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

ChrisNeedsToKnow 18.07.2017 12:26

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

Originally Posted by DarkOrion (Post 2818657)
I am a bit confused with Revolut CHF charges...

I think it's not a Revolut charge, it's a charge intermediary banks impose en route.

The funds seem to take different routes in the background (depending on I-don't-know-what), so different banks decide to eat up as much as they like.

Revolut should always credit exactly the amount they receive. They would kill their business model if they randomly charged inexplicable fees.

I guess we have to hope for a reliable way to charge - hopefully individual CH... IBANs.

ChrisNeedsToKnow 18.07.2017 12:48

Re: Multi Currency Credit Card ["Revolut"]
 
Just tried to send EUR to my "individual" Revolut account, but the outgoing bank tells me that the IBAN/BIC combination is invalid.

At least the funds don't leave to nowhere.

I guess this is a start-hickup. Current Revolut support waiting time is 2 hours - might come from this?

DarkOrion 18.07.2017 13:12

Re: Multi Currency Credit Card ["Revolut"]
 
Ok, it is sorted out with regards to the fees.

I asked Revolut support yesterday, they replied today. Anyway, they said that there were no fees from their side, so I contacted PF.

According to PF:
1) The first transaction (100 CHF) went out in end July, it went through UBS and at that time they were not charging anything for transactions below 150 CHF.

2) The second transaction (c.340 CHF) went out a week ago. They sent it directly to the beneficiary (shared costs) and they charged 6 CHF (for amounts below CHF 10'000). If it would go through UBS, it would be 8CHF. In both cases, there would be an additional 2 CHF for PF at the end of the month. Now if I choose 'sender costs only', it would be a flat 20 CHF.

Anyway, some things are still not clear with the fees. Depending on the intermediaries, you still don't know who is charging what. When I had sent USD from my PF account about a year ago, the charges were even higher.

Phil_MCR 18.07.2017 14:18

Re: Multi Currency Credit Card ["Revolut"]
 
I have both UBS and PF accounts. If I wanted to transfer my monthly salary to Revolut what would be the best way? UBS SWIFT transfer? From the above, it sounds like this would just be a fixed nominal fee of around 8CHF.

Then I can convert it from there to USD or whatever.

dandi 18.07.2017 14:32

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

Originally Posted by Phil_MCR (Post 2818919)
I have both UBS and PF accounts. If I wanted to transfer my monthly salary to Revolut what would be the best way? UBS SWIFT transfer? From the above, it sounds like this would just be a fixed nominal fee of around 8CHF.

Then I can convert it from there to USD or whatever.

So far to me it looks like SWIFT CHF to CHF transfers are cheaper for larger amounts - for me it works out at 5CHF in the online banking interface, but I haven't tried a real transfer yet - still waiting for my card to arrive. Will let you know how it goes. Even at 8CHF per transfer, if you transfer 1000 CHF you lose less than 1%, that is still reasonable

Also to draw attention to this issue about sending the payment reference when using SWIFT with UBS online payment

https://community.revolut.com/t/how-...transfers/9409

The_Love_Doctor 23.07.2017 00:42

Re: Multi Currency Credit Card ["Revolut"]
 
Anyone else tried to transfer money in EUR to the individual LT IBANs that can now be activated?

I have a EUR account and the Revolut option is actually quite useful, it's almost like having a bank account without all the bells amd whistles like direct debit and standing orders which they say they are working on.

Time to close that EUR bank account me thinks! Although one benefit is that I can withdraw EUR for free in Switzerland.

In other news, Blick has published an article about Revolut here: https://www.blick.ch/news/wirtschaft...id7029679.html

wheatism 23.07.2017 01:41

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

Originally Posted by The_Love_Doctor (Post 2821427)
Anyone else tried to transfer money in EUR to the individual LT IBANs that can now be activated?

Yep, I just sent €200 via UBS, and exactly €200 arrived....same day, into my Revolut Euro account.

Money was sent via UBS and UBS showed all fees (about 50 cents I think). IMPORTANT to note that I sent euros to the euro IBAN account, with shared costs. Actually Revolut did not charge anything. Currency conversion was done via UBS (cost about CHF 223).

So for smaller amounts e.g. €200 I will definitely be transferring this way. But it is important to send euros via UBS, not CHF. For some reason that would have cost more...

Some people had issues as the IBAN is Lithuania and the BIC "looks" to be UK but in fact is not. To be clear, I entered my name (IBAN account holder), and the EURO IBAN (LT...) and the BIC. All just worked.

hof86 24.07.2017 15:46

Re: Multi Currency Credit Card ["Revolut"]
 
If anyone is interested, the preregistration period for the next crowdfunding round just opened :D

https://revolut.com/invest

Cheers!

poot 26.07.2017 20:33

Re: Multi Currency Credit Card ["Revolut"]
 
I just topped up my Revolut 600CHF to CHF and got charged 27chf!! So nearly 5%!

The crazy thing is I did exactly the same as a few weeks ago via Swissquote and that time was charged only 2chf! Here is what I did:

-sent 600chf to Revolut, so 602chf taken from Swissquote as their 2chf Swift fee is clear (used 'division of charges type)
-2 days later my 600chf has shrunk to 575chf and appears in Revolut

This is just extortion! I guess nothing to do with Swissquote as their fee is transparent. Maybe Revolut could advise if any intermediary changes?

The_Love_Doctor 26.07.2017 23:51

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

Originally Posted by poot (Post 2823108)
This is just extortion! I guess nothing to do with Swissquote as their fee is transparent. Maybe Revolut could advise if any intermediary changes?

More to do with intemediary fees I think so not exactly Revolut's fault. Only Swisssquote chooses their intermediary I guess... not sure how these things work, I would avoid sending money through Swissquote in this case.

poot 27.07.2017 00:07

Re: Multi Currency Credit Card ["Revolut"]
 
I'm not blaming Revolut ;) . . . .just wondering if they can clarify yet what's going on with their own bank's charges.

I'm fine with fees if they are upfront and allow for informed choices, but these kind just rip you off without you being able to properly know and plan.

ChrisNeedsToKnow 27.07.2017 00:26

Re: Multi Currency Credit Card ["Revolut"]
 
Exactly these unpredictable fees cry for individual local account numbers in as many countries as possible.

They just introduced individual IBANs for the EUR zone, but seem to be withdrawing them right now as they have some issues.

Hope remains that they will get proper EUR-IBANs working soon, and maybe local Swiss account numbers, too.

I just can't understand their communication strategy:
  • First they always announced features WAY before they became a reality, promised features by deadlines which they then didn't keep
  • Learning from above mistake, they now just launch features without ever announcing them before introducing.
What Im missing would be a roadmap of imagined features without deadlines, so at least customer's can see where this might be going. Right now I have the feeling that they overdid it at first, and now not doing any PR. They need a proper PR-manager!

dandi 02.08.2017 15:04

Re: Multi Currency Credit Card ["Revolut"]
 
Just to feedback on earlier posts, I transferred last month 800CHF from UBS account to Revolut, as a CHF to CHF transfer using SWIFT to their Lloyds IBAN provided in the app. I was only charged 5 CHF for the transfer by UBS and 800 CHF arrived at Revolut. The UBS charge was listed in the end of month statement.

So at least for me this is a relatively efficient way to load the card - at the inconvenience of having to do large transfers to make it efficient and potentially keep money unused for some periods of time and be open to course fluctuations... In the end a cheaper local transfer option as mentioned before would provide much more flexibility

hof86 02.08.2017 17:15

Re: Multi Currency Credit Card ["Revolut"]
 
I got a notification on the Revolut app that I was selected for the crowdfunding round in Seedrs :D.

Did you guys make it to this round as well? The registration process in Seeders is quite straightforward. They let you pay by credit card, and since the shares are in GBP, there is no better chance to use the Revolut card :msntongue:.

https://seedrs.com/revolut

dandi 07.08.2017 11:50

Re: Multi Currency Credit Card ["Revolut"]
 
To continue on the saga, it turns out Revolut card is not always accepted at non-attended points of sale, particular petrol stations and motorway tolls.

https://community.revolut.com/t/non-...ansactions/652

Found this out yesterday when I tried filling up at a Carrefour petrol station... the card is denied when trying to initiate a fill.

Pity as for me petrol and road tolls in France/Italy would have been one of the major expenses to pay using Revolut. Otherwise card worked without problems in shops and restaurants...

Phil_MCR 07.08.2017 12:25

Re: Multi Currency Credit Card ["Revolut"]
 
Just to report back that I've successfully transferred USD from Revolut to Schwab with no charges and the transfer went through very quickly.

Phil_MCR 14.08.2017 17:56

Re: Multi Currency Credit Card ["Revolut"]
 
1 Attachment(s)
I thought there was a 6k free FX allowance. I saw this page in the app. Did I use up the FX allowance, or did I misunderstand the free allowance as only applying to bank transfers?

Meadow 14.08.2017 20:27

Re: Multi Currency Credit Card ["Revolut"]
 
it looks like you used up your limit. on my profile it says "used 200 from 5000 eur"

The_Love_Doctor 14.08.2017 20:57

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

Originally Posted by Phil_MCR (Post 2830882)
did I misunderstand the free allowance as only applying to bank transfers?

I think the exchange limit applies to all "spend", "transfer" in a different currency to your balance and in app exchanges where you hit exchange.

spassiv 15.08.2017 01:03

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

Originally Posted by wheatism (Post 2821439)

Some people had issues as the IBAN is Lithuania and the BIC "looks" to be UK but in fact is not. To be clear, I entered my name (IBAN account holder), and the EURO IBAN (LT...) and the BIC. All just worked.

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?


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