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

dandi 15.08.2017 09:43

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

Originally Posted by spassiv (Post 2831098)
I have now troubles with the "new" LT IBAN in Postfinance. When i enter the IBAN choosing Great Britain as country its not working. I understand that it expects Lithuania as a country so i choose that. Now in the next step it recognizes Lietuvos Bankas (LIABLT2XXXX). When i change the BIC here to REVOGB21 it says IBAN/Swift invalid... anyone else having this troubles in Postfinance?

I've seen quite a lot of complaints about this on their community forums - long story here
https://community.revolut.com/t/bank...-iban-bic/9297

Apparently many banks have issue with the IBAN not matching the BIC code's country (which is not wrong in itself but falls foul of many bank's additional house rules). They said they will change the IBAN codes to UK codes so that they match, not sure when that will happen.
https://community.revolut.com/t/uniq...mbers/4372/326

In the meantime probably I'd try making the transfer via a phone call to customer service, maybe they can override the restriction. Or transfer CHF instead?

rightoveraker 15.08.2017 10:34

Re: Multi Currency Credit Card ["Revolut"]
 
New feeless and instant CHF top up method, with kickback:
PostFinance Mastercard Value, Prepaid Credit Card (CHF 50 per year) https://www.postfinance.ch/de/privat...ard-value.html

How to:
1. Order a PostFinance Mastercard Value
2. Top up your PostFinance Mastercard Value instantly on your PF account
3. Top up your Revolut card instantly and feeless in CHF. You get 0.6% kickback on your turnover in the first year of the PostFinance Mastercard Value.
4. Use your revolut card with CHF on it instantly.

Phil_MCR 15.08.2017 10:52

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

Originally Posted by rightoveraker (Post 2831199)
New feeless and instant CHF top up method, with kickback:
PostFinance Mastercard Value, Prepaid Credit Card (CHF 50 per year) https://www.postfinance.ch/de/privat...ard-value.html

How to:
1. Order a PostFinance Mastercard Value
2. Top up your PostFinance Mastercard Value instantly on your PF account
3. Top up your Revolut card instantly and feeless in CHF. You get 0.6% kickback on your turnover in the first year of the PostFinance Mastercard Value.
4. Use your revolut card with CHF on it instantly.

Does transfer value count for the .6% kickback? Is there any limit to this or can I create endless free money?

1. Top up PF card free
2. Transfer to revolut and get paid 0.6%
3. Transfer back from revolut to PF
4. Repeat

If so, you could earn around 18k a year using this scheme.

ChrisNeedsToKnow 15.08.2017 11:17

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

Originally Posted by Phil_MCR (Post 2831208)
Does transfer value count for the .6% kickback?...

On PF's side it should look like any transaction, most specifically it's not a cash-withdrawal.

Might work - other strange circle transactions worked in the past, but were then quickly disallowed. Try and be the first one! If I already had the corresponding PF-card I'd try, but I won't get one just for this purpose.

The_Love_Doctor 15.08.2017 17:14

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

Originally Posted by Phil_MCR (Post 2831208)
Does transfer value count for the .6% kickback? Is there any limit to this or can I create endless free money?

1. Top up PF card free
2. Transfer to revolut and get paid 0.6%
3. Transfer back from revolut to PF
4. Repeat

If so, you could earn around 18k a year using this scheme.

Topping up by credit card attracts a 1% fee, so net you pay 0.4%

No free lunches I'm afraid.

The_Love_Doctor 15.08.2017 17:17

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

Originally Posted by rightoveraker (Post 2831199)
3. Top up your Revolut card instantly and feeless in CHF. You get 0.6% kickback on your turnover in the first year of the PostFinance Mastercard Value.

Why do you say top up Revolut card by credit card is feefree "feeless"?

poot 17.08.2017 12:04

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

Originally Posted by rightoveraker (Post 2831199)
New feeless and instant CHF top up method, with kickback:
PostFinance Mastercard Value, Prepaid Credit Card (CHF 50 per year) https://www.postfinance.ch/de/privat...ard-value.html

How to:
1. Order a PostFinance Mastercard Value
2. Top up your PostFinance Mastercard Value instantly on your PF account
3. Top up your Revolut card instantly and feeless in CHF. You get 0.6% kickback on your turnover in the first year of the PostFinance Mastercard Value.
4. Use your revolut card with CHF on it instantly.

How is this feeless? I thought Mastercard topups cost 1%?

rightoveraker 17.08.2017 16:32

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

Originally Posted by poot (Post 2832633)
How is this feeless? I thought Mastercard topups cost 1%?

Mastercard Prepaid cards are feeless for Revolut top ups. The 1% top up fee of regular credits cards is not applied on Mastercard Prepaid cards.

Here is a list of all available Mastercard Prepaid cards in Switzerland: https://www.mastercard.ch/de-ch/priv...d-prepaid.html

The_Love_Doctor 21.08.2017 20:24

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

Originally Posted by rightoveraker (Post 2832814)
Mastercard Prepaid cards are feeless for Revolut top ups. The 1% top up fee of regular credits cards is not applied on Mastercard Prepaid cards.

Here is a list of all available Mastercard Prepaid cards in Switzerland: https://www.mastercard.ch/de-ch/priv...d-prepaid.html

This certainly seems to be an anomaly... I have specifically asked them in the chat if the 1% fee doesn't apply to pre-paid credit cards and they said that officially this is not the case. They will investigate so enjoy the 0.6% while it lasts ;)

Also note that the post finance value card costs CHF50.- per year (for non-students / youth). So you will need to transfer at least CHF8333.- to break even and then wait 6 months to get the turn over credit. I wouldn't be surprised if they have a fair usage policy there somewhere too so you might get nothing in the end.

This is a good way of topping up the Revolut card however if you have a Post Finance account and Revolut continue to not charge the 1% fee for pre-paid cards.

Phil_MCR 25.08.2017 11:47

Re: Multi Currency Credit Card ["Revolut"]
 
Just got note of the new GB IBAN prefix.

They also announced free personal Euro accounts.

Sparxxx 05.09.2017 11:04

Re: Multi Currency Credit Card ["Revolut"]
 
Guys, anyone having luck with the new personal IBANs EUR (GB)?
UBS just keeps rejecting my transfers to them. Same with the "old" Latvian ones.
Thanks

roegner 05.09.2017 14:05

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

Originally Posted by Sparxxx (Post 2842127)
Guys, anyone having luck with the new personal IBANs EUR (GB)?
UBS just keeps rejecting my transfers to them. Same with the "old" Latvian ones.
Thanks


UBS told me that the SWIFT code is not SEPA compliant. Which is untrue as a transfer from my German account happily went through as SEPA payment. So for some reason they want to force you to take the foreign transfer route which costs a lot more compared to a SEPA payment.

Sparxxx 05.09.2017 14:07

Re: Multi Currency Credit Card ["Revolut"]
 
Well... that's stupid. I have a EUR account with UBS and this is from where I transfer the money.
Anyway, transfer to the "old" account (Lloyds Bank) still work fine and I will use that one.
I asked Revolut to revert me back to it.

firyana 24.10.2017 22:00

Re: Multi Currency Credit Card ["Revolut"]
 
Used UBS pre-paid card, and can confirm there are no fees.

The_Love_Doctor 30.10.2017 07:50

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

Originally Posted by firyana (Post 2864826)
Used UBS pre-paid card, and can confirm there are no fees.

Can you confirm what the card is called or provide a link to the UBS pre-paid card page?

I assume there are no costs to load the UBS pre-paid card right?

Aliceinswitzerland 02.11.2017 17:33

Re: Multi Currency Credit Card ["Revolut"]
 
So, now Revolut is back in Switzerland. Does anyone know a way which we can deposit money to the Revolut card without incurring any bank fees?

roegner 02.11.2017 17:42

Re: Multi Currency Credit Card ["Revolut"]
 
I just checked my card, it says I can have a bank account in GBP and EUR in my name, for USD and CHF Iīd still need to send the funds to the Revolut account with my specific code, so that would incur some bank fees as it is a UK account number.

ivank 02.11.2017 17:43

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

So, now Revolut is back in Switzerland. Does anyone know a way which we can deposit money to the Revolut card without incurring any bank fees?
SEPA transfers are free at many banks last time I checked

Meadow 02.11.2017 19:25

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

Originally Posted by ivank (Post 2868871)
SEPA transfers are free at many banks last time I checked

And to make a SEPA transfer, you need Euro. How do you get Euro?

So far I've been making SWIFT transfers from my CHF account, which costs me, I think, 8 CHF.

I heard that it's possible to use IB for this as well: send CHF to IB, exchange to EUR, then send to Revolut?

fatmanfilms 02.11.2017 19:30

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

Originally Posted by Meadow (Post 2868931)
And to make a SEPA transfer, you need Euro. How do you get Euro?

So far I've been making SWIFT transfers from my CHF account, which costs me, I think, 8 CHF.

I heard that it's possible to use IB for this as well: send CHF to IB, exchange to EUR, then send to Revolut?

Both UK & CH are part of SEPA, so it can be very cheap to transfer if done correctly.

ivank 02.11.2017 19:32

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

Originally Posted by Meadow (Post 2868931)
And to make a SEPA transfer, you need Euro. How do you get Euro?

Friends, coworkers, IB...

Quote:

I heard that it's possible to use IB for this as well: send CHF to IB, exchange to EUR, then send to Revolut?
Yes it takes a few days but no wire fees and no ridiculous currency markups in this way.

Meadow 02.11.2017 20:30

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

Originally Posted by fatmanfilms (Post 2868932)
Both UK & CH are part of SEPA, so it can be very cheap to transfer if done correctly.

Yes, they are part of SEPA, which means you can make cheap transfers of EUR! Jeez, what's with you guys? :msncrazy:

firyana 03.11.2017 14:36

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

Originally Posted by The_Love_Doctor (Post 2867003)
Can you confirm what the card is called or provide a link to the UBS pre-paid card page?

I assume there are no costs to load the UBS pre-paid card right?

UBS Master Card pre-paid: https://www.ubs.com/ch/de/swissbank/...editkarte.html

No cost when loading the card, and it takes just a few seconds to have the money from your account into the card.

Aliceinswitzerland 03.11.2017 15:14

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

Originally Posted by firyana (Post 2869239)
UBS Master Card pre-paid: https://www.ubs.com/ch/de/swissbank/...editkarte.html

No cost when loading the card, and it takes just a few seconds to have the money from your account into the card.

You mean this is an alternative for the Revolut? There is a CHF 50 annual fee for this prepaid card.

firyana 03.11.2017 15:34

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

Originally Posted by Aliceinswitzerland (Post 2869263)
You mean this is an alternative for the Revolut? There is a CHF 50 annual fee for this prepaid card.

No, I meant that you can topup Revolut without any charge using this card.

poot 07.11.2017 09:19

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

Originally Posted by Meadow (Post 2868931)
And to make a SEPA transfer, you need Euro. How do you get Euro?

So far I've been making SWIFT transfers from my CHF account, which costs me, I think, 8 CHF.

I heard that it's possible to use IB for this as well: send CHF to IB, exchange to EUR, then send to Revolut?

When I tried with IB and chatted to them, they said it wasn't possible to send to Revolut iirc.......ah maybe this was before the EUR account in Revolut was activated (?), will check again

ChrisNeedsToKnow 07.11.2017 09:35

Re: Multi Currency Credit Card ["Revolut"]
 
I load Revolut in quite a complicated, but I guess cheap method:
  1. transfer CHF to currencyfair.com
  2. swap CHF to EUR with currencyfair using their marketplace function for best rates
  3. transfer EUR from currencyfair to dkb.de
  4. transfer EUR from dkb.de to Revolut

  • Considering I'm doing step 1 through 3 anyway to have EURs for the EUR-zone I guess adding step 4 isn't a big deal.
  • Setting this up only for Revolut would probably be a bit exaggerated.
  • Also Iīm not sure if the additional detour via dkb is absolutely necessary. I seem to remember that currencyfair doesn't allow transferring directly to other e-money-services, so I never tried.

wheatism 07.11.2017 11:04

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

Originally Posted by ChrisNeedsToKnow (Post 2870635)
I load Revolut in quite a complicated, but I guess cheap method

Maybe it is specific to your bank; but I have a personal UBS account and I can make a SEPA transfer direct from it, in EUR, to my Revolut EUR IBAN.

Works a treat! I pay UBS a fee of 0.30 CHF

I last did this a week or so ago so it is current. I transferred €200 from UBS to the Revolut Euro account I activated (IBAN GB88 REVO 0099.....).
Next day €200 arrived in my Revolut € account and at the end of the month (October) UBS added a single eBanking SEPA charge of CHF 0.30.

Now that is easy AND cheap :p

Oh...I should add my UBS account is in CHF, but they allow EURO transfers. I have no idea if the currency exchange they do is good or bad...I will check next time

dandi 07.11.2017 11:11

Re: Multi Currency Credit Card ["Revolut"]
 
Quick note, for UBS folk, apparently one can use their Prepaid card (which is free if you have one of their banking packages) to load Revolut for free

https://community.revolut.com/t/top-...erland/8660/34

Not tried it myself yet but at the rate I am spending with Revolut I will probably get one (even though it still means making two transfers each time)

dandi 07.11.2017 11:34

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

Originally Posted by wheatism (Post 2870691)
Oh...I should add my UBS account is in CHF, but they allow EURO transfers. I have no idea if the currency exchange they do is good or bad...I will check next time

Well, yes, that's the catch, the exchange applied by UBS when converting from CHF to EUR is not the interbank rate but their own sell rate - typically you lose about 1.5% or more when you go this route. As said before, on the long term it is better to transfer directly large amounts of CHF via SWIFT (5chf a transfer).

Capo 07.11.2017 12:03

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

Originally Posted by ChrisNeedsToKnow (Post 2870635)
I load Revolut in quite a complicated, but I guess cheap method:
  1. transfer CHF to currencyfair.com
  2. swap CHF to EUR with currencyfair using their marketplace function for best rates
  3. transfer EUR from currencyfair to dkb.de
  4. transfer EUR from dkb.de to Revolut

  • Considering I'm doing step 1 through 3 anyway to have EURs for the EUR-zone I guess adding step 4 isn't a big deal.
  • Setting this up only for Revolut would probably be a bit exaggerated.
  • Also Iīm not sure if the additional detour via dkb is absolutely necessary. I seem to remember that currencyfair doesn't allow transferring directly to other e-money-services, so I never tried.

Hey, could you please throw some numbers? I am trying hard to understand how going through some many steps doesn't hurt your final value...

firyana 07.11.2017 12:55

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

Originally Posted by dandi (Post 2870694)
Quick note, for UBS folk, apparently one can use their Prepaid card (which is free if you have one of their banking packages) to load Revolut for free

https://community.revolut.com/t/top-...erland/8660/34

Not tried it myself yet but at the rate I am spending with Revolut I will probably get one (even though it still means making two transfers each time)

I already confirmed this method works, no extra costs so far (surprisingly).

angelar 08.11.2017 12:08

Re: Multi Currency Credit Card ["Revolut"]
 
Hi there! Just to give you guys my personal experience with the Revolut card:

I subscrived Revolut in Dec.2016, received the card a few days later (very nice smart package!) and used it during a trip that I did to Myanmar later on the same month. It worked perfectly! As my account is in euros I just used the app on my phone to transfer the money, to see my account, etc.

Why I did it? to not pay the transactions fees and worked fine, for free!!

This year, in mid September, I used for the second time, in Singapore and Malasya, and worked more or less... they had an IT problem and my balance was not updated, so I couldnīt used it and it took a day or so to they fix the problem. I used the online chat to try to speak with them, it was an automatic robot, but after the "incident" they apologize me (via the same chat) and explained that was a temporary connection error related to the payment processorīs system.

I will definitely continue to used it (for now, as is for free) in foreign countries, I mean, with foreign currencies!

ChrisNeedsToKnow 08.11.2017 14:41

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

Originally Posted by Capo (Post 2870732)
Hey, could you please throw some numbers? I am trying hard to understand how going through some many steps doesn't hurt your final value...

  1. transfer CHF to currencyfair.com
    • this is 1:1 in CHF, no fee
  2. swap CHF to EUR with currencyfair using their marketplace function for best rates
    • they apply very good fx-rates
  3. transfer EUR from currencyfair to dkb.de
    • 1:1 in EUR + a once-off fee for the transfer, easily offset by the very good rate (which can be ABOVE mean rate as you can be the supplier, but that's another story, google currencyfair in this regard)
  4. transfer EUR from dkb.de to Revolut
    • 1:1 in EUR, it's free
I'd say those using the "free" UBS card (which costs 50 yearly to start with) probably lose when converting CHF to EUR.


Example:
CHF 1000 would get me EUR 855.70 at this very moment (08Nov2017; 14:40)!


But this can never be compared in a forum, as you would have to compare what you get in both places exactly at the same time.

Phil_MCR 08.11.2017 14:51

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

Originally Posted by ChrisNeedsToKnow (Post 2871421)
  1. transfer CHF to currencyfair.com
    • this is 1:1 in CHF, no fee
  2. swap CHF to EUR with currencyfair using their marketplace function for best rates
    • they apply very good fx-rates
  3. transfer EUR from currencyfair to dkb.de
    • 1:1 in EUR + a once-off fee for the transfer, easily offset by the very good rate (which can be ABOVE mean rate as you can be the supplier, but that's another story, google currencyfair in this regard)
  4. transfer EUR from dkb.de to Revolut
    • 1:1 in EUR, it's free
I'd say those using the "free" UBS card (which costs 50 yearly to start with) probably lose when converting CHF to EUR.


Example:
CHF 1000 would get me EUR 855.70 at this very moment (08Nov2017; 14:40)!


But this can never be compared in a forum, as you would have to compare what you get in both places exactly at the same time.

why not shortcut and transfer directly in CHF to revolut and convert in the revolut app?

ChrisNeedsToKnow 08.11.2017 14:55

Re: Multi Currency Credit Card ["Revolut"]
 
Because as of now there's charges for CHF transfers to the CHF-account in the UK.

If and when they offer, hopefully ever, local accountnumbers in Switzerland I shall go the direct route, which would obvisouly be preferable.

I would only recommend my strategy to everyone who has a local EUR-account anyway. I want to occasionally feed EURs into the German DKB-account. As I describe above I do stept 1-3 anyway, so adding step 4 is not much additional hassle.

drkarthiks 08.11.2017 15:41

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

Originally Posted by ChrisNeedsToKnow (Post 2871429)
Because as of now there's charges for CHF transfers to the CHF-account in the UK.

If and when they offer, hopefully ever, local accountnumbers in Switzerland I shall go the direct route, which would obvisouly be preferable.

Same here for me.

Phil_MCR 08.11.2017 15:57

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

Originally Posted by ChrisNeedsToKnow (Post 2871429)
Because as of now there's charges for CHF transfers to the CHF-account in the UK.

If and when they offer, hopefully ever, local accountnumbers in Switzerland I shall go the direct route, which would obvisouly be preferable.

I would only recommend my strategy to everyone who has a local EUR-account anyway. I want to occasionally feed EURs into the German DKB-account. As I describe above I do stept 1-3 anyway, so adding step 4 is not much additional hassle.

but in your step 3 there is already a charge, so why not pay 5chf to UBS and skip the hassle instead of doing 3 steps and paying 5chf to currencyfair?

drkarthiks 08.11.2017 15:58

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

Originally Posted by Phil_MCR (Post 2871476)
but in your step 3 there is already a charge, so why not pay 5chf to UBS and skip the hassle instead of doing 3 steps and paying 5chf to currencyfair?

Is it just 5 CHF? Hasn't there been complaints of money being lost due to "intermediary" banks?

ChrisNeedsToKnow 08.11.2017 20:22

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

Originally Posted by Phil_MCR (Post 2871476)
but in your step 3 there is already a charge, so why not pay 5chf to UBS and skip the hassle instead of doing 3 steps and paying 5chf to currencyfair?

Currencyfair's "fee" is ZAR 25 = CHF 1.77

The minor difference of half-a-coffee between 5 and 1.77 isn't important, what's important is the difference in FX-rate, I assume the difference could be up to 3%, maybe more? I don't know how bad UBS's FX-rate actually is?

+ the gamble if intermediary banks will take a share. My strategy is guaranteed not to cause any additional fees of any kind. WYSIWYG.


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