Revolut Megathread.

irishgeo

UPDATE: Revolut and N26 Payment Cards are now accepted along with all cards issued from Irish, UK and German financial institutions.

just spotted this on the lotto website.

Saudades

Creamy Goodness wrote: »

I paid £25k for a car on Revolut in February :pac:.

Two weeks later I did get a notification asking for source of funds, but simple upload of documents and they were happy out.

What would happen if you refused their request to provide documents showing source of funds?

Yggr of Asgard

If you still have a card that is issued by Wirecard you might want to think about creating a virtual card or getting a new one.

The mother company of Wirecard UK the German Wirecard Bank is in significant legal trouble.

On a Friday the premises of the bank in Germany got raided by the financial regulator and the public prosecutors office.

This does not effect your money in your revolut account, this might effect the ability to use the card.

No reason to panic. No action taken by UK regulator yet and the bank is still licensed. The current raid is linked to market manipulation by the board.

Only a limited amount of Revolut cards are still issued by Wirecard.

Sheep Shagger

Sheep Shagger wrote: »

Really?

Rang them last week and they said if I filled out a direct debit form and posted it in they could do it, they just couldn't over the phone. They work via n26 with eir I know that much.

Time will tell if I was being fobbed off.

Very suprused to see my latest eir direct debit showing in the Revolut app this morning. Sent in a paper direct debit mandate form a while back. Wasn't expecting it to work TBH.

Spocker

New fees on the way, effective on August 12, 2020:

Revolut wrote:

- To give you more peace of mind, we’re adding more detail in our terms about how we “safeguard” your money.
- You know that sinking feeling you get when you pay someone and moments later realise you put the wrong account details in? We’re addressing this by introducing an ability for our support teams to reverse some mistaken payments made into Revolut accounts.
- As you probably know, if you exchange more than our free exchange limit in a month, you pay a fee. This limit is decreasing to £1,000 each month (which, our research shows, most of you won’t hit anyway). Above that limit, our fee will stay the same at just 0.5%, and we’ll let you know if an exchange will be subject to a fee. Our Premium and Metal plans still have unlimited exchange, as they always have.
- You will continue to enjoy the same interbank exchange rates on weekdays. For exchanges at the weekend, we’re slightly increasing our mark-up for major currencies from 0.5% to 1%, to cover our risks when the market moves (as it has a bit recently). The mark-up for other currencies is staying the same – see the full list here. (Remember, you can avoid this fee completely by making an exchange on weekdays.)
- Our most popular payment types, such as payments to Revolut users, domestic transfers and Euro transfers within the Single Euro Payments Area are remaining free. If you make any other transfer to an account outside of your country, your first payment each month is also remaining free, but after that there will be a fee of 50p per payment.
- If you make a transfer to a country that is not in its national currency, there will be a fee of £3 for USD transfers (like US Dollars to Brazil) or £5 for non-USD transfers (like GB Pounds to Brazil.) We’ll always let you know beforehand if a transfer you are about to make will incur a fee.

irishgeo

Spocker wrote: »

New fees on the way:

the mark up on the weekend is going to be the worst one.

Forcing people to the paid plans, The poster who asked how they make money. Its the startup thing

offer the masses free everything and when you have them hooked in, increase the fees on the free plan and reduce its features.

Yggr of Asgard

£1000 limit is the worst part there as 0.5% while still cheaper than most Irish cards it's a significant price increase.

Also the introduction of fees for transfers (with some strange conditions) is horrible for those using these scenarios.

Overall it's a push into subscription for more customers, the question is how many customers will move to alternatives.

But as we all said sooner or later they need to introduce fees.

Dodge

The 1000 limit on FX (and I’d like certainty on whether it’s €1000 or £1000) would have effected me twice in the last 2/3 years

I think I could have got around it too with planning (eg move 1000 from Euro to dollars a month earlier etc)

The weekend rate might catch me out on an impromptu trip to NI but other than that it doesn’t effect me at all

Realise it’s far less attractive for many but the free product will still be OK for me I think

bossdrum

irishgeo wrote: »

the mark up on the weekend is going to be the worst one.

Forcing people to the paid plans, The poster who asked how they make money. Its the startup thing

offer the masses free everything and when you have them hooked in, increase the fees on the free plan and reduce its features.

Would they not make money on the purchases that people make using the card i.e mastercard would give them a fee from the commission that they receive?

irishgeo

bossdrum wrote: »

Would they not make money on the purchases that people make using the card i.e mastercard would give them a fee from the commission that they receive?

it appears they do but i doubt its much.

Yggr of Asgard

bossdrum wrote: »

Would they not make money on the purchases that people make using the card i.e mastercard would give them a fee from the commission that they receive?

The interchange fee is what you mean but the EU capped that a couple of years ago to unhealthy low levels. It's now 0.2% for debit cards.

Sheep Shagger

Doubt these changes will even affect me....

Stewball

Sheep Shagger wrote: »

Very suprused to see my latest eir direct debit showing in the Revolut app this morning. Sent in a paper direct debit mandate form a while back. Wasn't expecting it to work TBH.

What was 'a while back'?

I want to switch my eir DD to N26 - wondering how long it takes to go through.

chillinpenguin

I dont fully understand the second last point

"if you make any other transfer to an account outside of your country, your first payment each month is also remaining free, but after that there will be a fee of 50p per payment."

Does this mean amazon purchases etc being in £ will now have a 50p fee?

Sheep Shagger

Stewball wrote: »

What was 'a while back'?

I want to switch my eir DD to N26 - wondering how long it takes to go through.

A couple of weeks.

Eir cant take instructions for foreign IBANs so print off complete and post this and you'll be sorted. N26 take eir direct debits no problem too.


https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.eir.ie/opencms/export/sites/default/.content/pdf/sepa-international-direct-debit.pdf&ved=2ahUKEwiamMrg2fTpAhWkURUIHfWYAKMQFjANegQIBBAB&usg=AOvVaw0BrEh5_xX2yndp7cCY7M05

Dodge

chillinpenguin wrote: »

I dont fully understand the second last point

"if you make any other transfer to an account outside of your country, your first payment each month is also remaining free, but after that there will be a fee of 50p per payment."

Does this mean amazon purchases etc being in £ will now have a 50p fee?

No. Transfers would be moving money to another bank account from your revolut.

So if you wanted to moved money from your revolut to, say, an Indian bank account, they’d charge you 50p for the 2nd (and each subsequent) transfer each month

Yggr of Asgard

My reason that I came back to Revolut was the real time notification coupled with Apple pay which my main bank did not have. Coupled with knowing exactly what a spend will cost in € when making it.

Those benefits have now gone as my main bank also has real time info now, Apple pay and advanced features like card blocking. With the revolut fee my bank is now also cheaper as it does not charge a fee for exchange. And over the last couple of weeks the rate difference is less than 0.5% or weekends 1%.

So revolut beside the one time virtual card really has no more benefit for me.

So time to leave and use my bank again. And before I you aks it's not an Irish bank.

Yggr of Asgard

Is Revolut slow with execution of withdraws to Bank Accounts for anybody else.

Did a transfer to my own account several hours ago and it is still showing as pending with no email.

Yggr of Asgard

Yggr of Asgard wrote: »

Is Revolut slow with execution of withdraws to Bank Accounts for anybody else.

Did a transfer to my own account several hours ago and it is still showing as pending with no email.

Wow it took nearly 3 hours for the transfer to be executed.

inel

The changes seem a bit worse than expected..

Also:

Our most popular payment types, such as payments to Revolut users, domestic transfers and Euro transfers within the Single Euro Payments Area are remaining free.

If you make any other transfer to an account outside of your country, your first payment each month is also remaining free, but after that there will be a fee of 50p per payment.

It is a bit confusing there. If you make a transfer to another country but within the Single Euro Payments Area, so for example to send euro money to a German account, does it mean that you will pay for any transfer after the first one?

Is that not against the regulations for equal treatment of all SEPA transfers?

Yggr of Asgard

inel wrote: »

The changes seem a bit worse than expected..

Also:



It is a bit confusing there. If you make a transfer to another country but within the Single Euro Payments Area, so for example to send money to a German account, does it mean that you will pay for any transfer after the first one?

Is that not against the regulations for equal treatment of all SEPA transfers?

To Germany in € free. To Germany in $ you pay £3.

It is slopy formulated but payments in the SEPA area are free if in € as required by law.

But if you do 2 transfers to let's say Czech Republic in Krona than the 2nd transfer now cost you 50p but if a Czech resident makes 2 payments within his own country both are free.

Even worse if you make 2 payments to the UK in £ you also pay 50p for the second.

inel

Yggr of Asgard wrote: »

But if you do 2 transfers to let's say Czech Republic in Krona than the 2nd transfer now cost you 50p but if a Czech resident makes 2 payments within his own country both are free.

Even worse if you make 2 payments to the UK in £ you also pay 50p for the second.

Very bad.

Will UK remain in the SEPA countries after Brexit?

Or else sending Euro to UK would also mean + £5 fee as it will be considered "a transfer to a country that is not in its national currency" ??

chillinpenguin

inel wrote: »

Very bad.

Will UK remain in the SEPA countries after Brexit?

Or else sending Euro to UK would also mean + £5 fee as it will be considered "a transfer to a country that is not in its national currency" ??

This was my question, i only use the card for the better sterling rates when shoppng online but with this now going to cost me more then my normal bank is my understanding

inel

chillinpenguin wrote: »

This was my question, i only use the card for the better sterling rates when shoppng online but with this now going to cost me more then my normal bank is my understanding

Using the card for shopping online will cost you the same for now, unless you exceed the new £1000 monthly limit or are using it during the weekend without converting to £ beforehand.


This extra fee is when you make money transfers to other bank accounts.

EverythingGood

We just got Revolut Jr for our daughter (my wife has a premium a/c) - Can I send money to her also, or is it just the adult a/c that the Jr card is attached to?

Zardoz

Mr.S wrote: »

They freeze your account until you provide the documents.

And in some cases they continue to freeze peoples accounts after uploading the documents .
Alot of ire from people online saying accounts have been frozen for months .

I’m going to keep Revolut because it’s very handy and I want to keep using Apple Pay, but with the new charges would I be better off upgrading to a paid tier? Or how would you know which would be best?

Zardoz

Doge wrote: »

Turned out I had 00000 in for my eircode which was causing the issue. In fairness the support person pointed that out straight away no messing around.

Well holy God so that's the bloody reason I haven't been able to create any cards for over the last year !
Checked my Postcode and I had IE in for it ,changed it to my Eircode and hey presto it works .
I've been onto support numerous times and they never twigged that .
They had me do everything under the sun ,uninstall the app ,reinstall it ,delete cards etc etc .
I was tearing my hair out :mad:
Eureka !!!!

adox

I have a couple of subscription services that are paid by direct debit each month, Turkish Lira and Indian Rupee. I presume these aren’t classed as bank transfers?

Another question. If someone sends me sterling to my Revolut account, say a few thousand pounds, I don’t pay any charges for receiving it into the account or when I change it to Euro?

JamesBond2010

Zardoz wrote: »

Well holy God so that's the bloody reason I haven't been able to create any cards for over the last year !
Checked my Postcode and I had IE in for it ,changed it to my Eircode and hey presto it works .
I've been onto support numerous times and they never twigged that .
They had me do everything under the sun ,uninstall the app ,reinstall it ,delete cards etc etc .
I was tearing my hair out :mad:
Eureka !!!!

shows you how **** support are when they didnt.