Revolut - Ultracheap FX (prepaid Mastercard)

makeorbrake

duffman13 wrote: »

This is correct, they lock the rates on a Friday evening at usually 1-2% below the interbank rate. If your using £ or $ best to make exchange in app before the weekend or if withdrawing in other currencies withdraw midweek

This is a bit slimy - have been using Revolut in the U.S. over the past few months and wasn't aware of this. Does that mean for any purchases I made in dollars over the weekend, I would have been getting screwed on?

duffman13

makeorbrake wrote: »

This is a bit slimy - have been using Revolut in the U.S. over the past few months and wasn't aware of this. Does that mean for any purchases I made in dollars over the weekend, I would have been getting screwed on?

Unless you changed it in the app to us dollars then you would have been losing out, it's not huge in the grand scheme of things but yeah it would make sense to change your funds to us dollars on the Friday to maximise the rates and not get caught over the weekends

EagererBeaver

makeorbrake wrote: »

This is a bit slimy - have been using Revolut in the U.S. over the past few months and wasn't aware of this. Does that mean for any purchases I made in dollars over the weekend, I would have been getting screwed on?

It has been flagged on this thread repeatedly.

makeorbrake

EagererBeaver wrote: »

It has been flagged on this thread repeatedly.

That's nice but I found Revolut independently - before I ever came across this thread (which was a few hours ago).

Chimichangas

makeorbrake wrote:

This is a bit slimy - have been using Revolut in the U.S. over the past few months and wasn't aware of this. Does that mean for any purchases I made in dollars over the weekend, I would have been getting screwed on?

Yes, it seems to be a little more than 2%, or 2.25%. for me anyway.

PopePalpatine

Chimichangas wrote: »

You also need a picture of you with your passport or ID to verify for use abroad? I believe..

Yeah, you need to take a picture of some form of ID and/or a picture of yourself. I submitted both to get verified, and it took less than 5 minutes.

Quackster

makeorbrake wrote: »

This is a bit slimy - have been using Revolut in the U.S. over the past few months and wasn't aware of this. Does that mean for any purchases I made in dollars over the weekend, I would have been getting screwed on?

International currency markets close Friday evening and don't reopen again until Monday morning. They're only cushioning themselves over the weekend against any sudden rate swings when the markets reopen.

mgray

Quackster wrote: »

International currency markets close Friday evening and don't reopen again until Monday morning. They're only cushioning themselves over the weekend against any sudden rate swings when the markets reopen.

Any idea what time these rates are locked for the weekend, is it 5pm UK time? Or later.?

Heading to Prague for weekend arriving about half 5 local time, wondering should I try and take out a good wedge as soon I get there..

makeorbrake

Quackster wrote: »

International currency markets close Friday evening and don't reopen again until Monday morning. They're only cushioning themselves over the weekend against any sudden rate swings when the markets reopen.

I guess that's rational - but they should outline that via their website or app in the interests of full disclosure and transparency.

mgray wrote:

Heading to Prague for weekend arriving about half 5 local time, wondering should I try and take out a good wedge as soon I get there..

It kind of spoils it a bit when customers have the inconvenience of having to circumvent this...

Quackster

mgray wrote: »

Any idea what time these rates are locked for the weekend, is it 5pm UK time? Or later.?

Heading to Prague for weekend arriving about half 5 local time, wondering should I try and take out a good wedge as soon I get there..

Think it's 9pm our time (when New York, the last major currency market, closes) so that should give you time to beat the bad weekend rates.

MarkY91

I'm looking into using this for Australia but on the website I can only look at their rates from any country TO euro, pound, us dollar.

Will this still be grand for taking money out of an atm there?

EagererBeaver

MarkY91 wrote: »

I'm looking into using this for Australia but on the website I can only look at their rates from any country TO euro, pound, us dollar.

Will this still be grand for taking money out of an atm there?

Yes, but remember the fair usage charges that kick in.

You should be able to look at all rates - go into "exchange" and tap the rectangular bar "€/$1 = ..."

MarkY91

EagererBeaver wrote: »

Yes, but remember the fair usage charges that kick in.

You should be able to look at all rates - go into "exchange" and tap the rectangular bar "€/$1 = ..."

What would the fair usage charge be?

I will be bringing €3500 - €4000 with me and would be spending it in the space of 31 days in dubai, Bangkok and australia

Yggr of Asgard

MarkY91 wrote: »

What would the fair usage charge be?

I will be bringing €3500 - €4000 with me and would be spending it in the space of 31 days in dubai, Bangkok and australia

Fair usage applies to ATM transactions:

Spending with the Revolut multi-currency card in store or online is free.

Using the Revolut app to transfer money is free.

Withdrawing cash from an ATM with your Revolut multi-currency card is free for £500 (or equivalent) each month after which there is a 2% charge.

With the amounts you quote, you also need to get verified in the App as it's over £750

mrcheez

My ATM withdrawals this month have reached 649.72 by pure fluke

Chimichangas

MarkY91 wrote:

Will this still be grand for taking money out of an atm there?

Yes, it will take the foreign currency from the home currency I believe, at the 'forex' rate at the time, or go through the other ones if no home currency left, but only one at a time I think. You still have a limit on atm withdrawals in a month, 650 in euro.

soirish

But what is considered a home currency in case you have sufficient funds in GBP, EUR and USD.

MarkY91

Hmm do I don't think it will be perfect for the whole month. I guess u should just enter the 21st century and pay with plastic more often instead of 99% cash all of the time?

I verified my details and expect a cars out by 6th june

Gumbi

Guys has anyone had any trouble with your debit cards after the update? I had mine added and it seemed to have disappeared after the update. No biggie, I assumes the update had wiped it.

I readded it (seemingly successfully, verified by visa went fine), got the message saying it was successfully added and it just never appeared! I did it again, got all the all clear messages, and it still hasn't appeared!

Is there a lag for it to appear?

I am abroad at the moment but my bank is aware of this, and in any case, if the verified by visa went ok the problem is not on the bank's end, but Revolut's, right?

Any ideas? Will it merely take a while to add?

EagererBeaver

soirish wrote: »

But what is considered a home currency in case you have sufficient funds in GBP, EUR and USD.

Generally sterling I think. The Revolut account is with Barclay's in the UK.

Delta2113

Base currency is euro and not sterling for Rep of Ireland.

celticsfan

Hi folks

Just got one of these cards..I was gonna use it to buy something online to test it out,if I'm buying something in USD online..do I need to convert my Eur amount that I topped my card up with to USD or will the card do the currency conversion to USD when I make the purchase?

Thanks

MiskyBoyy

celticsfan wrote:

Just got one of these cards..I was gonna use it to buy something online to test it out,if I'm buying something in USD online..do I need to convert my Eur amount that I topped my card up with to USD or will the card do the currency conversion to USD when I make the purchase?

It will take it from the euro balance if you don't have enough or any in your dollar balance.

makeorbrake

celticsfan wrote: »

Hi folks

Just got one of these cards..I was gonna use it to buy something online to test it out,if I'm buying something in USD online..do I need to convert my Eur amount that I topped my card up with to USD or will the card do the currency conversion to USD when I make the purchase?

You can do either. If you have USD, it will draw from that. If you have EUR or GBP, it will draw from those instead and convert.

However, as I found out via this thread recently, fx rates are approx. 2% higher on weekends - so maybe you should test again on Monday. I guess that's a reason to have funds converted to USD during the week - beforehand.

celticsfan

Ok sound lads..thanks for the advice!!

Conar

makeorbrake wrote: »

You can do either. If you have USD, it will draw from that. If you have EUR or GBP, it will draw from those instead and convert.

However, as I found out via this thread recently, fx rates are approx. 2% higher on weekends - so maybe you should test again on Monday. I guess that's a reason to have funds converted to USD during the week - beforehand.

I tried this recently and it didnt work.
bought something on Amazon in sterling and had more than enough I. the card in euro to cover it.
Payment was declined.
Converted the euro to sterling on the card and payment went though.

Yggr of Asgard

Conar wrote: »

I tried this recently and it didnt work.
bought something on Amazon in sterling and had more than enough I. the card in euro to cover it.
Payment was declined.
Converted the euro to sterling on the card and payment went though.

Get onto customer service to check what your base currency is, some card early on were send to Ireland with £ rather than €.

The Ayatolla

Yggr of Asgard wrote: »

Get onto customer service to check what your base currency is, some card early on were send to Ireland with £ rather than €.

Can customer service change this if it's setup as base currency in sterling?

Delta2113

'For background, every account has a base currency, if your account address is in UK then it's GBP, for a Eurozone address it's EUR and for a US address it's USD, for all other countries the base currency is USD.

This means that if your Revolut balances are £100, €150 and $200 withdrawing PLN 500 will draw from a different balance depending on where your account was created, from GBP if from UK, EUR if from Eurozone and USD if from US and Rest of the World.

However, suppose you are withdrawing 500 PLN, your balances are £0, €500 and $200 and your account was created in UK then the amount will be taken from the highest balance after the base currency, in this case EUR.

To clarify, transactions are deducted based on location (if in UK from GBP, if in Eurozone then EUR and if in US then USD), if you are outside of these countries or do not have a high enough balance in the respective currency then transactions are deducted from your base currency (chosen by address), if you have insufficient funds on your base currency then transactions are deducted from the next highest balance.

i.e. Country Currency -> Base Currency -> Highest Balance

If you tried to withdraw PLN 500 and your Revolut balances are £50, €50 and $50 the transaction will fail as you need the amount of a transaction needs to be contained within at least one of the balances.'

whiz

Hi Guys, do you get charged for transferring money in and out of your revolut account through your Irish debit/credit card e.g. aib ?