Revolut Megathread.

Dazler97

Grand thanks guys

Dodge

https://www.boards.ie/discussion/comment/121733612#Comment_121733612

I only use it abroad

the_amazing_raisin

https://www.boards.ie/discussion/comment/121736067#Comment_121736067

Don't want your bank knowing where you've been spending money when you were on holiday? 😜

Mimikyu

I’ve to make a purchase soon of approx £2800. We’ve a joint account so I could split it between the two cards to get the free €1000 each. Unless my maths is totally wrong this would work out approx €13 in fees?

Am I correct that if I used my AIB credit card this would cost about €56?

I also have access to N26 and Curve if it makes more sense to use either of them.

TheChizler

https://www.boards.ie/discussion/comment/121736319#Comment_121736319

If it's over a month away convert €1000 now and you should be able to avoid fees altogether.

Qrt

https://www.boards.ie/discussion/comment/121736319#Comment_121736319

Most cards would have a cap on charges, for example BOI CC fees are 2.25% but I think it’s capped at €11.17 or something like that.

G_R

https://www.boards.ie/discussion/comment/121736591#Comment_121736591

Thats the FX charge, but the rate will also likely be higher - Revolut use the interbank exchange rate, where as I think BOI et al (as far as I'm aware) use the Visa/MasterCard card rate which will be Interbank + x so that part of it can build up on a larger transaction

coylemj

https://www.boards.ie/discussion/comment/121736591#Comment_121736591

https://www.boards.ie/discussion/comment/121737614#Comment_121737614

With a BoI CC, it's not a flat FX charge with a cap, it's a 2.25% uplift on interbank on all non-Euro purchases.

So for every £1 you spend on the CC, you will pay GBP/EUR interbank plus 2.25%.

crinkley

Anyone have any experience of revolut loans? Need a bridging loan which will be totally repaid in 3 weeks max, do they give you an indication of how much you could borrow? Would I be better off having the repayment length at 60 months so the repayments are lower and my capacity to repay that amount not be in question or just have it for 2 months?

I've gone so far in the application and they ask about your pay, is there any proof I need to supply or other documentation that they look for?

coylemj

https://www.boards.ie/discussion/comment/121736319#Comment_121736319

There is an anniversary date (of when you opened the account) which determines when the €1,000 FX allowance (to convert at interbank) resets and you can avoid fees by doing a conversion either side of that date. So for an amount between 1,000 and 2,000, it would be a simple matter of converting €1,000 on a given day and (up to) €1,000 on the following day. And provided you avoid weekends, you will get interbank and pay no fees.

Go into your personal details in Revolut by tapping on the coloured disc in the upper-left corner, then tap on 'Account'. At the botton of the account screen it will say 'Revolut customer since dd mm yyyy'. That day of the month ('dd') is your anniversary date. If you need to convert more than €1,000 to sterling or dollars, you need to do it on a Mon-Fri either side of your anniversary date, otherwise you will incur fees.

If your anniversary date is the 15th, I'm not sure if the 14th and 15th would work, it might be safer to split the transaction across the 14th and the 16th. I don't know if the month for FX conversions starts or ends on the anniversary date.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121740725#Comment_121740725

Yeah I got one a while back for a similar purpose

They'll base your income on your Revolut account and any linked accounts. I didn't have to upload any payslips

Basically you go through the process and they'll give you a loan amount plus an interest rate. Mine was somewhat higher than the advertised 6.5%, more like 9.5%, I guess I don't seem trustworthy

If you go ahead and accept the terms you can complete the application and the money will go straight into your main account

Overpaying is very simple, just go into the loan and you can pay directly from your main account

It's about as painless as getting into debt at a punitive level of interest can be

the_amazing_raisin

https://www.boards.ie/discussion/comment/121736319#Comment_121736319

Probably the most straightforward way is you convert €1000 each in your main accounts then transfer that (plus the balance which will incur a fee) to a Sterling joint account

That was you can do the actual payment with one card and not worry about trying to figure out the exact amount to charge each card

Make sure to do the conversion on a weekday to avoid extra charges

NinjaTruncs

Has anyone with a Revolut credit card noticed you're getting charged interest even though you pay off the full balance each month?

beachhead

https://www.boards.ie/discussion/comment/121735046#Comment_121735046

a local atm will charge regardless of your mthly atm limit.

danicm

A couple of weeks back I tried making an additional payment of a car loan from Revolut to Avant Money. It didn't work!

First I went to Transfers and added a new (business) bank recipient. Then I made the transfer. For these transfers to work you have to put the Avant loan account number as the transaction reference and nothing else. It looked like it worked, but a couple of days later the money was back in my Revolut account.

Made sure all the details where correct and tried again. Money was back in my account the day after.

Had a chat with support and they couldn't help.

Deleted the recipient and added it again but this time as person bank recipient. Then tried to transfer again to this and same thing, money was back to days later.

Tried the same from my PTSB account and that worked.

Why did this fail? It's there a way around this issue?

optiplexgx270

https://www.boards.ie/discussion/comment/121755225#Comment_121755225

If you scroll up this sounds identical to the AIB issue where AIB expect the reference in the end2end field and since revolut moved to Irish ibans they now send NOTPROVIDED for it and as a result recipients that depend on the field are rejecting and returning the funds to revolut. It's been ongoing since last year. I'm hounding revolut customer service on it but they are mostly unqualified copy and paste from transcripts and don't know what to do when it's not a simple query.

As I say this worked for AIB before the iban change for AIB to put your reference as your card number and since they moved to irish ibans they don't seem to be sending the data correctly.

Here is an extract from their response to my formal complaint:

"You then notified us with this information on the 29th of April 2023, after which the case was escalated for further investigation with our Tech team. With this additional information, our Tech team was indeed able to determine that the End-to-End IDs for the transactions were not being correctly assigned. This did not trigger errors on our end, which is why the Payments team previously stated that the issues were not on our side, however now our specialists are aware of the problem and are working on implementing a fix"

feargantae

Revolut in GB are trialling a new products... eSims! They're selling travel eSims now and anyone on their €50/m plan gets 3GB free.

A very random thing for a bank to launch, imo but shur

-=al=-

Pretty handy before the summer season with a few uk networks adding roaming charges back again.

Hopefully gets introduced for other users, eSim’s are incredibly useful. So easy to switch back and forth. Would probably use it if it’s an option

Kevrano

Not many UK providers issue eSIMs outside of a contract (you usually have to have get a physical SIM first, then transfer), so it is potentially useful!

AnkiTheCat

Hi everyone, I'm Italian but I'm living in IE for the past 5 years.

Yesterday I lost my PTSB card, so I tried sending some money from my bank account to my Revolut.

The Bank asks me to add the Payee, I do so... But as I have to confirm that I trust the payee and I put the verification code in (PAN), the system kind of crashes, telling me that "something went wrong" and that I got logged off, even if I'm still logged in and I'm free to try (and fail) again and again.

Is there anything I can do about this?

I'm not familiar with Revolut, and I don't usually have much money in it. I need to survive at least for few more days until I get a new card from my bank.

Thanks so much in advance for those who'll read and aswer.

Have a great sleep!

Bests,

Anki

the_amazing_raisin

https://www.boards.ie/discussion/comment/121778630#Comment_121778630

Just to clarify, is it Revolut that crashes or PTSB?

If it's PTSB, then you'll probably need to contact their support

If it's Revolut, then try making sure the app I updated and do a force stop and clear data to see if that helps

beachhead

https://www.boards.ie/discussion/comment/121753370#Comment_121753370

There are local ATM charges regardless of your monthly limit.A foreign bank/ATM owner is not going to give free service to a foreigner

AnkiTheCat

https://www.boards.ie/discussion/comment/121781427#Comment_121781427

Unfortunately it's PTSB.

Thanks for your answer, I'll contact them and see what they say.

Thanks!

jj880

edit: problem is with my bank

coylemj

https://www.boards.ie/discussion/comment/121783074#Comment_121783074

If it's a bank ATM and not one owned by a third party like Euronet, you may get a free service. I withdrew sterling cash from a Yorkshire Building Society ATM in Chester in 2020 and there were no charges. At the time, I wasn't aware that I could have a separate sterling balance in my Revolut account so the money was taken from my Euro balance but the conversion was 1c off interbank on a £50 withdrawal (I checked it on the spot using the XE app) so it was effectively a free transaction - no ATM charge and no FX ripoff.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121783074#Comment_121783074

Is that only in foreign countries? I've used Euronet ATMs in Ireland and not been charged for withdrawing cash with Revolut

Jakey Rolling

Anyone had recent experience of receiving more than £10k sterling into their Revolut GBP account?

I'm guessing payment would be flagged and proof of source of funds would be asked? Last thing I want is for account to be locked by Revolut due to "suspicious" activity. The sender is a fund management company, don't believe they would be amenable to breaking payment into smaller chunks.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121799468#Comment_121799468

So I've received over €10k into my account for similar reasons. They will likely flag the payment for a day or two to verify it, and you'll probably be asked to verify your source of income due to anti money laundering reasons

If you do get flagged for income verification, basically Revolut will spit out how much money has gone into your account in the past year and you need to say what came from where. Be prepared to upload some transfer statements and payslips if you get your salary into your account

You don't have to verify everything, but you'll probably have to explain the main sources of income

EDIT: Also, just to add, they didn't freeze my account during any of this. It took me over a month to do all the verification and I still had access to everything

coylemj

https://www.boards.ie/discussion/comment/121799322#Comment_121799322

Slightly OT because not related solely to Revolut but on the topic of Euronet and their ATMs in Ireland...

They purchased the network of non-bank branch ATMs from the local banks a while back and at the time, committed to not levying any additional charges (over and above what the account holder's bank was charging) until the end of 2023. So that honeymoon is now over and I'd try to avoid any non-branch ATM if at all possible. Meaning that if you're flying anywhere, don't leave it until you get to Dublin airport to withdraw cash.

christy c

Can't remember if it was mentioned here before, but USD transfers from e trade are working again