Revolut - Ultracheap FX (prepaid Mastercard)

polaris68

For people who are having difficulty registering their Revolut card with Amazon or PayPal, try this:

Go into your profile on the app and check the billing details on this page. My address (after my name) was completed jumbled up - country first, then street, then city. When I tapped on Billing Details it opened a form allowing me to edit my address.

While my address was correctly laid out in this form, I had to rearrange it here so that my address would appear correctly on the previous Profile page.

When I did this, I had no problem registering my card with PayPal.

Savman

Successfully registered the Revolut card with Amazon & Paypal, so far so good, excellent exchange rate too.

doxy

Just picked up one of these cards for a trip to the states.

So is it a case of some atms over there will charge a withdrawal fee and some won't? Can anyone advise of some banks in the NY area which should have fee free ATM withdrawals with this card?

cnolan

See below attaachments, definitely losing out to google rates today. markets open "5pm EST on Sunday until 4pm EST Friday"http://www.investopedia.com/ask/answers/05/forex24hoursaday.asp

It is inexcuseable to promise

"There are no hidden costs incurred because we are not a bank.

You can instantly exchange currencies at perfect interbank rates."

surely interbank rates aren't as high as half a percent. that's what we seem to be losing. basically I can convert my money to virtually 0, which sucks.





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cnolan

final attachment as boards only allow 5 at a time. fecking annoying to be losing money doing transfers

yeh it's approx half a percent. worth keeping in mind

revolut 5.JPG

edit: I reckon FX costs 0.5% at the weekend as the markets are closed so the banks take that or revolut take it to protect themselves, which is semi understandable.

glen25

doxy wrote: »

Just picked up one of these cards for a trip to the states.

So is it a case of some atms over there will charge a withdrawal fee and some won't? Can anyone advise of some banks in the NY area which should have fee free ATM withdrawals with this card?

Just back home this morning from NYC and I used my Revolut card over there the past week. The best decision ever. Everything is card/swipe in the city and it worked out perfectly.

Topped up in €500's from visa debit card throughout the week in case Revolut card was lost or stolen. Instant notification of purchases is great too.

I used Capital One bank ATM near my hotel (1166 Ave of the Americas/6th Ave) to withdraw cash at no extra charge. There are ATM's on street corners and in shops and I think these ones will charge you a fee.

Have fun - NYC is brilliant at this time of the year!

Quackster

cnolan wrote: »

final attachment as boards only allow 5 at a time. fecking annoying to be losing money doing transfers

yeh it's approx half a percent. worth keeping in mind

revolut 5.JPG

edit: I reckon FX costs 0.5% at the weekend as the markets are closed so the banks take that or revolut take it to protect themselves, which is semi understandable.

Yeah, I've noticed that rates aren't quite so good over the weekend so I've taken to converting some money in advance on a Friday if I know I'll be needing it on a Saturday or Sunday. Good that Revolut allow that option.

doxy

glen25 wrote: »

Just back home this morning from NYC and I used my Revolut card over there the past week. The best decision ever. Everything is card/swipe in the city and it worked out perfectly.

Topped up in €500's from visa debit card throughout the week in case Revolut card was lost or stolen. Instant notification of purchases is great too.


I used Capital One bank ATM near my hotel (1166 Ave of the Americas/6th Ave) to withdraw cash at no extra charge. There are ATM's on street corners and in shops and I think these ones will charge you a fee.

Have fun - NYC is brilliant at this time of the year!

Thanks for the tips! Does that mean using it at tills in shops, restaurants, bars etc shouldn't incur a fee? That would be brilliant.

ionapaul

I have Revolut, and want to send money to someone in Australia (assuming this is the best way to avoid getting any FX hits or charges along the way). What is the best way to proceed? Get them to set up their own account and transfer that way?

Irish Halo

Transferwise might be better for that particular use case (other FX transfer services are available).

mik_da_man

Or currency fair, I've used them in the past and was very happy with the service

glen25

doxy wrote: »

Thanks for the tips! Does that mean using it at tills in shops, restaurants, bars etc shouldn't incur a fee? That would be brilliant.

Exactly - no fees using it in shops, restaurants, bars etc. It's a brilliant little card for holidays.

As a couple we both loaded money into the cars throughout the week so there was no having to keep track of who spent what. We just used the card for everything and had a couple of dollars in our pockets for incidentals.

WayneEnterprise

cnolan wrote: »

See below attaachments, definitely losing out to google rates today. markets open "5pm EST on Sunday until 4pm EST Friday"http://www.investopedia.com/ask/answers/05/forex24hoursaday.asp

It is inexcuseable to promise

"There are no hidden costs incurred because we are not a bank.

You can instantly exchange currencies at perfect interbank rates."

surely interbank rates aren't as high as half a percent. that's what we seem to be losing. basically I can convert my money to virtually 0, which sucks.





revolut 0.JPG

revolut 1.JPG

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revolut 4.JPG

Not a fair comparison because the Google rates are mid-market rates, whereas you are getting the specific buy or sell rate with Revolut.

September1

ionapaul wrote: »

I have Revolut, and want to send money to someone in Australia (assuming this is the best way to avoid getting any FX hits or charges along the way). What is the best way to proceed? Get them to set up their own account and transfer that way?

Just use send to friend and put amount in AUD that you want to send. Your friend will have to follow instructions from link to receive money to his account.

Irish Halo wrote: »

Transferwise might be better for that particular use case (other FX transfer services are available).

mik_da_man wrote: »

Or currency fair, I've used them in the past and was very happy with the service

Why? Revolut seems to have good rates and does not charge fees like Transferwise and CurrencyFair for doing bank transfers?

Yggr of Asgard

So I logged on after a spending notification and got this:

Important!

Please be advised that when topping up your Revolut account via bank transfer, the bank account, funds are being send from, must be registered in your name. Transfers from 3rd parties, including but not limited to companies, friends & family, will be returned to the sender's account.

Processing fees may apply.

I think they might have had some problem with people forgetting the reference number, using transferwise to load or people thinking it's a bank account.

It's nice to get the reminder, but it's now coming up every time I open the app.

Delta2113

Got the same message yesterday.

Delofan

When exchanging €10.00 to sterling yesterday the rate showing was £0.7255 but it exchanged at £0.7250.

Today I tried it again with €10.00 and the same thing happened. It was showing a rate of £0.7256 but after I bought it again shows £0.7250.

I wonder are they now rounding down?

killbillvol2

Delofan wrote: »

When exchanging €10.00 to sterling yesterday the rate showing was £0.7255 but it exchanged at £0.7250.

Today I tried it again with €10.00 and the same thing happened. It was showing a rate of £0.7256 but after I bought it again shows £0.7250.

I wonder are they now rounding down?

That cost you a whole penny!

nualaonthewall

Does anyone know what happens if you lose your phone or it gets stolen? I know you can stop the card via the app if it's lost, but is there a way to suspend your account if the phone goes awol? Can Revolut be contacted for support when you are not on the linked phone app?
How easy/possible would it be for someone to access your pin from a stolen phone - or is that just being paranoid?

Xcellor

nualaonthewall wrote: »

Does anyone know what happens if you lose your phone or it gets stolen? I know you can stop the card via the app if it's lost, but is there a way to suspend your account if the phone goes awol? Can Revolut be contacted for support when you are not on the linked phone app?
How easy/possible would it be for someone to access your pin from a stolen phone - or is that just being paranoid?

If someone robs your phone most likely if they can they will do factory reset to remove any tracking software you have. if they didnt they would need to know your security number to enter the application to see your card.

To mitigate risk just don't keep a lot of money on the card unless you plan to use it.

I would assume you can contact support in through their website if this happens and can block your account that way.

steokeogh

Don't know whether this has come up before but recently back from Boston and was having an issue with paying tips using Revolut.

According to Revolut support it is standard practice for restaurant to run the transaction and then if you add a tip to the receipt rerun the full transaction lead to a double charge.

The initial charge will remain pending for a max of 10 working days but it could be a massive inconvenience if you are on a long holiday.

Just something to watch out for.

Xcellor

steokeogh wrote: »

Don't know whether this has come up before but recently back from Boston and was having an issue with paying tips using Revolut.

According to Revolut support it is standard practice for restaurant to run the transaction and then if you add a tip to the receipt rerun the full transaction lead to a double charge.

The initial charge will remain pending for a max of 10 working days but it could be a massive inconvenience if you are on a long holiday.

Just something to watch out for.

This happens on credit cards too this is not specific to Revolut. The difference is you have good visibility on Revolut, most banks don't let you see what holds are on the card... Not sure how it works with debit cards or whether they can even "hold" on a debit card.

steokeogh

Xcellor wrote: »

This happens on credit cards too this is not specific to Revolut. The difference is you have good visibility on Revolut, most banks don't let you see what holds are on the card... Not sure how it works with debit cards or whether they can even "hold" on a debit card.

Ye but with a credit card your credit limit is related to posted transactions not pending ones so you would still have full use of the fund available to you.

Because of the way Revolut works you could have money unavailable to you for a number of days. For a debit card it would behave the same as Revolut potentially leaving you without funds for a number of days.

Revolut support did advise that they are working on a solution. But that the issue lies with how restaurants authorize transactions so what they can do is limited.

Xcellor

steokeogh wrote: »

Ye but with a credit card your credit limit is related to posted transactions not pending ones so you would still have full use of the fund available to you.

Because of the way Revolut works you could have money unavailable to you for a number of days. For a debit card it would behave the same as Revolut potentially leaving you without funds for a number of days.

Revolut support did advise that they are working on a solution. But that the issue lies with how restaurants authorize transactions so what they can do is limited.

I'm not too sure about this. If someone puts a hold on a credit card they basically block that amount of credit from being used (and can then convert that hold and take the money). I used to work in call centre where we often had to inform customers that this hold is temporary but would count towards the credit used on the card.

So if you have credit limit of 100 euros and company holds 100 euro you can't use your credit card for further transactions.

Bhangraman

steokeogh wrote: »

Don't know whether this has come up before but recently back from Boston and was having an issue with paying tips using Revolut.

According to Revolut support it is standard practice for restaurant to run the transaction and then if you add a tip to the receipt rerun the full transaction lead to a double charge.

The initial charge will remain pending for a max of 10 working days but it could be a massive inconvenience if you are on a long holiday.

Just something to watch out for.

Just do like I did and pay the tip in cash. THis way only one transaction goes through Revolut.

steokeogh

Bhangraman wrote: »

Just do like I did and pay the tip in cash. THis way only one transaction goes through Revolut.

Normally I would but I didn't have any on me so thought I would use the card not realizing that it would happen.

Yggr of Asgard

steokeogh wrote: »

Ye but with a credit card your credit limit is related to posted transactions not pending ones so you would still have full use of the fund available to you.

Because of the way Revolut works you could have money unavailable to you for a number of days. For a debit card it would behave the same as Revolut potentially leaving you without funds for a number of days.

Revolut support did advise that they are working on a solution. But that the issue lies with how restaurants authorize transactions so what they can do is limited.

The issue is that in principle the restaurant should enter the id of the pre-authorization without tip when they put in the final authorization request with tip, so that the new hold is for the total amount and hence not blocking funds as you experienced. But in reality no restaurant is ever doing that.

And it's the same on your credit card. If you have a credit card that shows you online your pending authorizations (Avant does if I remember right) you will see the same happening. Authorizations reduce your credit limit, you just don't see it as it dumps off by the time you get your bill.

killbillvol2

steokeogh wrote: »

Ye but with a credit card your credit limit is related to posted transactions not pending ones so you would still have full use of the fund available to you.

Because of the way Revolut works you could have money unavailable to you for a number of days. For a debit card it would behave the same as Revolut potentially leaving you without funds for a number of days.

Revolut support did advise that they are working on a solution. But that the issue lies with how restaurants authorize transactions so what they can do is limited.

No, you wouldn't. If, for example, a car hire company puts a hold of €500 on your credit card that €500 is gone from your credit limit. Otherwise they'd have no guarantee that they'd get the funds.

Revolut works exactly the same way, it's just more transparent and it's blocking your actual balance.

steokeogh

killbillvol2 wrote: »

No, you wouldn't. If, for example, a car hire company puts a hold of €500 on your credit card that €500 is gone from your credit limit. Otherwise they'd have no guarantee that they'd get the funds.

Revolut works exactly the same way, it's just more transparent and it's blocking your actual balance.

Ok I stand corrected on the pre-authorization for a credit card works

Crann na Beatha

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