Revolut Foreign Exchange

gallsman · January 16, 2016, 09:56:40 AM

Anyone come across this yet? Idea is that you pre-load your account and they'll allow you to transfer currency anywhere, with no fees, which they guarantee for the first 12 months. You can get a digital card within the app and, even better, you can order a physical debit card (MasterCard) that you can use for online purchases from abroad, payments abroad or use to withdraw from ATMs. Benefit is that you can withdraw local currency with no charges and the debited amount to your balance is a true reflection of the exchange rate with no fees.

https://revolut.com

I've signed up today after reading about it on boards.is. O have to say, it looks very, very good and the accompanying app is great.

QuoteRevolut currently supports spending, and ATM withdrawals in 90 currencies.

The current list of supported currencies include: AED, ALL, ARS, AUD, AWG, AZN, BBD, BGN, BND, BOB, BRL, BWP, BYR, BZD, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, DOP, EGP, EUR, GBP, HKD, HNL, HRK, HUF, IDR, ILS, INR, ISK, JMD, JPY, KGS, KHR, KRW, KZT, LAK, LKR, MAD, MGA, MKD, MNT, MUR, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, SAR, SBD, SCR, SEK, SGD, SOS, SRD, SVC, SYP, THB, TRY, TTD, TVD, TWD, UAH, USD, UYU, UZS, VEF, VND, XCD, YER, ZAR.

Boycey · January 16, 2016, 10:53:49 AM

I downloaded the app after reading about it over Christmas looks good. I'd also be interested in seeing if anyone has taken the plunge with it yet

maximus · January 16, 2016, 10:57:32 AM

I currently use currency fair to transfer money home How do the rates compare?

tyroneman · January 16, 2016, 11:11:15 AM

I used it last year on a foreign holiday and at home. It's worked really well so far. The only issue was with getting money onto the card. My bank blocked it several times when I tried to add money and it eventually took a formal complaint to sort it out.

I can understand having to verify its a genuine transaction the first few times but not after you have phoned and had them confirm they have put a note on the system. Even then half the time it still didn't allow the transfer.

So if your bank is OK the card seems ok.

gallsman · January 16, 2016, 11:18:06 AM

For a lot of people on boards, it looks like they use it for buying things from online Xbox.com stores abroad as can make massive savings. Singapore and Colombia appear to be very popular. Dunno if it would work for similar digital purchases - PlayStation, Apple, Google Play etc

gallsman · January 16, 2016, 11:16:22 PM

Quote from: Boycey on January 16, 2016, 10:53:49 AM
I downloaded the app after reading about it over Christmas looks good. I'd also be interested in seeing if anyone has taken the plunge with it yet

Loaded 150e onto my virtual card this morning. Made a couple of digital purchases online with it this afternoon. Seamless. Looking forward to trying out the physical card.

armaghniac · January 16, 2016, 11:32:28 PM

It would be good if this type of card would put the pressure on the regular banks to cut their charges. That said most people do not know how much their bank is charging, some charge less than others.

bennydorano · December 07, 2018, 03:02:04 PM

Still a good propostion? Think it would be a useful addition in these Brexit fucked currency times

Rois · December 07, 2018, 03:12:16 PM

Love it. The rates are what they are but there's no commission.

bennydorano · December 07, 2018, 03:28:18 PM

Excuse my ignorance, I've read a bit on finder.com about them but I take it this is just used as an additional card to play the currency fluctuations? Can you or would it be advisable to use it as 'your' primary bank.

gallsman · December 07, 2018, 03:33:45 PM

You can get an IBAN so you can get salary etc paid into it.

I don't think it's covered by the deposit scheme though, so for now I can't imagine it would be advisable to use to replace your bank.

It's perfect for traveling or buying stuff in a foreign currency, or what sending people money abroad. A lot of the Erasmus students from the UK over here in Barcelona use it to save them bothering to open a bank here.

I'm using it nearly three years now and love it.

clarshack · December 07, 2018, 04:27:36 PM

would really recommend it.

take_yer_points · December 07, 2018, 10:42:38 PM

£200 or €200 withdrawal in each rolling month, that's the only downside. If you're using it to pay with card then it's hard to beat, have saved a fortune using it

screenexile · December 08, 2018, 07:07:36 PM

Quote from: take_yer_points on December 07, 2018, 10:42:38 PM
£200 or €200 withdrawal in each rolling month, that's the only downside. If you're using it to pay with card then it's hard to beat, have saved a fortune using it

Highly recommended!!! Serious service for free basically... cuts out the shite of having foreign money left over after your holiday as well.

If they raised the withdrawal amount to 500 even it would be perfect but it's a very small complaint!

Over the Bar · December 08, 2018, 07:23:23 PM

I use a Starling card for everything now. These type of accounts are changing the face of banking. Unbelievably simple to set up. Download the app, scan your passport and bingo, your account is open. The card arrives in post a few days later in post. Simple to transfer money onto, or post them a cheque. Spend in any currency and no cash withdrawal charges. You just pay the MasterCard exchange rate on the day. What I like most is when you make a purchase with it your phone app immediately messsges to confirm the transaction and the debit in £ if a € or $ spend.