Revolut - Ultracheap FX (prepaid Mastercard)

lotmc · 02-10-2015 2:26pm

Yggr of Asgard wrote: »

I am skeptical if this card will survive past 1 December when they can only earn 0.3% of the transaction as fee.

As this is coded as a credit and individual pay card they can't get much out of each transaction anymore which used to cover their cost and exchange fees.

If I look at similar cards, they have all changed their fee (some now charge for loading in the main currency of the card, some charge transactions fees and some a small % on the conversion).

Agree that its hard to see how they will make a commercial return, without charging fees. No return means no future, unfortunately.

I cant see in their FAQ's who owns the business? They say that they are not regulated by the UK FCA (Financial Conduct Authority), which is a pity - that would give a bit more comfort.

The only way that I can see this working is if it is financed by someone who wants to build a business, can fund / withstand losses in the first year, but will seek to charge fees after that. The business model will not work long-term without fees, unfortunately. There are costs that they will have to fund are very significant (fraud and bad debt on chargebacks being two big ones).

I love the product and the smooth / slick application. I sincerely hope that it does survive and thrive, and that the fees (when they start) are low.

In the meantime, I am only putting funds into it as I need to draw down funds, in order to avoid getting caught if it does not survive.

Cyrus · 02-10-2015 2:28pm

so whats the main use for this?

if i want to say buy an iphone in the uk, im better off loading euro onto this converting to stg and buying that way as its giving me the best rate possible?

StaticNoise · 02-10-2015 2:42pm

Cyrus wrote: »

so whats the main use for this?

if i want to say buy an iphone in the uk, im better off loading euro onto this converting to stg and buying that way as its giving me the best rate possible?

Nailed it.

Also, if you're travelling, it works in any ATM as a native card, therefore cutting fees and giving you a great rate too.

Irish Halo · 02-10-2015 2:50pm

lotmc wrote: »

I love the product and the smooth / slick application. I sincerely hope that it does survive and thrive, and that the fees (when they start) are low.

In the meantime, I am only putting funds into it as I need to draw down funds, in order to avoid getting caught if it does not survive.

Same here on both counts.

If they move to a fee structure like Transferwise it would mean a minimum top up to get the best rates (€200, £200, $300 in the case of Transferwise) so could make it probably less likely to use it for small FX impulse buys.

Yggr of Asgard · 02-10-2015 3:07pm

lotmc wrote: »

I cant see in their FAQ's who owns the business? They say that they are not regulated by the UK FCA (Financial Conduct Authority), which is a pity - that would give a bit more comfort.

A guy called Nikolay Storonsky had the idea behind it and he is using Optimal Payments as the provider for the card etc. (that is the same company that owns neteller/skrill).

They position themselves as technology service provider and clearly point out that they don't issue the card etc. Same way that uber says they are not a transport provider but a technology service provider.

The money is covered under the electronic money regulations via Optimal , so no bank guarantee there.

So what happens if they go bust is a complete different story.

lotmc · 02-10-2015 3:47pm

Yggr of Asgard wrote: »

A guy called Nikolay Storonsky had the idea behind it and he is using Optimal Payments as the provider for the card etc. (that is the same company that owns neteller/skrill).

They position themselves as technology service provider and clearly point out that they don't issue the card etc. Same way that uber says they are not a transport provider but a technology service provider.

The money is covered under the electronic money regulations via Optimal , so no bank guarantee there.

So what happens if they go bust is a complete different story.

Thanks - I did a bit of googling and can see that Nikolay Storonsky raised $2.3M earlier this year to set up Revolut. That is a lot of money, but will it be enough to cover start-up losses until it starts to make a profit????
Hopefully.

Storonsky has an investment banking background, so should be able to access more funds provided the business model remains attractive.

Anyway I am more comfortable with it having done the googling, but I will still only lodge funds as I need to.

Aquos76 · 02-10-2015 3:56pm

lotmc wrote: »

Thanks - I did a bit of googling and can see that Nikolay Storonsky raised $2.3M earlier this year to set up Revolut. That is a lot of money, but will it be enough to cover start-up losses until it starts to make a profit????
Hopefully.

Storonsky has an investment banking background, so should be able to access more funds provided the business model remains attractive.

Anyway I am more comfortable with it having done the googling, but I will still only lodge funds as I need to.

Hopefully they do indeed survive and grow from strength to strength, I asked them about my money been protected in the event of something happening to Revolut, here's their response,

martyos121 · 02-10-2015 4:27pm

Aquos76 wrote: »

Hopefully they do indeed survive and grow from strength to strength, I asked them about my money been protected in the event of something happening to Revolut, here's their response,

I've had no reason not to trust them yet, but the misspellings in those messages from them are a serious red flag. Very unprofessional.

MiskyBoyy · 02-10-2015 4:30pm

martyos121 wrote: »

I've had no reason not to trust them yet, but the misspellings in those messages from them are a serious red flag. Very unprofessional.

They can't even spell their own company name lol.

All Indian type names too. I'm guessing outsourced as usual.

thehairyone · 03-10-2015 3:10am

Used this card on a recent trip to the states. Mostly satisfied. Transaction fees charged by some atms ranged from free to 3.99 dollars. However, i would imagine that would be the same whatever card you used. So maybe do some research before you go and stick to the major banks.

I had an issue with them not being able to get money out of a couple of the 'independant' type atms, cost me a couple of hours one day trying to find an atm that would work. However, this may be because it was a credit card, my 'real' credit card wouldnt work in one of the atms either.

Stick to the main bank atms and you should be fine.

Rockin · 03-10-2015 10:37am

anyone have any issues with delivery - ordered on the 18th - roommate same day. His arrived - mine didnt

Delta2113 · 03-10-2015 3:34pm

Finally got around using the app to get my Identity approved. Tried using my passport and driving licence.

Eventually got it to work using my passport. It's a nightmare trying to get the four green lights.

Delta2113 · 03-10-2015 3:35pm

Rockin wrote: »

anyone have any issues with delivery - ordered on the 18th - roommate same day. His arrived - mine didnt

- This Post dispute is really going to mess things up for people waiting on the card.

meolwan · 03-10-2015 5:18pm

just downloaded this app and tried to top up but it wont let me. I get message that my debit is in $ and that "I am trying to top up in Euro do I wish to continue ?"
When I click on yes I get a message saying there is a problem.
My Visa Debit card is with Ulster Bank anyone else have this problem and if you did how did you solve it ?

Aquos76 · 03-10-2015 6:44pm

meolwan wrote: »

just downloaded this app and tried to top up but it wont let me. I get message that my debit is in $ and that "I am trying to top up in Euro do I wish to continue ?"
When I click on yes I get a message saying there is a problem.
My Visa Debit card is with Ulster Bank anyone else have this problem and if you did how did you solve it ?

You sure you are clicking the top-up option on the euro screen rather than the $ screen?

meolwan · 04-10-2015 12:02am

Aquos76 wrote: »

You sure you are clicking the top-up option on the euro screen rather than the $ screen?

yes

ceroc81 · 04-10-2015 2:02pm

meolwan wrote: »

just downloaded this app and tried to top up but it wont let me. I get message that my debit is in $ and that "I am trying to top up in Euro do I wish to continue ?"
When I click on yes I get a message saying there is a problem.
My Visa Debit card is with Ulster Bank anyone else have this problem and if you did how did you solve it ?

Had the same problem, using Ulster Bank as well, finally figured out that my problem was the address field was incorrectly filled, the first field is the postal code whereas I had the full address, changing that to just a number and filling all the other fields it worked for me.

Sono · 04-10-2015 2:38pm

Delta2113 wrote: »

Finally got around using the app to get my Identity approved. Tried using my passport and driving licence.

Eventually got it to work using my passport. It's a nightmare trying to get the four green lights.

I can get the 4 lights for passport and licence but nothing happens them, it's a pain in the hole.

ceroc81 · 04-10-2015 3:20pm

Sono wrote: »

I can get the 4 lights for passport and licence but nothing happens them, it's a pain in the hole.

Getting the 4 green corners, and then you need to maintain that for 4-5 seconds, its painfully difficult to keep it still, was considering using some kinda of stand to keep the phone stable.

Sono · 04-10-2015 3:23pm

ceroc81 wrote: »

Getting the 4 green corners, and then you need to maintain that for 4-5 seconds, its painfully difficult to keep it still, was considering using some kinda of stand to keep the phone stable.

I held it still for nearly a minute and still wouldn't work!

crasy dash · 04-10-2015 3:52pm

Its a real pain I ended up using a cheap stand for holding the phone for the facial recognition step it was the only way of doing it

seklly · 04-10-2015 3:58pm

Sono wrote: »

I held it still for nearly a minute and still wouldn't work!

I had issues with my verification, black screen after capturing the passport photo. Sent details by email to kyc@revolut.com, was verified within 3 minutes.

Delta2113 · 04-10-2015 11:10pm

Personally I'd use passport rather than licence and yes it takes perseverance. The face photo is no picnic either but maybe just a bit easier.

bittihuduga · 05-10-2015 4:34pm

has anyone topped up via their credit card lately?
i had topped up couple of weeks back and it had worked fine.
no cash advance fee too.
but now its throwing error.
support says credit cards top up is not supported.

MiskyBoyy · 05-10-2015 5:02pm

bittihuduga wrote: »

has anyone topped up via their credit card lately?
i had topped up couple of weeks back and it had worked fine.
no cash advance fee too.
but now its throwing error.
support says credit cards top up is not supported.

Yeah it's been discussed here a good bit. People did use their credit cards weeks ago but Revolut have since stopped it as they didn't originally intend for people to be able to top up this way.

bittihuduga · 05-10-2015 5:16pm

MiskyBoyy wrote: »

Yeah it's been discussed here a good bit. People did use their credit cards weeks ago but Revolut have since stopped it as they didn't originally intend for people to be able to top up this way.

oh thats sad.

timple23 · 05-10-2015 11:30pm

can you transfer paypal balance onto this card?

MiskyBoyy · 05-10-2015 11:34pm

timple23 wrote: »

can you transfer paypal balance onto this card?

No, the only thing you can do with paypal balance is, spend it online somewhere that accepts paypal, withdraw it to a bank account or send it to someone else via paypal.

So to answer your question, no, unfortunately not.

meolwan · 05-10-2015 11:49pm

ceroc81 wrote: »

Had the same problem, using Ulster Bank as well, finally figured out that my problem was the address field was incorrectly filled, the first field is the postal code whereas I had the full address, changing that to just a number and filling all the other fields it worked for me.

Thanks ceroc81 that did the trick and solved the problem

tregan · 06-10-2015 9:01am

can't find an answer anywhere - still awaiting my physical card but there was the strike with an post sorting offices so maybe it will land today - just over a week so not worrying yet

re funds transfer - was trying to transfer via bank but i cannot fill in any of the fields and it seems to appear with revolut bank details but i can't tap to change to my bank so that i can transfer funds? did i miss a step in setting up?

thanks in advance

Aquos76 · 06-10-2015 9:15am

tregan wrote: »

can't find an answer anywhere - still awaiting my physical card but there was the strike with an post sorting offices so maybe it will land today - just over a week so not worrying yet

re funds transfer - was trying to transfer via bank but i cannot fill in any of the fields and it seems to appear with revolut bank details but i can't tap to change to my bank so that i can transfer funds? did i miss a step in setting up?

thanks in advance

Those bank details are the details you need to enter in to your own online banking or via a branch, you need to set up the transfer from your end into Revolut bank acc, and not through using the app.

illdoit2morrow · 06-10-2015 9:16am

seklly wrote: »

I had issues with my verification, black screen after capturing the passport photo. Sent details by email to kyc@revolut.com, was verified within 3 minutes.

My front facing camera is fecked so i can't complete verification using the app, what do you send to that email address?

tregan · 06-10-2015 12:03pm

tregan wrote: »

can't find an answer anywhere - still awaiting my physical card but there was the strike with an post sorting offices so maybe it will land today - just over a week so not worrying yet

re funds transfer - was trying to transfer via bank but i cannot fill in any of the fields and it seems to appear with revolut bank details but i can't tap to change to my bank so that i can transfer funds? did i miss a step in setting up?

thanks in advance

Thanks Aquos76 and my physical card arrived this morning so all good. did a transfer via bank card which is automatic and did a bank transfer but that can take a few days - just want to have a play before i go away on 22nd

henke · 06-10-2015 12:04pm

Managed to successfully top up my card and tried ordering from mandmdirect.com but payment is not being authorised. Any ideas?

J_R · 06-10-2015 12:25pm

Aquos76 wrote: »

Those bank details are the details you need to enter in to your own online banking or via a branch, you need to set up the transfer from your end into Revolut bank acc, and not through using the app.

Hi,

Did that on the 20th Sept via TSB online banking (€10.00, was just testing)

On 1st Oct €10 still not showing in my Revolut account contacted support.

Now 6th Oct still not resolved.

Sent them all the details they requested;-
"amount, date, account number, name of account holder, the reference and some sort of proof of this transaction".

Have received two "Okay this should be dealt with shortly" replies

Has anybody successfully topped up by branch or online banking ???

millhousegirl · 06-10-2015 1:53pm

J_R wrote: »

Hi,

Did that on the 20th Sept via TSB online banking (€10.00, was just testing)

On 1st Oct €10 still not showing in my Revolut account contacted support.

Now 6th Oct still not resolved.

Sent them all the details they requested;-
"amount, date, account number, name of account holder, the reference and some sort of proof of this transaction".

Have received two "Okay this should be dealt with shortly" replies

Has anybody successfully topped up by branch or online banking ???

I had a similar problem with the bank transfer. Keep on to them. Preferably send an email to their support and it will be logged. Include the details of the transfer.

ionapaul · 06-10-2015 2:16pm

millhousegirl wrote: »

I had a similar problem with the bank transfer. Keep on to them. Preferably send an email to their support and it will be logged. Include the details of the transfer.

Yep, it tooks AGES and lots of badgering support to get them to track down my bank transfer, and it was only a tenner. I had planned to do that as a test and then transfer a few hundred before a trip to Asia later in the year, that plan is scuppered as a result of the poor service

Will try to top up via debit/credit card in the meantime, but no more bank transfers.

Aquos76 · 06-10-2015 2:26pm

To date, all my transfers to my Revolut card have been via by visa/debit card and it's been flawless each time and instantaneous also, and any withdrawals have been via atm.

henke · 06-10-2015 2:29pm

Topped up successfully with a visa. Tried to order online with the revolut card and it was declined. After getting onto support they tell me I used the incorrect cvc which I definitely didn't. Asked is the cvc listed in the app correct and now not getting a reply.

millhousegirl · 06-10-2015 2:41pm

I posted this a while back but still no further on..

I recently received my card and I have tried a number of times to top-up via my VISA debit card. However after a number of go’s I get this message each time..

“Either you submitted a request that is missing a mandatory field or the value of a field foes not match the format expected.”[/I]

I called them about it and the guy could see I was attempting the top-up’s but didn’t know why they were not working. I called BoI too and its not an issue on their side.

Has anyone else had this problem?

I have been successful via the bank transfer but they longer to process.

tregan · 06-10-2015 3:40pm

millhousegirl wrote: »

I posted this a while back but still no further on..

I recently received my card and I have tried a number of times to top-up via my VISA debit card. However after a number of go’s I get this message each time..

“Either you submitted a request that is missing a mandatory field or the value of a field foes not match the format expected.”[/I]

I called them about it and the guy could see I was attempting the top-up’s but didn’t know why they were not working. I called BoI too and its not an issue on their side.

Has anyone else had this problem?

I have been successful via the bank transfer but they longer to process.

only new to this card myself - got physical card in todays post. did visa debit card transfer no problem and that showed up straight away. did bank transfer so will wait and see how long that takes .... re your query - have you entered the address the same when applying for your revolut account as it appears on your bank statement where visa debit card from? think some one mentioned earlier if not the same can be a problem?

millhousegirl · 06-10-2015 4:57pm

tregan wrote: »

only new to this card myself - got physical card in todays post. did visa debit card transfer no problem and that showed up straight away. did bank transfer so will wait and see how long that takes .... re your query - have you entered the address the same when applying for your revolut account as it appears on your bank statement where visa debit card from? think some one mentioned earlier if not the same can be a problem?

Yeah, the bank statement matches up with Revolut. I bank with Bank of Ireland. I put a call into them and they confirmed no issues on their side. Revolut are looking into it for me now.

What do people put in for the postcode?? I just put in "0"

killbillvol2 · 06-10-2015 5:18pm

millhousegirl wrote: »

Yeah, the bank statement matches up with Revolut. I bank with Bank of Ireland. I put a call into them and they confirmed no issues on their side. Revolut are looking into it for me now.

What do people put in for the postcode?? I just put in "0"

There's your problem I'd say. That's not your postcode. Everyone in Ireland has a postcode now so you should use that.

henke · 06-10-2015 6:55pm

killbillvol2 wrote:

There's your problem I'd say. That's not your postcode. Everyone in Ireland has a postcode now so you should use that.

I put in EIRE as the post code and it worked for me.

dmcg90 · 09-10-2015 7:44pm

Is it down for anyone else? I can't log in today, support keep not answering and then someone else saying hello.

Frustrating to a point of losing trust and leaving.

brian_gall85 · 09-10-2015 7:51pm

I topped up and used mine about an hour ago.

soirish · 09-10-2015 10:05pm

The card can also give you Netflix 1 month free if you register for a new account

msmx5 · 09-10-2015 11:55pm

dmcg90 wrote: »

Is it down for anyone else? .

No problems for me today, its been working fine.... have topped up with debit card before lunch and made two purchases in afternoon. All show up fine in the app. Have had no trouble logging in.

Aquos76 · 10-10-2015 12:03am

Fine for me also, atm withdrawal earlier today, POS transaction tonigh, and only just now transferred money from my debit card into my revolut account

killbillvol2 · 10-10-2015 2:50am

henke wrote: »

I put in EIRE as the post code and it worked for me.

henke wrote: »

Managed to successfully top up my card and tried ordering from mandmdirect.com but payment is not being authorised. Any ideas?

henke wrote: »

Topped up successfully with a visa. Tried to order online with the revolut card and it was declined. After getting onto support they tell me I used the incorrect cvc which I definitely didn't. Asked is the cvc listed in the app correct and now not getting a reply.

How did it work exactly?

Revolut - Ultracheap FX (prepaid Mastercard)

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