Revolut Current Account

epopnomis

I see revolut have started to offer a sterling current account, might be handy for anyone buying cars in the UK, can't find any information on limits though. Anyone else find out the limit for bank transfer, says on on the page that bank transfers should only take a few hrs...
http://revolutapp.tumblr.com/

davidom2513

Do we need to be UK residents?

errlloyd

davidom2513 wrote: »

Do we need to be UK residents?

No, I believe the new EU banking regulations specifically allow any EU member to have a current account with any bank in an EU member state.

I also haven't had time to scan the T&Cs of it, but if it is anything like Revolut's other products there are no fees.

degsie

UK will not be part of the EU going forward.

errlloyd

degsie wrote: »

UK will not be part of the EU going forward.

That's a minimum of 2 years away, and it is one the regulations they aren't particularly likely to get rid of. (Why would they try and ban Europeans holding money in UK current accounts, where a UK registered Fintech bank can earn interest off the deposits)

davidom2513

I got my current account on Revolut. And there are 3 different currecny options. For Eur, GBP and USD.

Are transfers converted and held in GBP once its transferred to the bank account? Or if I transfer USD, is it held in the bank in USD?? Since there are 3 different currency options.

So I could potentially transfer USD to the Revolut current account, and then transfer the USD to a US bank account, while avoiding bank fees. That would be great

epopnomis

I would think that once the money is in the currency it should be readily transferable to another bank account with the same currency. Have't had time to pick the bones on this yet but if anyone has a spare few minutes the support people on the app use IM and they tend to get back with all the info quick enough.

davidom2513

epopnomis wrote: »

I would think that once the money is in the currency it should be readily transferable to another bank account with the same currency. Have't had time to pick the bones on this yet but if anyone has a spare few minutes the support people on the app use IM and they tend to get back with all the info quick enough.

I messaged them on support section of the app, and the robot Rita answers and gives non related answers, but eventually transferred me to a live agent.

He said only GBP accounts right now. But USD and EUR accounts soon.

Transfers to international accounts are free up to £5000 a month. And then 0.5% thereafter

FAQ on current accounts here: https://revolut.com/faq/gettingstarted.php?cat_id=4&cat_name=Top%20Up#parentVerticalTab7

Cerdito

I bank with KBC. Got a sterling cheque as a present last year and had no way of lodging it. KBC advised me to open a current account with another bank to lodge it!

Anyway, I was briefly hopeful that having the GBP account with Revolut (that seems to be provided by Barclays Bank) would mean that this function would be available. Alas, support confirmed not.

Yggr of Asgard

I would not call these current accounts with the limitations and current bugs.

This is little more at the moment than a way to load the Revolut £ wallet via easier bank transfer as you don't need the reference number anymore. Yes you get an individual account number and sort code which is 23-69-72 with Barclays, provided to Revolut by Prepay Technologies Ltd. Same company that is providing this to other companies since years.

Yes you can receive money into that account from 3rd parties so that's a nice addition.

Also making £ payments to UK bank accounts is now faster, as the transfer out is now done via Faster Payment instead of via Currency Cloud as previous, but there seams to be a bug right now in which the payment reference is not transmitted and rather replaced with REVOLUT and the sort code of the sending account changed to 20-03-53 (Barclays Bank Leicester), that might create problems if the receivers requires a reference.

The account also does not allow direct debits/standing orders.

All this is, is a dedicated account number to load funds onto your Revolut £ wallet, not really a current account. Big word for something other card providers have since years.

Now once they offer this in other currencies or introduce real account features (like direct debits) it might be interesting.

This clearly aims to take customers from Monese (who charge a monthly fee) but right now it's not really a bank account.

68 lost souls

Cerdito wrote: »

I bank with KBC. Got a sterling cheque as a present last year and had no way of lodging it. KBC advised me to open a current account with another bank to lodge it!

Anyway, I was briefly hopeful that having the GBP account with Revolut (that seems to be provided by Barclays Bank) would mean that this function would be available. Alas, support confirmed not.

Cheques have a 6 month limit normally be careful you don't I've Over run it

Yggr of Asgard

Cerdito wrote: »

Anyway, I was briefly hopeful that having the GBP account with Revolut (that seems to be provided by Barclays Bank) would mean that this function would be available. Alas, support confirmed not.

It's actually not Barclays direct either, even if some sort code checkers say it is.

It's Prepay Technologies LTD and they are not eligible for Cheque & Credit Clearing so slim change them offering it via Revolut.

This is not Revolut finally using their bank license, they sourced this to Prepay Technologies who provide similar services to other card issuers.

lucast2007us

Yggr of Asgard wrote:

Yes you can receive money into that account from 3rd parties so that's a nice addition.

Could I send my PayPal balance to the account for example? Or would PayPal not recognise it as a legitimate bank?

Yggr of Asgard

lucast2007us wrote: »

Could I send my PayPal balance to the account for example? Or would PayPal not recognise it as a legitimate bank?

It's a legitimate bank in the sense that they are a financial services organization and they have a sort code.

You should have no problems withdrawing your money from your UK PayPal account to it. Just make sure you use your own account/sortcode from the App (i.e. the on the £ tab showing your name).

Just be all aware, that your money is not covered by the UK bank guarantee, it's still only e-money.

valor

Can you open the current account with Revolut if you dont have a UK registered address? I dont see the option to add it?

Yggr of Asgard

The features was taken away for Non-UK residents in a recent update.

bromley52

Yggr of Asgard wrote: »

The features was taken away for Non-UK residents in a recent update.

Anyone who got the current account before the update still has it.

Danny2580

Has anyone had success withdrawing sterling from paypal to a Revolut sterling current account? Or indeed connecting a revolut account to paypal?

bromley52

Danny2580 wrote: »

Has anyone had success withdrawing sterling from paypal to a Revolut sterling current account? Or indeed connecting a revolut account to paypal?

My Revolut is linked with my PayPal a/c and I have used it to pay for good in pounds. I'v never tried withdrawing to it though.

phunkadelic

Danny2580 wrote: »

Has anyone had success withdrawing sterling from paypal to a Revolut sterling current account? Or indeed connecting a revolut account to paypal?

They seem to use a shared sterling bank account for all users, so you need to use your own unique reference, so they can tell who it's intended recipient is.
If I try to add it to paypal (to withdraw from paypal), it checks the IBAN and tells me it has already been linked to an account.

Quackster

phunkadelic wrote: »

They seem to use a shared sterling bank account for all users, so you need to use your own unique reference, so they can tell who it's intended recipient is.
If I try to add it to paypal (to withdraw from paypal), it checks the IBAN and tells me it has already been linked to an account.

You need to activate your own unique UK account number within the Revolut app and then you can withdraw sterling to Revolut from a UK PayPal account.

It won't work for withdrawing euro from an Irish PayPal account though as the Revolut individual euro account numbers are Lithuanian and PayPal IE doesn't support withdrawing to Lithuanian accounts.

phunkadelic

Quackster wrote: »

You need to activate your own unique UK account number within the Revolut app and then you can withdraw sterling to Revolut from a UK PayPal account.

It won't work for withdrawing euro from an Irish PayPal account though as the Revolut individual euro account numbers are Lithuanian and PayPal IE doesn't support withdrawing to Lithuanian accounts.

Paypal requires an IBAN, but my own UK revolut account doesn't have one, it's listed as 'local'. The account with the IBAN listed is the generic shared account.

Doodah7

I'm sure a bargain will be along any minute in this thread...

Xzen

tallpaul wrote: »

I'm sure a bargain will be along any minute in this thread...

A bank account without any quarterly nor annual fees. An account that issues both a virtual and physical credit/debit card without any Irish government levy annually. Free transfers between accounts, accept payments (just like Paypal) without fees. Free or very significantly discounted currency conversion and live matching market rates every second.

Sounds like a bargain to me

Yggr of Asgard

Just that it is not a bank account.

It's a virtual account number linked to your revolut wallet (electronic money), you can't do anything than sending/receiving funds onto that number, no direct debit etc.

In addition on the revolut card you have Irish stamp duty if you ever use an ATM in the republic.

This really should be part of the http://www.boards.ie/vbulletin/showthread.php?t=2057481488 thread about revolut.

timple23

Has anyone here been using the Current Account? Thinking of opening one but looking for second opinions.

Fingers Mcginty

has anyone tried transferring money from revolut back to personal their own personal bank a/c?

Fingers Mcginty

OK i got it sorted. Not easy but doable. Basically when you try to send money to yourself you would think that you set yourself up as a beneficiary but that doesn't work. You have to select "other a/c" instead of "myself" ...it's a great app but a little buggy sometimes.

Johnny Drama_11

Anyone using this to buy crypto currency?

Red Silurian

Johnny Drama_11 wrote: »

Anyone using this to buy crypto currency?

Bought about 10 quid, cashed out when it went up to about €10.60... I'm not a good investor...

11214

Johnny Drama_11 wrote: »

Anyone using this to buy crypto currency?

I am, I'm sure this crypto stuff is going to take off soon.





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