Revolut

essjay

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For those in the know can you explain how the Revolut card works.

I’ve installed the app, verified and have the virtual card with limits removed.

Can I just use this cards details on UK websites? Or do I need to get a GBP virtual card to use on UK sites to avoid the Visa 1.75% fee for shopping outside the Eurozone?
 
My experience is

You apply, they send you a card, you add money in GBP, then buy foreign money at a much more attractive rate than the bureaus then spend. You set limits.

TBH I cannot find a reason not to have one.
 
Thanks. In my case I'm most interested in use Revolut card outside the Eurozone (UK & USA) and wondering can I avoid VISA fees and such.

So far it looks like an interesting idea.
 
Have a look at a Monzo account, - no fees for using it abroad and up to £200 foreign currency withdrawal per month free, 3% after that. Great for hoping across borders imho.
 
essjay, I've been using one for a couple of years and can't recommend it highly enough.

If you are using it as a virtual card for online purchases etc, you don't need a physical card. I opted for the physical card at a fiver as I use it more than for online stuff.

Last year I was going to Thailand and bought £200 worth of their money from my bank to get me started. I got 8000 Thai Bhat for my £201. I went straight home and used the exchange feature on the Revolut app to see what I would get for £201 and it was giving me 8800 Bhat, a full 10% more.

I have used the card in Europe, USA, Thailand and Vietnam without any percentage being charged for an exchange fee. The rates are definitely the international rates being charged at that second....... you can watch them changing on the app every few seconds. I also have 2 FairFX cards, one in Euro and one in dollars.... their exchange rates are much lower than Revolut. (But they exchange pounds to dollars or Euro and ring fence them until you spend them)

As for international online purchases, I've bought from USA online at the banks trading rate at that time. A couple of times I've used it for bank transfers in Euro, without getting hit with the fee my bank wanted for an international transfer.

Where do they make their money? You can only withdraw £200 worth of cash from an ATM each calendar month before they charge you the minimal fee which I believe is 2%...... that's still cheaper than anywhere else because of them giving the international banking rate at that moment.

Some other great features..... my travelling buddy didn't receive his physical card in time for our big trip last year, but he did have the app and a virtual card. I paid for EVERYTHING on a three week bike trip, but as soon as I paid for stuff, I hit the "split the bill" option and he got a message asking if he agreed. One click later and his card loaded his share of the bill back to mine.

I know that was long winded, but I have no complaints at all about it. You can enable or disable security features like location, contactless or magnetic stripe.
 
essjay, I've been using one for a couple of years and can't recommend it highly enough.

If you are using it as a virtual card for online purchases etc, you don't need a physical card. I opted for the physical card at a fiver as I use it more than for online stuff.

Last year I was going to Thailand and bought £200 worth of their money from my bank to get me started. I got 8000 Thai Bhat for my £201. I went straight home and used the exchange feature on the Revolut app to see what I would get for £201 and it was giving me 8800 Bhat, a full 10% more.

I have used the card in Europe, USA, Thailand and Vietnam without any percentage being charged for an exchange fee. The rates are definitely the international rates being charged at that second....... you can watch them changing on the app every few seconds. I also have 2 FairFX cards, one in Euro and one in dollars.... their exchange rates are much lower than Revolut. (But they exchange pounds to dollars or Euro and ring fence them until you spend them)

As for international online purchases, I've bought from USA online at the banks trading rate at that time. A couple of times I've used it for bank transfers in Euro, without getting hit with the fee my bank wanted for an international transfer.

Where do they make their money? You can only withdraw £200 worth of cash from an ATM each calendar month before they charge you the minimal fee which I believe is 2%...... that's still cheaper than anywhere else because of them giving the international banking rate at that moment.

Some other great features..... my travelling buddy didn't receive his physical card in time for our big trip last year, but he did have the app and a virtual card. I paid for EVERYTHING on a three week bike trip, but as soon as I paid for stuff, I hit the "split the bill" option and he got a message asking if he agreed. One click later and his card loaded his share of the bill back to mine.

I know that was long winded, but I have no complaints at all about it. You can enable or disable security features like location, contactless or magnetic stripe.

Great, thanks for all this info
 
Thought I'd come back to this thread and say I'm finding the Revolut account very good. So much so that I have opened a Revolut Business account - as a freelance Web developer I have quite a few subscriptions in USD which I'm paying my PTSB exchange rate and 1.75% Visa charge on. Added up its around 5% in total I'm over paying compared to a Revolut account. The business account costs €7 a month but I reckon I'll at least break even.
 
Thought I'd come back to this thread and say I'm finding the Revolut account very good. So much so that I have opened a Revolut Business account - as a freelance Web developer I have quite a few subscriptions in USD which I'm paying my PTSB exchange rate and 1.75% Visa charge on. Added up its around 5% in total I'm over paying compared to a Revolut account. The business account costs €7 a month but I reckon I'll at least break even.

Revolut still works for me. 25 currencies at the instant international bank rates.

I have just bought a car in a Japanese auction. circa £15K. I will be able to doing an online bank transfer at the current bank rate with Revolut.

If I keep the basic card I pay a £40 charge because it exceeds my 'tourist' limit.

Otherwise I pay £71 to upgrade for the year (or £7 a month) for the business card essjay mentioned.

I still challenge anyone else to show their real time exchange rates against Revolut.
 
Can you do transfers that big with Revolut? I used TransferWise recently to buy a car up North or CurrencyFair offers a similar service and are Irish.
 
I’m in Romania today and have used my starling card at an ATM. I has a text telling me of the withdrawal faster then the ATM has finished dispensing.

The exchange rate was the MasterCard rate and no fees.

Nationwide for larger amounts where fraud protection required ( and cash back in the UK), no fees on foreign transactions ( but no cash back). Starling for debit/ current account withdrawals in foreign currency no fees.
 
I use the tranferwise card, having used the app for a few years. Works well. Much cheaper than the uk debit card.
 
Just signed up for the card. Hope it will good for transfers and travel.

Sent from my Moto G (4) using Tapatalk
 
Can you do transfers that big with Revolut? I used TransferWise recently to buy a car up North or CurrencyFair offers a similar service and are Irish.

I haven't got the final bill through yet so haven't tried, but my research suggests it is ok.... uk transfers up to £75K per day I believe, something lesser for international. I will contact their support and confirm.
 
Got a reply back. On the basic account my annual limit on how much I can load onto the card is £25K, going premium is unlimited.

Transfers are £75K a day, with the unspecified SWIFT international charges to be added. I must look into all the options before I send.
 
I use Revolut for personal and Starling for business and both work well both at home and in Europe. The one downside of the Revolut card is that you can’t use it for pay at the pump fuel purchases so beware of that one if travelling abroad.
 
Is that even with the physical card from revolut?

I use Revolut for personal and Starling for business and both work well both at home and in Europe. The one downside of the Revolut card is that you can’t use it for pay at the pump fuel purchases so beware of that one if travelling abroad.
 


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