Revolut - Ultracheap FX (prepaid Mastercard)

Aquos76

Tom Cruises Left Nut wrote: »

Hi All

Had 3 payments taken from Paypal on Friday, Paypal rejected them

How long do you think it should take for Revolut to remove the pending transactions and refund my account ?

If it's a failed payment then it can take up to 10 days to be put back in to your account, it they are cancelled transactions then 24/48hrs is the norm.

GBX

I'm trying to install it but am getting an error 504 from the play store. Has anybody had this problem?

OldMrBrennan83

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GreatDefector

The Ayatolla wrote: »

Not much has changed. Was expecting contactless cards and more currencies, possibly even customise your preferred three on the home screen. Ah well.

Yeah very strange. Though in the pic on tumblr the app shows 5 stored currencies .... yen and some other $ (Canadian or Australian maybe)

Very odd since they mentioned on twitter only days ago that "very soon" you could hold a CHF balance, seemed like it was coming with revolut 2.0 but its not to be....

Irish Halo

I guess the 2.0 could be more improvement of the backend code for the app rather than functionality?

They might have made it easier for them to add functionality and make the app more stable.

This is just speculation.

neonman

Hi all just installed this app and ordered the ATM card.

Am I right in saying that this card would be useful even if traveling to another EURO country and pre-loading it up before going to use while away? No fees on ATM withdrawals etc?

Also if buying something online say on amazon.co.uk you could change over the balance to pounds and pay that way with the card?

Currently 85 pages on this thread so sorry if the questions have been asked and answered before but its a lot of pages to get through to find the answer.

shrapnel222

neonman wrote: »

Hi all just installed this app and ordered the ATM card.

Am I right in saying that this card would be useful even if traveling to another EURO country and pre-loading it up before going to use while away? No fees on ATM withdrawals etc?

Also if buying something online say on amazon.co.uk you could change over the balance to pounds and pay that way with the card?

Currently 85 pages on this thread so sorry if the questions have been asked and answered before but its a lot of pages to get through to find the answer.

no real benefits of this over a normal debit card if in Eurozone, but great if in other currency countries as you'll have no conversion fees etc. and a very good rate.

good for amazon and any other online retailer (other than gambling sites). just make sure you pay in the local currency (and no need to move currencies around beforehand, as it'll do it automatically).

keane2097

shrapnel222 wrote: »

Good for amazon and any other online retailer (other than gambling sites). just make sure you pay in the local currency (and no need to move currencies around beforehand, as it'll do it automatically).

Do you mean on this front if I have the card loaded with €€€ and I purchase something off Amazon in £££ the card will convert automatically or do I need to convert my €->£ before I finalise the purchase?

Presumably the answer to that applies to brick and mortar purchases in e.g. the UK also?

alwald

keane2097 wrote: »

Do you mean on this front if I have the card loaded with €€€ and I purchase something off Amazon in £££ the card will convert automatically or do I need to convert my €->£ before I finalise the purchase?

Presumably the answer to that applies to brick and mortar purchases in e.g. the UK also?

I am interested to have an answer about this also.

Is there any fees included? I read that the first 12 months are free, is this still the case? what are the fees after the first 12 months? thanks.

shrapnel222

keane2097 wrote: »

Do you mean on this front if I have the card loaded with €€€ and I purchase something off Amazon in £££ the card will convert automatically or do I need to convert my €->£ before I finalise the purchase?

Presumably the answer to that applies to brick and mortar purchases in e.g. the UK also?

if you buy in GBP and have euros, it'll convert automatically. The only thing you need to make sure is that you pay in the local currency (this is especially true in B&M shops).

neonman

From a budgeting point of view this card might be useful as well, say i have a budget that allows me to only spend 50 on myself a month for things like coffee, odd lunch out you could load the card up with the 50 and when its gone its gone and there would be no need to track have I spent the 50 or worse gone over on it when using your current account card?

keane2097

shrapnel222 wrote: »

if you buy in GBP and have euros, it'll convert automatically. The only thing you need to make sure is that you pay in the local currency (this is especially true in B&M shops).

Oh yeah now you mention it I know when you buy on amazon.co.uk it asks you which currency to spend in.

In B&M shops does an option come up on the card machines or something?

shrapnel222

keane2097 wrote: »

Oh yeah now you mention it I know when you buy on amazon.co.uk it asks you which currency to spend in.

In B&M shops does an option come up on the card machines or something?

not always but a lot do (big high street chains etc.), so it's something to be mindful of.

TireeTerror

shrapnel222 wrote: »

no real benefits of this over a normal debit card if in Eurozone.

Yes there is, you can use it as often as you want anywhere and there are no fees at all. Im fairly sure Bank Of Ireland charge me something like 12-20c every time I use my debit card.

Bhangraman

Aquos76 wrote: »

If it's a failed payment then it can take up to 10 days to be put back in to your account, it they are cancelled transactions then 24/48hrs is the norm.

If you want the funds urgently, you can expedite this by contacting the merchant, asking them for the transaction authorisation code then give that code to Revolut chat support and ask them to release the funds, which they can do instantly then on their system.

Amouar

Bhangraman wrote: »

If you want the funds urgently, you can expedite this by contacting the merchant, asking them for the transaction authorisation code then give that code to Revolut chat support and ask them to release the funds, which they can do instantly then on their system.

Did you try this before? How can they assume that the merchant won't come after the money later? (eg car hire excess authorization)

Bhangraman

Amouar wrote: »

Did you try this before?

Yes tried it several time with success. Revolut support is usually quite responsive to get that done.

Amouar wrote: »

How can they assume that the merchant won't come after the money later? (eg car hire excess authorization)

Because only the merchant can provide the authorisation code and in my experience would only consent to give this is they already have voided the transaction on their end.

Amouar

Bhangraman wrote: »

Yes tried it several time with success. Revolut support is usually quite responsive to get that done.



Because only the merchant can provide the authorisation code and in my experience would only consent to give this is they already have voided the transaction on their end.

Thanks for the info.

So I assume the authorisation you're talking about is different from the authorisation we get on the card receipt.

Good to know!

Sono

Transferred funds back to my card on the 8th and still not showing up, does it normally take this long?

msmx5

keane2097 wrote: »

Do you mean on this front if I have the card loaded with €€€ and I purchase something off Amazon in £££ the card will convert automatically or do I need to convert my €->£ before I finalise the purchase?

Presumably the answer to that applies to brick and mortar purchases in e.g. the UK also?

You are correct, when you make a sterling transaction and have only a Euro balance, the card/app will convert from GBP to EUR and deduct the EUR equivalent from your balance on the fly at a very competitive rate. You will get an instant confirmation notification on your app of the amount deducted and rate.

Had you a Sterling balance on the card with sufficient funds that would be used up first (instead of converting your Euros)

It is worth noting that it maybe be slightly beneficial to transfer funds to the currency you intend make payments in in advance of weekends (ie on Friday during business hrs). Some users here have noted the FEX rate Revolut uses at weekends, while main FEX markets are closed, is slightly worse than the XE.com or Google rate normally used. [Rate is still much better than other main stream credit cards though]

Regarding fees, currently there are none. Revolut reserve the right to change their fee structure in the future... judging by the way the app presents user data it does look like that will have more than one "Plan" in the future. I'm assuming they understand their user-base is fickle & will likely dump them like a hot snot if they change the fee structure significantly.

One use where I see a huge potential for saving is where you make a transaction in a foreign currency that you know will involve a full or partial refund at a later stage. Under normal conditions with a regular credit/debit card you will loose out on both the sale and refund (both fees and buy/sell spread). The "spit roast" effect as I like to call it! ;-) I recently lost the equivalent of approx €130 on FEX fees on a £1250 purchase where £975 was refunded... ie net purchase of approx £275 which should have cost (at the time) €380 but ended up costing €510 due to the fees and spread on relatively large partial refund. This was using a regular high street credit card, If I had my Revolut card at the time it would have been a blessing!

msmx5

Amouar wrote: »

...
I assume the authorisation you're talking about is different from the authorisation we get on the card receipt.

If you have a refund receipt there should be a code on that. Normally you don't get these for online transactions though.

alwald

Does revolut work like PayPal in that I link my Irish bank account/Irish debit card to it and when I want to complete a transaction the funds are taken automatically?

OldMrBrennan83

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alwald

Patww79 wrote: »

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For those who used this app previously, is a debit card top up instant or does it take a while?

MiskyBoyy

alwald wrote: »

For those who used this app previously, is a debit card top up instant or does it take a while?

Instant.

OldMrBrennan83

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OldMrBrennan83

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Aquos76

Patww79 wrote: »

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Yeah you can, press the bank icon

OldMrBrennan83

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GreatDefector

Patww79 wrote: »

Doesn't work after numerous attempts. I get a spinning loading circle for ages and then an Unknown Error Occured popup message. Same thing happens when I try top up, except it does't error and I have to force close the app.

There's an update for Android now. Bug fixes