Revolut Megathread.

irishgrover · 20-01-2020 12:04am

cisk wrote:

How long did it take to reach the dealerships account out of interest?

I'm afraid I don't know. The guy I was working with was off for a couple odd days so I did not check until the third day, at which point it was there

Johnny Sausage · 20-01-2020 10:21am

cisk wrote: »

How long did it take to reach the dealerships account out of interest?

I just transferred money from my revolut to my Natwest UK account and it was almost instant

21-01-2020 12:54am

Johnny Sausage wrote: »

Lots of prepaid cards don't work with gambling companies

People try use them for it so that transactions to gambling companies aren't on their main account

I’ve topped up and withdrawn from my Paddy power account with Revolut without issue (so far anyway).

awec · 21-01-2020 12:24pm

They don't allow gambling, you might get transactions through on some of them but I wouldn't trust revolut with bookmakers, they have been known to block accounts and ask for gambling receipts for money laundering purposes, and have been known to randomly block withdrawals leaving people's money in limbo.

tv3tg4 · 22-01-2020 9:41pm

Is the public services card accepted to verify account?

Johnny Sausage · 22-01-2020 9:43pm

tv3tg4 wrote: »

Is the public services card accepted to verify account?

Nope

Passport only

BowWow · 22-01-2020 9:43pm

tv3tg4 wrote: »

Is the public services card accepted to verify account?

No. wouldn't accept it for me. Also wouldn't accept Driving Licence.

BowWow · 22-01-2020 9:45pm

Did an interesting exercise last night. Looked at Sterling vs Euro on some cards. A £100 Sterling purchase would cost €120.34 on a BofI Credit Mastercard. It would cost €119.42 on an AIB Debit Card and it would cost €117.66 on the Revolut Card.

-=al=- · 22-01-2020 10:31pm

Yea it’s better 99.9% of the time and that’s without any fees for conversion added, or if from an atm, a charge for that.

I’ve found even atms in the UK that way they’ll charge for the transaction never actually do

I’ve saved 100’s using Revolut over the years

madmoe · 22-01-2020 11:38pm

BowWow wrote: »

Did an interesting exercise last night. Looked at Sterling vs Euro on some cards. A £100 Sterling purchase would cost €120.34 on a BofI Credit Mastercard. It would cost €119.42 on an AIB Debit Card and it would cost €117.66 on the Revolut Card.

So I paid for my Revolut plastic card and I have used it a few times in the UK last year. The OH is asking how Revolut are making their money? Can you guys shed some light on this?

Thanks
M

Dodge · 23-01-2020 12:12am

madmoe wrote: »

So I paid for my Revolut plastic card and I have used it a few times in the UK last year. The OH is asking how Revolut are making their money? Can you guys shed some light on this?

Thanks
M

The same way every other bank is. Investing on the back of your money

The traditional banks just charge you more for that on top

talkabout · 23-01-2020 10:05am

Dodge wrote: »

The same way every other bank is. Investing on the back of your money

The traditional banks just charge you more for that on top

In addition the merchants pay.

23-01-2020 10:46am

Stupid question - Can you get a Revolut website - Like 365online ?

Dardania · 23-01-2020 10:50am

6541 wrote: »

Stupid question - Can you get a Revolut website - Like 365online ?

not a stupid question - but no. They offer it with their business service - it's good there

23-01-2020 10:53pm

Is anyone seeing delayed transactions from November 22nd coming through today. Granted it was a legit transaction but not liking the fact it’s being completed two months later.

It’s happened to two other people I know too today

bluecherry74 · 24-01-2020 8:49am

cisk wrote: »

Is anyone seeing delayed transactions from November 22nd coming through today.

Yes, I had one. It made my account overdrawn which I didn't think could happen. Took me a while to realise what the minus beside the figure was!

Interesting that it's happened to a few people. I wonder what happened on November 22nd?

listermint · 24-01-2020 9:02am

6541 wrote: »

Stupid question - Can you get a Revolut website - Like 365online ?

The app is their website. You treat the app as that it might answer your question. Think of 365 as a very poor old online experience rather than the benchmark.

Most banks should be taking the mobile first approach rather than website centric of old

-=al=- · 24-01-2020 1:21pm

BOI online looks like something made on windows 95

24-01-2020 3:26pm

bluecherry74 wrote: »

Yes, I had one. It made my account overdrawn which I didn't think could happen. Took me a while to realise what the minus beside the figure was!

Interesting that it's happened to a few people. I wonder what happened on November 22nd?

I'd say Revolut had an issue on the 22nd of Nov than meant retailers weren't paid. My transactions were reverted after the usual 30 days but they now must be retrospectively completing the transactions and paying the retailers owed.

EoinMcLovin · 24-01-2020 3:44pm

https://blog.revolut.com/savings-vaults-with-1-35-aer-now-live-for-gb-metal-customers/

Revolut Introducing Savings Vaults 💰
Savings Vaults are an easy-access savings account with a limited market-leading interest rate of 1.35% AER*. In other words, they’re a great way to save smarter and faster, while putting your money to work for you.

Currently only available to UK residents with a Metal Card but should come to Standard and Premium members in other countries with a reduced interest rate in the coming months

Cloudio9 · 25-01-2020 6:08pm

i just opened a revolut account and put €10 in from my AIB credit card.

Will AIB treat that like a cash withdrawal and charge a cash fee or is it treated like a purchase ?

Johnny Sausage · 25-01-2020 6:24pm

Cloudio9 wrote: »

i just opened a revolut account and put €10 in from my AIB credit card.

Will AIB treat that like a cash withdrawal and charge a cash fee or is it treated like a purchase ?

Should be treated as a purchase

paska · 26-01-2020 12:34pm

I have a metal card. Has anyone booked a lounge pass on the app?

I believe the first one is free but it's coming up as 28 euro with an option to continue. I don't want to hit continue and get charged.

Rita is not very helpful, she keeps posting the same link to lounge passes information.

They are 28 euro on the app and 25 on the DAA

Johnny Sausage · 26-01-2020 2:10pm

paska wrote: »

I have a metal card. Has anyone booked a lounge pass on the app?

I believe the first one is free but it's coming up as 28 euro with an option to continue. I don't want to hit continue and get charged.

Rita is not very helpful, she keeps posting the same link to lounge passes information.

They are 28 euro on the app and 25 on the DAA

Just say "Live Agent" to Rita, she's a link bot

Yggr of Asgard · 28-01-2020 5:35pm

I usually don’t post on this anymore but a quick warning to be careful with credit card top ups.

Revolut was forced to change their merchant code to 4829 (Wire Transfer - Money Orders) which means that credit card companies might now see this as cash advance and hence fees from your card company and interest could occur.

This might not be the case with all credit card companies so please check carefully the terms of your credit card company before using your card to top up Revolut.

To a lesser extend this also applies to debit cards where a transaction now could count against your cash limits rather than you spending limit.

extra gravy · 28-01-2020 6:09pm

Mr.S wrote: »

Purchase, no extra fee.

It that also the case visa debit cards? Say Ulster bank charge you a cent for contactless payment and 20 cent for other payments, what would it be charging you to top up the Revolut card with similar value?

Yggr of Asgard · 28-01-2020 8:46pm

More info is now available about top ups via credit cards.

MasterCard is the driver here which had threatened Revolut with fines and a possible loss of issuing rights if Revolut did not use the appropriate correct MCC.

Also their payment processor got told that they will also get fined if this continues.

Unfortunately the change in MCC is for all card types and not just MasterCard.

This change has also lead to some customers no longer being able to use their credit card for top ups because their banks don’t allow cash like transactions or lead to cash advance charges.

Revolut is attempting to circumvent this by possibly using a different processor for Visa top ups with the old MCC but this might not work.

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

It’s not a good time for Revolut right now.

Quackster · 28-01-2020 9:03pm

The only surprising thing about that is that it's taken so long for that loophole to be closed off. I'm sure MC & Visa have been under pressure from their client banks to act on it for some time.

Yggr of Asgard · 28-01-2020 9:08pm

Quackster wrote: »

The only surprising thing about that is that it's taken so long for that loophole to be closed off. I'm sure MC & Visa have been under pressure from their client banks to act on it for some time.

Agreed.

The considerable loss that banks suffered by people using revolut instead of their cards must have added to the pressure.

Encrypted Pigeon · 28-01-2020 11:00pm

I thought I would top up to see what would happen, it is now showing the MCC as 4829. I don't see any additional fee yet but it is still a pending transaction. The last time I topped up mid January, the MCC description was "Financial Institutions - Merchandise and Services" which seems to equate to 6012.

MCC list is here for anyone interested. https://www.web-payment-software.com/online-merchant-accounts/mcc-codes/

Dardania · 28-01-2020 11:09pm

Encrypted Pigeon wrote: »

I thought I would top up to see what would happen, it is now showing the MCC as 4829. I don't see any additional fee yet but it is still a pending transaction. The last time I topped up mid January, the MCC description was "Financial Institutions - Merchandise and Services" which seems to equate to 6012.

MCC list is here for anyone interested. https://www.web-payment-software.com/online-merchant-accounts/mcc-codes/

How do you discern what the MCC is for a particualr transaction? Old school bill?

Lenny · 28-01-2020 11:16pm

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

Encrypted Pigeon · 28-01-2020 11:17pm

Dardania wrote: »

How do you discern what the MCC is for a particualr transaction? Old school bill?

Depending who you have your card with, they should have some form of dashboard that shows transaction, mine happens to have those details.

van_beano · 28-01-2020 11:21pm

Lenny wrote: »

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

When did you start topping up to get those fees? I last topped up using the CC in the last billing period, didn't get hit then. Must have just started for this billing period.

Lenny · 28-01-2020 11:34pm

van_beano wrote: »

When did you start topping up to get those fees? I last topped up using the CC in the last billing period, didn't get hit then. Must have just started for this billing period.

its not on my current bill but its only my recent transactions

22/01/2020
CASH ADVANCE FEE
€9.36
collapse/expand
22/01/2020 Revolut** revolut.com GBR
€624.00

and then i done some topups of 10-15 euros,
3 topups, and got a a cash advance fee 2.50 x 3 separate lines after
pitty i dind't see this earlier, done another topup of 400,

might give customer services a call in the morning to see will they waive it, but its looking doubtful, guess i will just get rid of the avantcard, as i doubt i am getting tesco points on it either now with the topups...

Yggr of Asgard · 28-01-2020 11:42pm

Lenny wrote: »

its not on my current bill but its only my recent ...

Avantcard charges 1.5% with a minimum of 2.5 € for cash transactions.

Also check the T&C for different interest rates and how they apply payment if you don't clear the balance of your card.

van_beano · 28-01-2020 11:53pm

Lenny wrote: »

as i doubt i am getting tesco points on it either now with the topups...

Could, in theory, be getting free Bord Gais with high enough top ups!

Make sure you’re not charged daily for the cash advance, you may be wise to clear the top ups asap.

Thanks for letting us know, you’ve saved me a couple of quid.

Lenny · 28-01-2020 11:57pm

van_beano wrote: »

Could, in theory, be getting free Bord Gais with high enough top ups!

Make sure you’re not charged daily for the cash advance, you may be wise to clear the top ups asap.

Thanks for letting us know, you’ve saved me a couple of quid.

So am I right in saying that maybe I should pay off the balance of whatever I have topped up with tomorrow, plus whatever my last statement balance is? I'll call them tomorrow to find out more details thanks for that heads up

van_beano · 29-01-2020 12:00am

Lenny wrote: »

So am I right in saying that maybe I should pay off the balance of whatever I have topped up with tomorrow, plus whatever my last statement balance is? I'll call them tomorrow to find out more details thanks for that heads up

Whatever you pay off they tackle the highest interest rate occurring balance first. I always thought cash advances were charged interest daily, could be wrong. Best thing as you say is ring them and see.

pl4ichjgy17zwd · 29-01-2020 12:48am

Yggr of Asgard wrote:

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

Does this mean the banks will start charging the transaction as an atm withdrawal + gov stamp duty on debit card top-ups?

Quackster · 29-01-2020 12:50am

Lenny wrote: »

just logged onto my avant credit card, and seen a load of cash advance fee's 70euros worth, load of ****e really,
do any know if aib visa b card apply this fee? or if my visa deb card if i top up they will apply this fee also?
used my revolut for so much online, i am guessing the only other option now is to use the n26 and transfare money my iban of that card to get the best rates, cant be going back to paypal and there crap rates, this blows everything out of the water for saving money on ebay/amazon...

Curve would be an alternative to use with your credit card as Curve passes through each transaction's MCC to the funding card.

So you shouldn't be charged cash advance fees unless you used your Curve card to withdraw cash or make another such transaction that your credit card charges advance fees for.

Curve converts foreign-currency transactions to your card's currency at the interbank rate before passing on the transaction. You can spend up to £500 fee-free per month on the free card (2% on any amounts over this) or you can pay £10 a month for unlimited FX-fee free transactions.

Also remember, this is only an issue with using credit cards to top up Revolut. You can continue to top up Revolut by debit card without issue.

Yggr of Asgard · 29-01-2020 1:02am

Meilani Yummy Rust wrote: »

Does this mean the banks will start charging the transaction as an atm withdrawal + gov stamp duty on debit card top-ups?

Not even our government is that greedy (yet), no ATM withdraw tax on those charges.

But your bank might have a charge for cash like transactions. You will need to check with your bank.

Also remember that your debit card has a daily or weekly cash limit that would limit the top ups.

Lenny · 29-01-2020 9:16am

So I called avant card there, yes I have been paying daily interest on my topups, no budge on the interest on them, they said revoult had been marking themselds as AA retailer, and they should have informed there customers themselds,
Won't know how much it actually costs me until my next statement,

I will look into this curve, if anyone has a referral let me know
A lot of people are going to get stung with revoult and there topup by credit cards

adox · 29-01-2020 11:16am

Yggr of Asgard wrote: »

So for those who used credit cards to top up Revolut or who used debit cards for large top ups (higher than their cash limit) the party is over at the moment.

It’s not a good time for Revolut right now.

I dont understand this part about debit cards?

Yggr of Asgard · 29-01-2020 11:29am

adox wrote: »

I dont understand this part about debit cards?

Your debit card has different daily limits for cash and transactions.

For example 700 for cash and 2500 for transactions.

It could in theory happen that your top up is counted against the cash limit. So you can top up max 700 or when you for example topped up 200 you now can only have 500 at an ATM the same day.

But this will depend on your bank and remains to be seen once people report back their experience.

msmx5 · 29-01-2020 11:50am

adox wrote: »

I dont understand this part about debit cards?

Irish banks normally have a daily cash withdrawal limit on a debit card... often in the region of €500 - €1000 depending on your bank (this is different to the transaction limit imposed by ATMs)

Any Revolut top-ups from a Debit card may now count towards this daily limit, in the past they were treated as "purchases" rather than "cash advances" so didn't.

If you need to top up by an amount higher than your daily debit card cash limit you will now need to split it over multiple days OR transfer the larger amount to your Revolut IBAN which will not be as quick as a debit card top up. I'm sure Revolut resisted this change as long as they could but their hand was forced by MC (presumably under pressure from traditional banks).

Revolut absolutely should have communicated this change to customers and also posted warnings for the first few Credit cards top-ups after the change.

Ush1 · 29-01-2020 1:49pm

What about topping up with Google Pay?

Johnny Sausage · 29-01-2020 1:57pm

Ush1 wrote: »

What about topping up with Google Pay?

they advised me on cht to use that or bank transfer

Dodge · 29-01-2020 2:00pm

I’ve only ever used debit card top up so this likely won’t effect me at all, but it’s poor to see they haven’t, at the minimum, informed those who have a credit card registered with them for top ups

Yggr of Asgard · 29-01-2020 2:06pm

Ush1 wrote: »

What about topping up with Google Pay?

Apple or Google Pay does not change the MCC.

Your bank will still see this as cash transaction.

Revolut Megathread.

Comments