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Revolut Megathread.

Toots

Starting a new thread as the old one had reached the 10k post limit.

Link to old thread: https://www.boards.ie/vbulletin/showthread.php?t=2057481488

Carry on

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VG31

scary wrote: »

how can you tell which is which?

It should say it on the back on the card if it's prepaid, depending on the card the letters might be very small.

Headshot

I got this email today from Revolut

"When you signed up Revolut, you kindly provided us with the required documentation to get started. We call this process KYC, which stands for Know Your Customer. It’s a legal step we have to take in order to make sure that your identity is verified.

Sometimes, though, regulations change, processing methods are no longer supported, and documents expire. The result is that the ID you provided before is no longer valid.

We understand how annoying this can be, which is why we make it as easy as possible to revalidate your identification. All you need to do is tap on the button below to open the app, then upload a new piece of identification, ideally in the form of a valid passport, or national identity card.

It shouldn’t take more than a few minutes, and we thank you for your understanding."

I use Revolut soley as a UK payment mechanism, so I presume the above is end of those days ?

Sarn

Headshot wrote: »

I use Revolut soley as a UK payment mechanism, so I presume the above is end of those days ?

If you don’t have a valid passport or national ID card, then yes. Otherwise just provide the ID.

g6fdyotp5nj2l7

VG31 wrote:

It should say it on the back on the card if it's prepaid, depending on the card the letters might be very small.

Are they not all prepaid or am I missing something ?

Yggr of Asgard

Mr.S wrote: »

Can they offer non Lithuanian residents Revolut Bank or is that only a per country basis where they have a banking licence?

Deposits protected up to 100k and credit offerings would seal the deal versus any brick and mortar banks here.

So the plan as annouced is to move EU customers to the Lithuanian Electronic Money License.

The Bank is used for Lithuanian customers and the long term plan was to slowely move first eastern europe and than western europe on the bank license too due to the requires to use the banking passport feature. You can't just move everybody with significant paperwork while moving to electronic money is a click and a user acceptance to the new terms.

There are rumors they still are trying to get an Irish Bank License.

maestroamado

If we buy something in €€€ with our Revolut card and there not enough €€€.
Will it take from any other currency on the card?
Say we have €100 and £100.
If we buy something for €105, will it take the €100+ remainder from £££.
Just wondering and someone here likely know...

Creamy Goodness

maestroamado wrote: »

If we buy something in €€€ with our Revolut card and there not enough €€€.
Will it take from any other currency on the card?
Say we have €100 and £100.
If we buy something for €105, will it take the €100+ remainder from £££.
Just wondering and someone here likely know...

no.

however if you buy something in £, and don't have enough £ to cover the purchase, Revolut will look to your base/home currency (in Ireland case €) and if you have enough € to cover the purchase in £ it will auth the transaction. Revolute will not pull from multiple currency wallets to cover the transaction

Yggr of Asgard

As of 1 June Revolut customer still with the BIC REVOGB21XXX (so most of us) will benefit from SEPA instant transfers (both incoming and outgoing).

However as to my knowledge there is no retail bank in Ireland that offers this, it might be of limited benefit.

maestroamado

Creamy Goodness wrote: »

no.

however if you buy something in £, and don't have enough £ to cover the purchase, Revolut will look to your base/home currency (in Ireland case €) and if you have enough € to cover the purchase in £ it will auth the transaction. Revolute will not pull from multiple currency wallets to cover the transaction

Thanks for that as nice to know these things.
All in in my Revolut is in other currencies as

i not need for €€€.
There €4.68 in there now, hardly enough for an pint.

[Deleted User]

Creamy Goodness wrote: »

no.

however if you buy something in £, and don't have enough £ to cover the purchase, Revolut will look to your base/home currency (in Ireland case €) and if you have enough € to cover the purchase in £ it will auth the transaction. Revolute will not pull from multiple currency wallets to cover the transaction

It's probably the one feature I think that Revolut could improve, allowing to pull from multiple currencies. Not much of an issue day to day really as I don't keep money in other currencies and just let revolut exchange on the fly but on holidays (at weekends) where I might be making a bigger purchase or if getting refunds, transfers into an other wallet it would be very beneficial to use all of a currency in a wallet first and then take the remaining on the fly from your euro wallet.

I dont see how it would be much of an issue to implement technically as they already have the ability to check the wallet balance on the fly and decide which wallet to use so it would just be an extra step on this.

Yggr of Asgard

And REVOLT21XXX which is the BIC they are using for both their Lithaunian Bank and electronic money license will also praticpate in SEPA instant as of 1 June.

Yggr of Asgard

Mr.S wrote: »

I didn’t know that was a thing. Why wouldn’t irish banks offer it? It’s a huge pain waiting up to 2 working days to transfer between Irish banks.

If you are waiting 2 working days for a transfer to complete you should complain to the regulator.

If you are doing it before the cut off the banks are legaly required to have it there next working day.

As to why they don't offer SEPA instant, I guess their backend can't cope with it, I mean several banks still don't have Apple/Google Pay.

KBC might after their recent system upgrade join, but that is speculation.

killbillvol2

Yggr of Asgard wrote: »

If you are waiting 2 working days for a transfer to complete you should complain to the regulator.

If you are doing it before the cut off the banks are legaly required to have it there next working day.

As to why they don't offer SEPA instant, I guess their backend can't cope with it, I mean several banks still don't have Apple/Google Pay.

KBC might after their recent system upgrade join, but that is speculation.

KBC are still sending paper statements so don't look to them to lead innovation!

Yggr of Asgard

killbillvol2 wrote: »

KBC are still sending paper statements so don't look to them to lead innovation!

Maybe but they were the first to have all digital account opening in an app, they have support for most electronic payment apps like Apple/Google/Fitbit.

Plus KBC as group supports Sepa Instant.

killbillvol2

Yggr of Asgard wrote: »

Maybe but they were the first to have all digital account opening in an app, they have support for most electronic payment apps like Apple/Google/Fitbit.

Plus KBC as group supports Sepa Instant.

In fairness the paper trail is my only issue with them.

But given their other advantages it's baffling that they haven't resolved it.

msmx5

maestroamado wrote: »

If we buy something in €€€ with our Revolut card and there not enough €€€.
Will it take from any other currency on the card?
Say we have €100 and £100.
If we buy something for €105, will it take the €100+ remainder from £££.
Just wondering and someone here likely know...

I know that Creamy Goodness has answered this already but just to add..

In your example of €100 & £100 in your e-money wallets and you make a purchase for €105 -- the GBP equivalent of €105 (currently £91.74) would be taken from your GBP wallet to cover the transaction. (splitting a transaction over a number of wallets doesn't happen).

This can be annoying if you have converted € to £ when it was at an advantageous rate for some future £ purchases and accidentally don't have enough in your € balance to cover a € transaction while the exchange rate is not in your favour. If you wish to prevent this happening my suggestion is moving the £ to a vault until you are ready to use it.

EverythingGood

maestroamado wrote: »

Thanks for that as nice to know these things.
All in in my Revolut is in other currencies as

i not need for €€€.
There €4.68 in there now, hardly enough for an pint.

'cept there's nowhere to buy a feckin pint

Make It Real

Interesting feature article about Revolut in the Financial Times at the weekend.

It's pay-walled, but if you Google "financial times revolut" and click the first result, I think it bring you around it.

vickers209

Anyone have issues getting an employer to pay wages into a revolt account,

My neiece recently started small job with well know employer nation wide

She never had a bank account before so i thought this would be quickest solution as no bills at home ect

gave the employer bic and iban came back next day said they cant use it

i thought all eu had to accept them for payments?

Sheep Shagger

vickers209 wrote: »

i thought all eu had to accept them for payments?

In theory they do but in reality there are merchants and employers whose banking system can't handle it.

Suppose you could go to the regulator, dunno if they'd do anything though.

Yggr of Asgard

‪Revolut hits one million customers in Ireland according to multiple press reports this morning.

Aquos76

It’s a shame that they have restricted their new junior account option to just premium and metal users.

Donald Trump

Can this be used to transfer money from foreign bank accounts to Irish ones? I currently use transferwise for transferring money.

I see that their free plan limits to 5000 GBP a month and the paid ones unlimited.

If i signed up for this then I could, for example, transfer 5k GBP equivalent from a US bank account to an Irish Bank account, per month, and at mid-market rates and no additional fees?

If I wanted to transfer more, it would just be a fixed charge on top of that regardless of amount?

Is that correct?

Does anyone use it from their desktop with an emulator or would you need it installed on your phone?

Yggr of Asgard

Donald Trump wrote: »

Can this be used to transfer money from foreign bank accounts to Irish ones? I currently use transferwise for transferring money.

I see that their free plan limits to 5000 GBP a month and the paid ones unlimited.

If i signed up for this then I could, for example, transfer 5k GBP equivalent from a US bank account to an Irish Bank account, per month, and at mid-market rates and no additional fees?

If I wanted to transfer more, it would just be a fixed charge on top of that regardless of amount?

Is that correct?

Does anyone use it from their desktop with an emulator or would you need it installed on your phone?

You can not do a direct US to Ireland transfer, it needs to go into your Revolut account first.

You would transfer $ from your US Bank account via SWIFT/Wire transfer to your revolut account (IBAN is multi currency).

Once on the account you than transfer the money in € to your Irish account and the exchange rate is Revolut own exchange rate not the mid market. It's the live rate at the moment of exchange. No fees by Revolut for transfer or exchange.

If you already use transferwise you might have it easier with them as you safe the cost and hassle of a wire transfer from your US account.

Also if you use the account that way you will very quickly trigger account review and provide proof of funds.

As to emulator you still need a phone to receive the initial text message to confirm your number bluestack works.

Donald Trump

Yggr of Asgard wrote: »

You can not do a direct US to Ireland transfer, it needs to go into your Revolut account first.

You would transfer $ from your US Bank account via SWIFT/Wire transfer to your revolut account (IBAN is multi currency).

Once on the account you than transfer the money in € to your Irish account and the exchange rate is Revolut own exchange rate not the mid market. It's the live rate at the moment of exchange. No fees by Revolut for transfer or exchange.

If you already use transferwise you might have it easier with them as you safe the cost and hassle of a wire transfer from your US account.

Also if you use the account that way you will very quickly trigger account review and provide proof of funds.

As to emulator you still need a phone to receive the initial text message to confirm your number bluestack works.

Thanks very much for that. Transferwise do have a wire fee. Perhaps it only kicks in for larger amounts. I seem to remember once buying Euros with them and having the option of ACH but most times it has involved a wire (and associated fee in the Bank when "pushing" it over of course) There was still a cost involved though even with the ACH

Text message is fine. I looked at revolut there and they start the process by asking for your number. I did that and they texted me a link.

SilverangelA5

Just noticed the Revolut logo on my home screen has turned from blue to black.

Im on free standard plan..any reason for this change?

CosmicFool

SilverangelA5 wrote: »

Just noticed the Revolut logo on my home screen has turned from blue to black.

Im on free standard plan..any reason for this change?

Same here, I've the metal plan. Probably just updating they're logo I'd imagine

CVB

New Logo I’m metal customer it’s just new design

msmx5

CVB wrote: »

New Logo I’m metal customer it’s just new design

There is a complete redesign in app with the current beta (Version 7.0-beta-277), not just the black R for "Revolut" ...beta now has a small blue ß inset on the black R.

The new in-app design is a lot more "salesy" with panels for share dealing , plan upgrades etc much more prominent.

Basic functionality of moving between wallets, checking out transactions etc is not as intuitive or easy to navigate as before. I'm undecided on the new layout - perhaps it will grow on me.

jakdublin

msmx5 wrote: »

There is a complete redesign in app with the current beta (Version 7.0-beta-277), not just the black R for "Revolut" ...beta now has a small blue ß inset on the black R.

The new in-app design is a lot more "salesy" with panels for share dealing , plan upgrades etc much more prominent.

Basic functionality of moving between wallets, checking out transactions etc is not as intuitive or easy to navigate as before. I'm undecided on the new layout - perhaps it will grow on me.

I went to transfer money to my OH yesterday and it took me an age to find where to do it. Anybody else have this problem or am I now officially too old to adapt to change?