Revolut Megathread.

Poncke

Xtrail14 wrote: »

It’s a very bad attempt at the Monzo version.

There are loads of better apps in other countries, but they are all restricted to that country. I wish someone would develop a proper banking and payment app in Ireland.

Moving banks is a hassle, and BOI really takes the cake when it comes to payment technology. So far behind its not funny.

sweetie

Fuss, not fuzz. Revolut is great, have saved hundreds with the it's cheaper fx rates.

Charles Babbage

Revolut's selling point was the multi-currency wallets and the good value exchange rates.

Poncke

sweetie wrote: »

Revolut is great, have saved hundreds with the it's cheaper fx rates.

Must have spent thousands then

sweetie

Poncke wrote: »

Must have spent thousands then

Yes, of money I was already going to spend.

Poncke

Revolut booked revenues of £58.2 million in 2018, its losses added up to £32.8 million, so that is pretty much unsustainable in the long run.

Kilboor

I don't use mine anymore, however it has no fees, easy/cheap currency exchange, vaulting, easy and free money transfers to other people, host of travel related benefits, no risk for using card for gambling, easier money spend visualisation (great for budgeting).

I personally use N26 mainly because I don't trust revolut.

mossie

The FX rates are the big reason for me to use it. Rarely or never use it in shops.

Poncke

Kilboor wrote: »

I personally use N26 mainly because I don't trust revolut.

Interesting, N26 is similar to Revolut?

And if you want to share, why do you not trust Revolut?

Kilboor

Poncke wrote: »

Interesting, N26 is similar to Revolut?

And if you want to share, why do you not trust Revolut?

I'm a contrarian I tried all the fintech solutions and decided to stick with N26 as I don't use the extra features (currency exchange mainly) provided by revolut.

N26 is a fully licensed and protected German bank (Revolut is not).

There has been some controversy with Revolut in the past too

https://techcrunch.com/2019/03/01/revolut-cfo-peter-ohiggins-resigns/

BohsCeltic

It's great for when you are abroad as you get the best exchange rate, that's the reason i got it. Won't get to use it abroad anytime soon though.

Redlim

Poncke wrote: »

So If I have 15 euro on my card, to pay 15.01 contactless, I need to top up first, waiting at the till. Again, why not let the app pull funds from my account?

You can set up auto top ups and this is customizable, e.g. if balance falls below €50 you auto top up by €100

listermint

I dont get the point of this thread?

OP doesnt understand Revolut what so ever and then goes on about profit and loss.

Why? Go read up on what the card is for and why people use it. You might understand then...

Creamy Goodness

Poncke wrote: »

If I have 15 euro on my card, to pay 15.01 contactless, I need to top up first, waiting at the till. Again, why not let the app pull funds from my account?

To pay someone, I need to have their phone number, send a payment, approve via SMS, then the other person gets an SMS and needs to accept it. Why not make this contactless as well? Just tapping phones together.

if you only have €15 in your main bank account you can't make the €15.01 purchase anyways not unless you have a credit card, and then you're comparing a credit to a debit card which are two very different things.

Tapping phones is not available on iOS, considering Revolute is both iOS and Android (not sure of the split) but they don't support features that are just for one platform or the other.

sending money to friends around a dinner table (in the before times) is a hell of a lot easier than asking them for their IBAN/BIC details than selecting them from your contact list and splitting a bill.

Saving 1000's on fx fees, buying a car through Revolut I've estimated to save €200 on fx fees alone, considering I was going to do this purchase anyways I'd rather the €200 in my pocket than in KBC's.

Allinall

listermint wrote: »

I dont get the point of this thread?

OP doesnt understand Revolut what so ever and then goes on about profit and loss.

Why? Go read up on what the card is for and why people use it. You might understand then...

+1.

OP doesn't like the Revolut card.

Begs the question- why do they have one?

jimmycrackcorm

I make good use of my Revolut. From instant payments, great currency exchange, no additional bank charges for sterling transactions with my normal bank card, have crypto holdings, making a profit on fractional share investments, disposible cards for safe internet transactions.

I just wouldn't do with out it. I also have an N26 card that I don't use. the problem wiht N26 is that it takes a few days to top it up whereas I can instantly top up revolut.

Beersmith

also a great feature is the virtual disposable card. So you can order something over the phone and as soon as the purchase is complete the card number is burned and you can get an instant new one.

The app is way better than other banks also.

Echo everyone else about paying friends for meals/drinks/tickets/travel etc, if you order off amazon saves you big time in exchange rate/no fees.

A number of smaller personal services that used to use cash only now seem to have it I found, all you need is their phone number. Buying and selling items on Adverts is being done now with revolut instead of cash in person.

Topping up your balance is so quick and easy! Takes about 5 seconds! OP crying about a few hundred euro doing "nothing" for you, as if interest rates are worth anything on that amount these days!

sydthebeat

What's this about sms needed to send and approve payments???

I don't need to do that for people on my contacts list

BohsCeltic

sydthebeat wrote: »

What's this about sms needed to send and approve payments???

I don't need to do that for people on my contacts list

It's just a security feature.

Kilboor

jimmycrackcorm wrote: »

I make good use of my Revolut. From instant payments, great currency exchange, no additional bank charges for sterling transactions with my normal bank card, have crypto holdings, making a profit on fractional share investments, disposible cards for safe internet transactions.

I just wouldn't do with out it. I also have an N26 card that I don't use. the problem wiht N26 is that it takes a few days to top it up whereas I can instantly top up revolut.

Fyi n26 has instant top up now

Bandana boy

Revolut will either start charging transaction fees and/or start adding a margin onto FX rates or go under.
This puts whatever you have in your Wallet at risk .

it is good to see a new company use technology to take on the established businesses , either as an alternative or to drive change/competition .

either way though the current offer from revolut is not sustainable.

Sono

Great for paying for fx and also any online purchases, if someone gets hold of my card details there is nothing on it as only top up as required.

It’s also very handy for sending money between family members.

I use N26 for every day banking.

MrStuffins

Can't even count the amount of money i've saved using Revolut.

Exchange rates, buying in GBP rather than Euro form online stores (For one store I buy from regularly, I save approx 15% by buying from the UK store, using a virtual UK address etc. That's a large chunk!)

Money saved by signing up to Netflix while on my holidays.

Plus other perks like having a UK card so I can take advantage of the likes of Amazon Prime Video UK.

Loads of other ways to save money with it.

The OP sounds like the type of person that would grumble about something costing €9.99 instead of €10 because he doesn't like to have to wait around to get his change back.

Beersmith

Bandana boy wrote: »

Revolut will either start charging transaction fees and/or start adding a margin onto FX rates or go under.
This puts whatever you have in your Wallet at risk .

it is good to see a new company use technology to take on the established businesses , either as an alternative or to drive change/competition .

either way though the current offer from revolut is not sustainable.

They have other ways to make money in the app currently. They are expanding into other areas of banking.

Bandana boy

Beersmith wrote: »

They have other ways to make money in the app currently. They are expanding into other areas of banking.

on revenue they brought in 58.2M , this made a loss of 32m
their investors have invested 300M + to date.

They need a drastic change in how they generate revenue and fast or they will go under.

pgj2015

Poncke wrote: »

There are loads of better apps in other countries, but they are all restricted to that country. I wish someone would develop a proper banking and payment app in Ireland.

Moving banks is a hassle, and BOI really takes the cake when it comes to payment technology. So far behind its not funny.

I found moving banks very easy. i just filled out a form and showed i.d. job done, its easy to move.

Simon201

Also things like my daughter wanted to buy a secondhand phone. We went to meet the fella, never met or spoken to him before. Phone was checked and I paid him on revolut while he was standing next to us using the 'pay someone near me' thing. He could have bought something with those funds straight away as opposed to a bank transfer that takes days to show..

EoinMcLovin

Just received the rainbow card today. Was charged 1.65 for delivery. Actually received last year's one in the post a few weeks ago. It supposedly got lost in the post . New card is marked as a Visa debit card and not a prepaid like the old ones

Chris_5339762

Gooey Looey wrote: »

Well all the Irish banks are very slow to embrace modern tech, they all offer very basic apps with the minimum of features, PTSB still don't support Google/Apple pay. Revolut and n26 are light years ahead tech wise.

Ulster Bank NI still don't have contactless!!!!

JamesBond2010

Chris_5339762 wrote: »

Ulster Bank NI still don't have contactless!!!!