Revolut Megathread.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121938917#Comment_121938917

The one time I tried it in a shop I was told that it doesn't work. I was in a hurry at the time so I didn't push the issue

TheChizler

If you're sending from ETrade I think you're stuck for the $25 fee regardless of it being a local account, I'll be interested to know how it works for you. I sent in dollars to Revolut but plan to transfer to Wise to do the conversion to € since it looks like they will be cheaper overall including fees. Waiting to pull the trigger, kicking myself I didn't do it when we had that excellent $ to € rate a year or so back.

the_amazing_raisin

https://www.boards.ie/discussion/comment/121951780#Comment_121951780

I was playing around with this and it's a bit tricky to find the right combo

If you're sending to Revolut from Wise in USD, you seem to have two options, a wire transfer in USD or convert to EUR and do a SEPA transfer

The wire transfer has a fee of $12.38, which is pretty steep. I suspect that's because transferring via Swift

Converting to EUR and then transferring seems to be a lot cheaper for smaller transactions since it's percentage based

However you miss out on the fee free conversion allowance with Revolut

So I think it depends a lot on how much you're moving which option makes sense

On the plus side, you can see all the fees up front so you can figure out the best option for you

long_b

Anyone getting what look like random support notification emails from Revolut Community ?

The mails have an automated email address that mentions discourse ?

Gadgetman496

https://www.boards.ie/discussion/comment/121953959#Comment_121953959

No, but I got a phone call purporting to be from Revolut today. It was from a private number and was a recorded Msg. with an American accent wanting me to confirm a €79 transaction on Amazon. The Msg. asked me to press 1 if I didn't make the transaction or to hang up if I did and wanted to confirm the transaction.

A scam obviously, possibly reverse-charging the cost of the call or something.

ooter

Haven't been able to load money on to my revolut account all day today, is anyone else having the same issue?

optiplexgx270

https://www.boards.ie/discussion/comment/121953959#Comment_121953959

Yes I got 2 today I think I signed up to them a long time ago and never heard from them until today…

optiplexgx270

https://www.boards.ie/discussion/comment/121953978#Comment_121953978

When you press 1 you are connected to a lovely person who tries to relieve you of some of your financial gains. Occasionally i string them along to waste their time for the laugh they get feirce wound up. Amazon prime used to be 79£ a year they need to update their scam recording with up to date information 😁

the_amazing_raisin

https://www.boards.ie/discussion/comment/121954083#Comment_121954083

Going OT, years ago I got a call from "the computer security company" (apparently there's only one) about needing to upgrade the antivirus on my windows computers

I told the guy that all my computers were running Linux, which seemed to confuse him greatly. I then launched into a bit of a rant about how open source software is great and windows sucks and Bill Gates stole the idea anyway, etc, etc

The guy hung up on me 🤣

wassie

https://www.boards.ie/discussion/comment/121953994#Comment_121953994

No, but I had an issue with transfers a couple of weeks back. Checked their status page and there were issues reported. Aleays handy to check a banks status page if things aren't working.

https://www.revolut.com/en-IE/system-status/

AndrewJRenko

https://www.boards.ie/discussion/comment/121953959#Comment_121953959

https://www.boards.ie/discussion/comment/121954069#Comment_121954069

Yes, got a few yesterday and today. There is an unsubscribe option, though we really shouldn't have to.

https://www.boards.ie/discussion/comment/121953978#Comment_121953978

'Press 1 if you're a gullible fool with more money than sense'.

Savetheplanet

How risky is the savings account? I know it only covers up to €22,000 but what is the day to day worst case scenarios with the risks they mention in relation to currency fluctuations and so on? I know it's a low risk account but could you be caught on the hop by some massive move somewhere in the markets? Thanks if anyone can explain it in simple terms!

wassie

Firstly its not a savings account, its an investment product that looks and functions similar to a savings account. Therefore, it is not covered by the Deposit Guarantee Scheme (DSG).

Your money is not earning direct interest like a normal savings account, rather you are paid a given rate from the profits from the investments. Also it is taxed at 41%.

When you mentioned the €22,000, I assume you are referring to the Liabilities to Investor Insurance Scheme - this is not capital protection as such. Its insurance that pays out when a specified event occurs eg Revolut becomes insolvent. From their support website:

Investor liability insurance does not cover compensation for investment risk, i.e. this insurance scheme does not apply if the value of the financial instrument decreases or the issuer of financial instruments does not redeem all the issued financial instruments.

Basically the investment risk may be considered low, but if market conditions result in the loss of your investment (i.e. savings) then your money is gone.

If you dont understand this product, based on the information in Revolut's support section & T&Cs and are concerned about risk of losing your money, as for any other investment, then don't invest.

If you want to simply earn interest and have your money at call, consider an actual savings account (covered by the DSG up to €100,000) that pays a reasonable amount of interest. You will also pay less tax DIRT 33% (+PRSI 4% if applicable), but you may have to do a tax return if its not taxed at source. Not difficult, but does require effort none the less.

Savetheplanet

https://www.boards.ie/discussion/comment/121957416#Comment_121957416

Thanks for that.

SouthWesterly

Quick question.

Im trying to transfer money to a UK bank account . All I have is their IBAN and BIC. How can I set that up ? All I can see is sort code and account number on Revolut. Thanks

dulpit

You can convert an iban to account number/sort code. Western Union have following:

1 – Country code – 2 letters
The first two letters represent the country where your bank is located. This is “GB” for United Kingdom.

2 – Check digits – 2 digits
The next two digits are check digits. These are calculated with an algorithm and used to validate the correctness of the IBAN.

3 – Bank code – 4 characters
This four-character code identifies the bank.

4 – Bank branch – 6 digits
This six-digit sort code identifies the bank branch.

5 – Bank account number – 8 digits
Lastly, the account number is listed and is a maximum of eight digits. Generally, shorter account numbers are left-justified and preceded by zeros to make them eight digits.

igCorcaigh

Damn... My card is blocked because I entered my CVV incorrectly but an ATM transaction isn't activating it 😞

Kat1170

Is ATM withdrawals turned on in the settings. Even if it was before, worth double checking.

igCorcaigh

https://www.boards.ie/discussion/comment/122014472#Comment_122014472

It is. I just keep getting the same CVV message. 😞

I'll try again later today.

the_amazing_raisin

https://www.boards.ie/discussion/comment/122014067#Comment_122014067

You need to unblock it in the app surely?

igCorcaigh

https://www.boards.ie/discussion/comment/122014872#Comment_122014872

Have done. I've ordered a new card now (10 days), and am using my BOI card in the meantime. Strange one!

Sheep Shagger

Interesting interview in the Business Post this morning with the Ireland lead for Revolut who is also head of lending for Europe.

I'd share but is behind a paywall and I can't cut and paste.

Basically says they have only scraped the surface here, they see themselves up there with AIB,BOI and ptsb. Their aim is to become people's main bank (it's already mine BTW).

A shame they didn't touch on the constant bad press they get particularly in the Irish Times around scams and perceived poor customer service. I think those two things probably put a lot of people off from having it as their main bank.

We all know banks have scams, I just dunno why the IT dont write about the other banks scams and poor customer service as much as they do for Revolut.

optiplexgx270

I use them as my main bank also but 2 points I'd make are:

1. Their customer service is abysmal and worst I know of at the moment across any service provider in and also outside banking. I just hope I never need to deal with them for any larger issues.

2. Partly because of above I don't trust them one bit and if they needed to investigate a security issue (or look into anything tbh) they wouldn't because it's not on the script of responses in the "reply to customer drop down templates". As such I move the bulk of salary out of the main account day it arrives due to lack of confidence in them and their attitude to customers.

If anyone came along with a similar offering I'd jump ship today . And I know N26 is fairly close but an Irish Iban does cause less headaches regardless of the legality around companies not allowed to not accept other country Ibans. Again I don't see bunq as hitting the same level as the other 2.

markpb

https://www.boards.ie/discussion/comment/122045402#Comment_122045402

They don’t write about it because other banks at least pretend to have a customer care department. Revolut have a revolving door of scripted agents who do as little as possible to help. Moreso if you’ve fallen for a a fraud scam.

A friend of mine fell for a scam involving both Revolut and AIB. As soon as she realised, she contacted both of them. They initiated their respective investigations. Revolut locked her account for six weeks, provided no feedback and then closed her account because she was in breach of terms and conditions by falling for fraud. AIB in the meantime left her account operational, contacted her throughout the investigation, refunded some of her money, and left her account intact.

This is purely conjecture but I suspect that Revolut tries to completely automate their fraud checks and whereas legacy banks have some human involvement, even if it’s only to handle the customer communication. Revolut seem to be poor at detecting and blocking account takeover attacks, possibly because of this.

bren2001

https://www.boards.ie/discussion/comment/122045402#Comment_122045402

They won't be my main bank until they have a branch I can go into and a phone number to call. While AIB/BOI/PTSB etc have those, they'll be my main bank.

As you say, they need to address their poor customer service.

markpb

https://www.boards.ie/discussion/comment/122045656#Comment_122045656

In my experience with Ulster Bank, if you went into a branch the staff to ask about something unusual, they would give you a phone and you would talk to the same person in a call centre that would would home. Branches give the illusion of additional customer service that might not actually exist.

The J Stands for Jay

Its a weird one. I only get scam texts and emails for BoI and AIB, never for Revolut, N26 or Bunq.

downtheroad

https://www.boards.ie/discussion/comment/122045689#Comment_122045689

The last time I used a PTSB branch there was a customer service rep there explaining how to use an ATM, anything else was "contact Open24".

A guy came in looking to do foreign exchange and was told to go to the post office, we don't do that here.

The J Stands for Jay

Ulster bank used to have all the branch phone numbers put through to Thier Belfast cost centre, and the people there knew there stuff and could solve issues straight away. If they were busy, calls would bounce to the branch, and they were hopeless and didn't have a clue about anything.

bren2001

https://www.boards.ie/discussion/comment/122045689#Comment_122045689

Are you a fan of Revolut customer service? I personally hate a chat box.

A branch can solve 99% of my quieres, if I end up on the phone to Open24, they are usuay extremely helpful. Revolut doesn't do that and that was my point.