Revolut Megathread.

Yggr of Asgard · 27-01-2021 02:51PM

leck wrote: »

I'm in Ireland. I top up my Revolut account using a BoI debit card.

I have a Chase checking account in the US. Can I transfer funds from that to my Revolut account? When I go to Add Money->Easy bank transfer, the only options listed are AIB, BoI, PTSB, Ulster Bank.

EU customers do not get an US local bank account for transfers and ACH also does not work.

Options are
Wire transfer to the LT IBAN in $ which is expensive
Use the Chase Debit Card directly
Use the Chase Debit Card via Apple Pay

Or get a transfer wise borderless account, a local US transfer to it via ACH and than throw it over to Revolut which is both costly and time consuming.

Or using your SSN and Us address create US Revolut account, load that and transfer to your EU Revolut account

markc1184 · 27-01-2021 02:52PM

After each top up I'm getting a prompt to link my bank account. Is the any benefit to having the account linked rather than my card?

Also, I keep getting daily notifications about the price of gold and silver. I've nothing selected in either of those in my commodities section. Is there a way to stop these notifications?

Mongfinder General · 27-01-2021 03:38PM

Yggr of Asgard wrote: »

Yes the fact that when you send them € they convert it into Revolut electronic money which is hold in their wallet.

And when you spend money with the card or cash out via transfer they convert that shiny Revolut money back onto what ever fiat currency you are spending.

Same as loads of other electronic money companies.

Which is why holding money in your Revolut wallet (not bank account) is covered by different rules and hence not guaranteed by the bank guarantee scheme but a rather complicated safe guarding process.

That is unless you are a customer in Lithuania or Poland and you have an account with Revolut Bank.

I don’t understand the process but your explanation would explain the absence of a banking licence.

What about trading in securities? Sure they would need a MIFID authorisation?

Yggr of Asgard · 27-01-2021 03:54PM

Mongfinder General wrote: »

I don’t understand the process but your explanation would explain the absence of a banking licence.

What about trading in securities? Sure they would need a MIFID authorisation?

Revolut is not always Revolut as in one entity, you might see it that way because it’s all in the same app but you are dealing with different Revolut companies who have all appropriate authority.

As an example:

Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Resolution Compliance Ltd (No. 574048) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.

If you go into the app you can see the relevant information for your country.

Mongfinder General · 27-01-2021 04:11PM

Yggr of Asgard wrote: »

Revolut is not always Revolut as in one entity, you might see it that way because it’s all in the same app but you are dealing with different Revolut companies who have all appropriate authority.

As an example:

Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Resolution Compliance Ltd (No. 574048) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.

If you go into the app you can see the relevant information for your country.

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

Yggr of Asgard · 27-01-2021 04:25PM

Mongfinder General wrote: »

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

I’m sorry but I have to ask, which financial service provider or bank do you work for?

Read the terms and you know how them having a UK license is dealt with since the 1st of January:
https://www.revolut.com/en-IE/legal/trading

Mongfinder General · 27-01-2021 06:02PM

Yggr of Asgard wrote: »

I’m sorry but I have to ask, which financial service provider or bank do you work for?

Read the terms and you know how them having a UK license is dealt with since the 1st of January:
https://www.revolut.com/en-IE/legal/trading

I’m out of the industry a while now but I’ve been trying to figure out how and why the Fintech companies are light years ahead of the Banks here in the services they can offer customers. Thanks for the link, I’ll check it out.

Yggr of Asgard · 27-01-2021 07:58PM

Mongfinder General wrote: »

I’m out of the industry a while now but I’ve been trying to figure out how and why the Fintech companies are light years ahead of the Banks here in the services they can offer customers. Thanks for the link, I’ll check it out.

Because they start off reselling 3rd party services in a nicely branded central app and they get successful enough they start slowly replacing each and every service with their own.

Revolut started with using the wallet of GPS, the outbound payments of Currency cloud, currency exchange functions of GPS, individual account numbers by if I remember this right paysafe and cards issued by wire card. They just wrote an App that got all of it into one place and under one name. Than marketed it heavy and burned through money.

The idea is Revolut was to use technology to make it easier and cheaper but they started with minimum own technology beside the integration.

Than when customer liked what they say they slowly replaced the functions with their own software, services and license.

And these days they have their own IBAN, the wallet is theirs and they issues their own cards to maximize revenue.

And once they got successful they continue to reduce what is free slowly to bring more people into fee based services.

I hope that helps.

delly · 27-01-2021 09:05PM

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Aquos76 · 27-01-2021 09:08PM

delly wrote: »

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Yep, it’s just a pending transaction at the minute, when it’s applied to your account their commission will be added to it.

delly · 27-01-2021 11:53PM

Aquos76 wrote: »

Yep, it’s just a pending transaction at the minute, when it’s applied to your account their commission will be added to it.

Ah, that explains it then. I naively thought the amount I see now would be the final amount. Cheers for clarifying.

Drumpot · 28-01-2021 08:13PM

Anybody mess about with the shares speculation in Revolut?

Tried to cash out today and it declined multiple times.

Aquos76 · 28-01-2021 08:20PM

https://twitter.com/RevolutApp/status/1354843455038611461

Drumpot · 28-01-2021 08:23PM

Aquos76 wrote: »

https://twitter.com/RevolutApp/status/1354843455038611461

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

Waccamacca3 · 28-01-2021 08:24PM

Drumpot wrote: »

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

Surely that's not right you should have got price from the pending

Drumpot · 28-01-2021 08:32PM

Waccamacca3 wrote: »

Surely that's not right you should have got price from the pending

Nope, they cancelled several pending ones. I can see them but they are cancelled

FourFourRED · 28-01-2021 08:44PM

Apologies for the stupid question.

If I am looking to pay for something on Amazon in GBP for example, is this the most cost effective way to do it?

1. Add funds to my Euro account on Revolut from my debit card.
2. Sell from my Euro account on Revolut to the GPB account.
3. Place the order on Amazon in GBP.

Thanks a lot in advance

doney84 · 28-01-2021 08:51PM

FourFourFM wrote: »

Apologies for the stupid question.

If I am looking to pay for something on Amazon in GBP for example, is this the most cost effective way to do it?

1. Add funds to my Euro account on Revolut from my debit card.
2. Sell from my Euro account on Revolut to the GPB account.
3. Place the order on Amazon in GBP.

Thanks a lot in advance

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

FourFourRED · 28-01-2021 08:56PM

doney84 wrote: »

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

Thanks so much

listermint · 28-01-2021 08:56PM

delly wrote: »

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Tbf. Yesterday I noticed Amazon had a better sterling to euro conversion than revolut significantly so. I've never seen this happen before.

2forjoy · 28-01-2021 08:59PM

Drumpot wrote: »

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

AMC is up 133 % now

Drumpot · 28-01-2021 09:00PM

2forjoy wrote: »

AMC is up 133 % now

Was up over 500% at one stage!

Suckit · 29-01-2021 02:01AM

Robinhood and a few others seem to be blocking a few of them (BB/GME/AMC etc), Revolut was stopping them this morning at opening while trading212 was having no issues.
I wonder is revolut taking same stance as robinhood etc.

Suckit · 29-01-2021 02:23AM

Didn't realise 212 had done anything (and I had half expected them to). I wasn't able to pay attention for most of the day. Nothing was going through on revolut from opening and a few other times I tried, however I did eventually get what I wanted at one of dips.
so some sort of bottleneck with them makes more sense.

beachhead · 29-01-2021 02:31AM

Mongfinder General wrote: »

How are Revolut able to operate here without an Irish banking licence?

You should contact the Central Bank of Ireland if you have concerns about the services provided by Revolut here.They are the experts not boards.ie

irelandrover · 29-01-2021 08:28AM

doney84 wrote: »

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

Just don't do the transaction at the weekend if you let Revout do the conversion. If you want to buy from Amazon over the weekend then convert some EUR to GBP on Friday. Weekend rates are worse.

clintondaly · 29-01-2021 02:19PM

Hey,

I have my daughter set up on a Junior account.
We have just been comparing her balance in her app versus my view of her balance in my app and they differ.
There seems to be 2 top ups that I have recorded in my app but have not appeared in her app.
We tried to log out of her app but it throws an error with the app when she does.

Anyone come across this issue ?
Will get her to delete the app and reinstall in the meantime and see what happens

Gooser14 · 29-01-2021 03:16PM

clintondaly wrote:

Anyone come across this issue ? Will get her to delete the app and reinstall in the meantime and see what happens

It could be that she has accidentally hidden the two transactions. Run a statement of her account & see if the missing entries are shown on the statement.

leck · 29-01-2021 11:00PM

Yggr of Asgard wrote: »

EU customers do not get an US local bank account for transfers and ACH also does not work.

Options are
Wire transfer to the LT IBAN in $ which is expensive
Use the Chase Debit Card directly
Use the Chase Debit Card via Apple Pay

Or get a transfer wise borderless account, a local US transfer to it via ACH and than throw it over to Revolut which is both costly and time consuming.

Or using your SSN and Us address create US Revolut account, load that and transfer to your EU Revolut account

Last year I did a couple of small topups using Chase Debit Card and was changed $10 for each one.

On 20 Jan 2020, I did two top-ups to Revolut -- $20 (charged at 20.37) and $120 (charged at 122.21). The following day Visa charged $20 in bank fees - as two $10 charges. Since I hadn't used the Visa card at all otherwise since September, I presume these charges were for the transfers to Revolut.

So won't be doing that again. Someone on here commented that the $10 was a cash advance fee.

But now wondering how to set up US Revolut account. Can I do it on the same mobile? Within the same app? or is there a separate app for US?

theglobe · 29-01-2021 11:27PM

I was charged stamp duty by AIB for a Revolut deposit. Is this standard?

Revolut Megathread.

Comments