Revolut - Ultracheap FX (prepaid Mastercard)

Yggr of Asgard

toby2111 wrote: »

But is the currency of the card not euro? My balance is in euro, I'm loading it up, I'll be using it in USA at Easter.... So should I choose to be billed in euro or dollars? Will i even get that option?? If I buy something for $100, will the cashier not just type in $100 into the credit card machine???

The card is coded as £ however your wallet with Revolut is in £, $ or €.

When you pay $100 the machine might present you with an option to pay in local currency (in that case $) or in currency of the card (£), take $ because that way the card get's charged in $ with revolut taking the money from your balance in the wallet with their own exchange rate not the high Dynamic Currency Conversion.

If you have $ in your wallet the 100$ come from that, if you don't it looks at £ if there is nothing, than it takes €.

This is the advantage of revolut, you get the best possible rate without any additional fees, you just need to make sure that you are charged in local currency (of the country).

Sono

Yggr of Asgard wrote: »

They should have offered you a choice between local currency (€) and currency of the card (£) with you making the decision. Always take local currency as the markup they use for Dynamic Currency Conversion is way to high.

Same at the cash machine, if you take out € from your revolut € balance make sure you choose to be billed in € rather than the offered £. Remember that will also trigger the 12 cent ATM withdraw tax.

I have a question if you don't mind, say I deposit €100 to my card and transfer it to £ on the app for a trip to uk, go to atm to withdraw £50 will I need to do anything else once I have the €100 converted on the app? I won't get any charges then will I?

Yggr of Asgard

Sono wrote: »

I have a question if you don't mind, say I deposit €100 to my card and transfer it to £ on the app for a trip to uk, go to atm to withdraw £50 will I need to do anything else once I have the €100 converted on the app? I won't get any charges then will I?

You do not need to convert your € into £ before you trip. Just go to the ATM, withdraw your 50£ and revolut will convert it at their rates and take it from the € wallet part. No additional cost.

You can in advance convert your € to £ if you want as it gives you a the comfort of knowing in advance how many € your 50£ will be.

Sono

Yggr of Asgard wrote: »

You do not need to convert your € into £ before you trip. Just go to the ATM, withdraw your 50£ and revolut will convert it at their rates and take it from the € wallet part. No additional cost.

You can in advance convert your € to £ if you want as it gives you a the comfort of knowing in advance how many € your 50£ will be.

Thanks for this, jaysus this card sounds like the greatest thing ever!

Yggr of Asgard

Sono wrote: »

Thanks for this, jaysus this card sounds like the greatest thing ever!

It's not yet the best invention since sliced bread (no NFC, common account) but for making payments in foreign currency with their rates it's one of the best products out there as long you ensure you use it correctly by not accepting Dynamic Currency Conversion when offered.

I use it loads on Amazon and it's great because it takes out the uncertainty of what the € price will be.

Sono

Would you recommend using this card for trips to uk and USA for shop purchases and atm withdrawals? That's what I was planning on using it for.

Yggr of Asgard

Sono wrote: »

Would you recommend using this card for trips to uk and USA for shop purchases and atm withdrawals? That's what I was planning on using it for.

Not giving you financial advise but in my opinion one can benefit from using that card for usa/uk purchases unless you have a good credit card that charges no foreign transaction fees.

Now there are drawbacks with revolut, as they money is held in a common account and they are not covered by the bank guarantee as it's electronic money, so I would not keep too much money in the account.

Sono

Many thanks for your replies, very helpful indeed.

toby2111

Yggr of Asgard wrote: »

You can in advance convert your € to £ if you want

How do I do this?

Yggr of Asgard

toby2111 wrote: »

How do I do this?

In the App click on the "exchange" button and choose what you want to exchange.

toby2111

Another question-when I'm in USA and I buy something, how long does it take to deduct it from my balance? Is it instant like when I transfer money onto the card?

Yggr of Asgard

toby2111 wrote: »

Another question-when I'm in USA and I buy something, how long does it take to deduct it from my balance? Is it instant like when I transfer money onto the card?

You should get a notification right away and the amount is blocked from your balance until it's finally processed. Again having a $ balance makes it easier, as you know what you spend, otherwise it blocks the amount on any available balance.

If you say transfer to the account, it's only instant if you use a Debit card, bank transfers to top up take longer.

toby2111

So,is there a way for me to keep my balance in dollars?That way,when I'm in the States,I can see how much I've left to spend.

Yggr of Asgard

toby2111 wrote: »

So,is there a way for me to keep my balance in dollars?That way,when I'm in the States,I can see how much I've left to spend.

Yes you can a balance in £, € and US $ (all at the same time if you want) with easy exchange between them via the "exchange" function.

And you are right, if you keep a $ balance you can see how much you have left to spend.

Aquos76

toby2111 wrote: »

So,is there a way for me to keep my balance in dollars?That way,when I'm in the States,I can see how much I've left to spend.

Yep, just open app, click exchange and select euro and dollars, then select how much you want to exchange. It then appears in the $ section of the app

toby2111

Yggr of Asgard wrote: »

Yes you can a balance in £, € and US $ (all at the same time if you want) with easy exchange between them via the "exchange" function.

My balance on my app is in euro but when I rotate it to £ or $,it just says £0.00 and $0.00. How do I get it to display my remaining balance in dollars?

TitianGerm

toby2111 wrote: »

My balance on my app is in euro but when I rotate it to £ or $,it just says £0.00 and $0.00. How do I get it to display my remaining balance in dollars?

Exchange button.

Aquos76

toby2111 wrote: »

My balance on my app is in euro but when I rotate it to £ or $,it just says £0.00 and $0.00. How do I get it to display my remaining balance in dollars?

You have to select an amount you want to transfer in to either or both other currencies

toby2111

Cheers.Just thought there was a way of displaying balance in euro,sterling and dollars on the homepage of the app.

Delta2113

2.1 on ios has arrived. Don't get too excited.

Tipperary Fairy

Anyone else notice you're not getting the interbank exchange rate on transfers? I transferred €1500 from AIB - Revolut - NAB, which arrived in my account as $2230, which is quite a lot away from the $2330 that it should be. I know that NAB charge up to $19 on international transfers, but still.....

Yggr of Asgard

Tipperary Fairy wrote: »

Anyone else notice you're not getting the interbank exchange rate on transfers? I transferred €1500 from AIB - Revolut - NAB, which arrived in my account as $2230, which is quite a lot away from the $2330 that it should be. I know that NAB charge up to $19 on international transfers, but still.....

Did you check the Rate they were offering before you kicked in the withdraw? What was quoted there? Right now it's around 2308 AUD.

In my experience beside a possible SWIFT fee at the receiving end there should not be a difference.

Maybe you contact support and ask? They are usually fast in responding.

soirish

Tipperary Fairy wrote: »

Anyone else notice you're not getting the interbank exchange rate on transfers? I transferred €1500 from AIB - Revolut - NAB, which arrived in my account as $2230, which is quite a lot away from the $2330 that it should be. I know that NAB charge up to $19 on international transfers, but still.....

Interbank transfers are a complex thing, if your NAB account is in USD why didn't you transfer USD out of Revolut?

Yggr of Asgard

soirish wrote: »

Interbank transfers are a complex thing, if your NAB account is in USD why didn't you transfer USD out of Revolut?

It's Australian $ in that case looking at the rate.

Tipperary Fairy

Yes it's Australian dollars.

No I haven't contacted them yet, might do though. I know the exchange rate fluctuates but it's obviously not down to that.

So they're saying that because I transferred euros not dollars the receiving bank would have put their own exchange rate on it. But I made the point there's no option in the app to convert it to aud. He told me to update the app, and eventually we got to how to do it which is by sending yourself a payment link by email which means having to put all your details in again. Grrr. Going to see if I receive any money now, as nab charge up to $15 per transaction, and that's all I sent!

n1ck

I've tried topping up a few times to be told it failed - they then told me the address verification failed even though it didn't previously but it's still taken 80€ out of my account

OU812

Anyone have any issues with top-ups?

Tried to put €10 on it earlier (for eBay), it said the transaction failed, but it's gone from my UB account.

n1ck

OU812 wrote: »

Anyone have any issues with top-ups?

Tried to put €10 on it earlier (for eBay), it said the transaction failed, but it's gone from my UB account.

They added Address Verification (AVS) which doesn't apply in Ireland but seems to be blocking topup. The more people that say it to support the quicker it'll get resolved!

BobSmith128

n1ck wrote: »

I've tried topping up a few times to be told it failed - they then told me the address verification failed even though it didn't previously but it's still taken 80€ out of my account

Yeh this has happened to me recently. See my post http://www.boards.ie/vbulletin/showpost.php?p=98475798&postcount=1335

I am with Ulster Bank as well. Did a test transfer with my other current account PTSB (but it's not my main account) and that worked fine.

I've rang them twice - their customer service although pleasant, I've found to be honest clueless - lots of emmms and pauses - never felt any confidence dealing with them. I know they are front desk but I think there is lack of training here.

Anyway my money as mentioned in my post above, was returned back to my bank account. I tried further test transfers of 10 euro but they failed. I deleted and re-installed the app. Moved my address lines 1 and 2, to a single line as recommended by the agent previously. And even when they released the latest update yesterday, it still failed. So waiting on 30 euro to return to my account in the next day or two.

So I've sent masked copies of my ulster bank statement and am waiting on them to come back to me.

MisterAnarchy

n1ck wrote: »

I've tried topping up a few times to be told it failed - they then told me the address verification failed even though it didn't previously but it's still taken 80€ out of my account

Address Verification ?
What is that ?