Revolut - Ultracheap FX (prepaid Mastercard)

mel123

Hi, sorry i cant go through the whole thread. I want to sign up for this, is there any referrals that i should use...which might benefit either myself or someone else?

EagererBeaver

mel123 wrote: »

Hi, sorry i cant go through the whole thread. I want to sign up for this, is there any referrals that i should use...which might benefit either myself or someone else?

No.

Billydoc

I sent money from my revolut app to my bank for around €19. I saw that revolut sent me around €60 for some reason! Happen anyone else? I'm not complaining but wondering will they take it off me again or what?

MiskyBoyy

Billydoc wrote:

I sent money from my revolut app to my bank for around €19. I saw that revolut sent me around €60 for some reason! Happen anyone else? I'm not complaining but wondering will they take it off me again or what?

*Quickly makes multiple withdrawals*

Yggr of Asgard

Change coming on 9th November:

Hello from Revolut!

We’ve got some new and important changes in the pipeline so keep reading! We’ve recently updated our terms and conditions and Fair Usage policy for big spenders (currency exchange transactions over £5,000 per month).

We’ve worked hard to ensure that the change is fair and, rest assured, most users will not be affected. These updates apply immediately to new users and will come into effect on 9th November 2016 for existing users. Please check our website HERE for full details.

On another note, we’re lining up some new features for our Android and iOS apps! By the way, have you tried our new Apple Watch app? If so, we’d love to hear what you think! Let us know on Twitter.

Thanks for your continued support and all the great travel stories that you’ve been sending us; we’re proud to help you beat those insane exchange rates on holidays!

Summary is

Cross-currency transactions
Cross-currency transactions (Send, Spend, Transfer, Exchange) are free up to £5,000 / €6,000 / $6,000 (or equivalent) per month. A 0.5% fee will apply to further cross-currency transactions performed during the same calendar month.

For example, if you have £6,000 on your account, and you exchange £5,000 into euros, this is FREE. Then, if you decide to exchange the remaining £1,000, there will be a £5 charge. This policy only applies to cross-currency transactions; so if you transfer £6,000 to a GBP account, it will still be FREE.

This will apply to new users from 9th September 2016 and existing users from 9th November 2016.

So for big spenders this is a bad change.

EagererBeaver

I'm buying an engagement ring in dollars with it. Have to get it done before November 9th now!

MiskyBoyy

You could exchange some balance into USD now, some more next month and then more in November to avoid charges couldn't you?

To be fair, 0.5% is still excellent.

dan786

Well to be honest if you are spending that amount through revolut, the fee is not that high. It would still work out better than exchanging through other companies.

EagererBeaver

Oh of course, it's still a brilliant deal.

coldfire1x

A quick question guys - I am heading to US. I have already topped up my card. The balance is in Euro.

Do I need to have balance already exchanged in USD to be able to withdraw money in US?

Thanks

Yggr of Asgard

coldfire1x wrote: »

A quick question guys - I am heading to US. I have already topped up my card. The balance is in Euro.

Do I need to have balance already exchanged in USD to be able to withdraw money in US?

Thanks

No

Chimichangas

coldfire1x wrote: »

A quick question guys - I am heading to US. I have already topped up my card. The balance is in Euro.

Do I need to have balance already exchanged in USD to be able to withdraw money in US?

Thanks

Unless your withdrawing at weekend and get the slightly lesser rate.

Lucas Hood

Don't use revolut with sage pay. It don't work but still takes the money.
Annoying.

dercunx

Hi, I am going to Morocco in a couple of weeks and planning on using my card to pay for the hotel. I arrive on a Sunday. Should I withdraw cash at an atm at the airport to pay for my hotel or should I just let them use my card at the hotel and enter my pin to pay. Which would be the best way about going to pay for the hotel.
When I went to Morocco before, I got stung by higher foreign exchange set by the hotel by paying in Euros with my own bank card. TIA.

dohouch

dercunx wrote: »

Which would be the best way about going to pay for the hotel.
When I went to Morocco before, I got stung by higher foreign exchange set by the hotel by paying in Euros with my own bank card. TIA.

Me going USA next week, have same question.

Assuming, USA or Morocco, the hotel hands me a receipt in local currency, to sign, do they then

1. Convert it Euros and put it through as Euro debit
2. or put it through in local currencey and accept what exchange rate they are given?

EagererBeaver

You request to pay in local currency.

Savman

Always local currency!

msmx5

Local currency ! - no need to take cash out of ATM to pay.

Never let the merchant do the currency conversion for you - they (or their bank) make extra profit doing that and charging you an inflated conversion rate.

Always us local currency for both payments and deposits. You are trying to avoid anyone else but revolut doing the currency conversion --- ie assume your using an Irish Debit card -- top up Revolut in EUROS - thats your local currency and your bank won't charge you any fees for paying in euros.

When away - always pay in the local currency of the country you are in - that way the merchants bank won't charge you conversion fees and the conversion is handled by revolut.

regarding paying for the hotel just be aware that Hotels often "pre-authorise" or hold a certain value when you check in. You need to make sure you have enough credit on your revolut card to cover this pre-authorisation AND whatever the cost of the hotel is because its common that instead of finalising the pre-authorised transaction with the correct amount when you check out Hotels often process a second transaction for the final check out total leaving the first transaction to "time out. This time out often takes 10 or so working days meaning the pre-authorised amount will be a "pending" transaction on your revolut card and not available to spend for approx 10 days.

[The same actually happens with a regular credit card its jut you rarely see it as your credit limit will cover it and your monthly statement only shows finalised transactions not pending]

Aquos76

Just on the subject of refunds and how long they can take to go back on to your Revolut acc, I had two separate refunds of £19.50 issued to me by a vendor in UK on Wednesday afternoon and the money was back on my card yesterday morning, that's the quickest refund I've ever been issued on a card payment.

msmx5

That was quick alright!

WayneEnterprise

Aquos76 wrote: »

Just on the subject of refunds and how long they can take to go back on to your Revolut acc, I had two separate refunds of £19.50 issued to me by a vendor in UK on Wednesday afternoon and the money was back on my card yesterday morning, that's the quickest refund I've ever been issued on a card payment.

Same as my experience - refunds always appear back on the Revolut the next working day.

dercunx

msmx5 wrote: »

Local currency ! - no need to take cash out of ATM to pay.

Never let the merchant do the currency conversion for you - they (or their bank) make extra profit doing that and charging you an inflated conversion rate.

Always us local currency for both payments and deposits. You are trying to avoid anyone else but revolut doing the currency conversion --- ie assume your using an Irish Debit card -- top up Revolut in EUROS - thats your local currency and your bank won't charge you any fees for paying in euros.

When away - always pay in the local currency of the country you are in - that way the merchants bank won't charge you conversion fees and the conversion is handled by revolut.

I booked my hotel on a well known booking site which quoted in Euros. But when I will get to my hotel and pay in local currency MAD, if their conversion rate is different, can I dispute this??

EagererBeaver

That's nothing to do with Revolut. Entirely dependent on what T&C's you signed up to when booking.

TOMs WIFE

this is probably a silly question but...

If there are no charges, why does, when exchanging:

€10 get you £8.53
but £8.53 get you €9.88?

thanks.

EagererBeaver

Because the exchange rate is different.

TOMs WIFE

EagererBeaver wrote: »

Because the exchange rate is different.

yes, gathered that. More asking why it's not the same each way.

Yggr of Asgard

The Bid/Ask rates are always different, usually not as big as in your figures, but it's a weekend, so revolut's rates are always screwed.

For example (using current oanda rates)
If you would sell 10€ you would get 8.57430 £, but to buy 10€ you would need to pay 8.58510 £.

stimpson

TOMs WIFE wrote: »

this is probably a silly question but...

If there are no charges, why does, when exchanging:

€10 get you £8.53
but £8.53 get you €9.88?

thanks.

Looking at bank of ireland, the spread for €10 is 50c. 12c is a pretty good deal.

September1

Yggr of Asgard wrote: »

If you would sell 10€ you would get 8.57430 £, but to buy 10€ you would need to pay 8.58510 £.

I just checked on my Revolut and loss would be end up with €9.99 which is just rounding loss. Maybe you were trying to exchange currencies on weekend when rates are slightly worse?

Quackster

Yep, from when the New York market closes Friday evening to when the Tokyo market opens Monday morning, Revolut applies a margin to their rates to protect themselves.