Revolut Payment

harringtonp · 13-07-2017 12:06pm #1

I made a transfer through banks to the UK a couple of months ago and was royally screwed. I was charged a lot more than the listed xe.com rate and the beneficiary did not receive the full amount in his account either.

I've seen Revolut mentioned a few times here for payment and have downloaded the app to my mobile. For those who have used it before to transfer money to a UK account is procedure more or less as illustrated below ? In an example lets assume that you want to xfer 100 sterling.

- From your AIB or BOI account you make a transfer to your Revolut UK account details shown in the mobile app. You transfer is in euros so your bank treats it as a SEPA area exchange. If you need to transfer 100 sterling, you use the app to see the current exchange rate. If it is currently 113 euro you transfer 115 to have a little leeway. Even though the IBAN start with GB98.. and the banks beneficiary address is in London is it correct to assume there are no charges due to it being a euro transaction ?

- Once the app shows the money is in your account you can do a transfer to the beneficary using their supplied account details. You select country as UK and currency as sterling and transfer 100 sterling. According to revoluut there are no charges so your 115 should be enough to cover 100 sterling, has this been found to be correct ? And as it is a sterling to sterling transaction there should be no deduction at the beneficiaries end, is this also correct ?

Are there any other pitfalls ? Is it really as revolut detail on their pages ?

srsly78 · 13-07-2017 12:11pm

Yes Revolut is straightforward, but so are other brokers. You will never get the mid-market rate you see on various sites, there is always a spread. The "no fees" means nothing, they make their money off the spread.

Use whatever gives you the best rate, it's that simple. For small amounts Revolut might be fine, for large amounts (>10k) you might be better off with another fx broker.

Bambaata · 13-07-2017 4:19pm

I use Revolut a lot, ive spent about £4500 over the past year or so with Revolut saving a fortune in the process! Its generally cheaper to pay in sterling rather than allowing websites to give you a euro rate from UK retailers. Great for me too as i work out of Belfast about two days a month so use the card for everything from a coffee in Costa to a shop in Tesco on route home etc

harringtonp · 13-07-2017 5:14pm

Bambaata wrote: »

I use Revolut a lot, ive spent about £4500 over the past year or so with Revolut saving a fortune in the process! Its generally cheaper to pay in sterling rather than allowing websites to give you a euro rate from UK retailers. Great for me too as i work out of Belfast about two days a month so use the card for everything from a coffee in Costa to a shop in Tesco on route home etc

So is the procedure for topping it up similar to that above ?

I was just thinking of direct transfer to a small retailer but if you are buying from a cycling site do you just enter your revolut card number anywhere where you can enter a credit card ?

And as there is no fraud protection do you just top up your account enough before making a purchase ?

DanDublin1982 · 13-07-2017 5:18pm

harringtonp wrote: »

So is the procedure for topping it up similar to that above ?

I was just thinking of direct transfer to a small retailer but if you are buying from a cycling site do you just enter your revolut card number anywhere where you can enter a credit card ?

And as there is no fraud protection do you just top up your account enough before making a purchase ?

Yep, I've bought lots of stuff using my revolut card online I just top up and transfer into Sterling prior to purchase.

GhostyMcGhost · 13-07-2017 5:21pm

You don't need to topup by bank transfer

Just top up from your euro debit card but remember to top up into euro first and then exchange in the app

brianomc · 13-07-2017 10:28pm

It's always handy to switch your basket to euro before ordering using revolut and see what the difference would be versus paying in sterling using the card. I ended up paying extra once by paying in sterling, by 23cents so I wasn't exactly bothered by it. They must have set their pricing and then there was a jump/fall in exchange rate.

Bambaata · 13-07-2017 10:34pm

harringtonp wrote: »

So is the procedure for topping it up similar to that above ?

I was just thinking of direct transfer to a small retailer but if you are buying from a cycling site do you just enter your revolut card number anywhere where you can enter a credit card ?

And as there is no fraud protection do you just top up your account enough before making a purchase ?

I top up via my debit card. It works so quickly too. I normally have phone in hand when doing a shop in Tesco in banbridge on way home from Belfast office and within 10s of attendant telling me the total I've exchanged to sterling, entered card, put in pin and hey presto before I even take the card from the machine I receive a message on phone that ive just spent xx at the store. Not only is the exchange far better there is no handling fee or transaction fee for foreign currency

harringtonp · 26-07-2017 2:21pm

I'm using Revolut for the first time today, had problems with verification but a customer support analyst helped out and got me over that hurdle.

I tried to top up from a debit card but when I hit the Top Up button nothing happens. There is no verification that the transfer is happening or has happened and there is no error message either. I've put a request in with customer support but have heard nothing yet.

Can anybody tell me what should happen in the app after the Top Up button is hit ?

I tried a few times so I hope the amount is not being transferred each time I tried...

Thud · 26-07-2017 2:24pm

it can sometimes take a few seconds to update if you go back to your EUR balance should refresh after a few seconds it top up went through, maybe swipe left then right to get it to refresh

harringtonp · 26-07-2017 2:31pm

Thud wrote: »

it can sometimes take a few seconds to update if you go back to your EUR balance should refresh after a few seconds it top up went through, maybe swipe left then right to get it to refresh

No my euro balance is 0 so it must be something else. But on that point does that mean that Top Ups from a debit card are instantaneous ?

Anybody know what checks are done against the bank account ? The home address I entered into revolut contains a postcode and I was wondering could this be throwing the system off in some way

Thud · 26-07-2017 2:37pm

yeah pretty much instant.
You've probably have done this but check you have deposited in a different currency or are looking at your USD or GBP balance which should be still zero

harringtonp · 26-07-2017 4:29pm

I have been able to topup with 10 euro and then later 20 euro but with larger amounts nothing happens ?

Is there a limit for a single topup and if there is what is it ? And can you go over that limit by doing multiple topups ?

DanDublin1982 · 26-07-2017 6:26pm

harringtonp wrote: »

I have been able to topup with 10 euro and then later 20 euro but with larger amounts nothing happens ?

Is there a limit for a single topup and if there is what is it ? And can you go over that limit by doing multiple topups ?

I've put on up to 600 in one go I think.

harringtonp · 26-07-2017 6:57pm

DanDublin1982 wrote: »

I've put on up to 600 in one go I think.

Got 230 in today but no more. It may well be due to the fact that I just started using it. There is a mad amount of security, each time I xfer revolut send a SMS with a 8 digit code which I must enter and I also got a text from aib asking me to reply with Y if I initiated the transaction

DanDublin1982 · 26-07-2017 7:53pm

harringtonp wrote: »

Got 230 in today but no more. It may well be due to the fact that I just started using it. There is a mad amount of security, each time I xfer revolut send a SMS with a 8 digit code which I must enter and I also got a text from aib asking me to reply with Y if I initiated the transaction

Ah. ive only ever topped up by card. It's incredibly easy once the card is set up and of course setting up the card is also easy.

harringtonp · 26-07-2017 9:23pm

DanDublin1982 wrote: »

Ah. ive only ever topped up by card. It's incredibly easy once the card is set up and of course setting up the card is also easy.

This is all by card !

Kaisr Sose · 03-05-2018 3:25pm

I sent €50 yesterday to my account by the Swift method with the ref supplied in app. This is an advance transfer to see if it works before sending a larger amount.

How long before it shows ? I am with PTSB.

Revolut Payment

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