Revolut - Ultracheap FX (prepaid Mastercard)

Yggr of Asgard

Revolut withdraws application for a licence in Luxembourg and will concentrate on the Irish application instead

https://delano.lu/d/detail/news/revolut-drops-luxembourg-license-application/207687

Now however this the 2nd time they got into trouble with questions been raised during their application for a license.

First in Lithuania where questions about Russian connections came up and now in Luxembourg where their compliance was called into question.

And this quote from their finance minister, Pierre Gramegna is very bad (even it if it not naming Revolut):

According to my information, at least one major company that has recently applied for approval, would be flagged in its country of origin for non-compliance with existing regulations as well as for non-transparency.”

Let's see what the Irish Central Bank makes out of the application.

Meh, banking license or not isn’t going to make much difference to me. It’s already much better than what banks offer from a current account perspective.

Jeff2

Toby Angry Slammer wrote: »

Meh, banking license or not isn’t going to make much difference to me. It’s already much better than what banks offer from a current account perspective.

I think after Brexit they need a EU banking licence.?

Justin10

Quick question...im currently in America and when at a bar or restaurant they take your card and come back with the bill being paid.. You sign and indicate your tip amount.

The original amount has been taken from my account but the tip never is.

Its like they can't take the tip from the revolut account without the physical card, quite confused by the whole thing.

gwalk

Rochey18 wrote: »

Quick question...im currently in America and when at a bar or restaurant they take your card and come back with the bill being paid.. You sign and indicate your tip amount.

The original amount has been taken from my account but the tip never is.

Its like they can't take the tip from the revolut account without the physical card, quite confused by the whole thing.

they can, they will take a print of the card and take the tip off later, done it to me in NYC

I awalys try tip in cash where possible over there

Yggr of Asgard

Toby Angry Slammer wrote: »

Meh, banking license or not isn’t going to make much difference to me. It’s already much better than what banks offer from a current account perspective.

Should Revolut have to shut down over night for what ever reason (running out of money or emoney license suspended for example) you will think different when it takes weeks for you to get your money back.

Yggr of Asgard

Jeff2 wrote: »

I think after Brexit they need a EU banking licence.?

No, they will transfer the EU customers to another electronic money license they have in Lithuania.

The want a bank license to grow and offer more products and get better protection for customers and themselves.

There are several FinTech companies who made the move but Revolut has some trouble freeing it done.

Bummer1234

Mr.S wrote: »

Monzo in the UK hands loads of nice features that are unavailable to Revolut because of the license.

Whats the added features with a banking license/compared to monzo?

Dardania

Mr.S wrote: »

Credit mainly, short / long term loans, overdrafts.

Monzo also have a nice feature letting you get paid a day early.

They also have ISAs. Are these legal to open in Ireland (hypothetically speaking)?

gwalk

Revolut already offer credit facilities to UK accounts

my account is registered to my UK address and its on it

Yggr of Asgard

gwalk wrote: »

Revolut already offer credit facilities to UK accounts

my account is registered to my UK address and its on it

No, Revolut via their app allows you to easily apply for a loan from Lending Works, they are an intermediary not the lender, big difference.

Yggr of Asgard

Bummer1234 wrote: »

Whats the added features with a banking license/compared to monzo?

In case of a default of a bank you have the government stepping and and allowing relative quick access to any funds.

With a electronic money operator your funds should be help separately from operations funds but to get your money is more complicated and requires more time including you going after the funds held at the bank.

Wheety

Yggr of Asgard wrote: »

In case of a default of a bank you have the government stepping and and allowing relative quick access to any funds.

With a electronic money operator your funds should be help separately from operations funds but to get your money is more complicated and requires more time including you going after the funds held at the bank.

I think our money is held with Llyods. They are covered by the guarantee so that's where we would have to chase it.

Yggr of Asgard

Wheety wrote: »

I think our money is held with Llyods. They are covered by the guarantee so that's where we would have to chase it.

Exactly that is the risk with electronic money.

You would need to hope that the issuer has followed compliance requirements and separated your money from their operations accounts and not used it for something else.

And you can claim your money (if you have proof of the amount) from the bank where the funds are supposed to be held. But as those are not held individually (i.e. in your name) all claims would go against whatever funds are there.

Electronic money is always a risk, there is no guarantee as such.

Bank goes bust = government steps in and you get money fast
Electronic money issues go bust = we will find out sooner or later but it's more complicated

Holding electronic money is a risk and each person should make their own decision how much they are willing to store in such an institution.

thewheel2.0

gwalk wrote: »

they can, they will take a print of the card and take the tip off later, done it to me in NYC

I awalys try tip in cash where possible over there

Yeah, I treated myself to my first ever high end restarunt in NYC and felt obliged to leave the usual ~20% tip.

I thought I had gotten away with the hefty tip (and felt bad about it) but the transaction settled with the original amount plus the added tip after a few days.

Marlow

Left my wallet at home yesterday ....

Thank god for Revolut and Google Pay

/M

EverythingGood

Booked a flight with Ryanair tonight, ex Poland, came to 588PLN, which FR converted to €145.16 but Revolut gave me €135.36. Massive savings.

Marlow

I took out 200 GBP cash in an ATM in the UK. (I have Metal, so my monthly limit is 600 EUR)

The ATM wanted to take 242 something. I obviously opted for GBP. Revolut took 221 something.

21 quid in the difference ? are you joking ?

Massive savings.

/M

AlmightyCushion

Marlow wrote: »

I took out 200 GBP cash in an ATM in the UK. (I have Metal, so my monthly limit is 600 EUR)

The ATM wanted to take 242 something. I obviously opted for GBP. Revolut took 221 something.

21 quid in the difference ? are you joking ?

Massive savings.

/M

They're taking an additional 10% of the total transaction over what Revolut take. What an absolute rip off.

Yggr of Asgard

And for the 3rd day in a row "Our card processor is experiencing intermittent technical problems causing some card payments to decline."

At least the likes of Fire are sending out e-mails so that one know without constantly checking in the app if the card works.

Quackster

Yggr of Asgard wrote: »

And for the 3rd day in a row "Our card processor is experiencing intermittent technical problems causing some card payments to decline."

At least the likes of Fire are sending out e-mails so that one know without constantly checking in the app if the card works.

Only affecting Revolut MasterCards. Visas are fine. Shows the benefit of having both.

thelad95

Marlow wrote: »

I took out 200 GBP cash in an ATM in the UK. (I have Metal, so my monthly limit is 600 EUR)

The ATM wanted to take 242 something. I obviously opted for GBP. Revolut took 221 something.

21 quid in the difference ? are you joking ?

Massive savings.

/M

Color me confused but why didn't Revolut just deduct 200 GBP? Am I missing something?

The high horse brigade

thelad95 wrote: »

Color me confused but why didn't Revolut just deduct 200 GBP? Am I missing something?

Only if you have the full amount in sterling, obviously he didn't and it took it in Euro

gwalk

thelad95 wrote: »

Color me confused but why didn't Revolut just deduct 200 GBP? Am I missing something?

might not have had money in the sterling wallet

his card might be coded as a Euro Card so the ATM would recognise it as a foriegn transaction.

Bummer1234

thelad95 wrote: »

Color me confused but why didn't Revolut just deduct 200 GBP? Am I missing something?

User prob only had euros on card and nothing in gbp wallet...so done rate at time of purchase.

GhostyMcGhost

Yggr of Asgard wrote: »

And for the 3rd day in a row "Our card processor is experiencing intermittent technical problems causing some card payments to decline."

At least the likes of Fire are sending out e-mails so that one know without constantly checking in the app if the card works.

Curve Mastercard also the same so it seems very much like Mastercard problem....

Apart from notifying users

Yggr of Asgard

GhostyMcGhost wrote: »

Curve Mastercard also the same so it seems very much like Mastercard problem....

Apart from notifying users

GPS (the payment processor) had problems again, they have this frequent now again.

The Rev P card did work so it’s good to have one of those.

tv3tg4

Can you switch from Revolut MasterCard to Revolut Visa?

Does the Bus eireann website still not accept the card?

Marlow

thelad95 wrote: »

Color me confused but why didn't Revolut just deduct 200 GBP? Am I missing something?

The high horse brigade wrote: »

Only if you have the full amount in sterling, obviously he didn't and it took it in Euro

gwalk wrote: »

might not have had money in the sterling wallet

his card might be coded as a Euro Card so the ATM would recognise it as a foriegn transaction.

The ATM recognized the card as being a EUR card for whatever reason and offered the conversion, as per EU regulation.

I obviously declined the conversion of the ATM and let Revolut do the conversion from my EUR wallet. I rarely have anything in my GBP wallet, unless I know I will be spending GBP throughout a weekend. Otherwise I am happy with them doing the conversion.

Either way ... it shows how much some of the these ATM and credit card terminal processors rip one off. That was the point of my post. Anything else is inconsequential.

/M

Davy

This wont be an issue most of the time, but just highlighting that the transaction can be declined if you don't reset the limit in the app after the 'coming close' notification. Could be annoying at the till and not knowing why it was declined. This is a PSD2 reg and not a Revoult regulation.

From 14th September, new regulations come into effect across the European Economic Area, limiting the number of contactless card payments you can make before needing to verify the payment.

In short, you’ll be able to make up to €150 (or other currency equivalent) of contactless payments before you’re asked to either pay with Chip & PIN, or log into the app to verify the payment.



Here’s what will happen when you approach the contactless limit:

We’ll send a notification to your phone, letting you know that you’re approaching the contactless payments limit (if you’re a business customer, you’ll get an email)
At this point, you can either make your next payment via Chip & PIN, or tap on the notification and reset your limit from the Revolut app (you will need to enter your PIN, or using fingerprint/face ID)
You’ll then be able to make a further €150 (or other currency equivalent) of contactless payments until the next required ‘limit reset’
If you reach the limit without resetting, we’ll have to decline that payment, but we’ll send you another notification asking you to reset the contactless limit.

What’s included/not included
There are a couple of exceptions to these new rules. These include:

Apple Pay/Google Pay — These won’t count towards your contactless payment limit, so try and use this on contactless terminals instead of the card. Also consider topping up via Apple/Google Pay where you can
Unattended terminals — These include parking and travel ticket terminals, and won’t count towards your contactless payment limit