Revolut - Ultracheap FX (prepaid Mastercard)

RoYoBo

Same here - no notifications. Will get on to support to see what they say.

BobbyT28

maximoose wrote: »

Was actually just about the post the same question, gone since the weekend

MIne satrted about two weeks ago

RoYoBo

Have been on to support and they suggested uninstalling & reinstalling. Not sure what consequences that will have. If it involves inputting all my data and other registration stuff again, then I won't be going there!

Cortina_MK_IV

That seems to be the default answer, to uninstall and re-install. I've done it twice and in the end my version of Android doesn't support the create statement feature anyway.

RoYoBo

Cortina_MK_IV wrote: »

That seems to be the default answer, to uninstall and re-install. I've done it twice and in the end my version of Android doesn't support the create statement feature anyway.

Yeah, I suspected that was the case. The statement option works on my phone but I'd like the instant notifications back. Support said I will only need to log on with my phone number after re-installing, so I might give it a go later.

Spocker

RoYoBo wrote: »

Have been on to support and they suggested uninstalling & reinstalling. Not sure what consequences that will have. If it involves inputting all my data and other registration stuff again, then I won't be going there!

You just need to sign in with your phone number and PIN, and they will send an SMS to you number to verify

pm1977x

Need to update app on iPad, look on App Store "no results found"

Had to got to my waiting updates to find it, weird!

fade out

Sterling taking a tumble this week

bk

So has anyone topped up their revolut card using credit card. Is it processed as a purchase or a cash advance?

The Ayatolla

bk wrote: »

So has anyone topped up their revolut card using credit card. Is it processed as a purchase or a cash advance?

Cash advance. You're charged a small bit extra on top of the top up.

I think it's 1%.

thewheel2.0

The Ayatolla wrote: »

Cash advance. You're charged a small bit extra on top of the top up.

I think it's 1%.

So are you still saving if you top up by credit card? I may need to top up by credit card when funds get tight before Christmas.

The Ayatolla

thewheel2.0 wrote: »

So are you still saving if you top up by credit card? I may need to top up by credit card when funds get tight before Christmas.

If buying something in sterling? Definitely. Not sure about weekend's though when Revolut drop their rates to cover their asses, but Mon-Fri you're safe as houses.

Spocker

thewheel2.0 wrote: »

So are you still saving if you top up by credit card? I may need to top up by credit card when funds get tight before Christmas.

Perhaps not, depending on what your credit card provider charge as the cash advance fee, which is extra to Revoluts 1%

bk

The Ayatolla wrote: »

Cash advance. You're charged a small bit extra on top of the top up.

I think it's 1%.

If it is charged as a cash advance from the credit card, then it would be very costly:

- 1% Revolut charge, fair enough
- Cash advance fee (e.g. for AIB, 1.5% of the transaction value or €1.90 whichever is greater)
- You are charged interest (could be as much as >20%) right from the day that you withdraw the cash from your credit card, rather then the normal 30 days grace you are given on purchases.

It is the last bit in particular that could make this extremely expensive to do.

bk

As an example with an AIB credit card, if you transfer €1000:

1000 × 1% = 10 (Revolut fee)
1000 × 1.5% = 15 (cash advance fee)
1000 × 19.68% / 12 = 16.4 (one months interest) *

So total cost ~€41.40

* Interest gets charged from the day you withdraw the money. You could pay it off immediately, but I'm assuming most people would pay it off as normal when they get their next bill 30 days later.

thewheel2.0

bk wrote: »

As an example with an AIB credit card, if you transfer €1000:

1000 × 1% = 10 (Revolut fee)
1000 × 1.5% = 15 (cash advance fee)
1000 × 19.68% / 12 = 16.4 (one months interest) *

So total cost ~€41.40

* Interest gets charged from the day you withdraw the money. You could pay it off immediately, but I'm assuming most people would pay it off as normal when they get their next bill 30 days later.

I cant see anything on PTSB about interest straight away on Cash Advance.

Even still though it looks like putting a transaction straight to CC is better:
Revolut rate: $1000 = €891.75

CC Top up by: 900.76 to get $1000 - 1% Revolut charge will be deducted to give €891.75

Credit Card Cash Advance Fee:
1.5% 913.5

OR

Straight on CC 1.75% Non euro fee and using VISAs rates:
912.64

Summary: Straight on CC is €0.86 less and less messy...

bk

bk wrote: »

* Interest gets charged from the day you withdraw the money. You could pay it off immediately, but I'm assuming most people would pay it off as normal when they get their next bill 30 days later.

thewheel2.0 wrote: »

I cant see anything on PTSB about interest straight away on Cash Advance.

Actually I maybe wrong on that! I had always assumed that was the case, but perhaps I'm mixing it up with US credit cards. Just reading the terms and conditions of the AIB card, it seems they charge the cash advance fee immediately, however interest is only charged if you don't pay the balance off in full when you receive your statement as normal.

So overall not as bad as I thought, though as thewheel2.0 points out, there isn't much advantage over using your credit card directly.

steokeogh

bk wrote: »

So has anyone topped up their revolut card using credit card. Is it processed as a purchase or a cash advance?

I topped up a couple of weeks ago to test it out. Using an AIB credit card I didn't get charged a cash advance fee by AIB.

yoshimitsu

I've had the card for about 2yrs and only ever used when traveling to the UK for petty cash and small transactions. Recently started using it for most online purchases in GBP because of the better rates vs my traditional card (not an Irish card, those are a scam on FX, but still Revolut is a bit better).
All well and good until a couple of refunds for returned goods never got credited back. Got online with the chat support... Frankly quite embarrassing behaviors on their end. gave them the details of the charges... "we'll look into it and let you know by tomorrow". 2 days go by and no answer. Get back on "can you give details?" "they're written above in this very same thread" "ah ok". all of sudden the refund pops up on the transaction list but get no comment from the support guy so i ask "what happened? why werent they credited automatically?"
"well most of them do but some require a little help on our side" end of response on his end
"well you have fiduciary responsibility towards your clients, it's not my responsibility to be tracking you are doing your job" went on to rant about how i would post the chat thread across the internet on social media, forums etc and finally got an apology and a "we look to improve out service"
Very unprofessional and concerning. The guy's name btw was Konrad
i'm sure it was posted many times before here but be EXTREMELY vigilant on what they do. this isnt a normal credit card company, it looks like a bunch of kids got together and started a fintech company in the back of their garage and service/security clearly isnt a priority

TitianGerm

yoshimitsu wrote: »

I've had the card for about 2yrs and only ever used when traveling to the UK for petty cash and small transactions. Recently started using it for most online purchases in GBP because of the better rates vs my traditional card (not an Irish card, those are a scam on FX, but still Revolut is a bit better).
All well and good until a couple of refunds for returned goods never got credited back. Got online with the chat support... Frankly quite embarrassing behaviors on their end. gave them the details of the charges... "we'll look into it and let you know by tomorrow". 2 days go by and no answer. Get back on "can you give details?" "they're written above in this very same thread" "ah ok". all of sudden the refund pops up on the transaction list but get no comment from the support guy so i ask "what happened? why werent they credited automatically?"
"well most of them do but some require a little help on our side" end of response on his end
"well you have fiduciary responsibility towards your clients, it's not my responsibility to be tracking you are doing your job" went on to rant about how i would post the chat thread across the internet on social media, forums etc and finally got an apology and a "we look to improve out service"
Very unprofessional and concerning. The guy's name btw was Konrad
i'm sure it was posted many times before here but be EXTREMELY vigilant on what they do. this isnt a normal credit card company, it looks like a bunch of kids got together and started a fintech company in the back of their garage and service/security clearly isnt a priority

Has Revolut even been around two years?

pleasant Co.

emmetkenny wrote: »

Has Revolut even been around two years?

Nope

Yggr of Asgard

emmetkenny wrote: »

Has Revolut even been around two years?

Nope, they launched in July 2015.

Plus it has been posted several times that they have severe problems with refunds (not showing, showing several times, taking month) and even transactions (like transactions disappearing despite vendor gotten the money).

There are several people (including myself) that have balances on their accounts that are not rightfully theirs but Revolut does not act upon it.

So nothing new, they always has problems like this which is why nobody should carry large balances (giving that they are not covered by the bank guarantee) and always make sure to export statements and track what is going on.

TitianGerm

Yggr of Asgard wrote: »

Nope, they launched in July 2015.

Plus it has been posted several times that they have severe problems with refunds (not showing, showing several times, taking month) and even transactions (like transactions disappearing despite vendor gotten the money).

There are several people (including myself) that have balances on their accounts that are not rightfully theirs but Revolut does not act upon it.

So nothing new, they always has problems like this which is why nobody should carry large balances (giving that they are not covered by the bank guarantee) and always make sure to export statements and track what is going on.

I've only had one refund issued to me by Tesco, it was Revolut who cancelled the hold on my card after 10 days as Tesco took their sweet time on their end.

killbillvol2

Yggr of Asgard wrote: »

Nope, they launched in July 2015.

Plus it has been posted several times that they have severe problems with refunds (not showing, showing several times, taking month) and even transactions (like transactions disappearing despite vendor gotten the money).

There are several people (including myself) that have balances on their accounts that are not rightfully theirs but Revolut does not act upon it.

So nothing new, they always has problems like this which is why nobody should carry large balances (giving that they are not covered by the bank guarantee) and always make sure to export statements and track what is going on.

Exactly. Top up as you need to spend and leave the balance near zero when you don't need it.

Yggr of Asgard

killbillvol2 wrote: »

Exactly. Top up as you need to spend and leave the balance near zero when you don't need it.

Or in my case near 200£ once they finally start correcting the errors they did.

Delta2113

@Yggr of Asgard - Do you think they will charge Customers the 12 cent Irish Government Withdrawal Tax in January 2017?

Yggr of Asgard

Delta2113 wrote: »

@Yggr of Asgard - Do you think they will charge Customers the 12 cent Irish Government Withdrawal Tax in January 2017?

Yes.

While I find it hard to believe they will manage to do it correctly (like N26) giving the attention that Revolut has gotten; Revenue most likely will contact them if they don't get paid.

Revenue has already contacted some other banks that provide cards to Irish Residents for payment. Some banks charge, some don't, i.e. they eat the cost.

But it's only my guess.

Delta2113

It's only a few month's away - they really should update their terms and conditions. I've been using the card to withdraw cash as a possible way around the 12 cent charge. If they look for €5 I might just close the account like I did with N26.

thewheel2.0

Delta2113 wrote: »

It's only a few month's away - they really should update their terms and conditions. I've been using the card to withdraw cash as a possible way around the 12 cent charge. If they look for €5 I might just close the account like I did with N26.

Do people really bother to go to these lengths to avoid the €5 charge?

It's €5 over the course of a year, of all taxes to complain about...

deadanonymau5

I saw someone post that they couldnt sign up because the app said they had enough people for the beta from this country, anyone else get that?