Revolut - Ultracheap FX (prepaid Mastercard)

MayoForSam

I'm out in Poland this week and I was able to use my Revolut to withdraw cash from an ATM but then when I tried to pay for a meal in a restaurant, my PIN would not work. Anyone else have this problem?

GreatDefector

Yggr of Asgard wrote: »

Actually that is not correct, it's 12 cents per ATM withdraw in the republic (not foreign countries) and its capped at 2.50€ if you use the card as ATM card only or 5.00€ if you use the card as both ATM and debit card.

There is no more flat stamp duty.

I wouldn't say not correct as opposed to missing the fact that the ATM charge only applies in the replublic only. Didn't know that

Say PTSB who I'm with now, they wouldn't charge me the 12c if I went to the UK and used an ATM 100 times? Something tells me they probably would. Can't find any clarity online

baldshin

Just topped up my card there. Do you have to top up in the currency you plan on spending? Or can you top up in euro and just spend it in $ or £?

Yggr of Asgard

GreatDefector wrote: »

I wouldn't say not correct as opposed to missing the fact that the ATM charge only applies in the replublic only. Didn't know that

Say PTSB who I'm with now, they wouldn't charge me the 12c if I went to the UK and used an ATM 100 times? Something tells me they probably would. Can't find any clarity online

You said:

GreatDefector wrote: »

Yes... €2.50 debit card + 12c ATM transaction charge capped at €2.50

I think that is confusing as there is no 2.50€ debit card charge + ATM charge there is only ATM charged capped at different rates depending on usage.

You can refer to Revenue Operating Manual for the Stamp Duty Consolidation Act: http://www.revenue.ie/en/about/foi/s16/stamp-duty/part-09.pdf

It clearly specifies that "€0.12 for each cash withdrawal from an ATM in the State".

Now that is the interpretation I got out of this, however obviously the revenue commissioners might disagree with me, or your bank might disagree and charge you for each withdraw as it's them who will pay this to revenue.

My advise would be to talk to your bank and ask them what their position is.

Revolut has told me in writing that they will only charge me the Withdraw tax if I withdraw in Ireland but not otherwise.

My German Bank account (not number26) who previously charged me 5€ has also confirmed that they would only charge me this tax if I use an ATM in Ireland.

So let's see what actually in December.

Yggr of Asgard

Techmaster wrote: »

Anyone having issues receiving texts from Revolut? Trying to get the code sent to me multiple times now but I haven't received it.

Can someone else confirm by logging out and logging back in?

Which mobile provider do you have?

Have you checked that your phone number is not having the 0 in front of the number so it's +3538xxx rather than +35308xxx ?

Yggr of Asgard

baldshin wrote: »

Just topped up my card there. Do you have to top up in the currency you plan on spending? Or can you top up in euro and just spend it in $ or £?

To get the best rates in exchange you would top up in € and than just spend (or convert to the wallet).

However if you are for example UK based and all is in £ than you would top up £ to get the best exchange rates.

Delta2113

@Yggr of Asgard - any reports Revolut charging €2.50 /€5 for last year to people that had the card?

Curb Your Enthusiasm

Yggr of Asgard wrote: »

Which mobile provider do you have?

Have you checked that your phone number is not having the 0 in front of the number so it's +3538xxx rather than +35308xxx ?

iD. Yep, number is entered the correct way.

Delta2113

The fact iD are an MVNO could be the problem.

Yggr of Asgard

Delta2113 wrote: »

@Yggr of Asgard - any reports Revolut charging €2.50 /€5 for last year to people that had the card?

My honest answer is, I have no such information.

However I personally would not expect to get charged by Revolut for several reasons.

But God only knows what Revenue is going to do once Revolut is sufficient popular in the country.

Yggr of Asgard

Delta2113 wrote: »

The fact iD are an MVNO could be the problem.

That is what I was getting at, I had problems on ID to get SMS from several companies that deploy automatic validation via SMS.

Delta2113

I think with Revolut we might even get away with the 12 cent charge but I could be completely wrong. In 2017 we will find out.

Personally I'm going to try and attempt not using any ROI ATM/LATM for withdrawing cash.

Curb Your Enthusiasm

Yggr of Asgard wrote: »

That is what I was getting at, I had problems on ID to get SMS from several companies that deploy automatic validation via SMS.

What is weird though is I was receiving them no problem before. But nothing now.

Yggr of Asgard

Techmaster wrote: »

What is weird though is I was receiving them no problem before. But nothing now.

I can't test it because I'm with Virgin Mobile (please don't flame me) so I don't want to risk to log out and log in again to test because I don't know if it works with them.

Maybe it's just today that it won't work due to the traffic that the networks have (singles awareness day after all), maybe it works again tomorrow.

Curb Your Enthusiasm

Yggr of Asgard wrote: »

I can't test it because I'm with Virgin Mobile (please don't flame me) so I don't want to risk to log out and log in again to test because I don't know if it works with them.

Maybe it's just today that it won't work due to the traffic that the networks have (singles awareness day after all), maybe it works again tomorrow.

Hopefully. Heading to the UK in the morning so will ring them if not.

curiosity

Delta2113 wrote: »

@Yggr of Asgard - any reports Revolut charging €2.50 /€5 for last year to people that had the card?

Yggr of Asgard wrote: »

My honest answer is, I have no such information.

However I personally would not expect to get charged by Revolut for several reasons.

But God only knows what Revenue is going to do once Revolut is sufficient popular in the country.

Used mine at an Irish ATM last November, purely just to see if it would give me cash. No sign of any stamp duty charge so far:). Whatever about this fiver, I'd be more interested in what fees Revolut might introduce. I've found the card/app very useful to date.

StereoSound

Do these guys charge to close your account if you decide they are a pig to use? I'm gonna go for it seeing not everyone with ulster bank is having issues topping up but if I can't get it working I want to close it without penalty.

Yggr of Asgard

StereoSound wrote: »

Do these guys charge to close your account if you decide they are a pig to use? I'm gonna go for it seeing not everyone with ulster bank is having issues topping up but if I can't get it working I want to close it without penalty.

No cost for closing the account but also no inactivity fee's, so you could leave the account open until Ulster bank sorts itself out and responds to Paysafe/Netbank with the right AVS code.

Now this does not mean it's free for ever, they might introduce fees at one point or another with advanced warning and that might change.

But even with ulster a bank transfer top up should work.

BetterCallSaul

MayoForSam wrote: »

I'm out in Poland this week and I was able to use my Revolut to withdraw cash from an ATM but then when I tried to pay for a meal in a restaurant, my PIN would not work. Anyone else have this problem?

Had the same problem in Budapest at the weekend. Worked fine for the ATM but told me the pin was wrong when I tried to buy metro tickets at the machine and wouldn't work in a restaurant either...

Nollog

curiosity wrote: »

Used mine at an Irish ATM last November, purely just to see if it would give me cash. No sign of any stamp duty charge so far:). Whatever about this fiver, I'd be more interested in what fees Revolut might introduce. I've found the card/app very useful to date.

It was the old flat €5 fee last year, revenue allow people 1 use without having to pay the stamp duty it seems.

I'm only saying that because when my Irish bank decided to issue me a dual atm/debit card they said I could use debit once a year without being bumped up to the €5 stamp duty. It was actually €7.50 back then to use a debit card.

Delta2113

Wrong about 1 use -see below.
Any other exemptions?

There are a number of exemptions to stamp duty in relation to ATM cards, debit cards and combined cards:
If the card is not used during the year
Where the card is issued in respect of a deposit account, the average daily positive balance of which does not exceed €12.70
If the card has only been used to request a chequebook, a balance statement, to establish a customer identity or to establish a correct customer account number.
Cards issued on basic payment accounts. These are accounts where the account holder did not hold an account for the previous three years or did not initiate any activity on the account for that period, and is in receipt of less than €4,500 per quarter (except for social welfare payments). Such accounts are operated by Allied Irish Banks, Bank of Ireland and Permanent TSB only.

MayoForSam

/\/ollog wrote: »

Had the same problem in Budapest at the weekend. Worked fine for the ATM but told me the pin was wrong when I tried to buy metro tickets at the machine and wouldn't work in a restaurant either...

I was on to their support and apparently I have to 'validate' the PIN by using it twice at a Mastercard accredited ATM, and then it should work everywhere. I'll try this tomorrow if I get a chance.

naughto

Iam trying to download the app and is saying not compatible with devices I am using android 5.1 on tablet and 4.3 on the phone still no go.any one have any ideas

StereoSound

I just signed up and ordered my card just now. I won't bother verifying my identity until I get the card first. Hoping the best with this.

Amouar

Just noticed this in their FAQ
"
If you see a transaction on your Revolut wallet which you don’t recognise, or you believe should have been refunded, please contact the in-app support so we can investigate for you.

Block your Revolut card in the ‘Card’ section of the app straight away. There is no fraud protection for your pre-paid card as stated by ‘The UK Cards Association’, therefore any money used in a fraudulent transaction will not be reimbursed. However, Revolut can raise a Chargeback with the merchant on your behalf based on an internal assessment. The success of this Chargeback isn’t guaranteed. "

Another reason to only top up when you need to!

StereoSound

Amouar wrote: »

Just noticed this in their FAQ
"
If you see a transaction on your Revolut wallet which you don’t recognise, or you believe should have been refunded, please contact the in-app support so we can investigate for you.

Block your Revolut card in the ‘Card’ section of the app straight away. There is no fraud protection for your pre-paid card as stated by ‘The UK Cards Association’, therefore any money used in a fraudulent transaction will not be reimbursed. However, Revolut can raise a Chargeback with the merchant on your behalf based on an internal assessment. The success of this Chargeback isn’t guaranteed. "

Another reason to only top up when you need to!

Ye I read that to earlier, I plan to use it soon after topping up anyways and I only want it for small purchases online and what have you. Won't be loading it up with anything more then 100 odd euro at a time

Yggr of Asgard

StereoSound wrote: »

Ye I read that to earlier, I plan to use it soon after topping up anyways and I only want it for small purchases online and what have you. Won't be loading it up with anything more then 100 odd euro at a time

That is very wise, especially as i pointed out, that the funds you have in your wallets are not guaranteed in case either revolut or paysafe collapses, they are not covered by the bank guarantee scheme.

While in theory revolut holds the funds in a client account with barclays and can not use them for their own cost it's a risk with all of the electronic money issuers.

Amouar

I think that this makes Number26 a much better option, especially when Revolut will introduce fees after 12 months.

Yggr of Asgard

Amouar wrote: »

I think that this makes Number26 a much better option, especially when Revolut will introduce fees after 12 months.

Giving that wirecard is a bank and in Germany even prepaid credit cards are credit cards (as we learned during the stamp duty debacle) the T&C are clear about fraud responsibility, which is better than what revolt has.

Revolut is however still better when it comes to exchange rates (weekdays) plus the ability to hold other currencies (i.e. buy now, hope it get's worse) is a big plus.

So it comes down to individual preferences and frequency of purchasing in other currencies.

Kerry Gooner

Amouar wrote: »

I think that this makes Number26 a much better option, especially when Revolut will introduce fees after 12 months.

Have they confirmed the introduction of charges?