Revolut Megathread.

Dodge

madmoe wrote: »

So I paid for my Revolut plastic card and I have used it a few times in the UK last year. The OH is asking how Revolut are making their money? Can you guys shed some light on this?

Thanks
M

The same way every other bank is. Investing on the back of your money

The traditional banks just charge you more for that on top

talkabout

Dodge wrote: »

The same way every other bank is. Investing on the back of your money

The traditional banks just charge you more for that on top

In addition the merchants pay.

6541

Stupid question - Can you get a Revolut website - Like 365online ?

Dardania

6541 wrote: »

Stupid question - Can you get a Revolut website - Like 365online ?

not a stupid question - but no. They offer it with their business service - it's good there

Is anyone seeing delayed transactions from November 22nd coming through today. Granted it was a legit transaction but not liking the fact it’s being completed two months later.

It’s happened to two other people I know too today

bluecherry74

cisk wrote: »

Is anyone seeing delayed transactions from November 22nd coming through today.

Yes, I had one. It made my account overdrawn which I didn't think could happen. Took me a while to realise what the minus beside the figure was!

Interesting that it's happened to a few people. I wonder what happened on November 22nd?

listermint

6541 wrote: »

Stupid question - Can you get a Revolut website - Like 365online ?

The app is their website. You treat the app as that it might answer your question. Think of 365 as a very poor old online experience rather than the benchmark.

Most banks should be taking the mobile first approach rather than website centric of old

-=al=-

BOI online looks like something made on windows 95

bluecherry74

bluecherry74 wrote: »

Yes, I had one. It made my account overdrawn which I didn't think could happen. Took me a while to realise what the minus beside the figure was!

Interesting that it's happened to a few people. I wonder what happened on November 22nd?

I'd say Revolut had an issue on the 22nd of Nov than meant retailers weren't paid. My transactions were reverted after the usual 30 days but they now must be retrospectively completing the transactions and paying the retailers owed.

EoinMcLovin

https://blog.revolut.com/savings-vaults-with-1-35-aer-now-live-for-gb-metal-customers/


Revolut Introducing Savings Vaults 💰
Savings Vaults are an easy-access savings account with a limited market-leading interest rate of 1.35% AER*. In other words, they’re a great way to save smarter and faster, while putting your money to work for you.


Currently only available to UK residents with a Metal Card but should come to Standard and Premium members in other countries with a reduced interest rate in the coming months

Cloudio9

i just opened a revolut account and put €10 in from my AIB credit card.

Will AIB treat that like a cash withdrawal and charge a cash fee or is it treated like a purchase ?

Johnny Sausage

Cloudio9 wrote: »

i just opened a revolut account and put €10 in from my AIB credit card.

Will AIB treat that like a cash withdrawal and charge a cash fee or is it treated like a purchase ?

Should be treated as a purchase

paska

I have a metal card. Has anyone booked a lounge pass on the app?

I believe the first one is free but it's coming up as 28 euro with an option to continue. I don't want to hit continue and get charged.

Rita is not very helpful, she keeps posting the same link to lounge passes information.

They are 28 euro on the app and 25 on the DAA

Johnny Sausage

paska wrote: »

I have a metal card. Has anyone booked a lounge pass on the app?

I believe the first one is free but it's coming up as 28 euro with an option to continue. I don't want to hit continue and get charged.

Rita is not very helpful, she keeps posting the same link to lounge passes information.

They are 28 euro on the app and 25 on the DAA

Just say "Live Agent" to Rita, she's a link bot

Yggr of Asgard

I usually don’t post on this anymore but a quick warning to be careful with credit card top ups.

Revolut was forced to change their merchant code to 4829 (Wire Transfer - Money Orders) which means that credit card companies might now see this as cash advance and hence fees from your card company and interest could occur.

This might not be the case with all credit card companies so please check carefully the terms of your credit card company before using your card to top up Revolut.

To a lesser extend this also applies to debit cards where a transaction now could count against your cash limits rather than you spending limit.

extra gravy

Mr.S wrote: »

Purchase, no extra fee.

It that also the case visa debit cards? Say Ulster bank charge you a cent for contactless payment and 20 cent for other payments, what would it be charging you to top up the Revolut card with similar value?

Yggr of Asgard

More info is now available about top ups via credit cards.

MasterCard is the driver here which had threatened Revolut with fines and a possible loss of issuing rights if Revolut did not use the appropriate correct MCC.

Also their payment processor got told that they will also get fined if this continues.

Unfortunately the change in MCC is for all card types and not just MasterCard.

This change has also lead to some customers no longer being able to use their credit card for top ups because their banks don’t allow cash like transactions or lead to cash advance charges.

Revolut is attempting to circumvent this by possibly using a different processor for Visa top ups with the old MCC but this might not work.

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

It’s not a good time for Revolut right now.

Quackster

The only surprising thing about that is that it's taken so long for that loophole to be closed off. I'm sure MC & Visa have been under pressure from their client banks to act on it for some time.

Yggr of Asgard

Quackster wrote: »

The only surprising thing about that is that it's taken so long for that loophole to be closed off. I'm sure MC & Visa have been under pressure from their client banks to act on it for some time.

Agreed.

The considerable loss that banks suffered by people using revolut instead of their cards must have added to the pressure.

Encrypted Pigeon

I thought I would top up to see what would happen, it is now showing the MCC as 4829. I don't see any additional fee yet but it is still a pending transaction. The last time I topped up mid January, the MCC description was "Financial Institutions - Merchandise and Services" which seems to equate to 6012.

MCC list is here for anyone interested. https://www.web-payment-software.com/online-merchant-accounts/mcc-codes/

Dardania

Encrypted Pigeon wrote: »

I thought I would top up to see what would happen, it is now showing the MCC as 4829. I don't see any additional fee yet but it is still a pending transaction. The last time I topped up mid January, the MCC description was "Financial Institutions - Merchandise and Services" which seems to equate to 6012.

MCC list is here for anyone interested. https://www.web-payment-software.com/online-merchant-accounts/mcc-codes/

How do you discern what the MCC is for a particualr transaction? Old school bill?

Lenny

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

Encrypted Pigeon

Dardania wrote: »

How do you discern what the MCC is for a particualr transaction? Old school bill?

Depending who you have your card with, they should have some form of dashboard that shows transaction, mine happens to have those details.

van_beano

Lenny wrote: »

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

When did you start topping up to get those fees? I last topped up using the CC in the last billing period, didn't get hit then. Must have just started for this billing period.

Lenny

van_beano wrote: »

When did you start topping up to get those fees? I last topped up using the CC in the last billing period, didn't get hit then. Must have just started for this billing period.

its not on my current bill but its only my recent transactions

22/01/2020
CASH ADVANCE FEE
€9.36
collapse/expand
22/01/2020 Revolut** revolut.com GBR
€624.00


and then i done some topups of 10-15 euros,
3 topups, and got a a cash advance fee 2.50 x 3 separate lines after
pitty i dind't see this earlier, done another topup of 400,

might give customer services a call in the morning to see will they waive it, but its looking doubtful, guess i will just get rid of the avantcard, as i doubt i am getting tesco points on it either now with the topups...

Yggr of Asgard

Lenny wrote: »

its not on my current bill but its only my recent ...

Avantcard charges 1.5% with a minimum of 2.5 € for cash transactions.

Also check the T&C for different interest rates and how they apply payment if you don't clear the balance of your card.

van_beano

Lenny wrote: »

as i doubt i am getting tesco points on it either now with the topups...

Could, in theory, be getting free Bord Gais with high enough top ups!

Make sure you’re not charged daily for the cash advance, you may be wise to clear the top ups asap.

Thanks for letting us know, you’ve saved me a couple of quid.

Lenny

van_beano wrote: »

Could, in theory, be getting free Bord Gais with high enough top ups!

Make sure you’re not charged daily for the cash advance, you may be wise to clear the top ups asap.

Thanks for letting us know, you’ve saved me a couple of quid.

So am I right in saying that maybe I should pay off the balance of whatever I have topped up with tomorrow, plus whatever my last statement balance is? I'll call them tomorrow to find out more details thanks for that heads up

van_beano

Lenny wrote: »

So am I right in saying that maybe I should pay off the balance of whatever I have topped up with tomorrow, plus whatever my last statement balance is? I'll call them tomorrow to find out more details thanks for that heads up

Whatever you pay off they tackle the highest interest rate occurring balance first. I always thought cash advances were charged interest daily, could be wrong. Best thing as you say is ring them and see.

pl4ichjgy17zwd

Yggr of Asgard wrote:

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

Does this mean the banks will start charging the transaction as an atm withdrawal + gov stamp duty on debit card top-ups?