Revolut Megathread.

dolmen · 24-01-2021 9:51am

I have gone through the registration Revoult process, lodged €45 . Provided id and verification with my passport.
But when I log in I'm asked to lodge€15 as my account cannot be verified. There is a CHAT facility, but only if you're account is verified.
No phone numbers are provided. Has anyone any suggestions as to either verify account or get my money back.

dolmen · 24-01-2021 9:54am

I have gone through the registration Revoult process, lodged €45 . Provided id and verification with my passport.
But when I log in I'm asked to lodge€15 as my account cannot be verified. There is a CHAT facility, but only if you're account is verified.
No phone numbers are provided. Has anyone any suggestions as to either verify account or get my money back.

Sheep Shagger · 24-01-2021 4:40pm

dolmen wrote: »

I have gone through the registration Revoult process, lodged €45 . Provided id and verification with my passport.
But when I log in I'm asked to lodge€15 as my account cannot be verified. There is a CHAT facility, but only if you're account is verified.
No phone numbers are provided. Has anyone any suggestions as to either verify account or get my money back.

Try their customer care on twitter?

mightyreds · 25-01-2021 10:59am

Liamo_mu wrote: »

Anyone else not able to add money to their Revolut account using their AIB debit card. Since last week I've been getting an error and so is one other person that I know.

Any fix for this?

Aquos76 wrote: »

Link the card to Apple Pay and top up via that?

Having trouble with Ulster Bank, cant top up with debit card or with google pay using the same card? Any one get a way to fix this?

Gooser14 · 25-01-2021 11:27am

mightyreds wrote:

Having trouble with Ulster Bank, cant top up with debit card or with google pay using the same card? Any one get a way to fix this?

Probably a stupid question but have you checked the card expiry date?

mightyreds · 25-01-2021 2:51pm

Gooser14 wrote: »

Probably a stupid question but have you checked the card expiry date?

All is good on google pay I only added the card directly from the ulster bank app recently, I'm going to try re add the card itself to revolut and try that

mightyreds · 25-01-2021 6:24pm

mightyreds wrote: »

All is good on google pay I only added the card directly from the ulster bank app recently, I'm going to try re add the card itself to revolut and try that

Adding the card again did nothing

Suckit · 25-01-2021 7:48pm

Can I send a SEPA transfer to a non Irish bank account from a Revolut Personal account?
I can't for the life of me figure out how to do it. When I select bank transfer and go to put in the IBAN it won't let me change IE to any other Country.

inel · 25-01-2021 9:30pm

Suckit wrote: »

Can I send a SEPA transfer to a non Irish bank account from a Revolut Personal account?
I can't for the life of me figure out how to do it. When I select bank transfer and go to put in the IBAN it won't let me change IE to any other Country.

Yes, you can. You first need to select the 'Country of recipient's bank' when you add a new recipient, before you put in the IBAN.

Suckit · 25-01-2021 9:43pm

inel wrote: »

Yes, you can. You first need to select the 'Country of recipient's bank' when you add a new recipient, before you put in the IBAN.

Ahh, thanks.

At the top, I didn't realise I needed to scroll up when opening 'add recipient'. I just checked there, when you scroll down, and then back up, it still stops at IBAN, you have to scroll up twice to see country and currency option...

Thanks

Sheep Shagger · 25-01-2021 10:20pm

Havn't bothered telling people my new LT IBAN (they use by old GB one). Now get an email when I get funds via the GB IBAN.

Am hoping the IE one is sorted by 30/6 as they say after that date incoming funds MAY be rejected. Save people having to update it twice.

Wanderer41 · 27-01-2021 9:00am

Liamo_mu wrote: »

Anyone else not able to add money to their Revolut account using their AIB debit card. Since last week I've been getting an error and so is one other person that I know.

Any fix for this?

Did you find a fix for this? It's not working for me either despite no issues in the past.

The J Stands for Jay · 27-01-2021 9:10am

Wanderer41 wrote: »

Did you find a fix for this? It's not working for me either despite no issues in the past.

Could you just do a SEPA transfer?

Wanderer41 · 27-01-2021 9:20am

McGaggs wrote: »

Could you just do a SEPA transfer?

I just tried that, but AIB doesn't recognise the IBAN as Irish. From googling to seems you now need a card reader to add money from AIB to Revolut, which I don't have and don't have access to. So frustrating as I really need to add money to Revolut.

scary · 27-01-2021 9:57am

I just transferred from my AIB account to revolut without issues.

The J Stands for Jay · 27-01-2021 10:00am

Wanderer41 wrote: »

I just tried that, but AIB doesn't recognise the IBAN as Irish. From googling to seems you now need a card reader to add money from AIB to Revolut, which I don't have and don't have access to. So frustrating as I really need to add money to Revolut.

Isn't it illegal not to allow SEPA transfers?

_Brian · 27-01-2021 10:02am

Have Revolut and the app on iPhone.

Occasionally in the phone Revolut pops up as of it were to be used as tap payment.

I’ve no idea how this appears, (big thick farmers fingers).

How does this work, can I use this for tap payments.

Mongfinder General · 27-01-2021 10:05am

McGaggs wrote: »

Isn't it illegal not to allow SEPA transfers?

How are Revolut able to operate here without an Irish banking licence?

Spocker · 27-01-2021 10:25am

Wanderer41 wrote: »

I just tried that, but AIB doesn't recognise the IBAN as Irish. From googling to seems you now need a card reader to add money from AIB to Revolut, which I don't have and don't have access to. So frustrating as I really need to add money to Revolut.

For Revolut you can either use the GB or LT IBANs to make the transfer, neither of which are Irish. AIB require a card reader to complete international (including Eurozone) SEPA transfers, theres no way around that unfortunately. If you can borrow someone elses card reader, just use that

The J Stands for Jay · 27-01-2021 10:38am

Mongfinder General wrote: »

How are Revolut able to operate here without an Irish banking licence?

They aren't a bank. They operate here under a Lithuanian emoney licence.

Mongfinder General · 27-01-2021 12:03pm

McGaggs wrote: »

They aren't a bank. They operate here under a Lithuanian emoney licence.

That’s an e money licence, not a banking licence. Payment Institutions are not allowed to receive deposits or other repayable funds from the public and must use funds exclusively to provide payment services.

They do not offer bank accounts as they are not authorised to received deposits.

So the question remains - how are Revolut operating the services that they provide in Ireland without a banking licence?

Yggr of Asgard · 27-01-2021 12:41pm

Mongfinder General wrote: »

That’s an e money licence, not a banking licence. Payment Institutions are not allowed to receive deposits or other repayable funds from the public and must use funds exclusively to provide payment services.

They do not offer bank accounts as they are not authorised to received deposits.

So the question remains - how are Revolut operating the services that they provide in Ireland without a banking licence?

What service do you think is revolt offering in Ireland that is not covered by their electronic money license?

pleasant Co. · 27-01-2021 12:45pm

_Brian wrote: »

Have Revolut and the app on iPhone.

Occasionally in the phone Revolut pops up as of it were to be used as tap payment.

I’ve no idea how this appears, (big thick farmers fingers).

How does this work, can I use this for tap payments.

You must have set up apple pay with your revolut card.

Mongfinder General · 27-01-2021 12:55pm

Yggr of Asgard wrote: »

What service do you think is revolt offering in Ireland that is not covered by their electronic money license?

Receiving deposits. Surely that’s what is happening in practice in order to facilitate payment for goods and services? Am I missing something that enables them to operate in the way they do here?

Yggr of Asgard · 27-01-2021 1:02pm

Mongfinder General wrote: »

Receiving deposits. Surely that’s what is happening in practice in order to facilitate payment for goods and services? Am I missing something that enables them to operate in the way they do here?

Yes the fact that when you send them € they convert it into Revolut electronic money which is hold in their wallet.

And when you spend money with the card or cash out via transfer they convert that shiny Revolut money back onto what ever fiat currency you are spending.

Same as loads of other electronic money companies.

Which is why holding money in your Revolut wallet (not bank account) is covered by different rules and hence not guaranteed by the bank guarantee scheme but a rather complicated safe guarding process.

That is unless you are a customer in Lithuania or Poland and you have an account with Revolut Bank.

leck · 27-01-2021 2:31pm

I'm in Ireland. I top up my Revolut account using a BoI debit card.

I have a Chase checking account in the US. Can I transfer funds from that to my Revolut account? When I go to Add Money->Easy bank transfer, the only options listed are AIB, BoI, PTSB, Ulster Bank.

Yggr of Asgard · 27-01-2021 2:51pm

leck wrote: »

I'm in Ireland. I top up my Revolut account using a BoI debit card.

I have a Chase checking account in the US. Can I transfer funds from that to my Revolut account? When I go to Add Money->Easy bank transfer, the only options listed are AIB, BoI, PTSB, Ulster Bank.

EU customers do not get an US local bank account for transfers and ACH also does not work.

Options are
Wire transfer to the LT IBAN in $ which is expensive
Use the Chase Debit Card directly
Use the Chase Debit Card via Apple Pay

Or get a transfer wise borderless account, a local US transfer to it via ACH and than throw it over to Revolut which is both costly and time consuming.

Or using your SSN and Us address create US Revolut account, load that and transfer to your EU Revolut account

markc1184 · 27-01-2021 2:52pm

After each top up I'm getting a prompt to link my bank account. Is the any benefit to having the account linked rather than my card?

Also, I keep getting daily notifications about the price of gold and silver. I've nothing selected in either of those in my commodities section. Is there a way to stop these notifications?

Mongfinder General · 27-01-2021 3:38pm

Yggr of Asgard wrote: »

Yes the fact that when you send them € they convert it into Revolut electronic money which is hold in their wallet.

And when you spend money with the card or cash out via transfer they convert that shiny Revolut money back onto what ever fiat currency you are spending.

Same as loads of other electronic money companies.

Which is why holding money in your Revolut wallet (not bank account) is covered by different rules and hence not guaranteed by the bank guarantee scheme but a rather complicated safe guarding process.

That is unless you are a customer in Lithuania or Poland and you have an account with Revolut Bank.

I don’t understand the process but your explanation would explain the absence of a banking licence.

What about trading in securities? Sure they would need a MIFID authorisation?

Yggr of Asgard · 27-01-2021 3:54pm

Mongfinder General wrote: »

I don’t understand the process but your explanation would explain the absence of a banking licence.

What about trading in securities? Sure they would need a MIFID authorisation?

Revolut is not always Revolut as in one entity, you might see it that way because it’s all in the same app but you are dealing with different Revolut companies who have all appropriate authority.

As an example:

Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Resolution Compliance Ltd (No. 574048) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.

If you go into the app you can see the relevant information for your country.

Mongfinder General · 27-01-2021 4:11pm

Yggr of Asgard wrote: »

Revolut is not always Revolut as in one entity, you might see it that way because it’s all in the same app but you are dealing with different Revolut companies who have all appropriate authority.

As an example:

Trading and investment services are provided by Revolut Trading Ltd (No. 832790). Revolut Trading Ltd is an appointed representative of Resolution Compliance Ltd (No. 574048) which is authorised and regulated by the Financial Conduct Authority. Revolut Trading Ltd is a wholly owned subsidiary of Revolut Ltd.

If you go into the app you can see the relevant information for your country.

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

This is it · 27-01-2021 4:12pm

Issues accessing Revolut app due to the GME trading

Yggr of Asgard · 27-01-2021 4:25pm

Mongfinder General wrote: »

So the trading company has an FCA licence which is now outside the EU. So that would mean they can’t passport investment services into Ireland under MIFID. They would have to get authorized under Mifid here. Maybe they could apply to be authorized as a branch of a third country with a Regulatory regime that’s equivalent to ours. Not sure if that’s a runner.

I’m sorry but I have to ask, which financial service provider or bank do you work for?

Read the terms and you know how them having a UK license is dealt with since the 1st of January:
https://www.revolut.com/en-IE/legal/trading

Mongfinder General · 27-01-2021 6:02pm

Yggr of Asgard wrote: »

I’m sorry but I have to ask, which financial service provider or bank do you work for?

Read the terms and you know how them having a UK license is dealt with since the 1st of January:
https://www.revolut.com/en-IE/legal/trading

I’m out of the industry a while now but I’ve been trying to figure out how and why the Fintech companies are light years ahead of the Banks here in the services they can offer customers. Thanks for the link, I’ll check it out.

Yggr of Asgard · 27-01-2021 7:58pm

Mongfinder General wrote: »

I’m out of the industry a while now but I’ve been trying to figure out how and why the Fintech companies are light years ahead of the Banks here in the services they can offer customers. Thanks for the link, I’ll check it out.

Because they start off reselling 3rd party services in a nicely branded central app and they get successful enough they start slowly replacing each and every service with their own.

Revolut started with using the wallet of GPS, the outbound payments of Currency cloud, currency exchange functions of GPS, individual account numbers by if I remember this right paysafe and cards issued by wire card. They just wrote an App that got all of it into one place and under one name. Than marketed it heavy and burned through money.

The idea is Revolut was to use technology to make it easier and cheaper but they started with minimum own technology beside the integration.

Than when customer liked what they say they slowly replaced the functions with their own software, services and license.

And these days they have their own IBAN, the wallet is theirs and they issues their own cards to maximize revenue.

And once they got successful they continue to reduce what is free slowly to bring more people into fee based services.

I hope that helps.

delly · 27-01-2021 9:05pm

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Aquos76 · 27-01-2021 9:08pm

delly wrote: »

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Yep, it’s just a pending transaction at the minute, when it’s applied to your account their commission will be added to it.

delly · 27-01-2021 11:53pm

Aquos76 wrote: »

Yep, it’s just a pending transaction at the minute, when it’s applied to your account their commission will be added to it.

Ah, that explains it then. I naively thought the amount I see now would be the final amount. Cheers for clarifying.

Drumpot · 28-01-2021 8:13pm

Anybody mess about with the shares speculation in Revolut?

Tried to cash out today and it declined multiple times.

Aquos76 · 28-01-2021 8:20pm

https://twitter.com/RevolutApp/status/1354843455038611461

Drumpot · 28-01-2021 8:23pm

Aquos76 wrote: »

https://twitter.com/RevolutApp/status/1354843455038611461

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

Waccamacca3 · 28-01-2021 8:24pm

Drumpot wrote: »

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

Surely that's not right you should have got price from the pending

This is it · 28-01-2021 8:25pm

Got some out at $315, left some in to keep it interesting

Drumpot · 28-01-2021 8:32pm

Waccamacca3 wrote: »

Surely that's not right you should have got price from the pending

Nope, they cancelled several pending ones. I can see them but they are cancelled

FourFourRED · 28-01-2021 8:44pm

Apologies for the stupid question.

If I am looking to pay for something on Amazon in GBP for example, is this the most cost effective way to do it?

1. Add funds to my Euro account on Revolut from my debit card.
2. Sell from my Euro account on Revolut to the GPB account.
3. Place the order on Amazon in GBP.

Thanks a lot in advance

doney84 · 28-01-2021 8:51pm

FourFourFM wrote: »

Apologies for the stupid question.

If I am looking to pay for something on Amazon in GBP for example, is this the most cost effective way to do it?

1. Add funds to my Euro account on Revolut from my debit card.
2. Sell from my Euro account on Revolut to the GPB account.
3. Place the order on Amazon in GBP.

Thanks a lot in advance

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

FourFourRED · 28-01-2021 8:56pm

doney84 wrote: »

You can leave out the second step as Revoult will do that for you. Just add funds to your EUR account and make sure to select pay in GBP on Amazon, enter your Revolut card details and FX conversion will happen on the fly.

If you already have enough GBP held on Revolut it will use this for your purchase, if not it will convert what it needs and take the full amount from your EUR account.

Thanks so much

listermint · 28-01-2021 8:56pm

delly wrote: »

Here's an odd one that really surprised me today. I mistakenly paid for an amazon purchase today using my AIB debit card, instead of Revolut. I checked how much the current rate would charge me on Revolut for conversion, then checked what AIB charged and it was 30 cent cheaper. It blew my preconceived notions of Revolut always been cheaper for sterling. Have I missed something?

Tbf. Yesterday I noticed Amazon had a better sterling to euro conversion than revolut significantly so. I've never seen this happen before.

2forjoy · 28-01-2021 8:59pm

Drumpot wrote: »

W@nkers

I tried to trade out gains from amc stock and it’s half the value it was when I plaved order. They cancelled the order after leaving it on pending for ages

AMC is up 133 % now

Drumpot · 28-01-2021 9:00pm

2forjoy wrote: »

AMC is up 133 % now

Was up over 500% at one stage!

Revolut Megathread.

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