Revolut Megathread.

I think that is a very general comment because there are some airlines out there which sometimes have deals that are excellent.

I mean just look at Avianca LifeMiles which sometimes have so outrages promos that you can get yourself in first class on Lufthansa or Swiss on short notice to Asia and back for 2500$ all taxes included!

It comes down to the use case scenario and how you approach collecting/using your Frequent Flyer miles.

I've used the ultra 3 gb free e sim during the week for the first time

A lot of the time I have had no coverage and have had to switch to red roaming...

This is in the U.S

Are you in Ireland? From a quick Google it seems to effect GB only with the mention of cashback being removed from the GB website, but it's still on the Éire one.

Cashback and Rev Points are at this moment BOTH available for the same transaction!

On Metal you continue to have 0.1% or 1% respectively on cashback and in addition to that 1 Rev Point per 2€ spend (if I'm not mistaken).

In other EU countries where Rev Points are available, they have not taken away the cashback, this seems to be for Revolut UK customers and not Revolut UAB customers.

Rev Points are not shown on the Irish Plans yet with details but if you look at other countries you can see most details, Example: https://www.revolut.com/en-MT/our-pricing-plans/

Hopefully they update the Irish Price List soon with offical details!

I said, "if you are on a paid plan, this is free extra benefit that can rack up." And I clearly pointed out that the "spare change" feature on the free plan might not be worth it.

And sure, until 2 weeks ago I could get 10% back by using my Mastercard online (up to 5€ per transaction) and before that I could get 2.5% back on my Visa card and in 2 weeks, I might again get x% back on this or that card. Boy I miss the Mastercard promotion, which got me several hundred Euros in cashback!

There are always new opportunities around and it's always good to check around but if you already have a paid plan then it's free. And on Metal/Ultra you even earn more Avios than you would on the BOI EI card.

Also, why would you use your PayPal BUSINESS card with 0.5% (and remember strictly speaking it's a business card) when there are other business cards that give you way more.

And as to TR save back, if you really think that the amount of tax you will have to pay on the shares/eft gain and the required paperwork is worth the 1% over an easy cashback than go for it. But if a maximum of 15€ is worth the hassle it is a personal choice.

This is why bargain alerts and forums exist so that we can share new deals and steals and it's down to the individual to see if it makes sense for them.

And even if you take 1 month Ultra, you could get at least 12000 Avios for 90€ and that is not a bad chunk.

I will continue to spend where I make the best rewards for myself, in HILTON's I will use my Hilton card (because of the hotel benefits), with EI spending I will use Revolut Pay because it's so easy (and earns points) and for dodgy online shopping I will use PayPal because of the buyer protection. In between I will use whatever gives me the most, be it my Revolut, my Hilton, my DKB card or whatever to maximize my return.

Plus, once Mastercard or Visa throw out the next round of cashbacks (Visa is due in July) I'm going onto that, it's free money just for fun.

And Revolut with their virtual cards made the 10% Mastercard promotion so much easier and sweeter, it was fun.

As always it comes down to ones own preference and spending pattern.

New Pricing Plan charts are out for Ireland:

https://www.revolut.com/en-IE/our-pricing-plans/

Looks like in Ireland the cashback is gone unlike in other EU countries.

I saw something in my app about revpoints. Is there a catch to signing up for them? What exactly is the benefit of them?

Depends on your plan, check the latest price table for the amounts you can earn:

https://www.revolut.com/en-IE/our-pricing-plans/

Details about the Rev Points can be found on https://www.revolut.com/en-IE/legal/RevPoints/

If you are on a standard plan, please take note that it's not great value as discussed in this thread.

Indo launches into Revolut

Asked whether there is a pattern of people getting brushed off by Revolut when they are scammed, the bank said it took fraud and the industry-wide risk of customers being coerced by organised criminals “incredibly seriously”.

I’m wondering do they actually know what’s going on or not - Revolut is regulated by the Central Bank of Ireland for business rules - if anyone is having issues with Revolut playing runaround, contact the Central Bank

Log a complaint with Revolut https://www.revolut.com/en-IE/legal/complaints-policy/, there are clear timeline for responses attached and if that fails log a complaint with the Bank of Lithuania or you can even use an out of court dispute resolution process via the Financial Service and Pensions Ombudsman (FSPO) or other European providers.

But I agree with your sentiment, it's clear that Customer Service and sometimes even Back office does not fully understand what the automatic routines are doing to customer accounts and how their own fraud prevention or resolution actually work.

I think the issue with articles about Revolut is that there is a common theme put out there that Revolut is less secure - which isn't the case. People are dumb.

But it is fair to say that Revolut's customer service is appalling. But that is a separate issue.

If you get stung by a scam it's not Revolut's fault. But it is Revolut's fault that you can't easily contact them.

The issue here is not bad customer service - I think nearly all of us are in agreeance that customer service standards in the banking sector have been on the decline for many years, with some much worse than others.

The issue is specifically with Revolut restricting the ability for customers to engage with them when affected by fraud.

Before calling out the other neobanks, I think perspective is needed here. In terms of numbers of Irish Customers

• Revolut has at least 2.7 million customers in Ireland.
• The next biggest neobank would be N26 with a reported 200,000.
• The rest combined (eg Bunq, Trade Republic etc) I think would be far less again than N26, but I wasnt able to confirm this with a quick search.

Revolut dwarfs the others. Charlie Weston is right to pursue Revolut over this matter and hold them to held to account as it affects a significant proportion of the Irish population.

If any other Irish Bank was treating customers like this, I'm sure Weston would be reporting the same.

"Do you have to be using your phone for payments to come out of your account?"

Yes actually, PSD2-SCA says that financial institutions must only allow payments or push transfers when they are approved with 2fa. The reason for the 2fa is to prevent a single compromise from letting someone steal your money. If his phone was compromised like you suggested and that allowed someone to steal his money, 2fa wasn't implemented correctly and that absolutely is Revolut's fault.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32018R0389

Payment services offered electronically should be carried out in a secure manner, adopting technologies able to guarantee the safe authentication of the user and to reduce, to the maximum extent possible, the risk of fraud. The authentication procedure should include, in general, transaction monitoring mechanisms to detect attempts to use a payment service user's personalised security credentials that were lost, stolen, or misappropriated and should also ensure that the payment service user is the legitimate user and therefore is giving consent for the transfer of funds and access to its account information through a normal use of the personalised security credentials. 

Furthermore, it is necessary to specify the requirements of the strong customer authentication that should be applied each time a payer accesses its payment account online, initiates an electronic payment transaction or carries out any action through a remote channel which may imply a risk of payment fraud or other abuse, by requiring the generation of an authentication code which should be resistant against the risk of being forged in its entirety or by disclosure of any of the elements upon which the code was generated.

I don't know why you're so quick to jump to conclusions and defend Revolut when you have almost none of the facts.

In this specific case "Payments went to a UK ­Revolut account, he said." which means they were P2P transactions within the Revolut System, at least that is what it can be interpreted as.

P2P payments only require you to log into the app (with whatever security method you have chosen) and then it's easy to do if you have an identifier for the receivers revolut account.

Only where there is an usual behavior like for example the account you send to is not in your address book, it's a strange amount, it's small amount after small amount or any other "AI" trigger will you get prompted to watch a video about fraud or asked to validate again. At least in my experience.

Card Payments are a different story, so are bank transfers where I get this damm same video over and over again when creating a new receiver.

And it should be extremely easy for Revolut to find out how these were authorized and what the relationship of the receiver is to this person. There should be enough data points available from them hoovering up the data as they do.

But this person clearly had this phone compromised or maybe his company or a thread actor remotely wiped it (giving how his apps were missing) and the revolut fraud is unrelated to the phone reset or maybe it did not happen this way, we don't know because we don't have the full context.

All we know is that when we use Revolut we should take every precaution to ensure our accounts are safe, including ensuring we use send / spend limits and protect our phone adequately.

While the article (still a Bank of Ireland responds to Revolut savings account move video in the middle is dodgy) does not give us enough info, it raises a valid point, revolut is hard to get hold off, their customer service is bad and sometimes they don't even have the ability to understand what the issue is. In addition, their lack of details on how they know that there was no fraud, and these were authorized makes it hard to understand what really happend.

In the end make sure you follow best practices for your device security and the security of any app you use.

Is there any merit in placing revolut in the secure folder location on a samsung phone. Would this add any layer of protection over depending on androids sandboxing?

P2P payments on Revolut do not require 2 step verification

There systems has been like that since day one and they get a banking license after so they must be compliant with all regulations.

The article reads to me like an anti Revolut/Fintech piece.Nameless cyber security expert, sensationalist tag line with "while he slept".

Then just says they got refunded after publication. No verified quotes, dates, timelines etc.

It's a very poor article.

They clearly stated that something happened to the phone as apps had to be reinstalled so this fictional cyber security expert did something wrong.

Sames as if you click on a link, it's your fault not the bank.

I think it was reported previously that the average balance from Irish customers was around €600. I wonder if it is a lack of trust in the neo's, for reason such as the Indo piece, being a significant part of the reason why people won't use a neo as a primary bank.

Personally it is for me - I have no issue using a fully digital service. But I want good customer support when I have an signficiant issue. Its for that reason I have a paid plan with N26 vs Revolut, as I have savings with them @4% plus comfort of knowing I can call them on the phone if there is a problem.

I accept free plans will have limted customer support, but for me the top tier at very least for Revolut should offer phone support.

Bunq have limted phone support, but you are able to contact them via chat in the web app, which I find much better than via mobile app only, epecially if I need to explain a lot of details.

I'd say that's changed a lot now as at the time Revolut did not have Irish ibans only Lithuanian ones and despite SEPA regulations many Irish bodies cannot accept non Irish ibans.

2.x million customers do not mean active customers, nor does it mean that they use Revolut as their main account.

I suspect most are using it for friends & family (instead of PayPal) or to save on the ridiculous foreign exchange fees for buying at Amazon or other foreign vendors and even some to send money home for next to nothing!

There might be a significant group that moved to main account especially since Revolut now offers a credit card and some enjoy the paid plans because there can be value in them, but overall,l I don't believe that 50% of the adult population is using Revolut for their day-2-day.

I've transferred about 4000 rev points to BA avios now,instantaneous

Also double Rev points on using Stays

So if you spend 5k on a family holiday hotel,you will get 10k avios which is enough for a return business class flight to London

I got an email today explaining it

It says Rev points are replacing cashback

So no more cash back

If you fly on BA,within 30 days,you get the chance to triple boost (or double or single) your avios at about 1.1c per avios point

But if you pay with Rev and you are ultra,you'll get the Rev points for that too and can convert back to avios straight away

I think ultra pays for itself with its freebies and tge higher savings rate but with Rev to avios,I think its become the first decent avios card in Ireland,10 times better earning than the rather pithy aerclub card

Edited to add,it can be any oneworld airline and aer lingus credited to BA exec club

Its hidden in the app

Go to lifestyle and tap the icon at the top right

Then enable it

Their support no better on any plan not just the free level, it's farcical support to be honest and I'm day to day with salary into revolut user on metal.