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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 22.09.2015 14:36

Re: Multi Currency Credit Card
 
Also tested the ability to withdraw EUR at the UBS ATM but the options only showed CHF as a possible currency.

This could be due to UBS not having any notes below EUR100 but I doubt it. Will try and take money out from another EUR ATM but for now it looks like you can not withdraw EUR on this card in Switzerland.

fatmanfilms 22.09.2015 15:27

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2453658)

Anyway it looks like I made a tidy profit as the quote is now 1.5035 ;)

A screen price is nothing more than that, do the trade & report back

The_Love_Doctor 22.09.2015 16:12

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by fatmanfilms (Post 2453722)
A screen price is nothing more than that, do the trade & report back

The trade was done automatically by the nifty little app when I bought my sandwich by selling £ from my GBP balance and paying for the sandwich in CHF. :msncool:

GBPCHF is now @ 1.4969, tidy little trading pnl indeed! ;)

ChrisNeedsToKnow 24.09.2015 13:52

Re: Multi Currency Credit Card
 
Managed to effect some payments with the physical card by now, and have to say it's really great.

What I´d recommend: If you change your PIN, log out of the app and back in (log out via profil/log out; not just closing the app).

Their support also suggested to use an ATM the first time after changing the PIN, not a payment terminal. Not sure why that is? Could an ATM have different capabilities, such as writing information back onto the card?

Last-but-not-least it's important NOT to use DCC at any ATM/paypoint. The card is detected as a UK-issued card, hence most machines try to convert CHF into GBP at their "great" rates. As always, it's better to chose the local currency of where you are, as otherwise revolut's great fx-rates won't be applied.

Overall I have to say the product has killer-functionalities! I shall hope it remains in the market with their current conditions; and maybe adding CHF as a holding currency.

The_Love_Doctor 05.10.2015 10:24

Re: Multi Currency Credit Card
 
Also made some transactions with the card, paid for flights online in EUR, withdrew cash out from German ATM in EUR (affected in EUR), paid for petrol in Germany. All works as expected!

Great product! So now I have no need to open bank accounts everywhere, just transfer money to the card and spend it wherever the hell you like!

It would be more useful once you can load money in CHF, as currently I load money in GBP, so it defeats the point if you have to convert money from CHF to EUR or GBP first before you can load the card.

poot 06.10.2015 17:20

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2460678)

It would be more useful once you can load money in CHF, as currently I load money in GBP, so it defeats the point if you have to convert money from CHF to EUR or GBP first before you can load the card.

Agree it would be much easier to load directly from CHF, but if you use a solid transfer service such as CurrencyFair, you can upload directly via this, for minimal fees and a great rate. Eg. Deposit your cash in CHF to CurrencyFair, and immediately do a conversion to your chosen £/EUR/$ currency and stick it into the Revolut account of your choice.

The_Love_Doctor 08.10.2015 11:09

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by poot (Post 2461680)
Agree it would be much easier to load directly from CHF, but if you use a solid transfer service such as CurrencyFair, you can upload directly via this, for minimal fees and a great rate. Eg. Deposit your cash in CHF to CurrencyFair, and immediately do a conversion to your chosen £/EUR/$ currency and stick it into the Revolut account of your choice.


Indeed... However it would be so much more straightforward if they can just accept CH Maestro cards or CH Wire transfers. As this way they would even beat Currencyfair's 0.35% average cost + the transfer fee cost.

jam1 24.11.2015 16:28

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by poot (Post 2461680)
Agree it would be much easier to load directly from CHF, but if you use a solid transfer service such as CurrencyFair, you can upload directly via this, for minimal fees and a great rate. Eg. Deposit your cash in CHF to CurrencyFair, and immediately do a conversion to your chosen £/EUR/$ currency and stick it into the Revolut account of your choice.

I got the card and tried to transfer to Revolut using currencyfair. I just got an email from currencyfair saying they wont transfer to Revolut - message below. Has anyone used any other service to transfer from a swiss CHF account to USD and then to Revolut?

Rejection from currencyfair.com
"We are sorry to advise you that we are unable to complete your request. As a regulated financial institution we have employed a risk-based approach to our business and as such, we have decided not to accept or transfer funds to other money remittance related companies/exchanges.

We have returned the funds to your account along with the original transfer fee.

ChrisNeedsToKnow 24.11.2015 16:34

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by jam1 (Post 2492404)
I got the card and tried to transfer to Revolut using currencyfair. I just got an email from currencyfair saying they wont transfer to Revolut - message below. Has anyone used any other service to transfer from a swiss CHF account to USD and then to Revolut?

Wow, that's a pain!

I use my German dkb.de account to transfer € to Revolut. However, I was also looking at using your path (CHFs to Currencyfair, then USDs to Revolut).

Only thing I can offer as a possible remedy in the future is, that Revolut support just mentioned that they'll increase holding currencies by 12 to an overall of 15 "within a few months". Unfortunately they wouldn't say which currencies, as that's "not yet set in stone". I sincerely hope the CHF is among them.

GenevaSculler 24.11.2015 16:40

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2492414)
Wow, that's a pain!

I use my German dkb.de account to transfer € to Revolut. However, I was also looking at using your path (CHFs to Currencyfair, then USDs to Revolut).

Only thing I can offer as a possible remedy in the future is, that Revolut support just mentioned that they'll increase holding currencies by 12 to an overall of 15 "within a few months". Unfortunately they wouldn't say which currencies, as that's "not yet set in stone". I sincerely hope the CHF is among them.

I've just written to them to request adding CHF. Maybe if more people request it that might help sway their decision...

support@revolut.com

ChrisNeedsToKnow 24.11.2015 16:50

Re: Multi Currency Credit Card
 
I just had a chat with transferwise customer support:

They say it's possible to transfer to any account, regardless of what the account is (prepaid-credit-card or the like...)

BUT, they only send local currencies to the respective countries. Exception UK: They can send GBP and EUR.

So while it's not possible to send USDs to Revolut, it should be possible to send GBP and EUR.

If anyone wants to test this I´d be keen to know if it works out.


Quote:

Originally Posted by GenevaSculler (Post 2492419)
I've just written to them to request adding CHF. Maybe if more people request it that might help sway their decision...

support@revolut.com

While I hope so too, I doubt they can implement the CHF simply because interest is negative. I´ve asked the same question in the chat, and they only mentioned the same as before: Which currencies will be offered isn't set in stone yet, just as the exact date.

jam1 24.11.2015 17:07

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2492428)

So while it's not possible to send USDs to Revolut, it should be possible to send GBP and EUR.

If anyone wants to test this I´d be keen to know if it works out.

I will give it a go. In theory transferring CHF to Transferwise and then GBP to Revolut - then using the interbank rate in Revolut to do a lossless transfer from GBP to USD should leave me with a similar amount of USD as my previous attempt with Currencyfair. Will update when it gets transferred/rejected

jam1 24.11.2015 17:30

Re: Multi Currency Credit Card
 
Sorry I missed that you were talking about Transferwise and not Currencyfair. I will see if I can setup a Transferwise account and then attempt a transfer to Revolut.


I cannot do anything with currencyfair at the moment anyway as they:
a)Have not returned the money that I attempted to transfer to Revolut yet
b)Have not completed the verification of my ID submitted on Friday
Once my money is back and my ID is verified I will transfer the money back to my swiss account!

I was hoping to use the Revolut card whilst travelling for 6 months but it is looking like it might be possible yet.

Mikers 24.11.2015 17:34

Re: Multi Currency Credit Card
 
i asked them a while ago if they would start natively supporting CHF and they said it was on the roadmap in 3 months. not sure when thats due to start but it will be a huge win when its doing CHF as well.

jam1 24.11.2015 18:27

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2492428)
I just had a chat with transferwise customer support:

They say it's possible to transfer to any account, regardless of what the account is (prepaid-credit-card or the like...)

BUT, they only send local currencies to the respective countries. Exception UK: They can send GBP and EUR.

So while it's not possible to send USDs to Revolut, it should be possible to send GBP and EUR.

If anyone wants to test this I´d be keen to know if it works out.

Just setup a Transferwise account and added the revolut GBP account as a payment recipient. I then went through the initial transfer process. It fails at the the 3rd step with error message "We cannot currently accept payments to this recipient". I also tried it with the revolut EUR account and got the same message.

Called up the help desk and they said they wont transfer to Revolut because they are a financial services company.

Seems like none of the currency services are willing to work with Revolut :mad:

jam1 25.11.2015 07:40

Re: Multi Currency Credit Card
 
Response from the revolut help desk when I asked if they could recommend a currency transfer service for adding money to Revolut.

"At the moment we are at very early stages in regards to transfers onto our app, and therefore do not have any official partner to this regard. Unfortunately at the moment for transfers onto the app we can only recommend bank transfer or top-up via debit card."

ChrisNeedsToKnow 25.11.2015 09:07

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by jam1 (Post 2492514)
...Called up the help desk and they said they wont transfer to Revolut because they are a financial services company...

Strange, because Transferwise just confirmed to me that it's no problem. So obviously not everyone in their supportteam knows.

jam1 25.11.2015 10:20

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2492771)
Strange, because Transferwise just confirmed to me that it's no problem. So obviously not everyone in their supportteam knows.

The guy I spoke to checked my transferwise setup and said everything was fine. He then stated that they block transfers to certain accounts if they have had trouble with rejected payments to them or if the accounts don't meet their company policies - and that is when they show the error message I got.

If someone else wants to try it to see if they get the same error message it would be great.

ChrisNeedsToKnow 25.11.2015 10:58

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by jam1 (Post 2492845)
If someone else wants to try it to see if they get the same error message it would be great.

just tried, I get the same message (in red above Revolut's account details)

...We cannot currently accept payments to this recipient...

That leaves you with direct transfer from your Swiss account (costly and bad fx-rate), detour via a €-account (dkb.de and number26.de might be options), or the possibility that they'll soon accept Francs directly.

GenevaSculler 25.11.2015 11:32

Re: Multi Currency Credit Card
 
Reply from Revolut this morning about adding CHF. Seems more positive than jam1's reply:

Quote:

Originally Posted by Revolut
We hope to add CHF in the next few months, hopefully by the end of January, but we will make sure to keep everyone informed via social media.

Fingers crossed.

Phil_MCR 25.11.2015 13:15

Re: Multi Currency Credit Card
 
OK. I got a card and loaded it up with GBPs from my postfinance currency account. I lost 2CHF on postfinance charges, but gained £5 bonus on first sign-up with a code i used. so still ahead overall.

now let's hope they don't go bankrupt and lose all my money! :msntongue:

given all the currencyfair hassle, i was thinking in the future to send CHF -> (via currencyfair) -> UK bank account -> Revolut

it's an extra step, but shouldn't be a big deal.

Phil_MCR 25.11.2015 13:26

Re: Multi Currency Credit Card
 
Annoyingly, I haven't been able to add the card to paypal. did anyone manage this?

jam1 25.11.2015 15:16

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Phil_MCR (Post 2493002)
given all the currencyfair hassle, i was thinking in the future to send CHF -> (via currencyfair) -> UK bank account -> Revolut

That is the process I am now going to try and use. Will try and get it all setup tonight.

jam1 25.11.2015 15:17

Reason for not being able to transfer from currency services to Revolut
 
Had another response from Revolut to explain why the different currency conversion websites won't transfer to them.

"Normally currency converting websites and money transfer websites block transfers to other companies similar to them, not due to preventing competition, but in order to prevent money laundering, as companies have to be wary of allowing money to be moved through their system with little trace."

Andreas_08604688 06.12.2015 17:54

Re: Multi Currency Credit Card
 
I'm also signing up for Revolut. I have a friend how works in internal strategy at one of the two big swiss banks, and he advised me to do so. They're just phantastic!

Phil_MCR 07.12.2015 12:45

Re: Multi Currency Credit Card
 
ok. i tried to use it over the weekend and today.

over the weekend was a disaster. i didn't know my pin number so had to use the app to get it. unfortunately, the app wouldn't give me a pin without an internet connection, which i didn't have as i was stranded overseas with no signal. in the end, i had to use a different card.

today, i used the card for € transaction, but having no EUR on there, it converted some from the USD balance. in this case, the new pin i set didn't work, but it accepted the old pin #.

soswiss 07.12.2015 13:08

Revolute is great, been using it for months now. Note that if you want to change the PIN (for the card, not the app) better to do it at an ATM otherwise it might not go through.

Quote:

Originally Posted by Phil_MCR (Post 2493016)
Annoyingly, I haven't been able to add the card to paypal. did anyone manage this?

PayPal will make 2 small charges on Revolut, make sure you check the second one.

jam1 07.12.2015 13:53

Revolut support - needs improvement
 
I have had a bit of a nightmare with the flaky Revolut support.

I used the card three times online and it worked great. I then had a fraudulent transaction on the card. I spotted it straight away and contacted support whilst the charge was still pending. They told me they would send a form to fill out to report the charge but it has taken them 6 days to email me the form (with me contacting them daily to remind them they havent sent it).

They also promised to send a new card with a new account number but when I checked today turns out they didn't send it. I am going on a 6 month trip this Friday and was planning to use the card but cant get a new card in time with out personally paying £50 for fast delivery to Switzerland (all they can offer was next day delivery to the UK)

My advice is not to use the in app support function. Send an email or call. And don't trust what they say - make a follow up phone call the day after you first contact them to make sure they have done what they promised initially.

wheatism 06.01.2016 12:16

Re: Multi Currency Credit Card
 
Worked: Send CHF -> (via Transferwise) -> UK bank account -> Revolut

My current Revolut account is based in the UK and I just signed up as I'm hoping this will be "equivalent" to a pilot card called Supercard from Travelex: https://www.travelex.co.uk/services/supercard

Whilst Revolut seems to be a preloaded credit card, Supercard is just a "link" from their card to my current credit card. But essentialy I will use the Revolut card like Supercard, just with the disadvantage I have to preload it with GBP/EUR/USD. I'm curious how Revolut will compare to Supercard when using for payment in currencies not in the holding 3 (e.g. in Hungary, Russia, Turkey, Greece...).

Also, is it beneficial to have my Revolut based in the UK (current address) in GBP; or based in Switzerland where I will relocate in a few weeks?

ChrisNeedsToKnow 06.01.2016 12:24

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by wheatism (Post 2511710)
...Also, is it beneficial to have my Revolut based in the UK (current address) in GBP; or based in Switzerland where I will relocate in a few weeks?

The difference is the base currency, i.e. the one that will be "eaten up" first, when not paying in a holding currency.

Apparently they can switch the base currency though. I was offered to have it switched when I asked some specific questions about this. So overall it shouldn't matter if you get it in the UK or in Switzerland (where your default currency would be USD).

There's a card I recently heard about, weswap.com: They have a lot of holding currencies! However, they charge a (transparent) swap-fee between 1 and 1.4%.

Travelex is a company that I profoundly distrust, simply because of their rip-off rates at airports. I pity every person I see standing in front of their booths. (Although I also go there, sometimes, just to check the rates for fun.)

ChrisNeedsToKnow 12.01.2016 14:17

Re: Multi Currency Credit Card
 
Just found a similar card to Revolut called weswap.com.
  • Up: They have quite a bunch of holding currencies.
    • GBP, USD, EUR, CAD, AUD, ZAR, CHF, NOK, SEK, DKK, HKD, PLN, NZD, SGD, HUF, JPY
  • Down: They charge a (transparent) conversion fee of 1.4%
Charging is only possible in GBP, EUR, NOK, SEK and DKK, most notably not in CHF (albeit the CHF is one of their holding currencies).


Rgds, Christian

Phil_MCR 12.01.2016 15:18

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2511720)
The difference is the base currency, i.e. the one that will be "eaten up" first, when not paying in a holding currency.

Apparently they can switch the base currency though. I was offered to have it switched when I asked some specific questions about this. So overall it shouldn't matter if you get it in the UK or in Switzerland (where your default currency would be USD).

There's a card I recently heard about, weswap.com: They have a lot of holding currencies! However, they charge a (transparent) swap-fee between 1 and 1.4%.

Travelex is a company that I profoundly distrust, simply because of their rip-off rates at airports. I pity every person I see standing in front of their booths. (Although I also go there, sometimes, just to check the rates for fun.)

I also sent a support message to change base currency to GBP and they said they would get someone to change it. No messages since then so no idea if it changed already or if they forgot, but apparently it can be done. I will let you know the next time I have a transaction in an unfunded currency.

The_Love_Doctor 12.01.2016 19:27

Re: Multi Currency Credit Card
 
New Revolut App just been released! You can now see what rates you woukd get if you spend in other currencies other than the 3 holding currencies!

No new holding currencies unforyunay.

More info: here

Phil_MCR 12.01.2016 20:27

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2516314)
New Revolut App just been released! You can now see what rates you woukd get if you spend in other currencies other than the 3 holding currencies!

No new holding currencies unforyunay.

More info: here

"Make transfers directly to other people’s bank accounts via “Bank” on your home screen. We took your comments on board and aim to make this feature even easier to use. Previously, sending directly externally was only possible by sending a notification to the other person to fill in their bank details"

I wonder if you can use this to exchange currencies between your own accounts?

humano 12.01.2016 23:00

Re: Multi Currency Credit Card
 
is this card better than the one from SBB VISA?

adrianlondon 12.01.2016 23:07

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by humano (Post 2516466)
is this card better than the one from SBB VISA?

It's about on par with vanilla ice-cream, if that helps.

humano 13.01.2016 00:39

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by adrianlondon (Post 2516473)
It's about on par with vanilla ice-cream, if that helps.

You should be some kind of frustrated internet junkie, who only has eyes for his phone.

I come here every several months to ask something and it's always you with your stupid jokes.

Get a real life, sick head!

The_Love_Doctor 13.01.2016 15:24

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by humano (Post 2516466)
is this card better than the one from SBB VISA?

Comparing Credit Cards is inherently difficult.

1) This is not a credit card, but rather a pre-paid credit card (you have to load it first).

2) The SBB is also not quite comparable as it is only offered in one currency, and I think some even have the 1/2 tax card included.

3) There is no reason why you can't have both, and this one is free so you can just try it and if you don't like it, simply, bin it! (make sure you cancel it extra first)

Andreas_08604688 14.01.2016 13:41

Re: Multi Currency Credit Card
 
Just as a side comment to Revolut, maybe important for all users which are now signing up for it and transferring their funds:
I would advise you to not transfer too significant amounts of wealth to the (pre-paid) accounts. Revolut is only a start-up, with inherent cash drain. Thus, if this company goes bust, your transferred amounts are at risk.

...or am I missing out on something?

The_Love_Doctor 14.01.2016 16:17

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Andreas_08604688 (Post 2517753)
Just as a side comment to Revolut, maybe important for all users which are now signing up for it and transferring their funds:
I would advise you to not transfer too significant amounts of wealth to the (pre-paid) accounts. Revolut is only a start-up, with inherent cash drain. Thus, if this company goes bust, your transferred amounts are at risk.

...or am I missing out on something?

See information from their FAQ page below.

Quote:


Is my money safe?

The safe and secure transaction of currency is central to Revolut’s mission and philosophy. Revolut does not transact, take or keep any money from customers directly. All your money is held in ring-fenced client accounts at Barclays. That means if anything happens to Optimal Payments or Revolut, your money is still safe.

All your card transactions are processed by the MasterCard network and are protected by MasterCard rules.



Source: https://revolut.com/faq


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