Revolut question

Cucullan

I have a revolut account for the last year but never used it. Tomorrow I need more than ptsb will allow me withdraw in a single day, €700, so I'm wondering if I transfer money into my revolut account from my ptsb account would I be able to withdraw that money too to make up what I need? I transfered €15 in earlier just to try it out and it went in instantly but can I draw it back out instantly?

This is it

Cucullan wrote: »

I have a revolut account for the last year but never used it. Tomorrow I need more than ptsb will allow me withdraw in a single day, €700, so I'm wondering if I transfer money into my revolut account from my ptsb account would I be able to withdraw that money too to make up what I need? I transfered €15 in earlier just to try it out and it went in instantly but can I draw it back out instantly?

Yes, once it arrives on the Revolut account you can withdraw straight away from an ATM. There are probably charges for cash withdrawals though, I'm not sure how much it is.

coylemj

This is it wrote: »

There are probably charges for cash withdrawals though, I'm not sure how much it is.

With the basic (free) Revolut account, you can withdraw up to €200 per month with no charge but there is a charge of 2% for any amounts after that.

bilbot79

coylemj wrote: »

With the basic (free) Revolut account, you can withdraw up to €200 per month with no charge but there is a charge of 2% for any amounts after that.

That's on FX no?

-=al=-

You can take 200 out free per month but in Ireland there’s 12c stamp duty per atm withdrawal ( capped at 2.50 a year) that will apply on top.

If you withdraw more than 200 Revolut add on 1.5%. Maybe it’s 2% now I haven’t checked in a while if it’s changed

Wuff Wuff

bilbot79 wrote: »

That's on FX no?

No its on cash withdrawals

The fx limit is much higher than €200

coylemj

On the smartphone app, click on 'Dashboard' in the lower-right corner, then click the cogwheel (settings) in the upper-right. Now click on 'Price plan - Standard/Premium/Metal' under 'Profile'. You may be on a higher plan, the details below are for the 'Standard' (free) plan.


ATM Withdrawals

Free withdrawals up to €200 per rolling month. 2% fee thereafter.

Exchange

..... free up to €6,000 per month. 0.5% fee thereafter.

Note that the term for the ATM withdrawal is a 'rolling month' i.e. not a calendar month. I interpret that to mean that if you took out €200 today (May 16th), you would be charged 2% for any subsequent withdrawals up to and including June 15th.

Wuff Wuff

coylemj wrote: »

On the smartphone app, click on 'Dashboard' in the lower-right corner, then click the cogwheel (settings) in the upper-right. Now click on 'Price plan - Standard/Premium/Metal' under 'Profile'. You may be on a higher plan, the details below are for the 'Standard' (free) plan.


ATM Withdrawals

Free withdrawals up to €200 per rolling month. 2% fee thereafter.

Exchange

..... free up to €6,000 per month. 0.5% fee thereafter.

Note that the term for the ATM withdrawal is a 'rolling month' i.e. not a calendar month. I interpret that to mean that if you took out €200 today (May 16th), you would be charged 2% for any subsequent withdrawals up to and including June 15th.

I think the rolling month is based off the date that your allowances reset, think mine is the 24th or something based on when I signed up

coylemj

-=al=- wrote: »

You can take 200 out free per month but in Ireland there’s 12c stamp duty per atm withdrawal ( capped at 2.50 a year) that will apply on top.

I'm struggling to understand that 'but'....... 12c is 0.06% of €200.

If you only withdrew €212 using a Revolut card, the charge would be 24c (2% of €12) or double the Irish Govt. levy.

Which probably doesn't apply anyway as Revolut is not an Irish bank.

coylemj

Wuff Wuff wrote: »

I think the rolling month is based off the date that your allowances reset, think mine is the 24th or something based on when I signed up

I get you, like the data allowance on your mobile phone. Haven't withdrawn any cash recently as paying for everything by tapping these days so not in a position to test it.

-=al=-

coylemj wrote: »

I'm struggling to understand that 'but'....... 12c is 0.06% of €200.

If you only withdrew €212 using a Revolut card, the charge would be 24c (2% of €12) or double the Irish Govt. levy.

Which probably doesn't apply anyway as Revolut is not an Irish bank.

Yea Revolut want 2% once over 200. (212.24 in that case). The stamp duty fee of 12c fee still applies for the atm withdrawal (212.36 as the total withdraw cost). The 12c fee applies if it’s 20 or 200 taken out of an atm in Ireland

The monthly withdrawal used to be the start of the calendar month, but it appears to be a rolling month now for all users. I thought I read somewhere that earlier users are still on a calendar month reset, but not sure if it applies now. There have been a few changes in the last few months.

coylemj

-=al=- wrote: »

Yea Revolut want 2% once over 200. (212.24 in that case). The stamp duty fee of 12c fee still applies for the atm withdrawal (212.36 as the total withdraw cost). The 12c fee applies if it’s 20 or 200 taken out of an atm in Ireland

OK, even if the 12c Govt. levy does apply in the case of an ATM withdrawal using a Revolut card, so what?

What I'm asking you is this: why are you highlighting such a piddling charge, if it applies to all ATM withdrawals?

Bank of Ireland charges current account customers 25c for ATM withdrawals, with no annual cap. The OP will probably have to pay a similar charge to PTSB.

coylemj

Wuff Wuff wrote: »

I think the rolling month is based off the date that your allowances reset, think mine is the 24th or something based on when I signed up

I've churned that over in my mind and I think that 'rolling month' is not the same as a 'customer month'.

A rolling month is a month with a permanently moving start and end date and what I think probably happens in the case of Revolut and their ATM charge is that if you go to withdraw cash from an ATM, they look at how much you have withdrawn in the past month and you will be chared 2% of the amount by which your aggregate withdrawls will exceed €200.

Today is May 16th, you go to an ATM to withdraw €100 using your Revolut card. The 'rolling month' in this case will be April 17th to May 16th (today). And say that in the period since April 17th, you withdrew €150 so for this withdrawal, they will charge you 2% of €50 as you have exceeded €200 in this rolling month.

So my interpretation of it would be that today is always the last day of the 'rolling month'. Any takers?

Wuff Wuff

coylemj wrote: »

I've churned that over in my mind and I think that 'rolling month' is not the same as a 'customer month'.

A rolling month is a month with a permanently moving start and end date and what I think probably happens in the case of Revolut and their ATM charge is that if you go to withdraw cash from an ATM, they look at how much you have withdrawn in the past month and you will be chared 2% of the amount by which your aggregate withdrawls will exceed €200.

Today is May 16th, you go to an ATM to withdraw €100 using your Revolut card. The 'rolling month' in this case will be April 17th to May 16th (today). And say that in the period since April 17th, you withdrew €150 so for this withdrawal, they will charge you 2% of €50 as you have exceeded €200 in this rolling month.

So my interpretation of it would be that today is always the last day of the 'rolling month'. Any takers?

Revolut say it resets on a certain date every month

coylemj

Wuff Wuff wrote: »

Revolut say it resets on a certain date every month

Cheers. But stubborn old goat that I am, I still say that is not a 'rolling month'.

-=al=-

coylemj wrote: »

OK, even if the 12c Govt. levy does apply in the case of an ATM withdrawal using a Revolut card, so what?

What I'm asking you is this: why are you highlighting such a piddling charge, if it applies to all ATM withdrawals?

Bank of Ireland charges current account customers 25c for ATM withdrawals, with no annual cap. The OP will probably have to pay a similar charge to PTSB.

The 12c charge does apply to Revolut cards at atms in Ireland. I was just answering the OP's question that he can withdraw 200 for free but he will be charged 12c instantly by the Gov for the pleasure. Any more taken out than 200 and He will have another 2% on top.

Revolut is usually free to withdraw cash in most other countries but not Ireland. I've seen posts from people that are unfamiliar with Revolut asking why they're charged extra for withdrawals

Just my 12c

coylemj

coylemj wrote: »

I've churned that over in my mind and I think that 'rolling month' is not the same as a 'customer month'.

A rolling month is a month with a permanently moving start and end date and what I think probably happens in the case of Revolut and their ATM charge is that if you go to withdraw cash from an ATM, they look at how much you have withdrawn in the past month and you will be chared 2% of the amount by which your aggregate withdrawls will exceed €200.

Today is May 16th, you go to an ATM to withdraw €100 using your Revolut card. The 'rolling month' in this case will be April 17th to May 16th (today). And say that in the period since April 17th, you withdrew €150 so for this withdrawal, they will charge you 2% of €50 as you have exceeded €200 in this rolling month.

So my interpretation of it would be that today is always the last day of the 'rolling month'. Any takers?

The rolling month is based on when you sign up.