Revolut Megathread.

Mortelaro

msmx5 wrote: »

Irish banks normally have a daily cash withdrawal limit on a debit card... often in the region of €500 - €1000 depending on your bank (this is different to the transaction limit imposed by ATMs)

Any Revolut top-ups from a Debit card may now count towards this daily limit, in the past they were treated as "purchases" rather than "cash advances" so didn't.

If you need to top up by an amount higher than your daily debit card cash limit you will now need to split it over multiple days OR transfer the larger amount to your Revolut IBAN which will not be as quick as a debit card top up. I'm sure Revolut resisted this change as long as they could but their hand was forced by MC (presumably under pressure from traditional banks).

Revolut absolutely should have communicated this change to customers and also posted warnings for the first few Credit cards top-ups after the change.

Only noticed this today
I use avantcard to top up revolut if buying on amazon or any foreign currency
My debit card is a business account which incurs a fee when topping up,a fee in revolut itself
So it made sense to just top up with Avant and pay avant from my debit card
Now Avant seems to be charging a min of €2.50 per top up and treating the amount as a cash advance

So I wont be doing that anymore

Is it just Avant or are all credit cards treating revolut as a cash advance now?

msmx5

Mortelaro wrote: »

Is it just Avant or are all credit cards treating revolut as a cash advance now?

Its all credit cards. Its mentioned further up the thread - Revolut have changed, due to pressure from Mastercard, how they code debit/credit card top-ups so they no longer appear as purchases but are instead cash advances which often incur fees depending on your bank/issuer.

msmx5

msmx5 wrote: »

Its all credit cards. Its mentioned further up the thread - Revolut have changed, due to pressure from Mastercard, how they code debit/credit card top-ups so they no longer appear as purchases but are instead cash advances which often incur fees depending on your bank/issuer.

Why is it bothering MasterCard I wonder? Is a transaction to Revolut not the same to MasterCard as a transaction to amazon for the same amount? The banks are losing out more than MasterCard as they don’t get currency conversion fees.

I’m still waiting to see if my KBC card has been included I made transactions after the change according to this thread (not sure what date it actually kicked in). But won’t know until I get my online statement.

Quackster

Claire Shaggy Denim wrote: »

Why is it bothering MasterCard I wonder? Is a transaction to Revolut not the same to MasterCard as a transaction to amazon for the same amount? The banks are losing out more than MasterCard as they don’t get currency conversion fees.

MasterCard's major shareholders & customers, AKA the traditional bricks-and-mortar banks, have likely been pressurising MasterCard into making this change. I'm just surprised it hasn't happened until now.

jimmycrackcorm

Yggr of Asgard wrote: »

Nobody does force you to use an electronic money issuer for your banking.

As it has been said multiple times in this thread they are not a bank and hence certain standards do not apply.

In fact they could tomorrow just close shop and than stop issuing electronic money to you or decide that your electronic money is now only worth 10%. Perfectly legal and when you use them it’s a risk you have to accept.

In addition again as it has been said in this thread multiple times one way they earn their money with your data unless you have opted out of data analytics.

But even as electronic money issuer they have to comply with ever more anti money laundering rules and the lax approach they had in the past caused them multiple issue and even a possible license in Luxembourg.

Anybody that has their account frozen has different reasons from valid concerns to the AI overreacting (like for me) but there is a clear way to redress this they can take.

And in the time it took you to write your post you could have filled out the complaint form and have them give you a reason for their action.

Revolut has advantages and disadvantages and if you use them you need to research and than make a judgement call if the savings and functions are worth it or not.

I moved on as my bank now has most of the same advantages as Revolut and the savings on the exchange rate are minimal compared to the risk for my spending pattern.

You're information is inaccurate. Revolut are regulated by the FCA so they cannot devalue your funds or such like.

As an aside, it's brilliant fit splitting payments between friends or add an instant payment transfer. And I don't know what bank will allow you free charges when you use your card abroad in a non euro capacity.

Got my credit card statement today, my KBC credit card top up on 28 Jan was treated as an online transaction and not a cash advance as happened to many here topping up with a credit card. Only thing is I’m not sure when this change by Revolut actually happened so did it happen before the 28th and so are KBC credit cards still good for free top ups it was it after the 28th Revolut made the change?

AlmightyCushion

Claire Shaggy Denim wrote: »

Got my credit card statement today, my KBC credit card top up on 28 Jan was treated as an online transaction and not a cash advance as happened to many here topping up with a credit card. Only thing is I’m not sure when this change by Revolut actually happened so did it happen before the 28th and so are KBC credit cards still good for free top ups it was it after the 28th Revolut made the change?

Do you have the KBC app? Surely the charges will show up there?

AlmightyCushion

AlmightyCushion wrote: »

Do you have the KBC app? Surely the charges will show up there?

Neither the app nor my statement indicate I was charged for a cash advance so it looks like it was still considered an online transaction. I wasn't confident until my online statement was issued as Ive seen delays in applying charges before.

The only unknown was when revolut actually made the change to their system which has made some credit card see topping up revolut as a cash advance and if my last top up was before or after this. Its very handy sticking 1k into revolut and then just moving it back every month in order to max out my kbc cash back of a 10er for online transactions.

BohsCeltic

Done a bank transfer on Friday, hasn't arrived. Last week it took about 7 hours.

Edit. It's in now.

Gooser14

Claire Shaggy Denim wrote: »

Got my credit card statement today, my KBC credit card top up on 28 Jan was treated as an online transaction and not a cash advance as happened to many here topping up with a credit card. Only thing is I’m not sure when this change by Revolut actually happened so did it happen before the 28th and so are KBC credit cards still good for free top ups it was it after the 28th Revolut made the change?

Surely it would be the Credit Card company that made the change and not Revolut. I haven't seen anything from Revolut about making a change.

Johnny Sausage

Gooser14 wrote: »

Surely it would be the Credit Card company that made the change and not Revolut. I haven't seen anything from Revolut about making a change.

Revolut changed their merchant code, theres a few posts about it in this thread sure

Wheety

I'm sure someone has experience of this. My wife was out in November with friends in a hotel bar. She tried to pay with her Revolut card. It didn't work and she paid with another method.

On the original payment it says 'reverted' and the amount is crossed out.

In January the amount was taken with the message 'Delayed transaction from 22 Nov'

Anyone have this?

Wheety

Wheety wrote: »

I'm sure someone has experience of this. My wife was out in November with friends in a hotel bar. She tried to pay with her Revolut card. It didn't work and she paid with another method.

On the original payment it says 'reverted' and the amount is crossed out.

In January the amount was taken with the message 'Delayed transaction from 22 Nov'

Anyone have this?

I had this in Nov but I didn’t pay with a different method, the transaction went though in Revolut but was reverted later that night and was only taken again a few weeks ago.

5star02707

Wheety wrote: »

I'm sure someone has experience of this. My wife was out in November with friends in a hotel bar. She tried to pay with her Revolut card. It didn't work and she paid with another method.

On the original payment it says 'reverted' and the amount is crossed out.

In January the amount was taken with the message 'Delayed transaction from 22 Nov'

Anyone have this?

Same, happened to me bought something in the UK last Nov was reverted then just last week money was taken again as delayed payment

Wheety

5star02707 wrote: »

Same, happened to me bought something in the UK last Nov was reverted then just last week money was taken again as delayed payment

So you only paid the once? She thinks she paid with another method and then is being charged again.

Maybe it did go through at the time.

Johnny Sausage

Mr.S wrote: »

Does Premium get around the FX transfer limits?

I want to transfer about 20k via Revolut to my Irish account to avoid banking fees, but seems this would be charged extra via the standard Revolut plan?

yeah, but you may be asked to declare the source of funds if you're depositing a large amount

Revolut Premium

leck

Have had Revolut for a while but not used much except for Netflix and occasional online purchases, mostly on Amazon.

I have a USD account at Chase with an associated Visa credit card. I did a few topups to Revolut in USS last year from that Visa card. The last one was $40 for which Chase charged $0.74 (1.85%) in fees.

Just checking my Visa account tonight. On 20 Jan 2020, I did two top-ups to Revolut -- $20 (charged at 20.37) and $120 (charged at 122.21). The following day Visa charged $20 in bank fees - as two $10 charges. Since I hadn't used the Visa card at all otherwise since September, I presume these charges were for the transfers to Revolut. Seems a bit harsh.

Did this happen because the topup was in dollars or what?

Johnny Sausage

leck wrote: »

Snip

Did you top up your revolut Euro account with Dollars?

Yggr of Asgard

leck wrote: »

Did this happen because the topup was in dollars or what?

Nope, this is Chase charging you for your cash advance you took by topping up revolut.

The merchant code that revolut was forced to change to is seen as cash advance.

Hence your top us now occurs appropriate cash advance charges and cash APR.

Creamy Goodness

tried to search but to no avail, can you top up Revolut with a virtual prepaid Mastercard? I've been given a few of them in different denominations 10, 10, 25, 25 etc. and it'll be a royal pain to have to spend them without being able to consolidate them? I tried adding them to Revolut but it failed, I tried sending a Revolut payment link to myself and it failed. Any other suggestions?

Gooser14

Has anybody been charged for topping up Revolut from a BoI (Mastercard) Credit Card recently?

6541

Gooser14 wrote: »

Has anybody been charged for topping up Revolut from a BoI (Mastercard) Credit Card recently?

This is what I use and no charge so far.

msmx5

Gooser14 wrote: »

Has anybody been charged for topping up Revolut from a BoI (Mastercard) Credit Card recently?

6541 wrote: »

This is what I use and no charge so far.

BEWARE it is very likely that BOI (and other credit card issuers) WILL charge you cash advance fees and possibly interest on Revolut Top ups in future. Read back a few pages in this thread its all explained, not Revolut's fault but I do think they should have (and still should) inform customers of this change.

bennyx_o

Creamy Goodness wrote: »

tried to search but to no avail, can you top up Revolut with a virtual prepaid Mastercard?

I've tried it once or twice with a prepaid card but it.didnt work. There's a way to use PayPal to get the funds to your bank account but not sure how it works

leck

Johnny Sausage wrote: »

Did you top up your revolut Euro account with Dollars?

I have two separate accounts on Revolut - one for USD, one for Euro.

The topup went into the USD account. Later that day I exchanged $100 for euros within Revolut, but didn't have anything to do directly with Chase.

leck

Yggr of Asgard wrote: »

Nope, this is Chase charging you for your cash advance you took by topping up revolut.

The merchant code that revolut was forced to change to is seen as cash advance.

Hence your top us now occurs appropriate cash advance charges and cash APR.

Oh no :mad:.

If I'd withdrawn $400 and paid $10 as a cash advance fee, it wouldn't be so bad, but being charged $10 on a $20 cash advance it ridiculous.

I wanted to withdraw more money but higher amounts were declined.

I've never transferred money from Chase checking to Revolut. Is it possible to do that? and would the same cash advance fees apply?

tenreds

Quick question, my son son is going on holiday for a week in France, and I’m giving him my card so I can transfer some spending money day to day so he doesn’t have to carry cash with him, is there anything I need to do to make sure the card works for him

tenreds

Quick question, my son son is going on holiday for a week in France, and I’m giving him my card so I can transfer some spending money day to day so he doesn’t have to carry cash with him, is there anything I need to do to make sure the card works for him

Johnny Sausage

tenreds wrote: »

Quick question, my son son is going on holiday for a week in France, and I’m giving him my card so I can transfer some spending money day to day so he doesn’t have to carry cash with him, is there anything I need to do to make sure the card works for him

Turn off the location security, and atm withdrawals too and contactless payments also in case he loses it

tenreds

Johnny Sausage wrote: »

Turn off the location security, and atm withdrawals too and contactless payments also in case he loses it

Won’t be much money on it I’ll just top it up each day for him, but if loses it I will turn them off,thanks