Revolut - Ultracheap FX (prepaid Mastercard)

FutureTeashock

So after all that I'm still not sure if it's safe to hold 1000€ in foreign currencies with revolut. :mad:

Ben Done

FutureTeashock wrote: »

So after all that I'm still not sure if it's safe to hold 1000€ in foreign currencies with revolut. :mad:

It depends if 1000 is a lot of money to you, I'd have thought..

FutureTeashock

Ben Done wrote: »

It depends if 1000 is a lot of money to you, I'd have thought..

I would suggest it's a lot of dosh for most people.

adox

FutureTeashock wrote: »

So after all that I'm still not sure if it's safe to hold 1000€ in foreign currencies with revolut. :mad:

If you don’t feel comfortable can you hold less in foreign currency? Do you need €1000 held?

FutureTeashock

adox wrote: »

If you don’t feel comfortable can you hold less in foreign currency? Do you need €1000 held?

Well no, but then any potential gains will be minimal. :mad:

squirrel6767

Anyone having issues with Revolut and processing time of Bank Transfers? Did a UK bank transfer for £16k last night. 16 hours later Revolut themselves have not processed (showing as Pending) even with me being on Premium with a supposed Turbo transfer. Their call agent said that it should be processed on their side within 1 day - very apologetic etc. but nothing more he could do.
If it does go through within the 24 hours I have to hope that there are no delays on the side of the receiving bank. Need to have it there by Fri morning.

Not so sure about Revolut to be honest.

FutureTeashock

squirrel6767 wrote: »

Anyone having issues with Revolut and processing time of Bank Transfers? Did a UK bank transfer for £16k last night. 16 hours later Revolut themselves have not processed (showing as Pending) even with me being on Premium with a supposed Turbo transfer. Their call agent said that it should be processed on their side within 1 day - very apologetic etc. but nothing more he could do.
If it does go through within the 24 hours I have to hope that there are no delays on the side of the receiving bank. Need to have it there by Fri morning.

Not so sure about Revolut to be honest.

WOW! 16 thousand big ones! I don't think I'd trust revolut with that kind of wonga to be honest!:eek:

Yggr of Asgard

squirrel6767 wrote: »

Anyone having issues with Revolut and processing time of Bank Transfers? Did a UK bank transfer for £16k last night. 16 hours later Revolut themselves have not processed (showing as Pending) even with me being on Premium with a supposed Turbo transfer. Their call agent said that it should be processed on their side within 1 day - very apologetic etc. but nothing more he could do.
If it does go through within the 24 hours I have to hope that there are no delays on the side of the receiving bank. Need to have it there by Fri morning.

Not so sure about Revolut to be honest.

I would get proof of source of funds and any documents relating to the transfer (invoice or contract) ready because with that delay there is most likely a manual review going on which might require some additional input.

Once the funds are transfered with faster payment service they should be at the receiving end within hours.

FutureTeashock

Yggr of Asgard wrote: »

I would get proof of source of funds and any documents relating to the transfer (invoice or contract) ready because with that delay there is most likely a manual review going on which might require some additional input.

Once the funds are transfered with faster payment service they should be at the receiving end within hours.

Don't the tax authorities check all transfers above 10k?

Yggr of Asgard

FutureTeashock wrote: »

So after all that I'm still not sure if it's safe to hold 1000€ in foreign currencies with revolut. :mad:

If you want to use revolut for easy currency speculation than clear you have accepted a risk so a risk to loose access to funds in case of revolut going under is part of that.

FutureTeashock

Yggr of Asgard wrote: »

If you want to use revolut for easy currency speculation than clear you have accepted a risk so a risk to loose access to funds in case of revolut going under is part of that.

You are sadly correct. Would Transferweise be a safer bet? Losing 1000 would be a kick in the balls for me.

Yggr of Asgard

FutureTeashock wrote: »

Don't the tax authorities check all transfers above 10k?

A transfer from revolut to a UK bank account is a transfer within the UK so it would be up to the account owners to ensure tax compliance.

You are thinking if the amount that needs to be declared if you get funds into the EU or transfer out of the EU.

Tax authorities at the moment only get reported the revolut account with the balance at year end.

However transfers outside a spending pattern will trigger a manual review under the anti money laundering law (not tax law).

Once the UK leaves the EU than its a different story.

Yggr of Asgard

FutureTeashock wrote: »

You are sadly correct. Would Transferweise be a safer bet? Losing 1000 would be a kick in the balls for me.

TransferWise borderless account is also electronic money.

FutureTeashock

Yggr of Asgard wrote: »

TransferWise borderless account is also electronic money.

I know that, of course, but would Transferwise be less likely to go belly up than revolut?

killbillvol2

Toby Angry Slammer wrote: »

Nonsense on both counts.

Rather than arguing with you I'll refer you to Yggr of Asgard's detailed explanation above. And reiterate that funds in Revolut are not covered by the Deposit Guarantee Scheme.

FutureTeashock

FutureTeashock wrote: »

So after all that I'm still not sure if it's safe to hold 1000€ in foreign currencies with revolut. :mad:

I’d have no issue with having 1k in Revolut, I’ve often had more when vaults were filling up before moving the money on to much riskier places that pay interest like nexo and for bulk savings no reason to have them in Revolut as I see it as a current account.

killbillvol2 wrote: »

Rather than arguing with you I'll refer you to Yggr of Asgard's detailed explanation above. And reiterate that funds in Revolut are not covered by the Deposit Guarantee Scheme.

Your money is safe end of story.

paska

I have been using revolut since I came across this thread in 2015.

I am thinking of switching my entire banking to Revolt.

What do you think?

I know it goes down some times but I am not asking about that . its more about security and all your cash in revolut. Is there a chance you can lose everything?

Has anyone taken the plunge and using revolut as their sole account?

Yggr of Asgard

paska wrote: »

I have been using revolut since I came across this thread in 2015.

I am thinking of switching my entire banking to Revolt.

You might want to wait a while to see what happens with Brexit and to which country Revolut is migrating their EU customers. Right now it looks like just another electronic money license in Lithuania rather than under a banking incense.

tylercheribini

paska wrote: »

I have been using revolut since I came across this thread in 2015.

I am thinking of switching my entire banking to Revolt.

What do you think?

I know it goes down some times but I am not asking about that . its more about security and all your cash in revolut. Is there a chance you can lose everything?

Has anyone taken the plunge and using revolut as their sole account?

Ive been using Revolut as my primary bank account for three years now with no issue, I dont miss A.I.B's maintenance/transaction fee's. My savings are in a well known non cost institution so wont lose my hat if Revolut goes belly up.

VG31

paska wrote: »

I have been using revolut since I came across this thread in 2015.

I am thinking of switching my entire banking to Revolt.

What do you think?

I know it goes down some times but I am not asking about that . its more about security and all your cash in revolut. Is there a chance you can lose everything?

Has anyone taken the plunge and using revolut as their sole account?

Alternatively you could switch your banking to N26 if you want to avoid fees. They have a full German banking licence so deposits up to €100,000 are protected.

MisterAnarchy

paska wrote: »

I have been using revolut since I came across this thread in 2015.

I am thinking of switching my entire banking to Revolt.

What do you think?

You'd be mad to do so in my opinion ,its not a proper bank.

They can freeze your account on a whim and stop transfers .
A proper bank doesn't do that.

I have free banking sign BOI so not worth the hassle of moving direct debits or my salary etc but I basically use Revolut as my main account, Mu boi account is just direct debits and Revolut top ups. Have to say I’ve never had any issue with Revolut being down and transactions not going through etc and I use it multiple times per day and almost always with Apple Pay.

It’s miles ahead of the other app based banking imo (I have most of them like n26, Monese etc) and I much prefer Revolut. I do use curve as it’s very handy not having to carry all my cars (I’ve about 8 cards at this stage) but even then that’s normally using Revolut also.

tringle

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tringle

Delete

tringle

Revolut is my only bank account. My wages go to my credit union. I have some bills paid through the credit union and then transfer money from there to Revolut. Its the only card i have. The only thing i have an issue with is i cant do the lotto online with it.
Im not exactly rolling in money though so not too concerned about losing a fortune.

gwalk

tringle wrote: »

Revolut is my only bank account. My wages go to my credit union. I have some bills paid through the credit union and then transfer money from there to Revolut. Its the only card i have. The only thing i have an issue with is i cant do the lotto online with it.
Im not exactly rolling in money though so not too concerned about losing a fortune.

must be really concenred to tell us 3 times you cant do the lotto

Apollinaris

Somebody might have asked/answered this, but has anyone used the stock trading option yet on the Revolut platform? I’d be very interested hearing some feedback!

world class wreckin’ cru

Hi all, excuse my ignorance.

I have a Revolut account. Am I missing something? I don’t see why most would pay 7.99 a month to be able to use the physical card?

Lucas Hood

Nervous Laugh wrote: »

Hi all, excuse my ignorance.

I have a Revolut account. Am I missing something? I don’t see why most would pay 7.99 a month to be able to use the physical card?

Most don't.

Free tier is what most use i would think.

punisher5112

Nervous Laugh wrote: »

Hi all, excuse my ignorance.

I have a Revolut account. Am I missing something? I don’t see why most would pay 7.99 a month to be able to use the physical card?

Is this the metal card?

Some have a use as there are some perks but you can get a free ordinary card and have no costs at all.