Revolut - Ultracheap FX (prepaid Mastercard)

mickoneill31

Wheety wrote: »

Banks will see the money going to Revolut when you top up and then ask you for statements from them too.

Did this happen to you?

I switched mortgages and I'm sure my bank saw my transactions to Revolut. They didn't mention it.

Creamy Goodness

mickoneill31 wrote: »

Did this happen to you?

I switched mortgages and I'm sure my bank saw my transactions to Revolut. They didn't mention it.

Got a mortgage there in September, I asked them about the likes of N26/Revolut when they went through my statements and they said it’s grand and they only ask for the statements if its large amounts and in irregular patterns. I didn’t push them further than this.

With regards to the 60-80c a month savings on revolut, even if it is only that it’s better in your pocket than the bank.

Dardania

mickmac76 wrote: »

Not sure if anyone would be able to answer this question but I'll ask anyways. I don't do any currency exchanges these days except buying ebooks on amazon for my kindle. Would it be worth getting a revolut card considering that I only spend about £25 sterling a month on amazon and I wouldn't use it for anything else. Any one have any ideas on how much I would save using the card for such small transactions.

I think there is merit in your case to check out Curve. They can do the currency conversion at mastercard rate (which is okay) and no need to set up an additional account.

The Ayatolla

I spend around 100-200 on foreign currency online orders per month so the saving is decent. Also for larger purchases like a TV or laptop on something like Amazon, you can save a fair chunk.

Also refunds speed, sending money to friends and the instant notifications are super handy. There's more to Revolut than just saving 50-60cent.

mickoneill31

troyzer wrote: »

Yeah. Bank of Ireland for example are selling at 87.3 and Revolut are at 89.9.

So with BOI, your £25 would cost €28.60 and with Revolut it would be €27.80.

It's not worth the 80c a month you save.

In mickmacs case he's only buying kindle books so if he sticks to that 100% forever it's only saving him a tenner a year, so €50 for the life of the average card (that's still worth it for me).
If he travels to a foreign currency country (like Northern Ireland) once he'll also be saving money.
He can take out €200 a month without any charge when abroad. There's another couple of quid. And obviously he can use the card while abroad without any fees.

I use mine quite a bit. I like being able to go onto some website, top up from my normal bank card by the amount needed (takes about 2 seconds) and then give them my virtual card number. Once the transaction happens I freeze the card (another 2 seconds). I have been caught a couple of times where something was a subscription rather than a once off fee. That's saved me quite a bit. Not applicable in mickmacs case obviously. Amazon aren't going to do that.

Wheety

mickoneill31 wrote: »

Did this happen to you?

I switched mortgages and I'm sure my bank saw my transactions to Revolut. They didn't mention it.

I already had my mortgage but I did see someone in here mention it but as stated above, it might be only if you're transferring large amounts to Revolut.

mickmac76

mickoneill31 wrote: »

In mickmacs case he's only buying kindle books so if he sticks to that 100% forever it's only saving him a tenner a year, so €50 for the life of the average card (that's still worth it for me).
If he travels to a foreign currency country (like Northern Ireland) once he'll also be saving money.
He can take out €200 a month without any charge when abroad. There's another couple of quid. And obviously he can use the card while abroad without any fees.

I use mine quite a bit. I like being able to go onto some website, top up from my normal bank card by the amount needed (takes about 2 seconds) and then give them my virtual card number. Once the transaction happens I freeze the card (another 2 seconds). I have been caught a couple of times where something was a subscription rather than a once off fee. That's saved me quite a bit. Not applicable in mickmacs case obviously. Amazon aren't going to do that.

Thanks for all the opinions so far. It's been very helpful. With regards to my mortgage as some people have mentioned I'm already got a tracker mortgage so I won't be switching mortgages so no worries there. And regarding foreign travel I'm permanently in a wheelchair so travel is very very rare in my case.

EagererBeaver

When you say "it's not worth it", what exactly isn't worth it? The 2/3 mins it takes to set up an account?

troyzer

EagererBeaver wrote: »

When you say "it's not worth it", what exactly isn't worth it? The 2/3 mins it takes to set up an account?

Transferring funds over for each purchase etc.

Wheety

troyzer wrote: »

Transferring funds over for each purchase etc.

Only takes seconds to top up. I'm not trying to convince you to sign up for purchasing on Amazon but it's very handy if you're travelling outside of the Eurozone.

I use it for my lunches too. Top it up once a week and use the contactless in the shops around me. Have the spare change function set up too so there's extra cash in my 'vault' if I ever need it.

killbillvol2

troyzer wrote: »

Transferring funds over for each purchase etc.

Etc. what? It takes a second to transfer funds. What's the etc?

Lucas Hood

And if its a set amount every single time you can set up an auto top up for that amount every time.

It doesn't cost anything no harm in signing up.

mickoneill31

troyzer wrote: »

Transferring funds over for each purchase etc.

Press the plus key.
Type the amount.
Press top up.

How long did that take you to read? It's actually quicker to do the top up.

And you don't have to only transfer the amount you need for one transaction. I only like doing that myself as I like the extra security of knowing that if the number or card was hacked there would be nothing on it.

troyzer

Lads, I use Revolut full time as my only Bank.

I'm not ****ting on it as a service, I just doubt it's worth getting set up for such low volume.

There's something to be said for the convenience of just having everything go through one card. I don't think it's worth saving 50-60c a month to give that up.

If the OP thinks it is the fair enough. Personally, I wouldn't bother.

The high horse brigade

troyzer wrote: »

Transferring funds over for each purchase etc.

1 click in the app and it's instant, it couldn't possibly be easier

iamtony

If you normal current account charges fees for using your card then you can use the revolut and avoid those 20cent charges plus the amazon stuff I say go for it it's a good card I don't see any down sides to having one it's not like there's a monthly subscription for a free account or anything.

jonaldinho

Im travelling to the US next month for a week and am deciding between an post fx card and a revolut card. Our plan was to put our spending money on the card and try to stick with that as much as possible. Which would be the best card for this kind of short term use? Apologies, this has probably been answered previously here but theres so many pages now I'd nearly be heading off by the time i finished the thread...

troyzer

jonaldinho wrote: »

Im travelling to the US next month for a week and am deciding between an post fx card and a revolut card. Our plan was to put our spending money on the card and try to stick with that as much as possible. Which would be the best card for this kind of short term use? Apologies, this has probably been answered previously here but theres so many pages now I'd nearly be heading off by the time i finished the thread...

Revolut is vastly superior.

jonaldinho

troyzer wrote: »

Revolut is vastly superior.

Is it much the same as the an post card? In that, Id be able to use it at ATMs, card machines etc?

troyzer

jonaldinho wrote: »

troyzer wrote: »

Revolut is vastly superior.

Is it much the same as the an post card? In that, Id be able to use it at ATMs, card machines etc?

Yes but the app is also much more powerful. You can check your balance easily and see the cost in euro and dollars.

You can also set budgets.

mickoneill31

jonaldinho wrote: »

Im travelling to the US next month for a week and am deciding between an post fx card and a revolut card. Our plan was to put our spending money on the card and try to stick with that as much as possible. Which would be the best card for this kind of short term use? Apologies, this has probably been answered previously here but theres so many pages now I'd nearly be heading off by the time i finished the thread...

I've no experience of Post FX.
But I've travelled with Revolut and can give you the main points.

No foreign currency fees on cc transactions.

You can withdraw €200 cash a month from ATMs without fees. Anything above this has a 2% fee so be aware of that. If your visit spans the end of a month then you can take €400 out fee free during your trip. Your normal bank probably charges more than 2% for a foreign currency transaction so it's not that bad even if you do get hit for 2%.

You can lock your card from the phone app. Do not forget to unlock this BEFORE you leave WiFi access. I've had times where I'm at an ATM with a locked card and no 3G / 4G access. You'll only really do this once

Once you use the card anywhere your phone app will notify you.

VERY easy to transfer funds to other Revolut users so get all of your travellers to apply for the card. You can transfer the €200 to another user in a second and get them to withdraw it at an ATM fee free.

You need to verify your identity. I'm not sure if this has to be done straight away or if you can use the card for a small amount without verification. Do it straight away. You don't want to be in the US and trying to figure out how to do this. It's not a big job.

jonaldinho

mickoneill31 wrote: »

I've no experience of Post FX.
But I've travelled with Revolut and can give you the main points.

No foreign currency fees on cc transactions.

You can withdraw €200 cash a month from ATMs without fees. Anything above this has a 2% fee so be aware of that. If your visit spans the end of a month then you can take €400 out fee free during your trip. Your normal bank probably charges more than 2% for a foreign currency transaction so it's not that bad even if you do get hit for 2%.

You can lock your card from the phone app. Do not forget to unlock this BEFORE you leave WiFi access. I've had times where I'm at an ATM with a locked card and no 3G / 4G access. You'll only really do this once

Once you use the card anywhere your phone app will notify you.

VERY easy to transfer funds to other Revolut users so get all of your travellers to apply for the card. You can transfer the €200 to another user in a second and get them to withdraw it at an ATM fee free.

You need to verify your identity. I'm not sure if this has to be done straight away or if you can use the card for a small amount without verification. Do it straight away. You don't want to be in the US and trying to figure out how to do this. It's not a big job.

Thanks for that - great synopsis and all the info I was looking for. Appreciate it!

iamtony

jonaldinho wrote: »

Thanks for that - great synopsis and all the info I was looking for. Appreciate it!

Personally I wouldn't have all my eggs in the one basket. I'd leave the money in a current account and transfer over roughly what I needed daily. Revolut has been know to go down a bit and it might not work for a few hours. So it's nice to have your normal card with you as a back up just incase. It's unlikely but I'm just sayin.

MickShamrock

Revolut are sending me messages on the app asking for my tax statement from 2015. Is this normal?

I've only put 20 euro on it.

Yggr of Asgard

MickShamrock wrote: »

Revolut are sending me messages on the app asking for my tax statement from 2015. Is this normal?

I've only put 20 euro on it.

You are not the only one who got messages about clarification of their tax residence with the request to provide proof by means of a document from the local tax authority. This has happened for several people across different countries.

A simple document from revenue showing your address and PPS should satisfy them, but before you go back, I would go back and ask them why they require it.

There would be several reasons, one is they don't believe you are an Irish Resident (and hence can avoid stamp duty due now) or they believe you are tax resident in a different country where the law requires them to report the account to the local authorities (like Germany).

MickShamrock

Yggr of Asgard wrote: »

You are not the only one who got messages about clarification of their tax residence with the request to provide proof by means of a document from the local tax authority. This has happened for several people across different countries.

A simple document from revenue showing your address and PPS should satisfy them, but before you go back, I would go back and ask them why they require it.

There would be several reasons, one is they don't believe you are an Irish Resident (and hence can avoid stamp duty due now) or they believe you are tax resident in a different country where the law requires them to report the account to the local authorities (like Germany).

I only signed up in December cause they were giving away the free physical cards and I said I would give it a try. This is how the conversion on chat has gone so far:

Hi there! We are currently reviewing your account and need you to confirm some information. Would you be so kind to provide me with a tax return statement for the year 2015? Many thanks!

Hi. Why do you require my tax return statement from 2015?

Hello Michael. As an Financial Conduct Authority authorised firm, Revolut is under certain obligations to process and retain certain data for compliance purposes. Please note that these requirements supersede any right to objection requests under applicable data protection laws. It helps us better understand your financial circumstances and behaviour so that we may make decisions about how we manage your Revolut Account.

Hi there! As part of our standard security measures and as a Financial Conduct Authority regulated firm, we may ask for additional information for verification purposes. This applies to all of our users and is necessary to fulfill our legal obligations. Could you kindly provide us with the details that we requested a few days ago? We need these within the next 7 days. If we don’t have the information by then, the access to your Revolut account will need to be restricted. Thank you for your understanding.

Yggr of Asgard

KYC (Know your customer) compliance from what they tell you there.

You might go back and ask if they accept some other proof of address like a bank statement and some other proof of Tax ID like you PPS card or a letter from revenue rather than your tax return (especially as 2015 return would be from October 2016, over 2 years ago).

It's quite unusual on a new account to ask for a tax return (if you had done loads of transfers they would use that for example as proof of funds) so you could go back as above and ask them.

They were in trouble recently for some account openings and high funds, and now that they are becoming a bank they are getting stricter.

Nothing unusual about confirming address/tax residency but a tax return is a little bit out of the order for a new account.

dollylama

Just in case anyone tries to use auto topup on their Leap Card with their Revolut account, the code that Leap send to verify your bank account for the direct debits does not display on Revolut and Revolut support can't see it either.

I ended up ringing Leap support (01 517 1528... they can't do it over email) and once I verified who I was, they were able to give me the verification code there and then which I need to complete the sign-up on the Leap website. The agent said the codes don't appear on a number of different banking systems so she was well familiar with the issue... and thankfully no questions about Revolut or the GB IBAN. AIB were charging me every time Leap debited my account so that's another little piece of business they've lost to Revolut

Dardania

dollylama wrote: »

Just in case anyone tries to use auto topup on their Leap Card with their Revolut account, the code that Leap send to verify your bank account for the direct debits does not display on Revolut and Revolut support can't see it either.

I ended up ringing Leap support (01 517 1528... they can't do it over email) and once I verified who I was, they were able to give me the verification code there and then which I need to complete the sign-up on the Leap website. The agent said the codes don't appear on a number of different banking systems so she was well familiar with the issue... and thankfully no questions about Revolut or the GB IBAN. AIB were charging me every time Leap debited my account so that's another little piece of business they've lost to Revolut

Very interesting to hear this - I'm screwing around with an iCard account at the moment, and they like to see a code in your sending bank account for topping up. I added my Revolut as a top up card to my iCard account, and it appears the verification code got mangled... so looks like it may in fact be an issue at the Revolut end, based on your similar experience.

Good to hear that Leap are respecting whatever EU directive about cross border payments, and not getting their knickers in their twist about it being a non Irish bank account.

Yggr of Asgard

Dardania wrote: »

Good to hear that Leap are respecting whatever EU directive about cross border payments, and not getting their knickers in their twist about it being a non Irish bank account.

Wow, this makes me smile.

It took only 2 years of constant complaining to the government and EU and the thread of the EU commission to fine Transport for Ireland significant money for them to get to this point.

But I'm happy to see that they now have this under controll.