Revolut - Ultracheap FX (prepaid Mastercard)

Ceist_Beag

bitethebullet wrote: »

thanks for that....loving the card so far. Thinking about ditching the old cc altogether.

Maybe I'm missing something here but isn't the whole point of a credit card the ehhh credit! Whilst this Revolut may be great for purchasing items in another currency I don't for a second see it as competing with never mind replacing a credit card where I can get as much as 7 or 8 weeks interest free credit before I have to pay for a purchase.

bk

Ceist_Beag wrote: »

Maybe I'm missing something here but isn't the whole point of a credit card the ehhh credit! Whilst this Revolut may be great for purchasing items in another currency I don't for a second see it as competing with never mind replacing a credit card where I can get as much as 7 or 8 weeks interest free credit before I have to pay for a purchase.

It isn't a credit card!

It is a debit card, similar to your ATM card. There is no credit available on it, you can only spend what you put on it.

So you are right, it doesn't really replace a credit card. Though for many people that can actually be a good thing. Some people shouldn't have access to such easy credit and can't stop themselves from overspending.

Many people only got credit cards to buy things online. They don't really need or want the credit feature of a credit card. So this can be a good replacement for them.

talking_walnut

Ceist_Beag wrote: »

Maybe I'm missing something here but isn't the whole point of a credit card the ehhh credit! Whilst this Revolut may be great for purchasing items in another currency I don't for a second see it as competing with never mind replacing a credit card where I can get as much as 7 or 8 weeks interest free credit before I have to pay for a purchase.

This is a debit card not a credit card.

In saying that, I don't currently have a use for it either....

Ceist_Beag

bk wrote: »

It isn't a credit card!

It is a debit card, similar to your ATM card. There is no credit available on it, you can only spend what you put on it.

talking_walnut wrote: »

This is a debit card not a credit card.

Sorry yes just to clarify, that was my point (albeit badly phrased!). The post I quoted was talking about ditching the credit card in preference to this but as you say, this is not a replacement for a credit card so I was just trying to point that out ... badly it seems!

maximoose

It is technically a debit card yes, but just to add to the confusion it's recognised as a credit card by payment terminals

So if you're paying for something in the US and asked if it's debit or credit, go for credit or it will be declined.

bk

Ceist_Beag wrote: »

Sorry yes just to clarify, that was my point (albeit badly phrased!). The post I quoted was talking about ditching the credit card in preference to this but as you say, this is not a replacement for a credit card so I was just trying to point that out ... badly it seems!

I think for many people, the only reason they have a credit card, is for online purchases. This maybe a throw back to the days when we had stupid laser cards which for the most part couldn't be used online internationally.

Once we switched from Laser cards to Debit cards, then this issue was largely resolved *, though I think it took a long time for many people to realise it.

* You still need a credit card to rent a car and at hotels if you don't want to pay up front.

Quackster

Quackster wrote: »

MAXFANTANA wrote: »

I have a US dollar account with AIB. Can I transfer dollars to my revolut app change it to euros and then into my AIB euro account? Will I have to pay a transfer fee? This seems like it will save me loads on converting my dollars to euros.

As far I I'm aware SEPA regulations (no fees over and above a regular domestic transfer) only apply to Euro transfers. Your dollar transfer to the Revolut bank account may attract significant extra fees. Best get charity on that from AIB first.

I called AIB and they charge 20 to send dollars to revolut's UK dollar account. I was hoping I could send smaller amounts frequently but this charge means I'm better offer sending bigger amounts which is a pity. I'll still make significant savings though.

glen25

I was loading €10 to my card as a test and I got an error to say it couldn't load (got past the verify by visa stage). I tried a second time and got the same error message. Went back into the app and it had actually worked and my card is now topped up by €20. No big deal but just a heads up in case someone is loading larger amounts.

OldMrBrennan83

This post has been deleted.

Doge

So i have a bit of an awkward problem.

Registered my details on Paypal the day i signed up and ordered a physical card - no problem.

Physical card came with a different number than the Virtual card.

Customer Support fixed this by changing the Virtual Cards number to the one on the physical card.

So I tried editing the credit card in paypal, and updating it with the new number.

Got this message: "This card has been disabled for entry into the PayPal system. Please add a different card."


I get this any time I try to enter the new number in Paypal.

I have used the new number fine on Aliexpress.

Anyone have any ideas?

I've sent a mail to Paypal customer support.

gipi

Small thing to watch for if you use the physical card here in Ireland. Mate of mine used her card in Zara last weekend and the card was treated as a sterling card. Her euro purchase was charged in Sterling, which was slightly more expensive than the euro price when it was converted back. She asked the shop to reverse the transaction, and after a lengthy discussion, the shop agreed.

johnnykilo

NU8 wrote: »

Yes. I've topped up with irregular amounts a few times. Once it's over €10 it'll work!

Is it €10 minimum top up? I'm pretty sure I topped up by around €3 or €4 one time as I already had some money on my card and just wanted enough to buy something from Argos to use up the money on the card

s_carnage

If your in England and are asked if you would like to pay in Euro or Sterling which option would be best or is there any difference?

irishgeo

s_carnage wrote: »

If your in England and are asked if you would like to pay in Euro or Sterling which option would be best or is there any difference?

Sterling id say as they merchant is likely converting it to euro at a much higher rate than the revoult card uses.

Ceist_Beag

glen25 wrote: »

I was loading €10 to my card as a test and I got an error to say it couldn't load (got past the verify by visa stage). I tried a second time and got the same error message. Went back into the app and it had actually worked and my card is now topped up by €20. No big deal but just a heads up in case someone is loading larger amounts.

Same here Glen. I also had the verify by visa stage and got an error after but the amount has been transferred alright so it looks like a glitch on the website.

TitianGerm

gipi wrote: »

Small thing to watch for if you use the physical card here in Ireland. Mate of mine used her card in Zara last weekend and the card was treated as a sterling card. Her euro purchase was charged in Sterling, which was slightly more expensive than the euro price when it was converted back. She asked the shop to reverse the transaction, and after a lengthy discussion, the shop agreed.

Did she have her balance saved in Sterling ?

Yggr of Asgard

emmetkenny wrote: »

Did she have her balance saved in Sterling ?

That does not matter, the credit card terminal simply identifies the card as a sterling card and if it's programmed to offer dynamic currency conversion the shopping assistant is supposed to ask if the charge should be in local currency or the home currency of the card (in this case £).

Maybe the assistant just did not ask and simply took £?

If the currency is supported by revolut than one should always choose the local currency as the currency of charge to avoid being ripped off by using the dynamic currency conversion.

The current list of supported currencies include: AED, ALL, ARS, AUD, AWG, AZN, BBD, BGN, BND, BOB, BRL, BWP, BYR, BZD, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, DOP, EGP, EUR, GBP, HKD, HNL, HRK, HUF, IDR, ILS, INR, ISK, JMD, JPY, KGS, KHR, KRW, KZT, LAK, LKR, MAD, MGA, MKD, MNT, MUR, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, SAR, SBD, SCR, SEK, SGD, SOS, SRD, SVC, SYP, THB, TRY, TTD, TVD, TWD, UAH, USD, UYU, UZS, VEF, VND, XCD, YER, ZAR.

Yggr of Asgard

maximoose wrote: »

It is technically a debit card yes, but just to add to the confusion it's recognised as a credit card by payment terminals

So if you're paying for something in the US and asked if it's debit or credit, go for credit or it will be declined.

Actually it's coded as a credit card (if you read out the chip you can see that), however it's issued by optimal payments under the UK MasterCard Business Prepaid Solutions umbrella which is why you can only spend what you have on the card (and which the card always requires an online authorization).

There is a difference as debit card and credit cards are treated differently when it comes to the money that Revolut get's from the acquirer of the transaction. Credit cards pay a higher amount and that is how they make money to give you no fees and better currency rates (well so they hope).

You might think of it as a debit card but the card terminal (including hotels etc.) treat it as a credit card even if you don't get credit extended with this card.

There is a different in what people think a credit card is and what companies use to make money as part of the mastercard umbrella. That's exactly why as you say you have to choose "credit" when prompted in the US.

Quackster

Exactly. It's a prepaid credit card. So if you use it on Ryanair, Irish Rail etc you'll get charged their extra credit-card surcharges.

Delta2113

It's a multi-currency card which works like your normal debit card - let's hope everyone can agree on this definition.

Woden

You have to make sure you're getting it in local currency. I let one slip when picking up a family meal back in Ireland a while back. Took the converted gbp amount instead of euro and lost out more than expected for one transaction.

I'm away with it at the moment in south east Asia and using it for all atm withdrawals and it's working well.

gipi

emmetkenny wrote: »

Did she have her balance saved in Sterling ?

No, it was a euro balance.
As Yggr mentioned, the shop should have offered local currency or other currency before completing the sale - they didn't, and just treated the card as a sterling card. Not a major deal, just something to watch for if using the card locally.

Delta2113

http://www.mastercard.com/interactivelocator/atm.html

- You can search here for MasterCard ATMs worldwide.

OldMrBrennan83

This post has been deleted.

Delta2113

Tips to get the most from your Revolut Card:-

Avoid 'dynamic currency conversion' known as 'DCC'

When paying for things or withdrawing money, many providers will ask whether or not you wish to pay in your local home currency rather than the local currency. Note that this will often be more expensive and give you a rate that may be worse than had you of used the local currency. Always choose to pay in local currency to avoid extra foreign exchange margins and the 'dynamic currency conversion' process.

Revolut doesn't charge international ATM/cash machine fees, but some cash machines do

Revolut does not charge you a fee to withdraw local currency from an international cash machine. It is wise to note however that some cash machine providers, charge their own fee that is not dictated by Revolut. Be careful how often you withdraw money and remember; Revolut can be used over the counter and at shops who accept MasterCard.

Avoid using Revolut for 'pre-authorisations'

When overseas, car rental companies and hotels will often request you to do a 'pre-authorisation'. This means using a card to reserve a certain amount of money to cover your final charge. Try to avoid using your Revolut card for these types of requests as the funds will be held (by the car company or hotel) for an extended period of time, often even longer than your time away which in turn leaves you unable to use these reserved funds.

doxy

Can someone explain how I can use this with my PayPal account without getting screwed on the conversion?

I converted all funds in my card to USD.

I just paid for something that should have cost $35.10. It was priced in dollars, but for whatever reason when I went to the PayPal checkout it chose to charge me in GBP (23.81). I couldn't find an option to pay in dollars anywhere so I just checked out and got charged $36.23.

Seriously sick of PayPals BS. Please educate me so this doesn't happen again!

Aquos76

doxy wrote: »

Can someone explain how I can use this with my PayPal account without getting screwed on the conversion?

I converted all funds in my card to USD.

I just paid for something that should have cost $35.10. It was priced in dollars, but for whatever reason when I went to the PayPal checkout it chose to charge me in GBP (23.81). I couldn't find an option to pay in dollars anywhere so I just checked out and got charged $36.23.

Seriously sick of PayPals BS. Please educate me so this doesn't happen again!

I ended up ringing Paypal and they changed a setting at their end where I would be automatically charged in the currency of the seller. I had the same issue at the start, I paid for something that cost be €130 and the Paypal transaction was trying to charge me something like £96 which was working out at close to €140 using PayPal conversion rates, no way I was having that.

redshoulder

used once to pay for amazon uk item, all ok.
trying to add to paypal account but i get the following

the bank that issued your card didn't approve this transaction. Please contact the card issuer's customer service department if you have any questions. Or you can add a different card now to continue.

The revolut card is not verified and don't wish to either, who else has/had this issue?

Also on another matter, online support is rubbish, I received a physical card but the online card does not match, I tried linking the card but the other cc number shows up instead, and besides asking me to log in and out they did not seem to known the reason.

Hootanany

I used since Thursday to today over in Birmingham not one problem atms over counter hotels .com Expedia the lot glad I have it thanks to however put this BA up.

redshoulder

How long does it take for withdrawal of card funds to go back to bank account take?