English Forum Switzerland

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

ivank 12.09.2016 14:03

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

Originally Posted by Phil_MCR (Post 2655828)
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.

I'm expecting that any third world currency would behave the same with them, bahts, yuans, rupees, etc. In my case it was EUR/RUB pair

19.08.2016 08:07: ATM withdrawal, rate 70.9506 RUB/EUR
19.08.2016 09:24: Magstripe payment, rate 71.3841 RUB/EUR

DUTCH 12.09.2016 14:35

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

Originally Posted by ivank (Post 2655834)
In my case it was EUR/RUB pair

19.08.2016 08:07: ATM withdrawal, rate 70.9506 RUB/EUR
19.08.2016 09:24: Magstripe payment, rate 71.3841 RUB/EUR

Your experience only shows that EUR/RUB was volatile 90 minutes apart. I cannot see directly why you are unhappy with the spread between interbank and your rate.

I have been pretty happy with less liquid fx rates as well. Revolut gives very close to interbank rates even for those currencies.

ivank 12.09.2016 14:53

Re: Multi Currency Credit Card ["Revolut"]
 
It's indeed a volatile and unstable currency. But during that whole day the FX rates were always above 72 RUB/EUR and the bid-ask spread is < 0.1%. Revolut's rates they gave me were 1.5 - 1.8% lower. Revolut promised me to get the best possible rates. Now can you see why I'm upset with that experience?

Phil_MCR 12.09.2016 14:54

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

Originally Posted by ivank (Post 2655834)
I'm expecting that any third world currency would behave the same with them, bahts, yuans, rupees, etc. In my case it was EUR/RUB pair

19.08.2016 08:07: ATM withdrawal, rate 70.9506 RUB/EUR
19.08.2016 09:24: Magstripe payment, rate 71.3841 RUB/EUR

That is quite easily within the normal daily fluctuation. Looking at pretty much any day, you can see greater fluctuations within 15 minutes, let alone over 1 hour!

ivank 12.09.2016 14:57

Re: Multi Currency Credit Card ["Revolut"]
 
The rate never dropped below 72 EUR/RUB during the whole day! It's not a normal fluctiation, but hidden markups coming directly from Revolut.

roegner 12.09.2016 15:00

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

Originally Posted by ivank (Post 2655877)
The rate never dropped below 72 EUR/RUB during the whole day! It's not a normal fluctiation, but hidden markups coming directly from Revolut.



What gave you the rate then? What tool did you use to compare?

ivank 12.09.2016 15:02

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

Originally Posted by roegner (Post 2655883)
What gave you the rate then? What tool did you use to compare?

Does it really matter? Bloomberg, Reuters.

roegner 12.09.2016 15:05

Re: Multi Currency Credit Card ["Revolut"]
 
No, just wondering that you are walking around with both Bloomberg and Reuters on your cell phone and checking that constantly.

ivank 12.09.2016 15:10

Re: Multi Currency Credit Card ["Revolut"]
 
I had internet on the phone and was just curious how good the rates were, so I looked them up.

DUTCH 12.09.2016 15:14

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

Originally Posted by ivank (Post 2655877)
The rate never dropped below 72 EUR/RUB during the whole day! It's not a normal fluctiation, but hidden markups coming directly from Revolut.

You are indeed right. I just checked for RUB curreny pairs, Revolut seems to be 1 Rouble off (right now EUR/RUB interbank is 72.98/73.00, while Revolut shows 71.98).

Macer 12.09.2016 15:27

Re: Multi Currency Credit Card ["Revolut"]
 
that does seem quite excessive. it would be good to reach out to them to get an explaination.

wheatism 12.09.2016 16:24

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

Originally Posted by Macer (Post 2655904)
that does seem quite excessive. it would be good to reach out to them to get an explaination.

It would be good to have an explanation. I do not mind if a service provider makes a small markup on transactions as I am paying for the convenience of using the card without having to think about exchange rates.

I do expect them to be clear how they make their money and how much.

That said, I still like Revolut for their app and ease of use, and I only use it for small value transactions. For larger amounts I always use Transferwise...:D

Phil_MCR 12.09.2016 16:42

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

Originally Posted by ivank (Post 2655877)
The rate never dropped below 72 EUR/RUB during the whole day! It's not a normal fluctiation, but hidden markups coming directly from Revolut.

maybe you should take it up with revolut and ask for an explanation.

i know that they add a charge if you withdraw over a certain amount in a given month...

ivank 12.09.2016 16:57

Re: Multi Currency Credit Card ["Revolut"]
 
I'm quite sure their excuse would be something along the lines of: bla bla exotic currency bla bla difficult to trade bla bla we did the best we could.
Their terms don't really specify any relationship to interbank rates or set any caps on markup.

The ATM withdrawal I did was within the free 500 EUR monthly limit.

The_Love_Doctor 12.09.2016 17:53

Re: Multi Currency Credit Card ["Revolut"]
 
I can also add that at weekends the rates you get are worse specially for "Exotic" currencies.

So if you plan to spend in a currency other the ones loaded on the card, it's worth checking how the rate changes at the weekends.

Another way of figuring out what kind of mark up they apply is to check their rates using the inverse currency pair.

Example: EUR/RUB and RUB/EUR

EUR/RUB: 71.5725 (this is normally marked up as they tell you how many RUBs you get for your EUR)
RUB/EUR: 0.0137 (EUR/RUB implied = 72.99 this rate is more inline with the market ask, it's off by around 0.29 RUBs but this could be due to rounding as they only show 4 digits after the decimal point, in any case this rate is irrelevant as no one is allowed to load the card with RUBs so makes very little sense for them to mark it up.)

On the IB Trader Work Station, I see EUR/RUB quoted: 72.66@72.69

Conclusion, in the absence of a good source for market rate, use the inverse to work out the live rate for exotic currencies. Then substract the rate they give you to work out the mark up. In the case of EUR/RUB the mark-up based on the inverse is: 72.99-71.5725 = 1.4175 (around 2%), and if I use the rate from IB, the mark up is: (72.66+72.69)/2-71.57 = 1.105 (around 1.5%)

Meadow 19.09.2016 14:41

Re: Multi Currency Credit Card ["Revolut"]
 
Hi all. Thanks for recommending this product. I have downloaded the Revolut app and transferred 800 EUR. After a week of waiting, I wrote to the Support. They found my Transfer instantly and credited my account. It seems that I put the reference code in the wrong field. I am still waiting for my plastic Card, but so far I'm satisfied. I wonder if the card works without issues when booking flights, Hotels, etc.

It would be great to have to ability to credit the account with CHF. Until then, I saw, that for example at PostFinance you can make a free SEPA Giro Transfer in EUR, and the Exchange rate spread is about 1%. So if you want to send 1000 EUR, which are currently worth 1095 CHF, you need to pay 1106 CHF (11 CHF more than market rate). 1% is not ideal, but after that what I understand is that you can pay and withdraw without costs (within the monthly limit).

hof86 27.09.2016 08:58

Re: Multi Currency Credit Card ["Revolut"]
 
Hi guys,

+1 for Revolut. I was recently in France and I withdrew Euros from an ATM (Credit Mutuel) without any extra fee. The card worked perfectly everywhere including the contactless :)

etsius 27.09.2016 16:59

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

Originally Posted by ivank (Post 2655964)
I'm quite sure their excuse would be something along the lines of: bla bla exotic currency bla bla difficult to trade bla bla we did the best we could.
Their terms don't really specify any relationship to interbank rates or set any caps on markup.

The ATM withdrawal I did was within the free 500 EUR monthly limit.

From their FAQ:
Revolut provides the real interbank exchange rate for 87 out of 90 currencies which work on the Revolut card. 3 of 90 currencies (THB/RUB/UAH) are difficult to provide and will be provided at the best available exchange rate.

zervoulias 29.09.2016 15:31

Re: Multi Currency Credit Card ["Revolut"]
 
After already a couple of questions to them in the past (6 months away between them) and as I'm not very excited to ask them again.. has anyone had any clear response on CHF implementation for loading? i.e. an actual date, even a vague actual date :)

ivank 29.09.2016 15:44

Re: Multi Currency Credit Card ["Revolut"]
 
Yeah, they promised it would happen in 2015. Their twitter was crystal clear on that.

They failed.


All times are GMT +2. The time now is 18:05.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0