Revolut

[mercenary for hire]

I see Revolut have enabled share trade trading on their app.I suppose they're using the cheap currency transfers as a trojan horse to get us to start gambling on shares and cryptocurrencies.Fukkin genius.

[Rat Catcher]

As I understand it they're not a fully regulated bank. If that's correct? you'd want to be as mad as an erm to trust them with any significant deposits whether cash or paper.

[Jack Meoff]

Daughter was going to Paris for the weekend today so wanted to give her a few bob.
I didn’t have much cash on me so I told her I would lodge it into her account using online banking.
She sez to me “do you have Revolut it’s easier that way”
I didn’t have an account as I use N26 for beer and shoit.
So I registered for Revolut, bit of a dose loading up the passport details.
But eventually I done it.
Handy for giving someone money.
N26 don’t have that facility as far as I know.

[Rat Catcher]

Indeed, it's convenient for P2P transfers and an efficient way to conduct transactions in a foreign currency. It's not, however, somewhere I'd like to maintain anything other than a checking account balance. I certainly wouldn't want to hold thousands of euros on account either in shares or cash.

[dalymount]

I gave up trying to sign up to revelout. They sent me my card a few weeks ago, but I only have limited access my passport is 3 months out of date, and they won't accept my driving licence

[Belker]

As I understand it they're not a fully regulated bank. If that's correct? you'd want to be as mad as an erm to trust them with any significant deposits whether cash or paper.

That is correct, after listening to some banking whizz on the radio last month, revolut are just an online app, they applied fer an online bank licence and were granted it, but have yet to make avail of it, unlike N26 which is a registered online bank.

Asked by the radio presenter; ''How do revolut make any money ?'', the banking whizz replied; "They have all kinds of sneaky ways of making money like when your deposits or withdrawls go over a certain amount which they don't really tell ya a whole lot about".
The banking whizz went on to say; "Their best trick to date was their announcement that Metal credit cards would come online in the near future and you could pre-order your Metal credit card before the starting or announcement date, and of course this was limited to a very few small number of customers. 150,000 revolut customers had signed up before the announcement date and all getting nothing more than a Metal credit card and paying 15Euro a month fer it !".

[Belker]

I gave up trying to sign up to revelout. They sent me my card a few weeks ago, but I only have limited access my passport is 3 months out of date, and they won't accept my driving licence

Do you have the new CC type Driving licence DM ?

My passport is well out of date too and I have no intention of renewing it.

Give it a year, we might all be on here comparing how much we each lost on the revolut scam ?

[Rat Catcher]

I'm not sure I agree with the "whizz" about Revolut's charges being sneaky. The charges and relevant limits are pretty clear to me. With a standard account you can withdraw up to (the equivalent of) €200 per month in pretty much any currency anywhere in the world (on a rolling month basis) and avail of up to €6,000 per month in foreign exchange transactions FOC. Conveniently (and far from sneakily!) you can see where you're at as far as limits are concerned at any time within the app. The 2% fee for exceeding the cash withdrawal limit is slightly less than what our domestic banks charge in respect of foreign currency withdrawals. Provided you use the card properly (i.e. you don't use it for domestic cash withdrawals) this "standard plan" seems reasonable enough to me... although I guess the limits and fees could change as they build their client base. I'm sure at least 3% of us remember how Free Now (then Hail0) started as a full fare taxi firm with 10% commission but quickly enforced huge discounts and increased commission once it grew legs.

Of course, like Uber et al, the firm is building a database of clients and, as we have seen with the share dealing extension, will use that to offer other products and services. No doubt it will be analysing what folk pay for travel insurance, motor insurance, etc, etc.... and, of course, market penetration is more important than making a profit as far as the value of the company itself is concerned.

[Belker]

I reckon you are right in all you say Stephen, the radio "Whizz" I spoke of clearly was not revolut's greatest fan.

Fer the sake of about a Euro a week in commission when/if FN/Sum-up start charging in December, then I reckon I will prob stick with Sum-up. The hassel of joining revolut and the chances of getting taken to the cleaners don't appeal to me.

P.S. Did you get the Metal credit card or even the offer ?

[Rat Catcher]

€15/month for a metal card, ask my testicles. Mrs Catcher signed up for the standard account too (I got a tenner for referring her and she got a tenner for being referred) so between us we can get the equivalent of €400 in foreign currency used notes per vacation. That done us fine in Dubai as most of our spending was on the card - and well under the €12,000 foreign exchange transaction limit - only really used the cash for tips, taxis and such like, in fact ended up putting what was left over towards the duty free in the airport. Going to the mainland next weekend with limits restored in full so it'll be handy there too.

I doubt Revolut would satisfy any legal requirement* to accept cards but I did have a few punters ask if they could Revolut me the fare before I signed up and before I knew anything about Revolut, that's what prompted me to sign up - the older not so young lad referred me, getting us a tenner each or it might have been a fiver. Anywaysanall nobody's asked if they can Revolut me the fare since I signed up.

There's no need to run the risk of being taken to the cleaners, just treat it as a checking account without maintaining any significant balance. You can top it up instantly so even while abroad you can exercise a little and often policy but there are a few things to bear in mind. First, foreign transactions between midnight Fri and midnight Sunday (UK time) incur a small surcharge so it's prudent to change what you think you might spend at the weekend on Fri afternoon bearing in mind that you can change it back again if you don't use it. Second, I gather (from internet and service outage reports) that it's card payment facility is less reliable than regular bank cards so it'd be prudent not to rely on it. Third, as I discovered today, while it is a Euro account it identifies as a UK account which prompts the likes of Paypal to automatically exchange a Euro transaction into Sterling... not a problem once you notice what it's trying to do and change it back again and probably not a great problem even if you don't!

*said legal requirement removing our legal entitlement to legal tender, arguably exercising a degree of control conducive with that of an employer/employee relationship.

[Rat Catcher]

Shoulda mentioned, anyone signing up to Revolut can get themselves a free card and a free tenner by using the following link:

https://revolut.com/referral/stephel2kb!G10D21

You're welcome!

[Belker]

Shoulda mentioned, anyone signing up to Revolut can get themselves a free card and a free tenner by using the following link:

https://revolut.com/referral/stephel2kb!G10D21

You're welcome!

Nice One STEPHEN JOHN !! 
Just as well that you own this Gaff !! 

[Vikkiz]

Shoulda mentioned, anyone signing up to Revolut can get themselves a free card and a free tenner by using the following link:

https://revolut.com/referral/stephel2kb!G10D21

You're welcome!

Nice One STEPHEN JOHN !! 
Just as well that you own this Gaff !! 

Stephen John, John M

[Bob Shillin]

Used it for the 1st time last night. Deadly, no work by me, no CC charge. Will promote it to anyone who requests a CC facility for the fare.

[Belker]

Used it for the 1st time last night. Deadly, no work by me, no CC charge. Will promote it to anyone who requests a CC facility for the fare.

Tell us a bit more of how it worked Harry ?
And do you need a valid passport to join ?