Revolut Megathread.

the_amazing_raisin · 17-08-2023 06:18PM

https://www.boards.ie/discussion/comment/120987376#Comment_120987376

I feel like currency fair might be better for that, you can do a large currency transaction in one go and the rates are usually decent enough

I think if money is sent to a Euro IBAN it'll be automatically converted to Euros, might be better to send it to a GBP IBAN and then convert it in chunks to avoid the fees?

Jakey Rolling · 18-08-2023 02:26PM

https://www.boards.ie/discussion/comment/120988633#Comment_120988633

Yeah, I already had a GBP subaccount and saw that the IBAN is the same as for the EUR account.

However just had a look there and the GB subaccount also has a "LOCAL" account option which appears to be a UK sort code. I've asked my brother to do a small transfer to check it out. Thanks for the heads up.

Kevrano · 19-08-2023 08:18AM

https://www.boards.ie/discussion/comment/120996219#Comment_120996219

The trouble is a lot of UK banks will flag transfers from UK banks to the Revolut UK details as fraudulent. I've had relatives where the transfer is blocked or they had to call the bank to confirm the payment was genuine

Gooser14 · 19-08-2023 08:38AM

https://www.boards.ie/discussion/comment/120998986#Comment_120998986

I use Revolut to transfer & exchange a UK pension monthly. I transfer in sterling from a UK bank to the Revolut GBP Local account number & to date I have not experienced any problems. The sums involved would be small in comparison to the amount the OP wishes to transfer.

Prior to Revolut I used Currencyfair.

Jakey Rolling · 19-08-2023 11:27AM

https://www.boards.ie/discussion/comment/120998986#Comment_120998986

Yes, I anticipate having to prove the source of funds above 10k. That should not be a show stopper.

I doubt that I can split this transfer in to smaller amounts to avoid this, that will be in the hands of the fund manager.

https://www.boards.ie/discussion/comment/120999057#Comment_120999057

Thanks Gooser14 for confirming that this route works for sterling transfers.

rab!dmonkey · 19-08-2023 11:18PM

Has anyone had any experience renting cars with their Revolut debit card? On the price comparison sites, most seem to require a credit card, but when you dig in to the Ts&Cs of the companies themselves there seems to be some wiggle room if a hold can be placed on the card or you purchase excess cover from the rental company. I'm pretty sure my card (Visa Infinite, debit) can have a hold put on it, as I bought fuel via a pre-authorised payment once, but will that do for car hire?

-=al=- · 20-08-2023 12:08AM

It could possibly (and technically should) work but online booking systems might have an issue with it. If you can call the rental company or arrange it at the rental desk it might be ok.

You would probably have to keep a reasonable amount in the Revolut account to cover any issue with holds just in case, if it's a rental in the states it might be trickier, I pretty much use a CC for any hotel/rentals there to avoid any hassle. Rental companies obvs want a cc in case anything happens

Jim2007 · 20-08-2023 06:27AM

https://www.boards.ie/discussion/comment/121002401#Comment_121002401

The chances of success are not very high when you have to start arguing with someone at a sales desk that your debit card is the same as everyone else's credit card, even if you can tell them someone else from the internet did it. Yes it be able to persuade someone to try it and it might work, but if renting a car is an important part of your trip, then you need a more reliable plan B. At the very least call them and find out, get the name of the person you spoke to and even ask if they will be around when you intend to pick up the car.

bren2001 · 20-08-2023 10:07AM

https://www.boards.ie/discussion/comment/121002401#Comment_121002401

I've rented a car with a Revolut card once. They just placed a hold on the card for a few hundred.

Jim2007 · 20-08-2023 03:30PM

https://www.boards.ie/discussion/comment/121003006#Comment_121003006

Could you perhaps tell us the agency, so the questioner might be able to use them?

the_amazing_raisin · 20-08-2023 04:18PM

I believe enterprise will charge a €500 deposit if paying by debit card in Ireland

Part of the problem is the policy can vary around by country, so even if it works in Ireland it might not work for the same agency in another country

bren2001 · 20-08-2023 10:09PM

https://www.boards.ie/discussion/comment/121004041#Comment_121004041

Hertz in the USA

coylemj · 21-08-2023 11:43AM

Some rental operations are franchises so even if you say it was Hertz, it will still depend on the local company doing the rental. But the bigger the name, the more likely it is that you will not need a large hold on a card. I've rented several times from Europcar in Lanzarote, last time the excess was about 800 but they only held 300 on my credit card. And they never bat an eyelid when I decline their insurance. Being a repeat customer probably helps.

Some of the cowboys insists on such a huge hold that you effectively have no choice but to buy their rip-off insurance. Which is why you often see long queues at their desks in the airport, it's because the guy at the front of the queue is trying to talk his way out of buying the rental company's insurance.

inyoup · 21-08-2023 06:38PM

My partner tried to get revolut Credit card - his pay is close to 5k net per month with our mortgage of 1k per month. I get about 3.5k net per month and no dependants - application rejected. He has a history of loans and credit cards - always paid on time and in full .. so I'm not sure what to think ... I see there is some centra bank credit rating issue going on so wonder if that has something to do with it ...

G_R · 21-08-2023 10:43PM

https://www.boards.ie/discussion/comment/121008920#Comment_121008920

The central bank doesn't credit rate people

The CCR provides data (monthly data on loans, credit cards etc), and banks are free to score based on that, but that is entirely on them.

There is no central bank credit score or rating.

inyoup · 22-08-2023 08:29AM

https://www.boards.ie/discussion/comment/121010125#Comment_121010125

There is an article in the Independent :

https://www.independent.ie/business/central-bank-admits-data-breach-may-have-hurt-credit-ratings-of-more-than-20000-borrowers/a666521272.html

Keano · 22-08-2023 08:29AM

I had my application and card processed within in about 2 weeks. Moved the balance from another card I had too and there was no issues.

optiplexgx270 · 22-08-2023 08:36AM

https://www.boards.ie/discussion/comment/121010722#Comment_121010722

Would only affect a person if they had poor credit history in those 3 additional retained months of data which you have said does not apply as payments were always ontime. So it is unlikely that that is the reason. Besides their credit cards only go up to 10k which isn't much use for the larger impulse purchases.

awec · 22-08-2023 09:27AM

https://www.boards.ie/discussion/comment/121008920#Comment_121008920

Revolut's credit application processes are a bit murky.

They rejected me for a loan in the past even though I would easily get a loan for two or three times the amount from any bank without question.

Sheep Shagger · 22-08-2023 09:34AM

https://www.boards.ie/discussion/comment/121010939#Comment_121010939

Agreed I got offered a low enough credit limit despite being in pretty good financial shape in terms of income and mortgage numbers. Didn't proceed for the moment, will keep existing card at BOI and maybe try again in a few months.

Have to say they have really streamlined the application process, legacy banks would have a lengthy application form. Revolut has about 4-5 questions.

G_R · 22-08-2023 10:35AM

https://www.boards.ie/discussion/comment/121010722#Comment_121010722

The Central Bank does keep data on everyone's loan performance, but it doesn't rate people. Just keeps the data.

From their own website:

https://www.centralcreditregister.ie/borrower-area/what-is-included-on-a-credit-report/

The Central Credit Register does not:

- decide if a loan is approved or not – the lender makes that decision

- calculate a credit score on credit reports

Keano · 22-08-2023 10:46AM

https://www.boards.ie/discussion/comment/121010970#Comment_121010970

Not sure if that is a good or bad thing?!

I know I tried to apply for a BOI a few years back and I reckon the application is still open! They rang me on two occasions asking me what type of card I was looking for... I gave up and went with An Post Money.

awec · 22-08-2023 11:11AM

https://www.boards.ie/discussion/comment/121010970#Comment_121010970

I think the streamlining of the application process may contribute to why their approvals / rejections are a bit odd at times.

Like I'm fairly certain the reason they won't approve any loans from me is that their approval process asks questions about your monthly salary, and then it tries to automatically verify it in my linked account. But I don't get paid monthly, and so if you looked at my income per calendar month it would be different every time, and I'm betting their automation just can't cope with that.

the_amazing_raisin · 22-08-2023 03:40PM

Recently I got an email from a service provider that they're going to stop accepting Revolut cards entirely and I'm going to need to register a different card

Since I don't have any different cards, and I'm not prepared to get one, then I'm going to have to stop using that service

I'm wondering if there's any value in referring the case to the CCPC? I've emailed the service provider back telling them I'll be unable to use their service and asking them to reconsider their decision, but I doubt they will just because I asked nicely