Revolut Megathread.

Sheep Shagger

jahalpin wrote: »

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 )

100%

Always baffles be why some people think banking should be free whoever the institution is, someone has to pay for the tech spend and infastructure. The old 'they make money with our money' doesn't wash at the moment anyway.

It is a service like anything else..

Dodge

jahalpin wrote: »

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 )

That’s a weird question tbh. The principles of business exist here as everywhere else really. The customer wants the most benefits possible (free from charges, ex rates etc etc) and the company wants the maximum revenue possible.

If revolut offer a service, people will pay for it if offers value. If they don’t think it offers value, they won’t.

It is pretty clear that revolut would have the fraction of the customer base it does if it didn’t offer free services.

Sheep Shagger

Dodge wrote: »

That’s a weird question tbh. The principles of business exist here as everywhere else really. The customer wants the most benefits possible (free from charges, ex rates etc etc) and the company wants the maximum revenue possible.

If revolut offer a service, people will pay for it if offers value. If they don’t think it offers value, they won’t.

It is pretty clear that revolut would have the fraction of the customer base it does if it didn’t offer free services.

Its not just about Revolut though, people generally expect free banking, that makes no sense when you compare it to other services we consume every day.

flazio

Sheep Shagger wrote: »

100%

Always baffles be why some people think banking should be free whoever the institution is, someone has to pay for the tech spend and infastructure. The old 'they make money with our money' doesn't wash at the moment anyway.

It is a service like anything else..

Your average Joe and Jane soap don't give a sh*t about how a company does business, just what they can get out of it.

killbillvol2

killbillvol2 wrote: »

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

Revolut also charge it. You’re a mong.

Dodge

Sheep Shagger wrote: »

Its not just about Revolut though, people generally expect free banking, that makes no sense when you compare it to other services we consume every day.

So what though? What’s the problem with people wanting the best value for themselves? If financial services can’t offer it, then so be it

killbillvol2

[Deleted User] wrote: »

Revolut also charge it. You’re a mong.

Actually the government charge it. And the discussion wasn't about government charges, it was about Revolut's new ATM charges. But I detect reading comprehension wouldn't be a strength of yours.

Toots

Jeremy Beagle, that sort of language is not acceptable on this forum. Please familiarise yourself with the Charter if you wish to continue posting here.

Everyone else, keep it civil. It is possible to make a point without taking a pot shot at other posters.

Sheep Shagger

Dodge wrote: »

So what though? What’s the problem with people wanting the best value for themselves? If financial services can’t offer it, then so be it

Nothing wrong with wanting the best value, my point is we can't have everything for free, in this case apps with latest functionality etc. EVERYTHING has a price. It just seems some parts of society think they care entitled to free this and free that.

Bank accounts (in Ireland anyway) seem to always attract attention around fees.

Darren 83

Has anyone linked a bank account to Revolut account? Safe to do so?

phildub

Darren 83 wrote: »

Has anyone linked a bank account to Revolut account? Safe to do so?

I have done it and used it to transfer money back and fourth.

TheChizler

Darren 83 wrote: »

Has anyone linked a bank account to Revolut account? Safe to do so?

Do you mean as a linked account to see your bank transactions? I've done it but it's buggy, it never updated with new transactions. Not sure if the problem was Revolut or AIB.

Henry Ford III

killbillvol2 wrote: »

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

No backseat moderation please.

Rattlehead_ie

Has there been any update on an Irish Banking Licence recently.
Personally holding off on full on switching till that comes in....might be waiting a while but happy to wait for now.

Davy

https://www.irishtimes.com/news/consumer/revolut-user-in-a-spin-after-being-asked-if-he-was-related-to-eamon-ryan-1.4487352

“I have been a Revolut user for three years and it’s the first time the chat function has contacted me,” his email said. The app asked our reader if was related to the leader of the Green Party Eamon Ryan “and when I asked why are they asking me that, they asked the question again, not explaining why”.

He says he has had multiple over and backs with the company and the saga has gone on for two weeks “and they have blocked access to my account and my money until I answer them”.

He attached screenshots of his “conversations”. They really have to be seen to be believed.

cromelex

Davy wrote: »

https://www.irishtimes.com/news/consumer/revolut-user-in-a-spin-after-being-asked-if-he-was-related-to-eamon-ryan-1.4487352

“Under the EU’s 4th Anti-Money Laundering Directive, all financial institutions including Revolut are required to perform ‘Enhanced Due Diligence’ on so-called ‘Politically Exposed Persons’. Revolut takes these obligations extremely seriously. As part of these obligations, financial institutions are legally required to establish whether a customer is a close relative or a close associate of a Politically Exposed Person. In this case, Revolut’s customer shares a name with a relative of an Irish politician and on that basis the customer was asked whether he was related to that politician.

This is the relevant bit.

It is quite possible that their procedures were not entirely clear. Under a lot of those anti money laundering points, banks/financial institutions are actually prevented from telling the impacted customer that they were flagged under some sort of anti money laundering control.

magoo84

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.

This is absolutely correct. Any tech company which promises to "disrupt" markets should be viewed sceptically - their business plans always seem to end up being built on a bait-and-switch executed over a medium-to-long term timeframe.

TylerRyan28

Hi I'm thinking about opening up a revolut account. Just a few questions


Would you recommend it ? And if so what do you use it for ?

flazio

TylerRyan28 wrote: »

Hi I'm thinking about opening up a revolut account. Just a few questions


Would you recommend it ? And if so what do you use it for ?

My main use for it is to see my petty spending more clearly.
Get paid into a BOI bank account weekly. Will top up the Revolut up to €100 via my BOI debit card and then use it for my coffees, snacks and general shop spending. DDs, fuel and main food still paid direct from BOI. Not confident to take my main account to an off shore account. Have no passion to overthrow the Irish banking system. Also have a small amount in N26 in case of emergency such as a VISA issue a couple of years ago.

Sheep Shagger

Yggr of Asgard wrote: »

Or how Conor Pope does not understand the legal status of Revolut by calling them a bank.

Conor Pope is a very poor excuse for a 'consumer affairs reporter'.

The story is pointless, a mix of poor staff member at Revolut, a slightly dim customer and Conof Pope. His asking twitter for his next story is yielding poor results if thats anything to go by.

Jim2007

*** Mod Warning: This is the third intervention by the mods in the last 48 hours or so, if people can't behave in a civilized manner, they we're going to have to break out the red cards ***

Hurrache

Sheep Shagger wrote: »

Its not just about Revolut though, people generally expect free banking, that makes no sense when you compare it to other services we consume every day.

It's not the same. Banks have customers money to invest in funds etc, it's not like they just hold it.

The J Stands for Jay

Hurrache wrote: »

It's not the same. Banks have customers money to invest in funds etc, it's not like they just hold it.

The only two things they can do with customers money is lend it out or keep it in the central bank. The ECB are charging for that these days, and not enough people are borrowing. Besides, lending current account funds out doesn't make too much sense from a timing pov as they can be withdrawn by the depositor with no notice

wandererz

TylerRyan28 wrote: »

Hi I'm thinking about opening up a revolut account. Just a few questions


Would you recommend it ? And if so what do you use it for ?

I have been using it for several years now and can definitely recommend it.

It takes minutes to setup via your phone.
Most difficult thing is taking clear pictures of your ID and submitting the KYC info.

I use it to send & receive money from others.
e.g. If spouse is out shopping and needs extra funds for something she has it immediately.

Buying stuff in a foreign currency, e..g. Amazon UK - saves you money on exchange rate compared to Amazon or your own bank.

Sending money to someone in a foreign country - if they have Revolut then they have the money immediately.

Revolut has this feature called vaults. I have multiple setup - e.g. Groceries (weeks 1-4), motor tax, motor insurance, holiday fund, savings, other bills.

Every payday I transfer money into each of these. It helps me enormously to budget,separate my funds without requiring separate bank accounts.

For example, if motor insurance is €600/year I pay it in full but then every month put €50 into the insurance Vault. This ensures that by the next renewal date the funds are already there. Same with motor tax, Xmas etc.

Vaults can be shared with others as well. You can set it to deposit only or deposit & withdraw.
Great for shared funds such as joint savings or the monthly grocery shopping.

I used to have the metal account @ €12.99/month but I've dropped to basic now that I'm not travelling. Basic meets all my needs at the moment.

You can get a free card if invited by someone during one of the promos otherwise it's about €6.

You can have multiple cards too, either for someone else or to hold in an emergency.

When travelling, i leave my bank cards in the hotel safe an carry the Revolut card instead. If wallet is stolen or lost then I have bank card or spare Revolut card to fall back on.

Great security features as well such as being able to disable/enable cash withdrawals, freeze a card, enforce Geo protection, view/reset pin code

Darren 83

TylerRyan28 wrote: »

Hi I'm thinking about opening up a revolut account. Just a few questions


Would you recommend it ? And if so what do you use it for ?

I would recommend it, I only got it in the first place when my bank didn’t do Apple Pay.

When I get paid each month I send money to it then transfer to the better half to buy what we want.

I also set up an junior account for my daughter so she can manage her pocket money and I can over look what she is spending it on.

WildIreland

TheChizler wrote: »

Do you mean as a linked account to see your bank transactions? I've done it but it's buggy, it never updated with new transactions. Not sure if the problem was Revolut or AIB.

On balance, I'd lean towards AIB being the culprit there... their tech offering is archaic compared to Revolut's, and inherently clunky. It's hard to imagine their implementation of Open Banking being any different.

Idioteque

Anyone else get a mail about re-issuing of a new Virtual Debit Card?

"We're issuing a select group of customers with a shiny new virtual debit card. Your new virtual debit card comes with a new card number and increased acceptance at merchants. We're sure you'll love it!"

I can't see any difference between it and my previous card other than the new one is Mastercard and the previous one is Visa. Also couldn't find any news around why they are doing it. Also never had an issue with a merchant accepting my current card.

Saying it's a 'Shiney new card' and 'select group of customers' just makes me think they are trying to sell it as a benefit to me when I can't see any and reckon it must be something in the background they need to do for themselves - wonder if its related to the recent stuff around changing IBAN's due to brexit.

JamesBond2010

WildIreland wrote: »

On balance, I'd lean towards AIB being the culprit there... their tech offering is archaic compared to Revolut's, and inherently clunky. It's hard to imagine their implementation of Open Banking being any different.

:D:D:D:D revolut never has any bugs we were Fighting about this last yr as well combination of the two.

Yggr of Asgard

Idioteque wrote: »

Anyone else get a mail about re-issuing of a new Virtual Debit Card?

"We're issuing a select group of customers with a shiny new virtual debit card. Your new virtual debit card comes with a new card number and increased acceptance at merchants. We're sure you'll love it!"

I can't see any difference between it and my previous card other than the new one is Mastercard and the previous one is Visa. Also couldn't find any news around why they are doing it. Also never had an issue with a merchant accepting my current card.

Saying it's a 'Shiney new card' and 'select group of customers' just makes me think they are trying to sell it as a benefit to me when I can't see any and reckon it must be something in the background they need to do for themselves - wonder if its related to the recent stuff around changing IBAN's due to brexit.

They are issuing the virtual Mastercard's themselves so it's in their benefit.
Also, the new cards are coded as debit while some of the older visa virtual cards were prepaid. Hence the claim of increased acceptance at merchants

This is just their usual marketing speak (politely put).

Yggr of Asgard

Also, in principle for some customers this is a downgrade from a Visa Infinite Prepaid Debit Card to a World Mastercard Debit Card.

But giving that Revolut cards do not actually market their card level to customers (nor offer any real benefits) this does not matter to you as customer. It just matters to them because if you use the card outside the EU than they get more interchange fee out of the transaction because of the higher card level.