Revolut Megathread.

optiplexgx270

https://www.boards.ie/discussion/comment/121143370#Comment_121143370

I have savings standing orders to AIB and PTSB monthly from a pocket.

Coolaboy

Hi Folks.

My revolut app will not let me close one of the U18 accounts. My son is now 18 yrs. Message keeps coming back " Were sorry, something has gone wrong. Please try late" Any advice. Any funds Funds have been returned from his account to mine.

Qrt

https://www.boards.ie/discussion/comment/121141857#Comment_121141857

very strange, maybe something has been flagged with revolut and past experiences with attempted money laundering, or maybe they only accept irish cards? either way it's intriguing

the_amazing_raisin

https://www.boards.ie/discussion/comment/121142380#Comment_121142380

From what I can tell, An Post use Western Union for money orders and it looks like Western Union payments are a bit unreliable with Revolut

https://community.revolut.com/t/western-union-cant-send-using-revolut/220805

Were you using a disposable virtual card? There seems to be something about WU that makes that fail

In general given the number of scams which request payments through WU, it's likely Revolut would flag it for extra verification. You might have gotten a pop up on your phone, but sometimes the notification arrives too late

bren2001

https://www.boards.ie/discussion/comment/121152226#Comment_121152226

It was a virtual card but not disposable. There was no notification and there's no record of the attempt on my Revolut.

I had another card so I didn't really care but thought it might interest people here.

Henry Ford III

Trying to top up my Revolut card from AIB. Keeps getting declined. I even changed to Google Pay as the funding source with the same result.

Any suggestions?

Lynnington3

Hi folks , we are travelling to Denmark from Dublin this week. We haven’t looked into getting any foreign currency as have heard it’s mainly cashless (in Copenhagen anyway). I have Revolut but have not used it abroad yet. What are the foreign tx fees like and how will I get the best out of my card over there?

thanks in advance.

Dodge

No fees for the first €1000 each month

1% after that. Free if you have one of the premium plans

Change some money now into DKK if your trip is next month

CelticRambler

https://www.boards.ie/discussion/comment/121154299#Comment_121154299

You'll get the best use out of it by not using it to make currency transfers at the weekend, when there's an extra margin built in on the exchange rate. As advised by Dodge above, start building up your DKK balance straight away, and exchange as much as you can - you can always convert it back to EUR after your trip.

positron

https://www.boards.ie/discussion/comment/121137704#Comment_121137704

An update, just in case if anyone else is considering Revolut for car insurance.

We (10+ years driving, 6+ years no claims, same with the named driver) got a quote of ~€300 from Revolut. But when you go to actually buy it, the excess is set to a whopping €600. Bringing it down adds €20 or so to the quote. And Breakdown Assitance is another €20 add-on.

Out of curiousity, I got a quote from AIG (which revolut is reselling) and it was just the €300, with 0 excess and breakdown assistance included!! Revolut ya bunch of chancers!!

Needless to say I went with AIG directly (and paid with Revolut card, because why not).

the_amazing_raisin

So I thought I'd give folks an overview of getting a loan from Revolut and how it goes

First off, don't get into debt if you can avoid it

Second, the application process is very straightforward, almost terrifyingly so. Everything is done through the app, and you need a Revolut account to get the loan

Once you start the application they'll go and do all the credit checks which are automated it seems. Apparently they weren't a fan of something in my history because they hit me with a 9% APR 😭

For context, I've never been in arrears with any loans or credit cards so not sure what caused that. I just gritted my teeth and moved on, I'm only planning to have the loan for 6 months

I had to upload some documents which was pretty straightforward, again the checks were automated. Then the loan agreement is generated and you go through it, enter your name to say you've read them and the money gets deposited into you account

You can exit the screen at any point and it'll automatically pause the application, which is pretty convenient

Once the money is in your account you can do what you want with it. There was something about how they might ask for proof that you used the loan for what you said it was for, but they haven't asked me for anything yet

The loans screen will now show your loan and how much you owe (yay 🫣)

You can edit the repayment day and it'll automatically adjust the loan. There's also an interest accrued value which increases every day, so you can see how much deeper the hole is getting

The loan payment comes from your Revolut account by default, but there's the option of adding a backup card in case your balance is too low. I don't think you can use another account to repay from by default

There's options to make partial or full repayments. The money for a repayment has to come from your Revolut account

Making a partial repayment will shorten the loan, there's no option to keep the term and reduce payments, or take a payment holiday

As far as I can tell you could instantly pay back the loan as soon as you got it. I had some cash leftover so I just repaid that into the loan

Also the overall wealth screen helpfully shows the loan balance and is a negative number as a result. Good to know...

So overall it was a very simple and convenient way to pile a load of debt onto yourself. However, if you need cash in a hurry and you're still stuck on the credit card waitlist then it's a handy facility to have

dulpit

I was curious about Revolut premium subscriptions, what scenarios does it make sense to apply for it? I'm trying to see if there's any real benefit anywhere but can't see..

bugsyb4

https://www.boards.ie/discussion/comment/121168052#Comment_121168052

The only thing for me would be currency exchange if travelled a bit. If you are smart though can get €2,000 over 2 separate months with no penalties on basic plan. We will be going to States hopefully next March so must try and remember to do that. I think with premium plan you are also allowed more on ATM withdrawals during a month but I rarely take cash out so basic plan has been fine for me so far.

hynesie08

https://www.boards.ie/discussion/comment/121123581#Comment_121123581

I got 2 grand off them last year because ulster bank locked my card when i was abroad. got the loan on a thursday, landed home monday, unlocked card, paid off loan, it cost me 2 euro in accrued interest.

the interest builds per day so you can work out exactly how much you'll owe.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121169341#Comment_121169341

It is very handy, particularly that you aren't generally bound to business hours and can do it online. So in your situation it's very handy

I'm just a little bit worried that it's too easy to get a loan, might be a source of temptation

Bobeagleburger

9% APR is pretty extortionate no?

bren2001

https://www.boards.ie/discussion/comment/121170624#Comment_121170624

Pretty standard i would have thought.

losetheforce

https://www.boards.ie/discussion/comment/121135930#Comment_121135930

complaint submitted to the FSPO

Sheep Shagger

https://www.boards.ie/discussion/comment/121171132#Comment_121171132

Hate to break it to you but you could be waiting yeas to get anything meaningful from the FSPO.

I lodged a complaint not about Revolut but PTSB and it was a **** show. Another qango with no teeth.

Good luck though.

positron

https://www.boards.ie/discussion/comment/121168052#Comment_121168052

I signed up last week because I have couple of trips coming up, one outside EU. I bought some really cheap self-transfer flights including multiple low cost airlines, so there's a chance that things could go south and I may not end up where I want to go! :p I don't know for sure if Revolut Premium's travel insurance will help in that kind of scenario, but I thought would it would be nice to have it (than taking a separate travel insurance with vhi etc). Fingers crossed!

G_R

https://www.boards.ie/discussion/comment/121171636#Comment_121171636

Make sure you register all your flights in the app in advance, so if any of them are delayed you'll get complimentary lounge access!

the_amazing_raisin

https://www.boards.ie/discussion/comment/121170624#Comment_121170624

Having never gotten a personal loan, I don't have a basis for comparison. Perhaps AIB or BOI would treat me differently, or would hit me with the same level of interest

I do wonder why I got hit with the additional interest rate. My only debts are mortgage and car loan, always paid on time. I used to have a credit card but got rid of it, always paid off the balance in full every month

I suspect whatever analytics they have to create the loan offer is set to the most conservative settings

I don't think Revolut are going to try and compete on interest rates particularly, they seem to be angling for the convenience factor as a selling point

As I said, I don't particularly care about the interest rate because I'm planning to have it paid back in a few months

the_amazing_raisin

https://www.boards.ie/discussion/comment/121170813#Comment_121170813

When the headline rate is 6% it's a bit of a sharp increase

NIMAN

Discovered a glitch on my Revolut account today.

I added some money from my linked BOI card, but entered the wrong ccv number by mistake, but it still credited the account.

Will BOI claw it back later? It's shown as leaving my 365online account too

raxy

https://www.boards.ie/discussion/comment/121174387#Comment_121174387

It's fairly standard depending on the amount being borrowed. I've an avant loan. 20k get's 6.9% but under gets 9.1%. I'd imagine its the same with revolut

the_amazing_raisin

https://www.boards.ie/discussion/comment/121180830#Comment_121180830

6% was the rate quoted by the calculator for a €7k loan, so it definitely increased

Qrt

https://www.boards.ie/discussion/comment/121180547#Comment_121180547

Transaction was approved, just wait until it’s fully processed.

I can see future laws prohibiting the credit of bank accounts via debit/credit card. The ML/fraud potential is insane.

timmiekp

Where can I get a link to the car insurance just joined revolut so not used to ot

positron

Hub - Lifestyle - Insurance.

bren2001

https://www.boards.ie/discussion/comment/121174387#Comment_121174387

If you do a quick Google you'll see it's a standard enough rate. There is better out there but there's plenty at 9% or higher.