Revolut Megathread.

Quackster

Lenny wrote: »

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

Curve would be an alternative to use with your credit card as Curve passes through each transaction's MCC to the funding card.

So you shouldn't be charged cash advance fees unless you used your Curve card to withdraw cash or make another such transaction that your credit card charges advance fees for.

Curve converts foreign-currency transactions to your card's currency at the interbank rate before passing on the transaction. You can spend up to £500 fee-free per month on the free card (2% on any amounts over this) or you can pay £10 a month for unlimited FX-fee free transactions.

Also remember, this is only an issue with using credit cards to top up Revolut. You can continue to top up Revolut by debit card without issue.

Yggr of Asgard

Meilani Yummy Rust wrote: »

Does this mean the banks will start charging the transaction as an atm withdrawal + gov stamp duty on debit card top-ups?

Not even our government is that greedy (yet), no ATM withdraw tax on those charges.

But your bank might have a charge for cash like transactions. You will need to check with your bank.

Also remember that your debit card has a daily or weekly cash limit that would limit the top ups.

Lenny

So I called avant card there, yes I have been paying daily interest on my topups, no budge on the interest on them, they said revoult had been marking themselds as AA retailer, and they should have informed there customers themselds,
Won't know how much it actually costs me until my next statement,

I will look into this curve, if anyone has a referral let me know
A lot of people are going to get stung with revoult and there topup by credit cards

adox

Yggr of Asgard wrote: »

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

It’s not a good time for Revolut right now.

I dont understand this part about debit cards?

Yggr of Asgard

adox wrote: »

I dont understand this part about debit cards?

Your debit card has different daily limits for cash and transactions.

For example 700 for cash and 2500 for transactions.

It could in theory happen that your top up is counted against the cash limit. So you can top up max 700 or when you for example topped up 200 you now can only have 500 at an ATM the same day.

But this will depend on your bank and remains to be seen once people report back their experience.

msmx5

adox wrote: »

I dont understand this part about debit cards?

adox wrote: »

I dont understand this part about debit cards?

Irish banks normally have a daily cash withdrawal limit on a debit card... often in the region of €500 - €1000 depending on your bank (this is different to the transaction limit imposed by ATMs)

Any Revolut top-ups from a Debit card may now count towards this daily limit, in the past they were treated as "purchases" rather than "cash advances" so didn't.

If you need to top up by an amount higher than your daily debit card cash limit you will now need to split it over multiple days OR transfer the larger amount to your Revolut IBAN which will not be as quick as a debit card top up. I'm sure Revolut resisted this change as long as they could but their hand was forced by MC (presumably under pressure from traditional banks).

Revolut absolutely should have communicated this change to customers and also posted warnings for the first few Credit cards top-ups after the change.

Ush1

What about topping up with Google Pay?

Johnny Sausage

Ush1 wrote: »

What about topping up with Google Pay?

they advised me on cht to use that or bank transfer

Dodge

I’ve only ever used debit card top up so this likely won’t effect me at all, but it’s poor to see they haven’t, at the minimum, informed those who have a credit card registered with them for top ups

Yggr of Asgard

Ush1 wrote: »

What about topping up with Google Pay?

Apple or Google Pay does not change the MCC.

Your bank will still see this as cash transaction.

Quackster

Lenny wrote: »

So I called avant card there, yes I have been paying daily interest on my topups, no budge on the interest on them, they said revoult had been marking themselds as AA retailer, and they should have informed there customers themselds,
Won't know how much it actually costs me until my next statement,

I will look into this curve, if anyone has a referral let me know
A lot of people are going to get stung with revoult and there topup by credit cards

PMed you there. If anybody else is looking for a Curve referral, PM me.

Lenny

Thanks lads, I got a refarreling code already so signed up,
Can I topup with curve with credit cars or will I be charged also as cash advance,
It was good while it last though,

timetogo1

Lenny wrote: »

Thanks lads, I got a refarreling code already so signed up,
Can I topup with curve with credit cars or will I be charged also as cash advance,
It was good while it last though,

You don't top up curve. You point your Curve to existing credit cards. So you give your Curve number and the transaction ends up on your credit card.

Spocker

timetogo1 wrote: »

You don't top up curve. You point your Curve to existing credit cards. So you give your Curve number and the transaction ends up on your credit card.

There is a thread on Curve here: https://www.boards.ie/vbulletin/showthread.php?t=2057993558

Lenny

Spocker wrote: »

There is a thread on Curve here: https://www.boards.ie/vbulletin/showthread.php?t=2057993558

That's clears it up so, I'll have a read of it thanks,

Lenny

If I add a credit card to curve and buy on it, is it classed as a cash advance?

Spocker

Lenny wrote: »

If I add a credit card to curve and buy on it, is it classed as a cash advance?

No, it will be classed as a regular purchase

Lenny

Spocker wrote: »

No, it will be classed as a regular purchase

cool, so nearly back to the revoult days with this, until the 500 monthly limit though,

An tAlbanach

Looking for advice for the general community.

I am going to come into a chunk of cash this year due to an inheritance. 70-80k GBP. Any time I've been transferring a lot of money before like 1 or 2k I have used transferwise. Now I am wondering if Revolut may be the way forward.

My thought was that I would get the money into my GBP wallet, open a premium account (https://www.revolut.com/en-IE/legal/premium-and-metal#fees-for-downgrading-your-premium-or-metal-subscription ), do the transfers into EURO then bricks and mortar bank account, then downgrade account within the 14 days as listed in their T&Cs.

Does anyone think this is mad or are there better options?

veryangryman

Partner recently tried using her card to get cashback as part of a transaction but was told this isnt supported?

Is this to be expected

Yggr of Asgard

Johnny Sausage wrote: »

yeah thats normal for a merchant to not allow cashback on a prepaid card

Well that is a broad statement that is not correct.

Some of Revolut's card are coded to allow international cashback, so it comes down to the card type itself and also how the store processes the cashback.

Supervalu consistently offered me cashback on my Revolut Mastercard and my Revolut Rev Visa card.

Yggr of Asgard

An tAlbanach wrote: »

Looking for advice for the general community.

I am going to come into a chunk of cash this year due to an inheritance. 70-80k GBP. Any time I've been transferring a lot of money before like 1 or 2k I have used transferwise. Now I am wondering if Revolut may be the way forward.

My thought was that I would get the money into my GBP wallet, open a premium account (https://www.revolut.com/en-IE/legal/premium-and-metal#fees-for-downgrading-your-premium-or-metal-subscription ), do the transfers into EURO then bricks and mortar bank account, then downgrade account within the 14 days as listed in their T&Cs.

Does anyone think this is mad or are there better options?

With that amount you are risking a significant delay due to anti money laundering laws in which you re-active will have to proof your source of funds.

You are more likely to be better of to use a currency broker which can do the source of fund check as part of the transfer and hence you won't risk a suspended account etc.

Johnny Sausage

Yggr of Asgard wrote: »

Well that is a broad statement that is not correct.

Some of Revolut's card are coded to allow international cashback, so it comes down to the card type itself and also how the store processes the cashback.

Supervalu consistently offered me cashback on my Revolut Mastercard and my Revolut Rev Visa card.

deleted incorrect info,

any store ive tried it in (Spar, Lonndis, Tesco & Centra) have all said it cant be done on a prepaid card

flazio

An tAlbanach wrote: »

Looking for advice for the general community.

I am going to come into a chunk of cash this year due to an inheritance. 70-80k GBP. Any time I've been transferring a lot of money before like 1 or 2k I have used transferwise. Now I am wondering if Revolut may be the way forward.

My thought was that I would get the money into my GBP wallet, open a premium account (https://www.revolut.com/en-IE/legal/premium-and-metal#fees-for-downgrading-your-premium-or-metal-subscription ), do the transfers into EURO then bricks and mortar bank account, then downgrade account within the 14 days as listed in their T&Cs.

Does anyone think this is mad or are there better options?

I'd go to a proper financial adviser rather than the Internet.

peneau

Hope you don't mind me piggy backing this thread, looking for some advice from the Revolut wise please. I'm intending to head to the UK in the next couple of weeks to purchase a car. Cost of the Car circa Eur 20,000. My plan for paying for the car using Revolut, if possible is thus. Bank Transfer money from my AIB Account to my Revolut account. Using Revolut exchange the Euro to Sterling and then using the bank transfer service in Revolut, transfer the money to the car dealer's bank account. How doable is that ?

Any advice/help greatly appreciated.

degsie

.

hawkelady

Any truth in this.... my work colleagues are saying that Revolut is British based and there could be trouble ahead due to Brexit. 3 different people in the office have said it .. I find it hard to believe myself .. anyone confirm

Yggr of Asgard

hawkelady wrote: »

Any truth in this.... my work colleagues are saying that Revolut is British based and there could be trouble ahead due to Brexit. 3 different people in the office have said it .. I find it hard to believe myself .. anyone confirm

Until such time that the future relationship between the UK and EU is defined there is no clear answer as to the impact.

They currently operate under a UK electronic money license.

Revolut has also a banking and electric money license in Lithuania to which EU customers can be moved. There is some local pressure of removing the banking license due to political reasons and them not actively using it.

Revolut has withdrawn a license request for Luxembourg after local political questions about their Russian roots and lack in compliance.

But due to the transition agreement nothing really changes until the end of the calendar year.

killbillvol2

hawkelady wrote: »

Any truth in this.... my work colleagues are saying that Revolut is British based and there could be trouble ahead due to Brexit. 3 different people in the office have said it .. I find it hard to believe myself .. anyone confirm

My work colleagues think you can get pneumonia by eating bats. Moral of the story, don't listen to your work colleagues.

I topped up from my cc earlier in the week to maxamise my cash back, still waiting to see how it was treated after reading this.

It was such a handy way to get a free 10er a month in cash back, top up Revolut and then just move it straight back to the card (or stick the money in nexo for the month earning 8% interest).

If I top you Revolut with my credit card using curve will it still get caught or will that fool the credit card?