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Revolut - Ultracheap FX (prepaid Mastercard)

tomfoolery60

I have started using a service called Revolut which offers a prepaid mastercard and allows you to convert money to USD/GBP at market rates with zero commission https://revolut.com/

Have used to purchase some stuff online in GBP and requested the physical card (to allow ATM withdrawals when outside the Eurozone) and it works very well so far.

As I understand it, it is free for the first 12 months and then they might charge a fee. There is a code from MoneySavingExpert "MSE" that will give you a £5 bonus if you sign up and deposit a tenner or something like that.

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bittihuduga

crazyderk wrote: »

I topped up with my credit card using the app. it shows up in the app immediatley. it would be a good way to withdraw cash without fee's

thanks for the confirmation..it helps

Mark Tapley

Lumi wrote: »

I opened the App again a few minutes ago and my account was registered - I had gotten the same error message as you earlier but the registration must have gone through ok after all. I topped up and got my £5 bonus so happy days!
Thanks OP

I got a reply from them asking for my number. Nothing since.My phone is rooted maybe that's the problem.

yesno1234

yesno1234 wrote: »

Anyone know can this be used for gaming/gambling? Have emailed but thought I'd ask anyways to see if anyones tried.

Didn't receive a definite answer from them. Anyone have the card and can confirm?

Rock Paper Scissors

quickest €6.78 I ever made, cheers OP

Racket

tomfoolery60 wrote: »

I'd be careful topping up with a CC, I imagine it is like an online bookmaker and you might get whacked with a cash advance fee. Did you check with customer service?

Just checked my online banking, no cash advance fee for using my credit card to top it up.

bittihuduga

Racket wrote: »

Just checked my online banking, no cash advance fee for using my credit card to top it up.

which credit card did you use?

Niemoj

Just to confirm do we've to top up by £10 or €10 to get the £5 bonus?

revz

Niemoj wrote: »

Just to confirm do we've to top up by £10 or €10 to get the £5 bonus?

I topped up by €10 and got it.

ClaptonBay

Is it better to use your CC or Visa debit to top up in terms of any security risks?

Irish Halo

I got this a while ago and have used the virtual card to buy things in dollars (one transaction ~$200) and Euros and worked very well. Topping up with a C/C should cost a cash advance AFAIK but YMMV.

It all happens pretty instantly too, I have topped up with Euros and paid for things all within the same two/three minutes.

I have not got my actual card yet though and I applied to have it sent ~27 July (it is not sent automatically, go to Menu> My Card > Request card) but think there has been a rush and they're making there way through a backlog.

One nice trick is associating it with a Paypal account and getting billed in the seller's currency so avoiding Paypal's FX rates as well as the bank/card's rate (I have done this). You of course need to make sure the card is topped up. This will also presumably avoid any restrictions on using the card for gambling/gaming.

I'm off to the US in late-September so hope I have my card by then to use.

EDIT: Contacted them via the in app support, apparently there was an issue with my address and the card was returned to them so should now be back on its way to me.

Racket

bittihuduga wrote: »

which credit card did you use?

AIB Mastercard. Checked again and definitely no cash advance fee for me.

crazyderk

bittihuduga wrote: »

which credit card did you use?

No charge for me either with a BOI mastercard

Fred Swanson

This post has been deleted.

bromley52

Is there a €30 yearly tax for using this card, virtual or physical?

Fred Swanson

This post has been deleted.

crazyderk

Fred Swanson wrote: »

This post has been deleted.

Well the company are not based in Ireland so I don't think they will charge the annual tax

from the website "The Revolut app and multi-currency card are completely free.

Revolut offers the very best exchange rate available and applies no charges or fees. We guarantee this for the first 12 months of being a Revolut customer.

We partner with Optimal Payments, a global provider of online and mobile payment processing services,"

Optimal from what I can see on their website are based in the isle of man, the UK, Canada and the USA so I don't think their cards would fall under Irish jurisdiction thus you wouldn't pay tax on it.

Of course theres always the possibility I'm a dog on the itnernet & I have no idea what I'm doing

duffman13

Have set up an account to use while travelling. I will be around Asia in a lot of countries where dollars are the accepted currency. Is there a fee involved from withdrawing from foreign ATMs. I know the bank in whatever country will apply a fee but thats not an issue.

Also if taking out currency other than €$£ is there a way to check the rate I will be offered?

Fred Swanson

This post has been deleted.

Irish Halo

duffman13 wrote: »

Is there a fee involved from withdrawing from foreign ATMs.

From their website:
"Once you've topped up your Revolut account you can use the card anywhere with no fees on transactions or cash withdrawals."

duffman13 wrote: »

Also if taking out currency other than €$£ is there a way to check the rate I will be offered?

From the site it says:
"... the card automatically converts into the local currency at the perfect interbank rate so you don't have to worry about it. This means that even if you hold GBP but spend in Thai Bhat the card will convert from GBP to THB at the instant of transaction."

I have found the rates at xe.com's currency converter to normally match the rate Revolut use (at least in the app) so if you have internet access that will give you a good idea. Of course after the transaction you can look at the app and and work it out.

gerrykiddy

You must be weary of exchange rate companies. I used XE for ages (still registered) and over a period I swore by them. Because I trusted them to be the best I never checked alsewhere and was shocked to find that at one stage B of I were better. Since then I have checked regularly and right now its Transfer Wise. The lesson is to compare regularly.

Molua

Any idea do cross border fees still apply? I remember BOI telling me that no charges were applied to my prepaid c card when I was in S America last year but I did get stung with cross border handling fees

gerrykiddy

It seems that there are no charges within the Euro Zone but always when outside.

Fred Swanson

This post has been deleted.

crazyderk

I'd love if they brought in other currencies such as the Canadian dollar and Bitcoin.

Block (8

Can someone tell me if while on holidays can one top up from bank? The site says something about a 2 step passcode from your mobile phone not sure what's that for (for registration?), but I may be using a sim card from the country I am going to.
Also can I transfer back whats left over from revolut back to my bank a/c after my holiday?

duffman13

gerrykiddy wrote: »

It seems that there are no charges within the Euro Zone but always when outside.

Fred Swanson wrote: »

This post has been deleted.

I thought that however from there website

Our Multi-currency card is accepted globally at all MasterCard® locations and the card automatically converts into the local currency at the perfect interbank rate so you don't have to worry about it. This means that even if you hold GBP but spend in Thai Bhat the card will convert from GBP to THB at the instant of transaction. There are no ATM fees or other charges at all from Revolut whether you use it at home or abroad and you will always get the perfect interbank exchange rates.

From reading that it would appear that they dont charge the commission or am I being naive?

Molua

duffman13 wrote: »

I thought that however from there website

Our Multi-currency card is accepted globally at all MasterCard® locations and the card automatically converts into the local currency at the perfect interbank rate so you don't have to worry about it. This means that even if you hold GBP but spend in Thai Bhat the card will convert from GBP to THB at the instant of transaction. There are no ATM fees or other charges at all from Revolut whether you use it at home or abroad and you will always get the perfect interbank exchange rates.

From reading that it would appear that they dont charge the commission or am I being naive?

This is what I read into it when I saw that statement as well

Rock Paper Scissors

I have a Skrill card and a neteller card and just picked up this card a few days ago.

For ATM withdrawls Skrill charge €1.80 per withdrawl. They also charge local ATM fees + FX fees + an annual charge of €10 + there is a charge to top up your account via credit and debit card.

For ATM withdrawls Neteller charge €4 per withdrawl. They also charge local ATM fees + FX fees + there is a charge to top up your account via credit and debit card.

Both of these cards also charge for sending money

This new Revolut card has no charges at all (for the first 12 months anyway)

Just waiting on my physical card to arrive

soirish

Who is behing Revolut? On Android it shows 5000+ downloads and 4.0 stars which doesn't convince me to enter my credit card.

irishgeo

soirish wrote: »

Who is behing Revolut? On Android it shows 5000+ downloads and 4.0 stars which doesn't convince me to enter my credit card.

https://www.linkedin.com/in/nstoronsky