Revolut Megathread.

SomeDude

That’s a matter of opinion I guess. Let’s hope your wrong since the EU made a decision to go with open banking...

Henry Ford III

One Revolut thread is plenty. Merging.

Jim2007

SomeDude wrote: »

That’s a matter of opinion I guess. Let’s hope your wrong since the EU made a decision to go with open banking...

Oh I'm not wrong.... everyone in the industry know that there will be a major blow out at some point... it's just the who and the when we can't predict.... it's like Ireland pre 2007, everyone knows that the wheel is going to come off, they just home it's not the day they are in the car.....

One of the reason's we advise people to bank with at least two banks, is that if anything goes wrong they have a fallback position... but turn around and then share it all on to a third platform and the advantage is gone.

Sheep Shagger

Jim2007 wrote: »

Oh I'm not wrong.... everyone in the industry know that there will be a major blow out at some point... it's just the who and the when we can't predict.... it's like Ireland pre 2007, everyone knows that the wheel is going to come off, they just home it's not the day they are in the car.....

One of the reason's we advise people to bank with at least two banks, is that if anything goes wrong they have a fallback position... but turn around and then share it all on to a third platform and the advantage is gone.

Probably not for this thread but what advantage is lost by linking 2 accounts for open banking, when you say if anything goes wrong do you mean a collapse, an IT meltdown or something else?

An IT outage at say BOI wouldn't affect Revolut just because you linked the accounts?

SomeDude

Jim2007 wrote: »

Oh I'm not wrong.... everyone in the industry know that there will be a major blow out at some point... it's just the who and the when we can't predict.... it's like Ireland pre 2007, everyone knows that the wheel is going to come off, they just home it's not the day they are in the car.....

One of the reason's we advise people to bank with at least two banks, is that if anything goes wrong they have a fallback position... but turn around and then share it all on to a third platform and the advantage is gone.

What do you mean by ‘the advantage is gone’?

stockshares

Sheep Shagger wrote: »

Probably not for this thread but what advantage is lost by linking 2 accounts for open banking, when you say if anything goes wrong do you mean a collapse, an IT meltdown or something else?

An IT outage at say BOI wouldn't affect Revolut just because you linked the accounts?

I've refrained from linking my bank accounts with Revolut because I'm not sure if it's wise to give them that data.

Does anyone here know what exactly are the risks to linking accounts?

Jim2007

Jim2007 wrote: »

Oh I'm not wrong.... everyone in the industry know that there will be a major blow out at some point... it's just the who and the when we can't predict.... it's like Ireland pre 2007, everyone knows that the wheel is going to come off, they just home it's not the day they are in the car.....

One of the reason's we advise people to bank with at least two banks, is that if anything goes wrong they have a fallback position... but turn around and then share it all on to a third platform and the advantage is gone.

Baseless scaremongering at it’s finest.

Jim2007

Claire Shaggy Denim wrote: »

Baseless scaremongering at it’s finest.

Well now unless the only think you read is the Dandy and the Beno, it should not have escaped your notice that bank outages are a regular occurrence as are erroneous disclosures of personal data and hacking.

Now if you want to ignore all of that and fail to take the simplest of steps to minimize the inconvenience to yourself, that is up to you.

timetogo1

Jim2007 wrote: »

Well now unless the only think you read is the Dandy and the Beno, it should not have escaped your notice that bank outages are a regular occurrence as are erroneous disclosures of personal data and hacking.

Now if you want to ignore all of that and fail to take the simplest of steps to minimize the inconvenience to yourself, that is up to you.

It's off topic but I've a colleague at an Irish bank working in security. From the way he tells me that management do things I'll never have an account with them. They have IT approving bypass of security controls for expediency and a lot of what they do is just to check a box to say "we're doing this" without much thought behind it.

barryribs

Jim2007 wrote: »

Well now unless the only think you read is the Dandy and the Beno, it should not have escaped your notice that bank outages are a regular occurrence as are erroneous disclosures of personal data and hacking.

Now if you want to ignore all of that and fail to take the simplest of steps to minimize the inconvenience to yourself, that is up to you.

By having multiple accounts are you not just multiplying your risk, rather than your advantage then?

Jim2007

barryribs wrote: »

By having multiple accounts are you not just multiplying your risk, rather than your advantage then?

Two banks, not multiple accounts.... and it seems NatWest/RBS down yesterday.

Jim2007

timetogo1 wrote: »

It's off topic but I've a colleague at an Irish bank working in security. From the way he tells me that management do things I'll never have an account with them. They have IT approving bypass of security controls for expediency and a lot of what they do is just to check a box to say "we're doing this" without much thought behind it.

And you think they came up with that code of practice in isolation.....

I very much doubt that there is a bank in Europe that does not have that procedure in place! It is not necessarily wrong to have the procedure as there will always be situations where there is no alternative to authorising a course of action. The problem comes when it becomes the norm rather than the exception and unfortunately with all the cost cutting it has become more common.

Sheep Shagger

Email in giving 1 months free sub to the Indo premium and then separately 5% cashback on Beats and 3% cashback on Apple.

Signed up to the free indo sub, doesn’t include e-papers so a waste of time (to me anyway).

madmoe

Claire Shaggy Denim wrote: »

Signed up to the free indo sub, doesn’t include e-papers so a waste of time (to me anyway).

How does it work after the month is over as they have your Revolut card details? Does it automatically cancel itself?

Thanks

madmoe

madmoe wrote: »

How does it work after the month is over as they have your Revolut card details? Does it automatically cancel itself?

Thanks

Yes, unless you cancel before the renewal date then you wont be charged.

Zhane

Sheep Shagger wrote: »

Email in giving 1 months free sub to the Indo premium and then separately 5% cashback on Beats and 3% cashback on Apple.

I received an email yesterday that said that the Apple offer was sent in error and is not available in my country.

stockshares

Claire Shaggy Denim wrote: »

Yes, unless you cancel before the renewal date then you wont be charged.

I think you mean you must cancel before the renewal date to make sure you wont be charged.

Gooser14

madmoe wrote:

How does it work after the month is over as they have your Revolut card details? Does it automatically cancel itself?

You have to cancel the subscription else you will be charged on your Revolut card.

stockshares

stockshares wrote: »

I think you mean you must cancel before the renewal date to make sure you wont be charged.

Yes that’s what I mean, sorry! Posted in a bit of a hurry so might not have been clear.

stockshares

Claire Shaggy Denim wrote: »

Yes that’s what I mean, sorry! Posted in a bit of a hurry so might not have been clear.

No problem, I wasn't being smart. I just thought I should post a correction in case someone gets caught for an extra month.

Some companies are good about reimbursing you if you forget to cancel but I'm not sure the Indo would.

Shero1985

Hi folks,

Sorry if this has already been answered. I have been asked to re-verify on Revolut (I have basic account). It is looking for you to take electronic photo of 1. Passport (mine is out of date) or 2. State ID (is there such a thing?! Public Services Card?).

Basically I have to get my passport renewed? What happens if I don't provide update, will they suspend my account? Any advice on how to contact them is welcome also!

RoYoBo

Shero1985 wrote: »

Hi folks,

Sorry if this has already been answered. I have been asked to re-verify on Revolut (I have basic account). It is looking for you to take electronic photo of 1. Passport (mine is out of date) or 2. State ID (is there such a thing?! Public Services Card?).

Basically I have to get my passport renewed? What happens if I don't provide update, will they suspend my account? Any advice on how to contact them is welcome also!

Unfortunately, a valid passport is the only ID acceptable here in Ireland. It's quite an imposition having to renew a passport when you aren't going anywhere anytime soon.

You can contact them via the app. It may take time to get an agent, but eventually they get round to you.

Others on here have said that their accounts get suspended without verification, but I'm not sure how long you can wing it without doing so.

Quackster

Shero1985 wrote: »

Hi folks,

Sorry if this has already been answered. I have been asked to re-verify on Revolut (I have basic account). It is looking for you to take electronic photo of 1. Passport (mine is out of date) or 2. State ID (is there such a thing?! Public Services Card?).

Basically I have to get my passport renewed? What happens if I don't provide update, will they suspend my account? Any advice on how to contact them is welcome also!

Yep, you basically have to get your passport renewed. If you don't need access to your Revolut account right now, there's no rush. Just do the verification when you do get your new passport.

If you need something similar in the meantime, you could sign up for Curve as that doesn't need ID verification.

Jim2007

Quackster wrote: »

Yep, you basically have to get your passport renewed. If you don't need access to your Revolut account right now, there's no rush. Just do the verification when you do get your new passport.

If you need something similar in the meantime, you could sign up for Curve as that doesn't need ID verification.

This is not the case. It is very possible that a failure to respond could result in the assets being frozen.

creedp

Lucas Hood wrote: »

Would you not have topped up on revolut and had it instantly instead of a bank transfer?

I have a std revolut account and normally simply top up from credit card to make relatively small online payments. It very easy to do as simply select top up in the app and then the credit card and its pretty much instant. I can also add a new credit card very easily. However, I cant see how to add a bank account so that I can top up direct from a bank account. There is a bank transfers option but all that does is provide you with IBAN detail to allow you set up a bank transfer in my banking app. How do I set up my bank account on the app so that I can transfer money in the same way as I currently do from my credit card?

Also I may be purchasing a car shortly in UK and was going to pay by revolut instead of using Transfermate. It will be approx £15k. Should I upgrade to premium for this payment and if so how long does it take to activate premium? Is there any lead in time before I can transfer £15k sterling to a UK bank account using a new premium account?

Last question - if I transfer funds from my bank account to revolut and change it into £15k will that require any checks / clearance from Revolut? How do I then transfer the sterling to a UK bank account?

Sorry for all the clueless questions and appreciate all advice.

The J Stands for Jay

creedp wrote: »

I have a std revolut account and normally simply top up from credit card to make relatively small online payments. It very easy to do as simply select top up in the app and then the credit card and its pretty much instant. I can also add a new credit card very easily. However, I cant see how to add a bank account so that I can top up direct from a bank account. There is a bank transfers option but all that does is provide you with IBAN detail to allow you set up a bank transfer in my banking app. How do I set up my bank account on the app so that I can transfer money in the same way as I currently do from my credit card?

Also I may be purchasing a car shortly in UK and was going to pay by revolut instead of using Transfermate. It will be approx £15k. Should I upgrade to premium for this payment and if so how long does it take to activate premium? Is there any lead in time before I can transfer £15k sterling to a UK bank account using a new premium account?

Last question - if I transfer funds from my bank account to revolut and change it into £15k will that require any checks / clearance from Revolut? How do I then transfer the sterling to a UK bank account?

Sorry for all the clueless questions and appreciate all advice.

You need to set up the transfer on the app of the bank you are transferring from. Of your bank has sepa instant, the money will be in your revolut account instantly.

To transfer money to a UK dank account from revolut, you just go to your GBP account, send, bank accounts, add recipient. Once you select UK, it'll look for the sort code and account number.

Sheep Shagger

About to take the plunge and ditch my Samsung galaxy watch in favour of fitbit so I can pay for stuff using my watch (via fitbit pay).

Presumably there are no issues with a Revolut visa debit card being linked in the fitbit pay app in ireland?

Quackster

Jim2007 wrote: »

This is not the case. It is very possible that a failure to respond could result in the assets being frozen.

Yeah, what I mean is if the poster has little or no money in the account and doesn't need to use it right now, having it frozen until they get their new passport wouldn't be an issue.

creedp

McGaggs wrote: »

You need to set up the transfer on the app of the bank you are transferring from. Of your bank has sepa instant, the money will be in your revolut account instantly.

To transfer money to a UK dank account from revolut, you just go to your GBP account, send, bank accounts, add recipient. Once you select UK, it'll look for the sort code and account number.

Thanks very much. OK so you can't top up Revolut account from a bank account in the app. I have set up a sepa transfer from bank account (BOI) to my revolut account and sent a test transfer but its not instant .. so BOI mustn't have SEPA instant. Presume its not big deal just transfer the money a couple of days in advance.

Checked out the transfer to UK account and that seems fine now. Would most of the major UK banks has instant sepa transfer? Would be great not to have to transfer until the last minute.

Any issue with delays / additional Revolut checks if I upgrade to premium the month I am planning to buy a large amount of sterling?