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-   -   Multi Currency Credit Card ["Revolut"] (https://www.englishforum.ch/finance-banking-taxation/240252-multi-currency-credit-card-revolut.html)

The_Love_Doctor 20.07.2016 10:05

Re: Multi Currency Credit Card ["Revolut"]
 
So has anyone managed to invest so far?

I was willing to invest quite a bit but after looking at the financial info and having no previous experience in this kind of thing I got cold feet and put myself down for around 500 just for the learning experience.

They're nearly up to their target with around 700k raised so from around 400 people who got early access.

Will be interesting to see how this company and their product develops. In fact the whole Peer-to-Peer funding industry.

roegner 06.08.2016 10:14

Re: Multi Currency Credit Card ["Revolut"]
 
And a big thank you to all who alerted me to this card. I use it now in the UK, it works like a treat and saves me lots of money by not having a conversion cost and extra fees all the time.

Phil_MCR 06.08.2016 10:35

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by The_Love_Doctor (Post 2626201)
So has anyone managed to invest so far?

I was willing to invest quite a bit but after looking at the financial info and having no previous experience in this kind of thing I got cold feet and put myself down for around 500 just for the learning experience.

They're nearly up to their target with around 700k raised so from around 400 people who got early access.

Will be interesting to see how this company and their product develops. In fact the whole Peer-to-Peer funding industry.

Sadly not. After the requirement for a large number of contacts, I decided it wasn't worth the hassle.

The_Love_Doctor 08.08.2016 19:20

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by Phil_MCR (Post 2634738)
Sadly not. After the requirement for a large number of contacts, I decided it wasn't worth the hassle.

Managed to get all the necessary numbers and in the end only "investing" the minimum 10... Love the product, but the numbers / projections don't really work for me. I'm very risk averse and with no experience in this kind of thing I'm treading carefully.

mayrabe 17.08.2016 16:07

Re: Multi Currency Credit Card ["Revolut"]
 
I tried to invest too, but I could make it into the list too at the end. :msnsad:

DarkOrion 28.08.2016 15:36

Re: Multi Currency Credit Card ["Revolut"]
 
Hi! I just activated Revolut card and I loaded it up with 150 USD from my PF USD account. Needless to say, I have been charged c. 15USD. Ok, I guess 2 USD go to PF (it was already mentioned) and Revolut said that since this is a Giro transfer, the money goes through some intermediaries who charge extra. They said that they expect 20-40USD per transfer, so I was lucky to get only 15 USD. So, two questions:

1) Is there an easy way to send USD from my PF account to the Revolut card? The easiest and cheapest thing would be to convert USD to EUR on the PF website and then load the Revolut card with Euros, which is free.

2) The card has mainly USD and some EUR (no GBP). When I go to Migros or any other POS, it gives me an option to either pay in CHF or in GBP. Which one is the cheap one? I guess I choose CHF and then Revolut does their FX rate, right? If I choose GBP, then I pay the crappy FX rate, right?

roegner 28.08.2016 15:45

Re: Multi Currency Credit Card ["Revolut"]
 
Ah, your friendly bankers in the US who automatically always take USD 20 for a transfer.......

As to the rates, so far the rates I have seen being used on my Revolut card were loads better than any bank transfer/credit card rate

DarkOrion 28.08.2016 16:20

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:


Ah, your friendly bankers in the US who automatically always take USD 20 for a transfer.......

But why is that? Does the clearing happen through the US? I send money from my USD Postfinance to Barclays USD account. Who are the intermediaries? And why I don't see this problem when I send PF EUR to Revolut EUR?

roegner 28.08.2016 18:19

Re: Multi Currency Credit Card ["Revolut"]
 
Uhm yes? You do realize that a currency account always is held in the home country of the currency? Only exception I am aware of is USD in London.

So yes, your transfer of USD will hit the "nostro" and vostro" accounts of the banks in the US. So it is a transfer into the US.

EUR = EUR = EUR

azt33 28.08.2016 18:27

Re: Multi Currency Credit Card ["Revolut"]
 
I just came back from a week in Silicon Valley / San Francisco and used my Revolut card basically everywhere without a problem. This is going to be my favourite card when I'm travelling from now on. Just one question, if I transfer from my Credit Suisse EUR account to the Barclays EUR account, I would not get charged anything extra as it's a SEPA transfer - is my understanding correct?

roegner 28.08.2016 18:36

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by azt33 (Post 2647057)
I just came back from a week in Silicon Valley / San Francisco and used my Revolut card basically everywhere without a problem. This is going to be my favourite card when I'm travelling from now on. Just one question, if I transfer from my Credit Suisse EUR account to the Barclays EUR account, I would not get charged anything extra as it's a SEPA transfer - is my understanding correct?

Correct. I did several EUR transfers, no charge

azt33 28.08.2016 18:57

Re: Multi Currency Credit Card ["Revolut"]
 
That's great - will make my life even easier!

Macer 11.09.2016 22:24

Re: Multi Currency Credit Card ["Revolut"]
 
Hello All, There is an idea/suggestion on the revolut community forum to add CHF as a top up currency. I imagine that would be pretty useful to most of the folk here. It is probably worth 'liking' or leaving a comment of +1 on this thread to show how much support and to get it prioritised by the revolut team.

Link: http://community.revolut.com/t/add-c...-currency/1154

There is also a poll thread here which CHF is winning. But again, any additional support should help.

Link: http://community.revolut.com/t/poll-...we-add-next/88

wheatism 11.09.2016 23:05

Re: Multi Currency Credit Card ["Revolut"]
 
Only 22 likes so far (including mine). I can only say how excellent Revolut is. Especially now it has contactless cards too. Definitely worth checking out ...

ivank 12.09.2016 01:04

Re: Multi Currency Credit Card ["Revolut"]
 
I've mixed experiences with them.

I like that everything is online and realtime, you see immediately who charges you what. Major currencies EUR, USD (maybe GBP, didn't try) have fair rates. Anything less common and I'm seeing 1.5 - 1.8% mark up with them on the rates. Officially however they insist there was zero fees and they try to get the best rates possible. Rates they use were completely untransparent, I've only noticed that ATM withdraws had the highest markup for sure.

Had to do a chargeback once with them, it was a total pain due to software bugs, but maybe they're better now.

Macer 12.09.2016 08:54

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by ivank (Post 2655612)
I've mixed experiences with them.

I like that everything is online and realtime, you see immediately who charges you what. Major currencies EUR, USD (maybe GBP, didn't try) have fair rates. Anything less common and I'm seeing 1.5 - 1.8% mark up with them on the rates. Officially however they insist there was zero fees and they try to get the best rates possible. Rates they use were completely untransparent, I've only noticed that ATM withdraws had the highest markup for sure.

Had to do a chargeback once with them, it was a total pain due to software bugs, but maybe they're better now.

1.5 to 1.8% is still a lot better than the high street banks. UBS charge a 1.75% foreign fx handling fee as well as a spread.

In my tests, the rate I got was usually the market 'ask' price. Given that there are not any extra fees on top of this, I think that is more than fair.

ivank 12.09.2016 13:36

Re: Multi Currency Credit Card ["Revolut"]
 
The less common currency pair I've used on my travel has the spread between bid and ask prices on FX market of usually 0.1% or less. I did the transactions during working daytime, when markets were open. Yet Revolut still gave me the finger 1.5 - 1.8% rates. ATM withdrawal was definitely priced at a premium, because I did a normal cc payment moments later and it had much better rate.

So I cannot really believe the company's claim that they strive to provide the customers with the best possible rates. But, sure, this is still much better than what's UBS charging. Anything is better than UBS. I'm complaining about the nontrasparency of Revolut's rates only.

Quote:

In my tests, the rate I got was usually the market 'ask' price. Given that there are not any extra fees on top of this, I think that is more than fair.
Was that one of their major currencies like EUR USD GBP? I've got the FX ask rates or very close for them too.

roegner 12.09.2016 13:43

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by ivank (Post 2655819)
The less common currency pair I've used on my travel has the spread between bid and ask prices on FX market of usually 0.1% or less. I did the transactions during working daytime, when markets were open.



What transaction was it then? What you can see on Reuters/Bloomberg is not what you get on your own.


Yes, I can see the spreads between several currency pairs on my screen but that is not what I get when doing a private transaction.

ivank 12.09.2016 13:48

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by roegner (Post 2655822)
What transaction was it then? What you can see on Reuters/Bloomberg is not what you get on your own.

I didn't try it - I have no use for that currency except when on travel, but I'm sure I could've gotten the 0.1% spread being asked on FX markets when trading it on my own through interactive brokers.

The whole point of Revolut is that they do that behind the scenes for you, give you a convenent CC as a frontend, and in return gather cc's commissions from merchants (your money, which you pay to merchants). Well, for the more exotic currency that's apparently not enough and they grab deeper into your pocket by adding random markups on the FX rates...

Phil_MCR 12.09.2016 13:56

Re: Multi Currency Credit Card ["Revolut"]
 
Quote:

Originally Posted by ivank (Post 2655824)
I didn't try it - I have no use for that currency except when on travel, but I'm sure I could've gotten the 0.1% spread being asked on FX markets when trading it on my own through interactive brokers.

The whole point of Revolut is that they do that behind the scenes for you, give you a convenent CC as a frontend, and in return gather cc's commissions from merchants (your money, which you pay to merchants). Well, for the more exotic currency that's apparently not enough and they grab deeper into your pocket by adding random markups on the FX rates...

i'm guessing you were using a currency which has a higher spread anyway. maybe if you share the currency pair, it can be confirmed.


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