Revolut Megathread.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120536126#Comment_120536126

No worries, the spiel from Revolut is that they give you the inter bank exchange rate without any fees generally. Other banks will typically charge a margin above that rate plus fees

You can go onto the MasterCard website and they have an exchange calculator, you can use this to get an idea of what the difference will be

Now tbh, unless you're exchanging thousands or doing a lot of currency transactions, the difference is probably a couple of euros for a whole holiday

However the ease of exchanging currency, plus the fact you can have a dollar account ready to go is pretty good IMO

the_amazing_raisin

https://www.boards.ie/discussion/comment/120536163#Comment_120536163

Correct, for me it wouldn't exchange from the euro account sometimes even though there was enough there

I have a feeling there was a setting I enabled recently to do that, probably worth poking around the app

AndrewJRenko

https://www.boards.ie/discussion/comment/120536167#Comment_120536167

I've had differences of a couple of euro on a single online purchase of €40-€50, so those differences can definitely add up.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120536291#Comment_120536291

True enough, holidays can be a bit lethal because you're making a lot of small transactions and paying the transaction fees every time with another bank

Now I'd say if you spent €1000 on a week away you'd probably be saving €50 by using Revolut to avoid the fees

It's far from nothing, but the €1000 spent on holiday is definitely the bigger impact 😉

And frankly I get annoyed by the idea of paying BOI or AIB or whoever for the privilege of spending my own money

beachhead

https://www.boards.ie/discussion/comment/120526575#Comment_120526575

You only pay for actual number of ATM withdrawals you make.The other banks are like Revoult-they do not take full amount if you make less transactions i.e. 5 or 10 or 20 or whatever number of times.The only difference is Revolut takes the 12 cent at each transaction.

walterking

Another story about poor customer service and €6,000 drained from someone's account and Revolut not doing anything.

https://www.irishtimes.com/your-money/2023/05/01/sinister-revolut-scam-sees-readers-account-drained-of-thousands/

Revolut simply is not suitable to be a main account for anyo9ne. Just far too many stories of scams and appalling customer service. Use it as a "holiday" card or for transferring to/from contacts, but I would be loath to leave more than a few hundred in the balance

AndrewJRenko

https://www.boards.ie/discussion/comment/120542764#Comment_120542764

Do you really not think the same issues arise with all card issuers? You forgot to mention that this was a business account. Are you not able to freeze a card via the app for a business account? I'm not sure why they'd be waiting to speak to Revolut on chat to freeze a card.

I use Revolut as my main account, but I certainly wouldn't have €6k sitting in my account. Salary goes in, bills get paid, rare enough to have more than €1k in the account overnight. It's so easy to move funds back and forth from a separate savings account, credit union in my case.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120542764#Comment_120542764

I'm not really seeing how this was any different to a scam on another bank. As far as I can tell from the article there wasn't anything the bank could do to freeze the transactions.

Just because you can go into BOI or AIB doesn't mean you'd get anything more useful. In fact you'd be just as stuck because the bank branches are closed at the weekend

I agree Revolut isn't suitable for everyone, but I don't see how it's any more vulnerable than other banks

optiplexgx270

https://www.boards.ie/discussion/comment/120542764#Comment_120542764

I use them as my salary and every day account. But i have to say their support is appalling. Visa protects you to a far higher standard than Revolut and their service agents are not as poorly trained as the Revolut support scripted answer drop down drones.

Thanks to this post it got me thinking that I do leave too much in the main account for a period each month. If my card was compromised then you can basically write off this amount as has been seen Revolut will do nothing for you as the scammers drain the account other than tell you that you're a liar.

I've now setup a pocket to pull reoccurring charges from. I then fund this the day after the salary drop. This at least limits the floating cash in the main account in the event of a scam occurring and they wont get as much as they potentially could have.

the_amazing_raisin

https://www.boards.ie/discussion/comment/120542994#Comment_120542994

I practice a similar idea by living in borderline poverty all the time 😭

Jokes aside, I've never really gotten the idea behind people having tons of cash in their current account. I get the idea of having €100 or so just to cover any purchases when you might not be able to open the app

But I've heard of folks keeping several thousand in their account. Why? Are they suddenly going to decide to buy a MacBook or something

I'll concede in this case the customer was a business who may have different requirements for having cash on hand

I'm still not seeing any evidence from the article that they engaged with Visa or AliExpress to try and get the transactions cancelled. If Revolut couldn't do anything then personally I'd be chasing every avenue I could

Sheep Shagger

https://www.boards.ie/discussion/comment/120542764#Comment_120542764

The Irish times is constantly printing stories about Revolut and fraud but never cover legacy Irish banks as much...

I never understand why if someone sees a dodgy transaction in their Revolut app, why they don't move all of their balance to a vault until the dust had settled / card replaced etc.

You can't debit money if the account balance is short.

padair

Has anyone had issues receiving money using the new Irish IBANs?

Creamy Goodness

The stories in the papers about fraud are quite disingenuous. Yes fraud happens with every bank, but what they fail to mention just how's atrocious the fraud support on revolut's side is. I've had two recent fraud cases in my family.

Wife's AIB card was cloned, they racked up €600 of charges before a fraud rule kicked in. they rang her and informed her that she'd have a new card printed and delivered by the end of the week, the €600 will take 3-5 working days and she can use Apple Pay in the mean time.

Brother's Revolut card was hit at the Best/Worst possible time, a day after he was paid. They got a single €850 transaction done, he went in a froze the card, got on to support, this happened 7 weeks ago and he's still waiting on money to be returned and he's on to support daily.

So yeah everyone/every bank is susceptible to fraud, but the new banks leave a lot to be desired in terms of support when **** hits the fan. There's lots of good practices you can do to avoid this (i.e. leave the bare minimum in accounts with cards attached, spend on credit cards and pay off in full every month etc.) but how a bank reacts and manages the path forward really helps.

https://www.boards.ie/discussion/comment/120545253#Comment_120545253

No, did a SEPA transfer from PayPal over the weekend and it arrived this morning like I'd expect.

Gooser14

https://www.boards.ie/discussion/comment/120545253#Comment_120545253

Done a transfer to BoI at 7:30 am today & it is showing as pending "leaving for recipient bank". It's normally in my BoI account within 3 hours even using the new Irish IBAN.

tylercheribini

Response letter from AIB I received today regarding credit card bill payment issues from Revolut accounts.

IMG_20230502_132814.jpg

Rotary939

https://www.boards.ie/discussion/comment/120545253#Comment_120545253

yes, salary payment bounced back last week. See my post on previous page.

pete6296

Hi. Still have outstanding issue with funds from my revolut not reaching beneficiary bank. Provided bank statement from beneficiary bank showing evidence its not there. Still not good enough for revolut. Now they are demanding written statement from boi stating it is not there. Spoke with boi today and they do not provide this whatsoever. Revolut now are not willing to help me whatsoever. My funds are not returned and I am extremely concerned at this stage

tylercheribini

https://www.boards.ie/discussion/comment/120547520#Comment_120547520

Yea, I got the same response from them regarding payment of AIB credit card bill. Said I needed to provide a bank statement of receiver which I obviously cant as its an AIB account for everyones credit card payment. I dont see how people would generally have the bank statements of people etc they are sending money too.

Gooser14

https://www.boards.ie/discussion/comment/120545943#Comment_120545943

Money was successfuly transferred by Revolut at 12:36 pm, almost 5 hrs after initiation. It normally takes about 3 hrs. The money has been credited to my BoI account. A second transfer today was completed in 90 minutes.

optiplexgx270

https://www.boards.ie/discussion/comment/120547644#Comment_120547644

Got the same nonsense from them and I flat out said no. I have asked them to tell me for 3 failed transactions what the end-to-end-id sent is.

They asked for the 3rd parties statement (AIB holding account) which they clearly do not need to tell me the end-to-end-id which they dont seem to want to do.

They seem clueless about AIB being in contact with them and them "working on a fix". Big disconnect in terms of communications right there.

Stuck in a loop with them and their script responses. Useless service from them to be honest. Makes me think maybe AIB well deserve the 4.50 a quarter fees 😄

Tow

I hope you lot are all making 'formal complaints" and looking for 'final response letters' from them. Anything else is just wasting your time.

G_R

https://www.boards.ie/discussion/comment/120547746#Comment_120547746

Yeah I got really frustrated talking to them on chat, going around in absolute circles. I just told them to forget it and I logged a formal complaint instead. It's the only way they'll take it seriously.

Absolutely confirmed to me that I couldn't be reliant on them for all of my banking. The AIB staff in fairness to them did make themselves very available and were willing to at least look into it.

feargantae

I know this is more a BOI question than Rev but anyone know if the Bank of Ireland card that replaced the KBC credit card treats Revolut top ups as a cash advance or is it free?

I was paying the €30 stamp duty on the card and somehow, in my tiredness, entered €300 by mistake

walterking

https://www.boards.ie/discussion/comment/120542994#Comment_120542994

Aib and boi offer basic accounts with no quarterly fees. And you can open them online.

I think these days you need a second account especially if you use Revolut as a main account.

I have Bunq, Aib basic and Revolut. But Revolut are simply for transactions when in the UK or Poland as my own experience with them on a simple issue was dreadful.

optiplexgx270

https://www.boards.ie/discussion/comment/120548155#Comment_120548155

1 formal complaint with AIB with final letter posted above the other day.

2 with Revolut 1 closed saying not their fault before AIB found the issue where Revolut are not sending them the fields as expected. Got a refund of 2 months metal charges for that one but be better if they actually looked into the issue and not just focused on closing out cases.

Opened a second one with Revolut but heard nothing about that one yet.

I'm currently sending money from Revolut to PTSB account and paying through credit card from there. Have EBS and N26 as well for backups.

I think N26 is a better card when traveling.

Jeff2

https://www.boards.ie/discussion/comment/120542764#Comment_120542764

Few odd things here. The person that owns the business was contacted by colleague on a Saturday about the fraud. That person just happened to be logged into the account at the time.

I think since early last year you can login to Revolut account on computer so maybe they were using a PC for the account.

How many people had access to the account I wonder.?

This would not effect most people using Revolut on their phone is my thinking.

pete6296

I have logged 2 formal complaints and both responses are that revolut cannot do anything till beneficiary bank which is boi provide a written confirmation of funds not received. Boi stated they do not provide this so now I am stuck. Financial ombudsman cannot help either

tylercheribini

https://www.boards.ie/discussion/comment/120548574#Comment_120548574

Yea cant see it being sorted tbh. Ill just have to go back to trudging into post office weekly again,pain in the a** An Post won't even accept Revolut contactless payment either.

walterking

https://www.boards.ie/discussion/comment/120548495#Comment_120548495

I think the issue is that the Revolut systems did not flag this after the first transaction or the 2nd one. This would have happened with most of the banks.

Ulster bank were always very proactive and used geolocation in their security systems - so spending in a store many thousands of miles from a recent location would raise an immediate