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Revolut - Ultracheap FX (prepaid Mastercard)

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Comments

  • Registered Users Posts: 334 ✭✭MB05


    5star02707 wrote: »
    Revolut CFO resigns as the company deals with money laundering reports


    https://blog.revolut.com/let-me-sec-the-record-straight/


    Are any of you worried enough about this to move your money out of your Revolut account? Just wondering if they are found guilty of allowing money laundering could people's accounts be frozen or the money seized? I don't keep a huge amount in it but a friend of my brother's works in a bank and he advised him to get his money out of it. Not sure if that's just scaremongering from the bricks and mortar banks.


  • Registered Users, Registered Users 2 Posts: 6,201 ✭✭✭troyzer


    OmegaGene wrote: »
    MB05 wrote: »
    Are any of you worried enough about this to move your money out of your Revolut account? Just wondering if they are found guilty of allowing money laundering could people's accounts be frozen or the money seized? I don't keep a huge amount in it but a friend of my brother's works in a bank and he advised him to get his money out of it. Not sure if that's just scaremongering from the bricks and mortar banks.

    Don’t believe everything you read lots of click bait and fake news doing the rounds in this day of 24/7 news

    https://blog.revolut.com/let-me-sec-the-record-straight/?fbclid=IwAR2Exd_zqz5_BHQ_XBNhLMlsdh_J-Lqks2P8VI9fgdC77oy4txQ_0sv6IQQ

    Mate, you've posted this link twice now in two separate threads without bothering to notice that it's already been posted and it's being actively discussed.


  • Registered Users, Registered Users 2 Posts: 23,617 ✭✭✭✭ted1


    troyzer wrote: »
    The better exchange rates was compared to banks.

    Ok , but you didn’t make that clear and the poster was comparing between the two


  • Registered Users Posts: 334 ✭✭MB05


    OmegaGene wrote: »
    Don’t believe everything you read lots of click bait and fake news doing the rounds in this day of 24/7 news

    https://blog.revolut.com/let-me-sec-the-record-straight/?fbclid=IwAR2Exd_zqz5_BHQ_XBNhLMlsdh_J-Lqks2P8VI9fgdC77oy4txQ_0sv6IQQ

    I wouldn't normally react to hearsay but when someone working in the banking sector tells you that senior managers in one of Ireland's biggest bank's money laundering dept were saying they could be shut down, and it coincides with their CFO leaving and technical outages earlier today .. alarm bells start going off.

    Before I panicked I decided to try use my card to see what happened. I converted a small amount of sterling back to euro and it worked fine, then I physically used my card in Lidl on my way home from work and it worked too so I am not too worried now.

    Mind you if you were all panicking and emptying your accounts I would have been right there on the bandwagon with you!


  • Registered Users, Registered Users 2 Posts: 6,201 ✭✭✭troyzer


    ted1 wrote: »
    troyzer wrote: »
    The better exchange rates was compared to banks.

    Ok , but you didn’t make that clear and the poster was comparing between the two

    Yes I did. It was in the same sentence as my comment on N26 and banks.


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  • Registered Users, Registered Users 2 Posts: 5,227 ✭✭✭Yggr of Asgard


    Most likely that Senior Manager is reading the same clickbait articles that we do.

    The explanation provided in the blog makes sense and if you look at several posts in this and other forums you will notice that in the period that this new algorithm was used several people had their account restricted. So there is clear evidence to back up Revolut's point that they tried something new and it was too sensitive. They then reverted back to the before status and continued working on the new algorithm.

    Now it's very well possible that there is more to this story than this new algorithm they talk about which is not yet public knowledge, but giving that the FSCS had a page up for revolut being part of the bank guarantee scheme which is now gone, there might indeed more to it, but that is pure speculation or conspiracy.

    Fact is Revolut at present is an electronic money provider so there is a risk which you have to take into consideration when choosing them and it's down to each user to make their own determination after research.

    I will continue to use revolut for my spending, I won't use it as a primary bank but for the good exchange rate, the virtual card and the ability to only put onto the card what I want to spend.


  • Registered Users, Registered Users 2 Posts: 9,005 ✭✭✭mad m


    Mr.S wrote: »
    Not worried.

    The CFO didn't resign because of the reports. Revolut isn't going anywhere.

    I'd be more worried about the increase in downtime, which is getting quite annoying.

    Seen it will be down on 4th of March due to maintenance


  • Registered Users, Registered Users 2 Posts: 6,201 ✭✭✭troyzer


    mad m wrote: »
    Mr.S wrote: »
    Not worried.

    The CFO didn't resign because of the reports. Revolut isn't going anywhere.

    I'd be more worried about the increase in downtime, which is getting quite annoying.

    Seen it will be down on 4th of March due to maintenance

    For half an hour.

    In the middle of the night.


  • Registered Users, Registered Users 2 Posts: 7,067 ✭✭✭MarkY91


    Wheety wrote: »
    N26 also has a 1.7% markup for withdrawals in foreign currency.

    N26 issues a proper Mastercard debit card which you can use with Apple and Google pay.

    Revolut issue a prepaid debit card (as they are not yet a proper current account). They are issuing Visa cards to free accounts now and they are not currently supported by Apple or Google pay.

    I use revolut with Google pay literally everyday.


  • Registered Users, Registered Users 2 Posts: 23,617 ✭✭✭✭ted1


    MB05 wrote: »
    I wouldn't normally react to hearsay but when someone working in the banking sector tells you that senior managers in one of Ireland's biggest bank's money laundering dept were saying they could be shut down, and it coincides with their CFO leaving and technical outages earlier today .. alarm bells start going off.

    I don’t hold Irish bankers in high regard, especially when it comes to talking down what realistically is one if their biggest threat.


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  • Registered Users, Registered Users 2 Posts: 427 ✭✭iHungry


    Well I had about £80 in my revolut account but to be safe I've just emptied my account and topped up my Amazon account.


  • Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    MarkY91 wrote: »
    I use revolut with Google pay literally everyday.

    Fair play. So do I.


  • Closed Accounts Posts: 7,967 ✭✭✭Synode


    MarkY91 wrote: »
    I use revolut with Google pay literally everyday.

    Is it easy to set up? Might give it a go now


  • Registered Users, Registered Users 2 Posts: 7,067 ✭✭✭MarkY91


    Synode wrote: »
    Is it easy to set up? Might give it a go now

    Yeah it's just a quick process.

    Really handy as I'm projector forget my wallet from time to time so it saved me on a number of occasions


  • Registered Users, Registered Users 2 Posts: 34,062 ✭✭✭✭listermint


    Synode wrote: »
    Is it easy to set up? Might give it a go now

    It's excellent. Use it consistently with my phone. And doesn't have that stupid 30 limit that banks have.

    Good crack in the petrol station paying for a full tank with tap on the phone attendants always make a weird face when the large transaction goes through.


  • Registered Users, Registered Users 2 Posts: 6,528 ✭✭✭EagererBeaver


    Wheety wrote: »
    All on a free account? Maybe they've switch back to Mastercard.

    I started with Mastercard and then they sent me a Visa one for free as apparently the Mastercard one wasn't working properly in London Underground so I have both.

    Yup, have never had premium. My original MasterCard didn't have contactless. When the visa one came out I asked for it and they gave me it. Then the MasterCard expired and I got a new one, which is contactless. Can't remember if I had to pay for delivery. Either way, now have both a contactless MasterCard and Visa, with only the MasterCard working with GPay.


  • Registered Users Posts: 4,692 ✭✭✭SleetAndSnow


    ordered a free card at the start of Feb and was given a Visa one. Seems to be pretty random then?


  • Registered Users, Registered Users 2 Posts: 6,528 ✭✭✭EagererBeaver


    ordered a free card at the start of Feb and was given a Visa one. Seems to be pretty random then?

    "New" users are given visa cards is my understanding. I signed up in January '16 and that's why I have MasterCard.


  • Registered Users, Registered Users 2 Posts: 1,440 ✭✭✭BobbyT28


    I signed up in Fe 16' and received a mastercard. I only replaced it recently due to it breaking and received a visa card as a replacement


  • Registered Users, Registered Users 2 Posts: 6,528 ✭✭✭EagererBeaver


    BobbyT28 wrote: »
    I signed up in Fe 16' and received a mastercard. I only replaced it recently due to it breaking and received a visa card as a replacement

    I didn't "replace" mine. It expired.


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  • Registered Users, Registered Users 2 Posts: 5,178 ✭✭✭killbillvol2


    MB05 wrote: »
    I wouldn't normally react to hearsay but when someone working in the banking sector tells you that senior managers in one of Ireland's biggest bank's money laundering dept were saying they could be shut down, and it coincides with their CFO leaving and technical outages earlier today .. alarm bells start going off.

    Before I panicked I decided to try use my card to see what happened. I converted a small amount of sterling back to euro and it worked fine, then I physically used my card in Lidl on my way home from work and it worked too so I am not too worried now.

    Mind you if you were all panicking and emptying your accounts I would have been right there on the bandwagon with you!

    Are there still people stupid enough to take advice from Irish bankers? Seriously?


  • Registered Users Posts: 334 ✭✭MB05


    Are there still people stupid enough to take advice from Irish bankers? Seriously?


    No, hence me asking on here. I would take people's word here quicker but it did look suspicious. They did have technical issues this morning which prevented some people from accessing their accounts/money and the media ran a story saying their CFO had resigned in the wake of a possible money laundering investigation.


  • Registered Users Posts: 100 ✭✭dercunx


    lawred2 wrote:
    Yeah I'm surprised the EU hasn't yet seen fit to crack down on this piracy really..

    MarkY91 wrote:
    Really handy as I'm projector forget my wallet from time to time so it saved me on a number of occasions

    Do you need to have NFC on your phone for Google pay to work?


  • Registered Users, Registered Users 2 Posts: 6,528 ✭✭✭EagererBeaver


    dercunx wrote: »
    Do you need to have NFC on your phone for Google pay to work?

    Yes.


  • Closed Accounts Posts: 4,456 ✭✭✭The high horse brigade


    dercunx wrote: »
    Do you need to have NFC on your phone for Google pay to work?

    Or your watch (^^)


  • Registered Users, Registered Users 2 Posts: 7,503 ✭✭✭Sinister Kid


    I didn't "replace" mine. It expired.

    Do they automatically send a new card? Mine is due to expire in June.


  • Registered Users, Registered Users 2 Posts: 2,850 ✭✭✭bromley52


    Or your watch (^^)

    Google Pay on Wear OS is not supported in Ireland.
    Link


  • Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    bromley52 wrote: »
    Google Pay on Wear OS is not supported in Ireland.
    Link

    I have it on my watch. Didn't need to do anything funny to download it, was available in the play store.


  • Registered Users, Registered Users 2 Posts: 9,515 ✭✭✭irishgeo


    Phone Insurance available just insured mine.


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  • Registered Users, Registered Users 2 Posts: 5,788 ✭✭✭The J Stands for Jay


    MB05 wrote: »
    No, hence me asking on here. I would take people's word here quicker but it did look suspicious. They did have technical issues this morning which prevented some people from accessing their accounts/money and the media ran a story saying their CFO had resigned in the wake of a possible money laundering investigation.

    Haven't a few of the Irish bake had similar issues over the last decade, but accompanied with further issues that needed a few Bob from the government?


This discussion has been closed.
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