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Revolut - Ultracheap FX (prepaid Mastercard)

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    #9362
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    whiskeyman wrote: »
    Sorry for asking newbie questions, but a newbie here!
    Wife heading to US soon.
    Told her I'd put money (dollars) on my new Revolut card to use there.
    If more needed, I can too up on my phone.
    Any pitfalls? She doesn't have a CC but has normal visa debit.
    Am hoping to save on currency rates.

    Turn off the location based security in the app or the card might not work of its thousands of KMs away from your phone


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    #9363
    The high horse brigade
    Closed Accounts Posts: 4,456 ✭✭✭The high horse brigade


    whiskeyman wrote: »
    Sorry for asking newbie questions, but a newbie here!
    Wife heading to US soon.
    Told her I'd put money (dollars) on my new Revolut card to use there.
    If more needed, I can too up on my phone.
    Any pitfalls? She doesn't have a CC but has normal visa debit.
    Am hoping to save on currency rates.

    You don't need to convert the money to dollars, leave it in Euro and let Revolut convert it as you spend it


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    #9364
    Yggr of Asgard
    Registered Users Posts: 5,160 ✭✭✭Yggr of Asgard


    And it’s back to Visa for Revolut

    https://qz.com/1718869/revolut-is-switching-from-mastercard-to-visa-for-payment-cards/?utm_source=google-news


  • Options
    #9365
    BobbyT28
    Registered Users Posts: 1,439 ✭✭✭BobbyT28


    Brian201888 wrote: »
    Can't find it searching back through right now but what was the solution to the invalid postcode issue when ordering the card? I remember having the same issue myself and figuring it out but can't seem to for my wife

    Having same issue, anyone figure this out?


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    #9366
    BobbyT28
    Registered Users Posts: 1,439 ✭✭✭BobbyT28


    Brian201888 wrote: »
    Can't find it searching back through right now but what was the solution to the invalid postcode issue when ordering the card? I remember having the same issue myself and figuring it out but can't seem to for my wife

    Having same issue, anyone figure this out?

    Edit: Resolved issue, changed postcode in personal settings also


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    #9367
    flazio
    Registered Users Posts: 12,892 ✭✭✭✭flazio


    Has anyone here linked their Revlout account to a Fitbit? Is it possible on the Versa?


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    #9368
    FutureTeashock
    Banned (with Prison Access) Posts: 439 ✭✭FutureTeashock


    What happens if Revolut goes tits up? Is there any kind of protection at all?


    I want to use it to hold a few different currencies but am worried it could fold at any moment.


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    #9369
    irishchris
    Registered Users Posts: 3,170 ✭✭✭irishchris


    Just wondering can the card be used to on now tv site to verify I'm in the UK.
    If so what address should i use or just use a random address.


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    #9370
    gwalk
    Closed Accounts Posts: 1,107 ✭✭✭gwalk


    irishchris wrote: »
    Just wondering can the card be used to on now tv site to verify I'm in the UK.
    If so what address should i use or just use a random address.

    Transfer me 50 quid and I'll let you use my UK address Haha


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    #9371
    hawkelady
    Registered Users Posts: 1,357 ✭✭✭hawkelady


    FutureTeashock wrote: »
    What happens if Revolut goes tits up? Is there any kind of protection at all?


    I want to use it to hold a few different currencies but am worried it could fold at any moment.

    You are protected. It’s under the laws of the central bank of Ireland. So unless you are willing to put more than 100k into revolut... you’re money is safe


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    #9372
    Yggr of Asgard
    Registered Users Posts: 5,160 ✭✭✭Yggr of Asgard


    hawkelady wrote: »
    You are protected. It’s under the laws of the central bank of Ireland. So unless you are willing to put more than 100k into revolut... you’re money is safe

    Could you please point me to the relevant documents that give that idea?

    AFAIK Revolut in its current form is not a Bank it is an issuer of electronic money under UK regulation.

    They might have a bank license in Lithuania but that is not implemented for the Revolut wallet yet and the Irish bank license so far is just talk.

    If Revolut goes bust in theory your money should be ring fenced with a UK bank where you can attempt to get it from. But just look at the glint fiasco in recent day’s which shows you that electronic money regulation in the UK does not really protect that well.


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    #9373
    Ben Done
    Registered Users Posts: 454 ✭✭Ben Done


    hawkelady wrote: »
    You are protected. It’s under the laws of the central bank of Ireland. So unless you are willing to put more than 100k into revolut... you’re money is safe

    Are you certain about that?
    It's not the kind of thing I'd be giving advice on unless I was 100%.

    This is what the website says:

    Is my money safe?

    Client funds are safeguarded at Barclays/Lloyd's. Your money is not covered by the Financial Services Compensation Scheme. As an authorised institution, Revolut safeguards your funds as per regulatory requirements. In the event of an insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.

    All your card transactions are processed by the Mastercard, Maestro, or Visa network and are protected by Mastercard, Maestro, or Visa rules accordingly.


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    #9374
    killbillvol2
    Registered Users Posts: 5,178 ✭✭✭killbillvol2


    hawkelady wrote: »
    You are protected. It’s under the laws of the central bank of Ireland. So unless you are willing to put more than 100k into revolut... you’re money is safe

    Did you just make that up?

    As posters above have pointed out there's no such guarantee with Revolut.


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    #9375
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    But ultimately you are protected by the guaranteed on your funds in the holding bank so it’s not correct to say you are not.

    Also Revolut are flying it I see no reason why people would fear them suddenly doing belly up.


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    #9376
    killbillvol2
    Registered Users Posts: 5,178 ✭✭✭killbillvol2


    Toby Angry Slammer wrote: »
    But ultimately you are protected by the guaranteed on your funds in the holding bank so it’s not correct to say you are not.

    Also Revolut are flying it I see no reason why people would fear them suddenly doing belly up.


    Revolut is not covered by the Deposit Guarantee Scheme. Full stop.

    Your argument that 'Revolut are flying it' is idiotic.


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    #9377
    bennyl10
    Registered Users Posts: 5,516 ✭✭✭bennyl10


    killbillvol2 wrote: »
    Revolut is not covered by the Deposit Guarantee Scheme. Full stop.

    Your argument that 'Revolut are flying it' is idiotic.

    Revolut is protected by UK law and is covered by Lloyd’s bank.
    Deposits are covered


    Revolut, as a company, are very much flying it.


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    #9378
    FutureTeashock
    Banned (with Prison Access) Posts: 439 ✭✭FutureTeashock


    bennyl10 wrote: »
    Revolut is protected by UK law and is covered by Lloyd’s bank.
    Deposits are covered


    Revolut, as a company, are very much flying it.


    Lehman Brothers were "flying it" up until they went brokesie wokesie!:eek:


    It appears Revolut could go "poof" tomorrow, taking with them my precious dosh.
    :mad:

    It looks like I have nowhere safe to purchase and hold foreign currency!:(


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    #9379
    phobia2011
    Registered Users Posts: 1,291 ✭✭✭phobia2011


    FutureTeashock wrote: »
    Lehman Brothers were "flying it" up until they went brokesie wokesie!:eek:


    It appears Revolut could go "poof" tomorrow, taking with them my precious dosh.
    :mad:

    It looks like I have nowhere safe to purchase and hold foreign currency!:(


    Mattress 😜


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    #9380
    Aint Eazy Being Cheezy
    Registered Users Posts: 4,630 ✭✭✭Aint Eazy Being Cheezy


    Hi guys

    I’m currently in Mexico. ATM commission fees in the hotel lobby are pretty high. ($82 to withdraw $200 :eek: ) Just wondering if doing a revolut transfer would sidestep these, and how long would it take from my UB account, anyone know?


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    #9381
    FutureTeashock
    Banned (with Prison Access) Posts: 439 ✭✭FutureTeashock


    Aint Eazy Being Cheezy wrote: »
    Hi guys

    I’m currently in Mexico. ATM commission fees in the hotel lobby are pretty high. ($82 to withdraw $200 :eek: ) Just wondering if doing a revolut transfer would sidestep these, and how long would it take from my UB account, anyone know?


    Find a different ATM (at a big bank) pronto! Forget transfer, it'll take too long. Also, a transfer will make no difference to ATM fees.


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    #9382
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    killbillvol2 wrote: »
    Revolut is not covered by the Deposit Guarantee Scheme. Full stop.

    Your argument that 'Revolut are flying it' is idiotic.

    Nonsense on both counts.


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    #9383
    JohnCleary
    Registered Users Posts: 10,208 ✭✭✭✭JohnCleary


    Has anyone had any success re. charge-back with Revolut?

    I've had an AirAsia flight cancelled on me and applied for an automatic refund on the AirAsia website.... a week later no email confirmation (thankfully I took note of the case number).

    Googling seems to have a lot of people never receive refunds, so considering contacting Revolut if no joy within 30 days.


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    #9384
    Yggr of Asgard
    Registered Users Posts: 5,160 ✭✭✭Yggr of Asgard


    bennyl10 wrote: »
    Revolut is protected by UK law and is covered by Lloyd’s bank.
    Deposits are covered


    Revolut, as a company, is very much flying it.

    Revolut are not protected by UK Law, there is no such thing as e-money institutions protection. Some laws regulate how Revolut has to treat your money.

    Your "real" money is held with Barclays/Lloyds in separate accounts (which Revolut are not allowed to use for operational purposes) and if Revolut goes into administration there is where you CLAIM your money (if it's there). Your claim has a higher priority than other companies/people that Revolut owes money to.

    But that is a long process (unlike when a bank goes bust where the government steps in very quickly) and it most likely will take weeks until you get your money back.

    If Revolut goes bust, an administrator is appointed that reviews the companies books and then hopefully conclude that there are not any deficiencies or inaccuracies in the customer funds held.

    The FCA will then decided what to do, but at that point, Barclays/Lloyds will have already blocked any transactions on the segregated accounts under their standard procedures relating to insolvency events, such as the administrations.

    Then the process starts of claiming the money via Barclays/Lloyds pending you can prove how much money you had in your revolut wallet and that will be long a process. They will establish if the "electronic" money issued by Revolut overall matches the "real" money Revolut has deposited for example. They will have to establish what you actually hold individually as funds and then a process to pay you individually.

    In the end, your "Deposits are covered" is true IF there are no irregularities in Revolut. But it's not comparable to a bank and it's conditional on several factors.

    As to Revolut flying. Well sure, right now they are doing very well on the surface with all extensions and ongoing funding but they still have no profit.

    Now I am not saying there is any reason to suspect that Revolut is not complying with UK law in respect of segregating your funds but it's important to understand this is "electronic" money.


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    #9385
    paddy19
    Registered Users Posts: 1,142 ✭✭✭paddy19


    Thanks for the excellent clarification.

    In these days of fake news and fake claims this sort of clear thinking and clear writing is sadly a rarity.


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    #9386
    elderberry
    Registered Users Posts: 146 ✭✭elderberry


    seconded, great post


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    #9387
    flazio
    Registered Users Posts: 12,892 ✭✭✭✭flazio


    flazio wrote: »
    Has anyone here linked their Revlout account to a Fitbit? Is it possible on the Versa?

    In all the panic about Revolut (not)going bust my post got lost in the ether.
    I tried to link up my Revlout and N26 cards to Fitbit wallet. Not happening. Turns out N26 won't work at all, Revlout will only work with the premium Mastercard, not the visa.


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    #9388
    Nigel Fairservice
    Registered Users, Moderators, Regional Abroad Moderators Posts: 2,194 Mod ✭✭✭✭Nigel Fairservice


    Mr.S wrote: »
    Great post above, I think a lot of people see the notice on the Revolut website and just assume funds up to 100k will be reclaimed without issue.

    If they eventually get an Irish banking licence, assuming this would mean extra protection to consumers?

    Interested to know if many people hold significant funds in Revolut though - I used to get paid into mine and use it was my sole bank account, but the amount of downtime issues of late has put me back to an Irish account!

    I don't park money in Revolut. I transfer money in as and when required.


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    #9389
    Ben Done
    Registered Users Posts: 454 ✭✭Ben Done


    Nigel Fairservice wrote: »
    I don't park money in Revolut. I transfer money in as and when required.

    I have an auto top up to €100 set up, and an insignificant amount of crypto.

    Wouldn't trust it as my main bank, but it's a great service for what it does well.


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    #9390
    Nigel Fairservice
    Registered Users, Moderators, Regional Abroad Moderators Posts: 2,194 Mod ✭✭✭✭Nigel Fairservice


    Ben Done wrote: »
    I have an auto top up to €100 set up, and an insignificant amount of crypto.

    Wouldn't trust it as my main bank, but it's a great service for what it does well.

    Agreed, as much as I love Revolut for helping me bypass fees I wouldn't use it as a main bank account.


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    #9391
    msmx5
    Registered Users Posts: 474 ✭✭msmx5


    JohnCleary wrote: »
    Has anyone had any success re. charge-back with Revolut?

    Try searching the thread for "chargeback" :-) I had a pretty positive experience.
    I've had an AirAsia flight cancelled on me and applied for an automatic refund on the AirAsia website.... a week later no email confirmation (thankfully I took note of the case number).

    Googling seems to have a lot of people never receive refunds, so considering contacting Revolut if no joy within 30 days.

    A week isn't a long time, given it might take a day or two for the claim to be approved and another few for the instruction to be issued to their bank and then another delay for the bank/credit card processor to reverse the transaction - you should only really instigate a chargeback once you have exhausted efforts with the merchant. I had to send proof that I had attempted to resolve the issue myself directly with the merchant and given them sufficient time to respond.

    As you say maybe contact Revolut after 30 days but do persist with AirAsia customer support in the interim. I am sure they are inundated with customer support claims with all the cancellations associated with the unrest in Hong Kong.

    Hope you get the money back soon - let us know how you get on if Revolut get involved.


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