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

JoeUK 05.10.2016 17:08

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

Originally Posted by etsius (Post 2664654)
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.

Getting a 3% better rate than my Mastercard without the 200THB access charge per transaction in Khao Lak.

adrianlondon 05.10.2016 19:15

Re: Multi Currency Credit Card ["Revolut"]
 
How are you not paying the Thai ATM fee? I thought all ATMs in Thailand charged that.

JoeUK 06.10.2016 08:29

Re: Multi Currency Credit Card ["Revolut"]
 
I don't know the technicalities but it is definitely not being charged.

Meadow 26.11.2016 15:18

Re: Multi Currency Credit Card ["Revolut"]
 
I just got a weird message from Revolut:

Quote:

⚠️📢 Hi there, we’re truly sorry to say that as of 11pm CET, 27th November, your RevolutCard will be inactive upon request from our issuing partner. We expect this to be a temporary measure whilst we migrate to a new issuing bank at the beginning of next year, alongside adding CHF and a number of other top-up currencies. The good news is that you can still top-up and use your Revolut account to exchange and transfer currencies globally at interbank rates.

If you're a legal resident of a country within the European Economic Area, please amend the address on your Profile or get in touch with our in-app support so we can edit it for you. This will ensure your card remains active.

Thanks for being an early adopter, we’ll let you know when our cards are available in your country again soon.
Did some of you also get this? This sucks, and is also not really clear as why is my card blocked and how long I need to wait...

ChrisNeedsToKnow 26.11.2016 15:29

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

Originally Posted by Meadow (Post 2698889)
...This sucks...


Reason might be in here:
https://www.businessinsider.nl/finte...onal=true&r=US

I know someone who was affected, because he (also?) lives outside EU/EEA.

Solution: Update your details to a random address in EU/EEA. Unless you are about to receive a new physical card it shouldn't matter which one you use.

As per article this is a requirement from the card issuer (Paysafe / aka "optimal payments"), which Revolt is about to change. So they are legally required to shut you down, but should get everyone up-and-running again soon. As such just change your address back when the time comes...?

Meadow 26.11.2016 15:38

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

Originally Posted by ChrisNeedsToKnow (Post 2698892)
Reason might be in here:
https://www.businessinsider.nl/finte...onal=true&r=US

I know someone who was affected, because he (also?) lives outside EU/EEA.

Solution: Update your details to a random address in EU/EEA. Unless you are about to receive a new physical card it shouldn't matter which one you use.

As per article this is a requirement from the card issuer (Paysafe / aka "optimal payments"), which Revolt is about to change. So they are legally required to shut you down, but should get everyone up-and-running again soon. As such just change your address back when the time comes...?

Thanks, I will try this. I put a Swiss address, but I can try my EU address.

ChrisNeedsToKnow 26.11.2016 16:01

Re: Multi Currency Credit Card ["Revolut"]
 
I guess EU/EEA+Switzerland is OK. My card, registered in CH, is still online.

Meadow 26.11.2016 16:20

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

Originally Posted by ChrisNeedsToKnow (Post 2698903)
I guess EU/EEA+Switzerland is OK. My card, registered in CH, is still online.

Switzerland is not EEA, why would it get special treatment?

I tried to change my address, there was an error. Revolut said they need a proof.

ChrisNeedsToKnow 26.11.2016 16:35

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

Originally Posted by Meadow (Post 2698905)
Switzerland is not EEA, why would it get special treatment?

Switzerland has special agreements with the EU and the EEA, which allow them to adopt laws should Switzerland and the EU/EEA so wish (in essence the bilaterals). Hence lots of EU/EEA laws have relevance in Switzerland, even if CH is not a member of either.

However, not working in that field, I'm never up to date what exactly is (not) applicable. It's wildly complicated!

Concerning Revolut, there are no overall legal restrictions. It all depends on Paysafe / Optimal Payment's interpretation, or maybe on some other private agreements, maybe between Mastercard and Paysafe or others... So Switzerland might both be included / excluded.

Many news articles I read routinely and falsely consider Switzerland as "EEA", while it is often falsely NOT considered as a member of Schengen and/or EFTA.

Here's a lovely diagram for boring afternoons with horrible weather (strange - where is Belarus?):

https://commons.wikimedia.org/wiki/F..._Bodies-en.png

What I really want to say: While the article sais that "Revolut had stopped operating all of its cards outside of the European Economic Area." I'd always be careful to believe such general EU/EEA comments in regards to Switzerland. In many cases it's just not true.

roegner 26.11.2016 16:56

Re: Multi Currency Credit Card ["Revolut"]
 
Just register to an European address, if you have one. I had registered mine on a German address and have no issues. Happily I´d say as I really like that card

pechspilz 26.11.2016 17:41

Re: Multi Currency Credit Card ["Revolut"]
 
This is bad.
And the "we're sorry something has gone wrong" isn't helping when I try to change the address. It only happens when I try to change the country.

soswiss 27.11.2016 08:45

Re: Multi Currency Credit Card ["Revolut"]
 
This is bad indeed. Another reason to keep your Revolut balance close to 0 and top-up when needed.

ChrisNeedsToKnow 27.11.2016 14:05

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

Originally Posted by ChrisNeedsToKnow (Post 2698908)
...I'd always be careful to believe such general EU/EEA comments in regards to Switzerland. In many cases it's just not true...

Sorry: All my writing for nothing, as cards with Swiss addresses are indeed discontinued as well.

They claim that in Q1 of 2017 they'll issue new ones, supposedly including the CHF. That'd be a real gain.

From my understanding the overall Revolut account remains operational and can be used for bank transfers - it's only the credit card which is discontinued.

In the meantime, both myself and my brother in law managed to change addresses to a German one, while my wife's account just can't be updated.

roegner 27.11.2016 14:23

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

Originally Posted by ChrisNeedsToKnow (Post 2699114)

From my understanding the overall Revolut account remains operational and can be used for bank transfers - it's only the credit card which is discontinued.

So, we all get new ones, or? Haven´t seen any notification on that either (but do have that card on a German address)

campagno 27.11.2016 16:02

Re: Multi Currency Credit Card ["Revolut"]
 
Hi everyone, I changed my address yesterdey so I hope this information helps.

please amend the address on your Profile or get in touch with our in-app support so we can edit it for you.


That information is not quite true.

You could be asked to go through a long tedious process with them in the support-chat. I had to go back and forth scanning documents and taking pictures of myself and then attached them on the chat several times because she couldn't see any of them. The fact that they seem to be permanently overwhelmed by users asking or trying to change the address didn't help and you have to wait until they come back to the chat to continue with the process.

I did it yesterday (changed from a Swiss address to an EU-address) and after she accepted the documents as proof of the new address, I could go to "Profile" > "Personal details" and changed the address myself to a valid one. If you try to do it before they have verified your documents, it might not work.

They told me that Switzerland doesn't belong to the European Economic Area and the card would stop working in ATMs and shops (both physical and online) at 11pm today. If you don't change it, you can only do transfers to other users (or receive), to bank accounts, and top up.

We expect this to be a temporary measure whilst we migrate to a new issuing bank at the beginning of next year...

That sounds a bit vague, so even if my card still fully works after 11pm I will keep balance in 0 until the waters settle, and will top up before going shopping. I agree with soswiss and that's my advice too.

Macer 28.11.2016 09:01

Re: Multi Currency Credit Card ["Revolut"]
 
This latest turn of events seems to have been poorly managed. Most companies would have had the alternative solution in place before withdrawing the existing solution, and if not, would have given their customers more than 24 hours notice.

I agree that getting CHF as a top-up currency will be a big bonus, but, in reality, how long will that take? Looking at the forums, it has been something that has been promised for a long time. Early in 2017 could mean any time until June!

Revolut blame Paysafe/Optimal Pay. This company used to be called Neteller and they got badly hit by the US authorities for their activities in the online gambling industry in 2006/2007. They were forced to exit the US and pay a significant fine. I imagine that after that the company's legal team are very cautious and had to take action as soon as they realized things at Revolut were not quite working to the letter of the law.

Phil_MCR 28.11.2016 09:46

Re: Multi Currency Credit Card ["Revolut"]
 
I haven't received this message. I will need to see if the card works or not...

Macer 28.11.2016 09:51

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

Originally Posted by Phil_MCR (Post 2699348)
I haven't received this message. I will need to see if the card works or not...

Check your 'support' messages inside the app. I got mine on Saturday evening. I don't seem to be able to change the address either. You would have expected the message to be on the announcements page too.

roegner 28.11.2016 09:51

Re: Multi Currency Credit Card ["Revolut"]
 
Mine works fine, but then I had it on a German address from the start

Phil_MCR 28.11.2016 10:23

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

Originally Posted by Macer (Post 2699349)
Check your 'support' messages inside the app. I got mine on Saturday evening. I don't seem to be able to change the address either. You would have expected the message to be on the announcements page too.

Ah, you're right, this minor change was deemed only worthy of a support message with no notice or indication whereas all their other promotions warranted a system notification. :rolleyes:


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