Revolut Megathread.

Cloudio9 · 09-02-2021 05:58PM

I accidentally just wired some USD to the pre-Brexit Revolut bank details. Does anyone know what happens to the funds ? Will the wire just be rejected ?

lordsheepface · 09-02-2021 06:53PM

The pre-Brexit GB IBAN is still active until this June or July, is it not?

jimmycrackcorm · 09-02-2021 07:17PM

Greenlights16 wrote: »

Bumping this (apologies) but from doing a bit of research and comparison studies TransferWise seems to be best?

It depends on rates but transferring a portion of your salary into revolut and then either fixing the transfer from euro to sterling or simply just using the Revolut card for purchases is useful.

Nigel Fairservice · 10-02-2021 11:35AM

Has anyone had problems transferring money to their bank account from Revolut? I sent a sum of money at about 5 am on Monday morning to my account but it still hasn't gone in yet. There's a banner up saying there's an external euro transfers problem in the app at the moment but when I look at the transaction on my Revolut it looks like the transaction is completed which it doesn't seem to be.

moany fuc · 10-02-2021 03:03PM

Quick question as reading a lot of conflicting information online.

Can anyone confirm if unlimited virtual cards are available on the free tier or the 2.99

Is there any charge on these accounts or do you need to go premium to get this service.

Thanks

Quackster · 10-02-2021 04:30PM

moany fuc wrote: »

Quick question as reading a lot of conflicting information online.

Can anyone confirm if unlimited virtual cards are available on the free tier or the 2.99

Is there any charge on these accounts or do you need to go premium to get this service.

Thanks

Maximum of five virtual cards on the free tier. Apparently there's a charge of €6 for extra cards but I added a third virtual card to my account a few days ago and wasn't charged.

https://www.revolut.com/en-IE/help/making-payments/getting-a-card/can-i-have-multiple-spare-cards

Edit: Actually, virtual cards are free.

https://www.revolut.com/en-IE/legal/fees

igCorcaigh · 11-02-2021 10:04AM

It would be nice to be able to exclude bank transfers on linked accounts from analytics.

They mess up the budgeting. I think the functionality will be coming soon though. I am currently getting an error message.

delly · 12-02-2021 08:16PM

Has anybody had a currency exchange fee applied for being over a €1000 a month, but in fact being nowhere near the limit?

Rewired · 12-02-2021 08:22PM

delly wrote: »

Has anybody had a currency exchange fee applied for being over a €1000 a month, but in fact being nowhere near the limit?

Have you bought cryptocurrency? That's the only way I got caught like this.

delly · 12-02-2021 10:21PM

Rewired wrote: »

Have you bought cryptocurrency? That's the only way I got caught like this.

Yeah, that's it. I just had an exchange with support and they confirmed it. I thought silver was going to skyrocket with the Gamestop hype, but I lost a tenner. Now I'm suffering on the double with fees

Good support session though, quick enough and he gave all the right info.

DubDJ · 15-02-2021 06:22PM

Revolut changing their fees again.

https://independent.ie/business/personal-finance/banking/fast-growing-revolut-to-increase-its-fees-in-blow-to-its-12-million-users-40094240.html

It is raising the fees for withdrawing cash from ATMs and for international money transfers.

From April 9, people using the Standard Revolut account will see the limits on free monthly ATM withdrawals changing.

Currently there is a €200 limit on free monthly ATM withdrawals on the Standard plan.

After this, users are charged 2pc of the value of the withdrawal.

Revolut is adding a limit on the total number of ATM withdrawals and by setting a minimum fee once the free allowance runs out.

The €200 monthly limit will remain but there will be a limit of five ATM withdrawals as well. Once you hit this, you will also begin paying a fee.

Both of these limits apply independently. This means customers will start paying a fee as soon as they hit one limit even do not hit the other limit.

The fee remains 2pc but there will now be a minimum fee of €1. This means customers will pay the greater of €1, or 2pc, of the withdrawal.

International money transfers will continue to be free for countries within the Sepa (Single Euro Payments Area) area and the UK and Switzerland.

But Standard and Plus customers sending money outside the SEPA area will get one free cross-border transfer per month, then pay 50c per transfer.

The J Stands for Jay · 15-02-2021 06:26PM

DubDJ wrote: »

Revolut changing their fees again.

https://independent.ie/business/personal-finance/banking/fast-growing-revolut-to-increase-its-fees-in-blow-to-its-12-million-users-40094240.html

So revolut users use ATMs? Thought that would defeat the purpose of using them (unless some people are using it as a way of getting additional ATM withdrawals over the amount their bank allows for free).

Creamy Goodness · 15-02-2021 06:27PM

It still strikes me as odd that people would use Revolut (specifically the free tier and it be your main account) and withdraw cash. The whole point of revolut was to move away from traditional banks, cash and save on fx fees.

phildub · 15-02-2021 06:28PM

leck wrote: »

Does anyone here have experience in setting up a US Revolut account?

I have SSN and US address and bank account. But can I set up a second account using the same mobile phone and app?

I have a us one but you can only have one per app so I have 2 phones and my Irish app on one and my us on the other, its a great way of transferring money in and out ofnmy American and bank accounts. I dont know if you need an American phone number to set it up, I had one at the time but don't have one now and my app still works fine. Not sure if they will ship the us one to here though?

Aquos76 · 15-02-2021 09:14PM

ATM charges won’t affect me anyway, I’d say I’ve had two in about 5 years and both of them were actually just before Christmas. I had to put cash into Christmas cards

Sheep Shagger · 15-02-2021 09:20PM

Some changes to trading costs too.

https://www.bonkers.ie/blog/banking/revolut-to-increase-its-fees-and-charges-for-second-time-in-less-than-a-year/?utm_campaign=currentaccounts&utm_medium=social&utm_source=facebook

Lmkrnr · 15-02-2021 09:25PM

Creamy Goodness wrote: »

It still strikes me as odd that people would use Revolut (specifically the free tier and it be your main account) and withdraw cash. The whole point of revolut was to move away from traditional banks, cash and save on fx fees.

I travel a bit around Europe and I've come to many rural shops or services that don't except cards/card machine out of order ect. Rural busses are cash only in many countries. It's always good to have some hard currency. I get your point tho.

JamesBond2010 · 15-02-2021 09:57PM

DubDJ wrote: »

Revolut changing their fees again.

https://independent.ie/business/personal-finance/banking/fast-growing-revolut-to-increase-its-fees-in-blow-to-its-12-million-users-40094240.html

So begins the charges,they will start introducing more & more now to make money they have to keep their investors happy some how when they go looking for more money.

leck · 16-02-2021 01:50AM

Yggr of Asgard wrote: »

You need a us phone number capable of receiving text messages (for example a Google voice number).

Ok, have one of those.

I'm still unclear on whether I can set it up on my Irish mobile using the same app as for my Euro account?

igCorcaigh · 16-02-2021 01:55AM

Aquos76 wrote: »

ATM charges won’t affect me anyway, I’d say I’ve had two in about 5 years and both of them were actually just before Christmas. I had to put cash into Christmas cards

Funny paper!

leck · 16-02-2021 01:59AM

phildub wrote: »

I have a us one but you can only have one per app so I have 2 phones and my Irish app on one and my us on the other, its a great way of transferring money in and out of my American and bank accounts. I don't know if you need an American phone number to set it up, I had one at the time but don't have one now and my app still works fine. Not sure if they will ship the us one to here though?

I'm pretty sure I have an Google voice number that still works.

But I would need a second phone to install the US app?

micosoft · 16-02-2021 02:09AM

Or they are just increasing fees for legacy services like cash very like Apple got rid of CD drives and Floppy Disk drives before. Search boards and you will find the same folk moaning that they still needed their CD drive for "insert edge case here".

Moreover those are legacy services running on legacy banking infrastructure that Revolut won't pay for. I suspect some of these services were subsidised to gain market share and that gravy train is over given their market share is sufficient.

The interesting thing will be the pivot. Revolut is a skin on top of banking system. So far it's revolutionised (I don't use that term likely but look at the Irish banks attempting to create and instant cash system for Ireland) bank transfers and bringing in stock and crypto currencies. The key asset Revolut has is not hundreds of ATM machines but deep insight into the spending and saving patterns of its users. This is gold when it comes to offering credit where real money is to be made. They will start offering smaller loans but then ramp up to Mortgages. Everyone focused on competition in the Irish Market when Ulster Bank leaves. Revolut could come in from the side with superior credit rating capability to reduce rates and while increase their own margin.

Suckit · 16-02-2021 02:12AM

leck wrote: »

I'm pretty sure I have an Google voice number that still works.

But I would need a second phone to install the US app?

I'm pretty sure you can get virtual US phone numbers (and probably anywhere else) to use.

EDIT

https://www.avoxi.com/blog/best-usa-virtual-phone-number-providers/

Dodge · 16-02-2021 02:21AM

McGaggs wrote: »

So revolut users use ATMs? Thought that would defeat the purpose of using them (unless some people are using it as a way of getting additional ATM withdrawals over the amount their bank allows for free).

I’ve used them to withdraw dollars in the us. Not enough to go over their limits but still a way cheaper way of getting US cash than any other method

Yggr of Asgard · 16-02-2021 09:27AM

leck wrote: »

Ok, have one of those.

I'm still unclear on whether I can set it up on my Irish mobile using the same app as for my Euro account?

You need to log out and than sign up with your USA details on next start of the app.

Alternative is to download the Beta app and than you have 2 versions.

phildub · 16-02-2021 11:17AM

Yggr of Asgard wrote: »

You need to log out and than sign up with your USA details on next start of the app.

Alternative is to download the Beta app and than you have 2 versions.

I dont know if the log out thing works,I was not able to set up my Irish card on my phone that had my American recolute linked to it. I have two phones,one has no sim on it and that's how I did it, if the log out method works that's obviously a lot easier

Delta2113 · 18-02-2021 03:29PM

I have standard plan and every month I pay my Turkish Netflix Subscription. Will I be charged for this in future and if so could I avoid any off this charge by holding some Turkish money on Revolut?

I just use my Euro balance at the moment.

Yggr of Asgard · 18-02-2021 05:05PM

Delta2113 wrote: »

I have standard plan and every month I pay my Turkish Netflix Subscription. Will I be charged for this in future and if so could I avoid any off this charge by holding some Turkish money on Revolut?

I just use my Euro balance at the moment.

Nothing will change in that scenario, which is how they make some money (because they get a kickback from the transaction).

What gets more expensive is getting to make a transaction via bank transfer from your bank account in anything else than € or if you want cash out of an ATM.

L'prof · 19-02-2021 06:56AM

Oh my brain is melted. My dad is locked out of his Revolut account and he can’t get the selfie verification to work. I’ve tried to assist and I’ve even gotten on to customer support on my phone to assist. Completely unhelpful. Has anybody used any alternate a king solutions that they’d recommend? Thanks

Fann Linn · 19-02-2021 09:08AM

L'prof wrote: »

Oh my brain is melted. My dad is locked out of his Revolut account and he can’t get the selfie verification to work. I’ve tried to assist and I’ve even gotten on to customer support on my phone to assist. Completely unhelpful. Has anybody used any alternate a king solutions that they’d recommend? Thanks

I sympathise. I'd a couple of hundred Euro repaid into a closed Revolut account by an airline last Oct. Since then I've been onto them through Twitter DM, Revolut support and have uploaded countless forms of id in an attempt for them to return the money back to the airline so that they can then refund it back to me.
Slamming a head against a brick wall has been my response from Revolut to date unfortunately.

Revolut Megathread.

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