Revolut Megathread.

mileycactus · 04-07-2023 02:20PM

No, they are very light on details but assure me the issue has been identified and the issue is being worked.

mileycactus · 04-07-2023 02:22PM

it should work but doesn’t. Revolut have looked into and it’s clearly a problem their end as the always send you running to the other bank to fix but not in this case.

thanks for the wise rec… will look into

towger · 04-07-2023 05:01PM

https://www.boards.ie/discussion/comment/120803822#Comment_120803822

Are you not able to set up the Wire details at all, or you can set it up but the actual wire transfer fails ? I was not able to add Revolut to eTrade as it did not recognise the new BIC. I tried again yesterday and this time it allowed me to add it and also accepted the IBAN. I have not actually executed a wire yet though.

04-07-2023 05:53PM

https://www.boards.ie/discussion/comment/120804006#Comment_120804006

The new Irish BIC is not SWIFT reachable BIC, it ends in a 3.

mileycactus · 04-07-2023 05:58PM

https://www.boards.ie/discussion/comment/120805130#Comment_120805130

Same here, was only recently able to add details and when executing a transfer it bounced back

mileycactus · 04-07-2023 05:59PM

https://www.boards.ie/discussion/comment/120805318#Comment_120805318

Not really sure why a “3” matters but that sounds like a forever problem unless they change the BIC?

the_amazing_raisin · 04-07-2023 06:10PM

https://www.boards.ie/discussion/comment/120805318#Comment_120805318

It's available on the Swift website, so I'm not sure that's true

https://www2.swift.com/bsl/?bicSearch_bic=revoie23

Yggr of Asgard · 04-07-2023 08:16PM

You can always do the XXX after the BIC which for some of our US based banks seams to do the trick when they don't get the right number of characters.

Some Us banks expect Bank Code / Country Code / Location Code / Branch Code so the XXX as Branch code works.

But if the payment bounces once it's received by Revolut, that clearly, it's on their side but it would surprise me if Swift payments don't work, that is a large part of their business.

jasonb · 05-07-2023 03:10PM

https://www.boards.ie/discussion/comment/120777872#Comment_120777872

Sorry to quote myself, but I just got another one of these email. Basically, since I signed up, every Wed I get an email saying "make that first card purchase" and if I use the card on three different days within the week, I get a €10 reward. As it's happening every Wednesday, this will be €40 they've given me. I presume this shouldn't be happening every week? Not that I'm complaining!

3DataModem · 05-07-2023 07:57PM

I just realised that a payment has been sent to the old Lithuanian IBAN for my Revolut account (SEAI grant applied for months ago)... are these old IBANs still working, or should I tell them to expect a bounce?

hynesie08 · 05-07-2023 08:01PM

https://www.boards.ie/discussion/comment/120810816#Comment_120810816

I had a PayPal transfer go through the old IBAN last week, you'll be fine, you'll just get a reminder email about the new set up.

tobesure · 06-07-2023 12:45PM

Using my card abroad for first time soon.

When they say, make sure to pay in local currency when paying using card, what do they mean?

I have the local currency bought now. If I tap the card, it will take the local currency automatically? Or do I need to select a "selected" currency in the app, i.e display the GBP account value rather than the default euro account?

06-07-2023 01:03PM

Revolut must be rolling around laughing at the Irish banks

https://m.independent.ie/business/personal-finance/more-delays-for-synch-irish-banks-instant-payments-app/a1132939568.html

G_R · 06-07-2023 01:06PM

https://www.boards.ie/discussion/comment/120813089#Comment_120813089

When people say pay in local currency, what they mean is if you are handed a card machine and it gives you the option of GBP or EUR, always choose GBP as the exchange rate they are offering will almost always be worse.

If you have available funds in GBP in your account, and you pay in GBP, Revolut will automatically fund the transaction from there. If not, it will take it from another currency that has got funds, and it will do the exchange at whatever the current rate is.

You don't actually need to change to GBP in advance unless you're trying to lock in at a certain rate. I never bother, the difference usually only amounts to a couple of cent and usually you'll be up as often as you'll be down. You're still paying in GBP even though the funds came from your euro balance, revolut are just doing the exchange there and then instead of in advance.

tobesure · 06-07-2023 01:14PM

https://www.boards.ie/discussion/comment/120813246#Comment_120813246

Cheers!

I thought there was some fee for currency exchange in evenings and weekends.

tylercheribini · 06-07-2023 02:52PM

Anybody solve the conundrum of trying to pay AIB credit card bill from Revolut funds? Thanks.

G_R · 06-07-2023 04:42PM

https://www.boards.ie/discussion/comment/120813291#Comment_120813291

You're right, there is a 1% markup at the weekend that I forgot about. If you want to avoid that, then yes, converting in advance is a good idea.

I'm usually only spending a couple of hundred quid so you're only talking a euro or two so not really something I consider!

06-07-2023 06:16PM

https://www.boards.ie/discussion/comment/120813837#Comment_120813837

I tried about a month ago and it got bounced back again. My complaint is now with the Financial Ombudsman.

G_R · 06-07-2023 06:26PM

https://www.boards.ie/discussion/comment/120814916#Comment_120814916

Fair play to you for following this through. I got sick of it and gave up. Be sure to let us know what the FSPO come back with.

optiplexgx270 · 06-07-2023 06:32PM

I just tired there to the 3 known Ibans, expect it will bounce again. Last time I tried was April. Once they admitted they were at fault and working to resolve it I gave up too.

My current alternative method:

Revolut > PTSB > AIB Visa

Yggr of Asgard · 07-07-2023 07:22PM

Has anybody else seen "Savings Vaults" in their hub offering very decent APR's?

the_amazing_raisin · 08-07-2023 07:25AM

https://www.boards.ie/discussion/comment/120820017#Comment_120820017

Doesn't appear on mine, just the regular vaults

Edit: found the T&C's, looks similar to the service raisin bank are offering in that your savings are held with a different bank

https://www.revolut.com/legal/savings-vaults/

feargantae · 08-07-2023 10:43AM

https://www.boards.ie/discussion/comment/120820017#Comment_120820017

Nothing on mine either. It'd be great if they launch that here, especially with the daily interest payout

Edit: Aren't you in Germany? It seems it launched in Germany, not Ireland, or the rest of the EU. Pity!

the_amazing_raisin · 09-07-2023 10:06AM

@Yggr of Asgard Are you on a Metal account if you don't mind my asking? I saw something from last year that the savings vaults are available to Metal customers only (and presumably Ultra now as well)

With some of those rates available, the interest could pay for the Metal account fees plus some extra, so it's something worth considering 🤔

optiplexgx270 · 09-07-2023 10:13AM

https://www.boards.ie/discussion/comment/120824792#Comment_120824792

I'm Metal and had a look and not seeing it.

Be interested to know their plan and if its an irish account...

the_amazing_raisin · 09-07-2023 10:23AM

https://www.boards.ie/discussion/comment/120824822#Comment_120824822

Thanks, my guess is that it hasn't launched in Ireland yet, but hopefully soon

I skimmed the legal info linked above and it looks like the money is held by a 3rd party bank, not Revolut

It seems like a similar setup to Raisin bank where you can see various savings accounts from different banks across Europe (and UK and US presumably) and pick which one

Dunno if Revolut will have a selection of accounts available or if it's just with a single partner bank, still to be seen what they have

If it's an EU bank then you're under the deposit guarantee of that country, not the Irish one . So if you deposit in a French bank which subsequently collapsed, you'll have to apply to the French financial authority for compensation

As with all these things, read the T&C's before applying

optiplexgx270 · 09-07-2023 10:30AM

https://www.boards.ie/discussion/comment/120824845#Comment_120824845

Don't say anything about French banks collapsing haha. I use raisin and its in a French bank 😁

It does read like a similar service to Raisin but possibly without fixed term? That will be interesting to see alright.

the_amazing_raisin · 09-07-2023 10:36AM

https://www.boards.ie/discussion/comment/120824874#Comment_120824874

I think they're leaving it open to both, the legal agreement has the possibility for max or minimum terms

Some Savings Vaults may have a minimum or maximum limit on the length of time you can deposit the money. You may not be able to withdraw your money before the minimum length of time has elapsed, or you may have to pay a fee. Any limits like this will be clearly shown in the Deposit Information in the Revolut app when you create the Savings Vault.

Yggr of Asgard · 09-07-2023 02:37PM

It disappeared for me now, looks like it got confused with my location and citizenship not being the same offering me german stuff.

Happend before.

Yggr of Asgard · 09-07-2023 05:58PM

Revolut Megathread.

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