Revolut Megathread.

micosoft

Or they are just increasing fees for legacy services like cash very like Apple got rid of CD drives and Floppy Disk drives before. Search boards and you will find the same folk moaning that they still needed their CD drive for "insert edge case here".

Moreover those are legacy services running on legacy banking infrastructure that Revolut won't pay for. I suspect some of these services were subsidised to gain market share and that gravy train is over given their market share is sufficient.

The interesting thing will be the pivot. Revolut is a skin on top of banking system. So far it's revolutionised (I don't use that term likely but look at the Irish banks attempting to create and instant cash system for Ireland) bank transfers and bringing in stock and crypto currencies. The key asset Revolut has is not hundreds of ATM machines but deep insight into the spending and saving patterns of its users. This is gold when it comes to offering credit where real money is to be made. They will start offering smaller loans but then ramp up to Mortgages. Everyone focused on competition in the Irish Market when Ulster Bank leaves. Revolut could come in from the side with superior credit rating capability to reduce rates and while increase their own margin.

Suckit

leck wrote: »

I'm pretty sure I have an Google voice number that still works.

But I would need a second phone to install the US app?

I'm pretty sure you can get virtual US phone numbers (and probably anywhere else) to use.

EDIT

https://www.avoxi.com/blog/best-usa-virtual-phone-number-providers/

Dodge

McGaggs wrote: »

So revolut users use ATMs? Thought that would defeat the purpose of using them (unless some people are using it as a way of getting additional ATM withdrawals over the amount their bank allows for free).

I’ve used them to withdraw dollars in the us. Not enough to go over their limits but still a way cheaper way of getting US cash than any other method

Yggr of Asgard

leck wrote: »

Ok, have one of those.

I'm still unclear on whether I can set it up on my Irish mobile using the same app as for my Euro account?

You need to log out and than sign up with your USA details on next start of the app.

Alternative is to download the Beta app and than you have 2 versions.

phildub

Yggr of Asgard wrote: »

You need to log out and than sign up with your USA details on next start of the app.

Alternative is to download the Beta app and than you have 2 versions.

I dont know if the log out thing works,I was not able to set up my Irish card on my phone that had my American recolute linked to it. I have two phones,one has no sim on it and that's how I did it, if the log out method works that's obviously a lot easier

Delta2113

I have standard plan and every month I pay my Turkish Netflix Subscription. Will I be charged for this in future and if so could I avoid any off this charge by holding some Turkish money on Revolut?

I just use my Euro balance at the moment.

Yggr of Asgard

Delta2113 wrote: »

I have standard plan and every month I pay my Turkish Netflix Subscription. Will I be charged for this in future and if so could I avoid any off this charge by holding some Turkish money on Revolut?

I just use my Euro balance at the moment.

Nothing will change in that scenario, which is how they make some money (because they get a kickback from the transaction).

What gets more expensive is getting to make a transaction via bank transfer from your bank account in anything else than € or if you want cash out of an ATM.

L'prof

Oh my brain is melted. My dad is locked out of his Revolut account and he can’t get the selfie verification to work. I’ve tried to assist and I’ve even gotten on to customer support on my phone to assist. Completely unhelpful. Has anybody used any alternate a king solutions that they’d recommend? Thanks

Fann Linn

L'prof wrote: »

Oh my brain is melted. My dad is locked out of his Revolut account and he can’t get the selfie verification to work. I’ve tried to assist and I’ve even gotten on to customer support on my phone to assist. Completely unhelpful. Has anybody used any alternate a king solutions that they’d recommend? Thanks

I sympathise. I'd a couple of hundred Euro repaid into a closed Revolut account by an airline last Oct. Since then I've been onto them through Twitter DM, Revolut support and have uploaded countless forms of id in an attempt for them to return the money back to the airline so that they can then refund it back to me.
Slamming a head against a brick wall has been my response from Revolut to date unfortunately.

Poncke

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

Creamy Goodness

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

VC money is running out and shareholders want them to start making money instead of losing it. Can't say I blame them. No service that is good is free and if it is, it won't be for long (as is the case here).

Poncke

Creamy Goodness wrote: »

VC money is running out and shareholders want them to start making money instead of losing it. Can't say I blame them. No service that is good is free and if it is, it won't be for long (as is the case here).

I accept that, just not the do-gooders waffle when they start out and then end up being the thing we all try to run from.

NinjaTruncs

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

It's that fee only when you go over the free limit? Below is from their T&Cs

"Free withdrawals up to 5 ATM withdrawals or €200 per rolling month (whichever comes first), then a fee applies. That fee is 2% of the withdrawal, subject to a minimum fee of €1 per withdrawal.
"

geminiman63

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

You still have 5 withdrawals a month free on their standard plan which is more than my bank gives me

Poncke

geminiman63 wrote: »

You still have 5 withdrawals a month free on their standard plan which is more than my bank gives me

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

killbillvol2

Poncke wrote: »

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

If you're using Revolut for ATM withdrawals you're using it wrong.

Gooser14

Poncke wrote:

BOI charges €0.12 for each cash withdrawal from an ATM.

From what I can see BoI charge a flat monthly fee of Euro 6 which includes ATM cash withdrawals. The 12c is government stamp duty.

Poncke

killbillvol2 wrote: »

If you're using Revolut for ATM withdrawals you're using it wrong.

I never said I did. I actually never use an ATM these days. Everything is paid with card/phone/online.

magoo84

L'prof wrote: »

Oh my brain is melted. My dad is locked out of his Revolut account and he can’t get the selfie verification to work. I’ve tried to assist and I’ve even gotten on to customer support on my phone to assist. Completely unhelpful. Has anybody used any alternate a king solutions that they’d recommend? Thanks

I'm having this same problem. Ive been trying to activate the app on a new phone and it won't let me in, it just says " the phone number or verification code you used is incorrect". I've been onto their support since the 8th of February over various channels and they just keep repeating the same response of "it's a technical problem and we're waiting for it to be fixed". Doesn't even seem like there's anyone to complain to about them given that the regulatory body that oversees Irish accounts is in Lithuania.

Dodge

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

Poncke wrote: »

I never said I did. I actually never use an ATM these days. Everything is paid with card/phone/online.

Ha ha.

The golden rule is understand that every single company in the world wants to get as much money out of you as they can. That’s literally the only reason they exist. Don’t show any of them loyalty

Use them to your advantage when you can. Using revolut nearly 4 years and they’ve yet to see a cent from me

Poncke

Mr.S wrote: »

If you expect Revolut to stay free / cheap you are naive. They are not providing you with a service out of the goodness of their hearts.

There are still free ATM withdrawals, 5 a month or €200 - whatever comes first. If you withdraw that much cash, go onto a paid plan, but I have no idea why you would need that much ATM cash from Revolut.

Also never said I thought they'd remain free of charge. I am well aware of these services transforming from free to paid. Hence I don't use them or sparsely when there is no other option, and never ever pay for them. I can't stand hypocrisy. At least with PayPal I know they are greedy f***s, but they are not trying to pretend to be anything different.

bennyob

I cant remember the last time I took money out from an ATM.

-=al=-

Of all the types of fees they could've added given the current situation, it's a pretty easy one to take on board. Realistically it probably won't affect most users.

I don't really mind the odd fee that they add or will add, I've saved hundreds over the years

bennyob

bennyob wrote: »

I cant remember the last time I took money out from an ATM.

Last time I did was to pay my cleaner. So shouldn't complain too much

beachhead

killbillvol2 wrote: »

If you're using Revolut for ATM withdrawals you're using it wrong.

The government tax per ATM(any ATM) is 12c per cent transaction up to a max of e2.50 per year(Jan to Dec).All banks charge this rate.

beachhead

Poncke wrote: »

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

Government tax is 12c per ATM and POS transaction.All banks are obliged to collect this tax annually up to a max of e2.50 but not if it is e2.50 for ATM trans and e2.50 for POS trans.Prob is e5 pr year(Jan to Dec)
So, Revolut would be charging an extra 12c per trans.

The J Stands for Jay

Poncke wrote: »

Also never said I thought they'd remain free of charge. I am well aware of these services transforming from free to paid. Hence I don't use them or sparsely when there is no other option, and never ever pay for them. I can't stand hypocrisy. At least with PayPal I know they are greedy f***s, but they are not trying to pretend to be anything different.

Revolut have never pretended to want customers who regularly use ATMs. They have always had those charges because it's not something they want to do.

The J Stands for Jay

bennyob wrote: »

I cant remember the last time I took money out from an ATM.

Same, even before Covid I couldn't remember when I'd last used one. I would be super so easily by a forged Euro note because I've only seen the new 20 once.

killbillvol2

beachhead wrote: »

The government tax per ATM(any ATM) is 12c per cent transaction up to a max of e2.50 per year(Jan to Dec).All banks charge this rate.

If you don't understand the discussion it's best not to get involved.

jahalpin

I like Revolut and have had an account for a while, I really like their weekday FX rates and always use them when converting money

I am surprised that it has taken them this long to tighten up the charges for using ATMs as the owners of the ATMs charge them a reasonable amount for using the ATM in the first place

Resolut is loss making and always has been, they cannot afford to make losses indefinitely, I'd be interested to know why people think the service should be free (Basic account) as there are very high costs involved in providing services like this (EUR deposits currently earn them negative interest )