Revolut Megathread.

Poncke · 19-02-2021 12:45PM

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

Creamy Goodness · 19-02-2021 01:08PM

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

VC money is running out and shareholders want them to start making money instead of losing it. Can't say I blame them. No service that is good is free and if it is, it won't be for long (as is the case here).

Poncke · 19-02-2021 01:45PM

Creamy Goodness wrote: »

VC money is running out and shareholders want them to start making money instead of losing it. Can't say I blame them. No service that is good is free and if it is, it won't be for long (as is the case here).

I accept that, just not the do-gooders waffle when they start out and then end up being the thing we all try to run from.

NinjaTruncs · 19-02-2021 02:10PM

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

It's that fee only when you go over the free limit? Below is from their T&Cs

"Free withdrawals up to 5 ATM withdrawals or €200 per rolling month (whichever comes first), then a fee applies. That fee is 2% of the withdrawal, subject to a minimum fee of €1 per withdrawal.
"

geminiman63 · 19-02-2021 02:18PM

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

You still have 5 withdrawals a month free on their standard plan which is more than my bank gives me

Poncke · 19-02-2021 02:39PM

geminiman63 wrote: »

You still have 5 withdrawals a month free on their standard plan which is more than my bank gives me

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

killbillvol2 · 19-02-2021 02:47PM

Poncke wrote: »

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

If you're using Revolut for ATM withdrawals you're using it wrong.

Gooser14 · 19-02-2021 03:06PM

Poncke wrote:

BOI charges â‚¬0.12 for each cash withdrawal from an ATM.

From what I can see BoI charge a flat monthly fee of Euro 6 which includes ATM cash withdrawals. The 12c is government stamp duty.

Poncke · 19-02-2021 03:17PM

killbillvol2 wrote: »

If you're using Revolut for ATM withdrawals you're using it wrong.

I never said I did. I actually never use an ATM these days. Everything is paid with card/phone/online.

magoo84 · 19-02-2021 04:43PM

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'm having this same problem. Ive been trying to activate the app on a new phone and it won't let me in, it just says " the phone number or verification code you used is incorrect". I've been onto their support since the 8th of February over various channels and they just keep repeating the same response of "it's a technical problem and we're waiting for it to be fixed". Doesn't even seem like there's anyone to complain to about them given that the regulatory body that oversees Irish accounts is in Lithuania.

Dodge · 20-02-2021 12:26PM

Poncke wrote: »

So the new T&Cs then - 1 euro for an ATM withdrawal ???

LOL - all these companies turn into, or worse, than the establishment they are trying to fight. Same with Bunq. It is all waffle until they turn into the corporate white collar fat necks they used to loathe.

Hypocrite fecks.

Poncke wrote: »

I never said I did. I actually never use an ATM these days. Everything is paid with card/phone/online.

Ha ha.

The golden rule is understand that every single company in the world wants to get as much money out of you as they can. That’s literally the only reason they exist. Don’t show any of them loyalty

Use them to your advantage when you can. Using revolut nearly 4 years and they’ve yet to see a cent from me

Poncke · 20-02-2021 01:21PM

Mr.S wrote: »

If you expect Revolut to stay free / cheap you are naive. They are not providing you with a service out of the goodness of their hearts.

There are still free ATM withdrawals, 5 a month or €200 - whatever comes first. If you withdraw that much cash, go onto a paid plan, but I have no idea why you would need that much ATM cash from Revolut.

Also never said I thought they'd remain free of charge. I am well aware of these services transforming from free to paid. Hence I don't use them or sparsely when there is no other option, and never ever pay for them. I can't stand hypocrisy. At least with PayPal I know they are greedy f***s, but they are not trying to pretend to be anything different.

bennyob · 20-02-2021 05:03PM

I cant remember the last time I took money out from an ATM.

-=al=- · 20-02-2021 05:51PM

Of all the types of fees they could've added given the current situation, it's a pretty easy one to take on board. Realistically it probably won't affect most users.

I don't really mind the odd fee that they add or will add, I've saved hundreds over the years

20-02-2021 06:38PM

bennyob wrote: »

I cant remember the last time I took money out from an ATM.

Last time I did was to pay my cleaner. So shouldn't complain too much

beachhead · 20-02-2021 08:01PM

killbillvol2 wrote: »

If you're using Revolut for ATM withdrawals you're using it wrong.

The government tax per ATM(any ATM) is 12c per cent transaction up to a max of e2.50 per year(Jan to Dec).All banks charge this rate.

beachhead · 20-02-2021 08:04PM

Poncke wrote: »

BOI charges €0.12 for each cash withdrawal from an ATM.

If you make over 5 withdrawals in a month, BOI is significantly cheaper.

So Revolut is cheaper up to 5 withdrawals, from then on they get more expensive very rapidly.

For example:
10 withdrawals would cost €5 with Revolut
10 withdrawals would cost €1.20 with BOI

Government tax is 12c per ATM and POS transaction.All banks are obliged to collect this tax annually up to a max of e2.50 but not if it is e2.50 for ATM trans and e2.50 for POS trans.Prob is e5 pr year(Jan to Dec)
So, Revolut would be charging an extra 12c per trans.

The J Stands for Jay · 20-02-2021 10:25PM

Poncke wrote: »

Also never said I thought they'd remain free of charge. I am well aware of these services transforming from free to paid. Hence I don't use them or sparsely when there is no other option, and never ever pay for them. I can't stand hypocrisy. At least with PayPal I know they are greedy f***s, but they are not trying to pretend to be anything different.

Revolut have never pretended to want customers who regularly use ATMs. They have always had those charges because it's not something they want to do.

The J Stands for Jay · 20-02-2021 10:26PM

bennyob wrote: »

I cant remember the last time I took money out from an ATM.

Same, even before Covid I couldn't remember when I'd last used one. I would be super so easily by a forged Euro note because I've only seen the new 20 once.

killbillvol2 · 21-02-2021 12:18AM

beachhead wrote: »

The government tax per ATM(any ATM) is 12c per cent transaction up to a max of e2.50 per year(Jan to Dec).All banks charge this rate.

If you don't understand the discussion it's best not to get involved.

jahalpin · 21-02-2021 01:35PM

I like Revolut and have had an account for a while, I really like their weekday FX rates and always use them when converting money

I am surprised that it has taken them this long to tighten up the charges for using ATMs as the owners of the ATMs charge them a reasonable amount for using the ATM in the first place

Resolut is loss making and always has been, they cannot afford to make losses indefinitely, I'd be interested to know why people think the service should be free (Basic account) as there are very high costs involved in providing services like this (EUR deposits currently earn them negative interest )

Sheep Shagger · 21-02-2021 01:42PM

jahalpin wrote: »

I'd be interested to know why people think the service should be free (Basic account) as there are very high costs involved in providing services like this (EUR deposits currently earn them negative interest )

100%

Always baffles be why some people think banking should be free whoever the institution is, someone has to pay for the tech spend and infastructure. The old 'they make money with our money' doesn't wash at the moment anyway.

It is a service like anything else..

Dodge · 21-02-2021 01:43PM

jahalpin wrote: »

I'd be interested to know why people think the service should be free (Basic account) as there are very high costs involved in providing services like this (EUR deposits currently earn them negative interest )

That’s a weird question tbh. The principles of business exist here as everywhere else really. The customer wants the most benefits possible (free from charges, ex rates etc etc) and the company wants the maximum revenue possible.

If revolut offer a service, people will pay for it if offers value. If they don’t think it offers value, they won’t.

It is pretty clear that revolut would have the fraction of the customer base it does if it didn’t offer free services.

Sheep Shagger · 21-02-2021 01:45PM

Dodge wrote: »

That’s a weird question tbh. The principles of business exist here as everywhere else really. The customer wants the most benefits possible (free from charges, ex rates etc etc) and the company wants the maximum revenue possible.

If revolut offer a service, people will pay for it if offers value. If they don’t think it offers value, they won’t.

It is pretty clear that revolut would have the fraction of the customer base it does if it didn’t offer free services.

Its not just about Revolut though, people generally expect free banking, that makes no sense when you compare it to other services we consume every day.

flazio · 21-02-2021 01:48PM

Sheep Shagger wrote: »

100%

Always baffles be why some people think banking should be free whoever the institution is, someone has to pay for the tech spend and infastructure. The old 'they make money with our money' doesn't wash at the moment anyway.

It is a service like anything else..

Your average Joe and Jane soap don't give a sh*t about how a company does business, just what they can get out of it.

21-02-2021 01:49PM

killbillvol2 wrote: »

If you don't understand the discussion it's best not to get involved.

Revolut also charge it. You’re a mong.

Dodge · 21-02-2021 02:03PM

Sheep Shagger wrote: »

Its not just about Revolut though, people generally expect free banking, that makes no sense when you compare it to other services we consume every day.

So what though? What’s the problem with people wanting the best value for themselves? If financial services can’t offer it, then so be it

killbillvol2 · 21-02-2021 02:35PM

[Deleted User] wrote: »

Revolut also charge it. You’re a mong.

Actually the government charge it. And the discussion wasn't about government charges, it was about Revolut's new ATM charges. But I detect reading comprehension wouldn't be a strength of yours.

Toots · 21-02-2021 02:58PM

Jeremy Beagle, that sort of language is not acceptable on this forum. Please familiarise yourself with the Charter if you wish to continue posting here.

Everyone else, keep it civil. It is possible to make a point without taking a pot shot at other posters.

Sheep Shagger · 21-02-2021 03:31PM

Dodge wrote: »

So what though? What’s the problem with people wanting the best value for themselves? If financial services can’t offer it, then so be it

Nothing wrong with wanting the best value, my point is we can't have everything for free, in this case apps with latest functionality etc. EVERYTHING has a price. It just seems some parts of society think they care entitled to free this and free that.

Bank accounts (in Ireland anyway) seem to always attract attention around fees.

Revolut Megathread.

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