATM or at a point of sale outside your home currency, they offer to charge you in your home currency, except the rate they give you is appalling.

That's what I thought you meant.

Yeah I'm surprised the EU hasn't yet seen fit to crack down on this piracy really..

troyzer

lawred2 wrote: »

That's what I thought you meant.

Yeah I'm surprised the EU hasn't yet seen fit to crack down on this piracy really..

How is it piracy? They are offering you a service with clearly stated rates. There's no secrecy.

lawred2

troyzer wrote: »

How is it piracy? They are offering you a service with clearly stated rates. There's no secrecy.

They show you the rate they have selected.

They don't show market rates or their margin.

There's plenty secrecy.

troyzer

lawred2 wrote: »

They show you the rate they have selected.

They don't show market rates or their margin.

There's plenty secrecy.

They show you the price, you can agree or disagree.

Why would market rates or margin matter? Do you think Tesco shows you a real time beef price and how much retail margin they squeeze out of a packet of mince?

I accept they prey on ignorance, but it's not their fault. They're hardly going to talk you out of their product. Are they supposed to somehow calculated your issuing bank's exchange rate?

Mojo Hand

lawred2 wrote: »

That's what I thought you meant.

Yeah I'm surprised the EU hasn't yet seen fit to crack down on this piracy really..

Well. Switzerland isn’t in the EU so they may not be able to control their charges, but is there a way of knowing what banks in each country charge for taking out say €200 before you travel. Is there a comparison website?
If there’s not wouldn’t it be a good idea and add some transparency?

lawred2

troyzer wrote: »

They show you the price, you can agree or disagree.

Why would market rates or margin matter? Do you think Tesco shows you a real time beef price and how much retail margin they squeeze out of a packet of mince?

I accept they prey on ignorance, but it's not their fault. They're hardly going to talk you out of their product. Are they supposed to somehow calculated your issuing bank's exchange rate?

seems like the EU might not agree with your take on this service

https://www.paymentssource.com/opinion/dynamic-currency-conversion-is-harmful-to-consumers

https://ec.europa.eu/info/publications/180328-proposal-cross-border-payments_en

Wonder would such a proposal if enacted extend to the likes of Norway, Switzerland etc

ted1

troyzer wrote: »

How is it piracy? They are offering you a service with clearly stated rates. There's no secrecy.

It’s the fear mongering they also say. About how you could be charged a much higher rate or extras by your bank.

troyzer

ted1 wrote: »

It’s the fear mongering they also say. About how you could be charged a much higher rate or extras by your bank.

Well a lot of banks will charge you a fixed foreign withdrawal fee. They're probably never more expensive though.

Green&Red

Mods, any chance of a sticky on the benefits and workings of Revolut for us uninitiated
From what I know:
- Always lodge in your own currency
- Always pay in the local currency
- Free withdrawals up to €250
- Zero transaction fees?

Do you need to have cash on ur card?

EagererBeaver

Green&Red wrote: »

Mods, any chance of a sticky on the benefits and workings of Revolut for us uninitiated
From what I know:
- Always lodge in your own currency
- Always pay in the local currency
- Free withdrawals up to €250
- Zero transaction fees?

Do you need to have cash on ur card?

Cash on your card? You mean a balance in your revolut account? Of course you do, it's a pre paid card.

Quackster

lawred2 wrote: »

seems like the EU might not agree with your take on this service

https://www.paymentssource.com/opinion/dynamic-currency-conversion-is-harmful-to-consumers

https://ec.europa.eu/info/publications/180328-proposal-cross-border-payments_en

Wonder would such a proposal if enacted extend to the likes of Norway, Switzerland etc

It would apply across the EEA, which includes Norway, Iceland and Lichtenstein. It probably wouldn't automatically apply to Switzerland but their special relationship with the EU would likely allow them to opt in if they so wished.

Marlow

EagererBeaver wrote: »

Just took out 100 francs in Geneva airport. The dcc was 93.15 euro. Euro charge to revolut was €88.03. Nearly 6% of a difference. Never ceases to amaze me just how much of an absolute scam it is.

It's where the banks make most of their money. Sure ... they'd all be bust, if they didn't have that loophole.

That's also why Revolut is a figment of your imagination. According to the banks it can't exist .. because it would prove them wrong. Oh wait ... it does ... most Fintech banking services do

/M

Creamy Goodness

It's not a loophole though. They are quite succinct in what they tell you and it's up to you to accept/decline.

Same way if SuperValu has a pint of milk at €1 but Dunnes charge €1.06. We don't go shouting loopholes or piracy do we?

troyzer

Creamy Goodness wrote: »

It's not a loophole though. They are quite succinct in what they tell you and it's up to you to accept/decline.

Same way if SuperValu has a pint of milk at €1 but Dunnes charge €1.06. We don't go shouting loopholes or piracy do we?

It's a rip off but it's 100% transparent in the same way a product on the supermarket shelves is.

Wheety

Green&Red wrote: »

Mods, any chance of a sticky on the benefits and workings of Revolut for us uninitiated
From what I know:
- Always lodge in your own currency
- Always pay in the local currency
- Free withdrawals up to €250
- Zero transaction fees?

Do you need to have cash on ur card?

The free withdrawals are €200 a month.

Which is plenty for me as most spending is contactless for me.

Another tip, go to More, Profile, Price plan to see how much free allowances you have left.

jakdublin

Wheety wrote: »

The free withdrawals are €200 a month.

Which is plenty for me as most spending is contactless for me.

Another tip, go to More, Profile, Price plan to see how much free allowances you have left.

Nice tip. Anybody know if the €200 a month ATM withdrawal limit is per calendar month or every 30 days?

F1ngers

jakdublin wrote: »

Nice tip. Anybody know if the €200 a month ATM withdrawal limit is per calendar month or every 30 days?

Yes, a few people do, as this was answered quite recently.

EagererBeaver

troyzer wrote: »

It's a rip off but it's 100% transparent in the same way a product on the supermarket shelves is.

I would disagree it's 100% transparent. It takes advantage of ignorance. It's not their job to educate people etc but to be "100% transparent" it would have to come with a warning that it potentially could cost more than not doing it.

threein99

F1ngers wrote: »

Yes, a few people do, as this was answered quite recently.

You could just answer his question instead of being sarcastic a bell end!