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

Andreas_08604688 14.01.2016 16:51

Re: Multi Currency Credit Card
 
Thanks, that's good to know!

However, there is nothing mentioned about interest in the FAQ. Without getting interest on the funds, it still doesn't make sense to transfer too much money.

The_Love_Doctor 14.01.2016 16:55

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Andreas_08604688 (Post 2517900)
Thanks, that's good to know!

However, there is nothing mentioned about interest in the FAQ. Without getting interest on the funds, it still doesn't make sense to transfer too much money.

Indeed. Although in the current interest environment this is negligible.

Agreed though, you shouldn't put significant amounts of money on there. They do have limits as to how much you can transfer there anyway.

All in all it's the best offering in pre-paid credit card / virtual wallets I have come across. Simply unbeatable in it's current format.

adrianlondon 20.01.2016 11:31

Re: Multi Currency Credit Card
 
I'm probably gonna sign up for this Revolut thing and see if I can use it as a cheap and easy way to send money back to the UK occasionally.

It's asking me to enter an optional referral code. Is it mutually beneficial to enter one? If so, I'm happy to enter someone's code.

Phil_MCR 20.01.2016 12:01

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by adrianlondon (Post 2521496)
I'm probably gonna sign up for this Revolut thing and see if I can use it as a cheap and easy way to send money back to the UK occasionally.

It's asking me to enter an optional referral code. Is it mutually beneficial to enter one? If so, I'm happy to enter someone's code.

i had a code where you get £5 free on sign-up. i will see if i can find it for you.

EDIT: code is "MSE"

adrianlondon 20.01.2016 12:23

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Phil_MCR (Post 2521540)
i had a code where you get £5 free on sign-up. i will see if i can find it for you.

EDIT: code is "MSE"

Ah, a MoneySavingExpert referral. Thanks. £5 is £5!

I'm considering using this card to load up in CHF and pay into my UK account, instead of e.g. peer-to-peer currencyfair.

The_Love_Doctor 20.01.2016 13:23

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by adrianlondon (Post 2521553)
Ah, a MoneySavingExpert referral. Thanks. £5 is £5!

I'm considering using this card to load up in CHF and pay into my UK account, instead of e.g. peer-to-peer currencyfair.

You can't load it with CHF. Not yet anyway...

adrianlondon 20.01.2016 13:33

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2521608)
You can't load it with CHF. Not yet anyway...

Ah, that kills that then. They won't even let me send CHF and convert it for me to GBP?

Their online help suggests that one can top up a Revolut account from a foreign bank account and that to minimise fees I should use the currency the account is in. I infer from this that I can send money from my Postfinance account in CHF and they'll convert it into GBP for me (one assumes at a better rate than PF, otherwise I might as well just continue to do that as PF only charge a 2CHF fee for the transfer to my UK account).

ChrisNeedsToKnow 20.01.2016 13:39

Re: Multi Currency Credit Card
 
Revolut can only be charged in GBP, EUR and USD.

All 3 accounts are with Barclays in the UK.

I successfully charged in GBP (from a UK account) and EUR (from a German account). Both transactions were free of charge.

I never charged USD, so no idea about possible charges. It's a pity they don't have a US-based USD-account; I guess that would make it easier for US-residents and USD-handling in general.

adrianlondon 20.01.2016 13:54

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2521621)
Revolut can only be charged in GBP, EUR and USD.

Their website states one can transfer from foreign bank accounts and that one should transfer in the currency that account is held in.

If Revolut then don't do the exchange themselves and rely on Barclays doing it, I gain nothing compared to just sending the money direct to my UK bank account (it goes as a SEPA transfer I believe; PF charge me 2Fr each time I do it if I let them do the conversion from CHF to GBP). In which case, my use-case for the Revolut card disappears. It's useful for saving the 0.9% fee PF load in the exchange-rate for drawing money out of foreign ATMs I suppose.

ChrisNeedsToKnow 20.01.2016 14:04

Re: Multi Currency Credit Card
 
I guess your use-case might re-appear, should they decide to offer more accounts in more countries, allowing to charge locally; hopefully CHF in Switzerland.

However, it doesn't seem to be on the horizon. :/

Andreas_08604688 20.01.2016 14:06

Re: Multi Currency Credit Card
 
@chris or anybody who already charged the card :
I transferred money from a German Sparkasse account 1.5 weeks ago to the barclays/revolt account, but it is still not recognized in my revolt account. It was quite a sum...
Does anybody know how long it usually should take?

ChrisNeedsToKnow 20.01.2016 14:13

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Andreas_08604688 (Post 2521654)
...how long it usually should take?...

From my German DKB-account it took anything from 3 hours to 2 days. I guess it depends on some cut-off times here and there.

10 days is definitely too much!

Did you use their EUR-account?

Ask their customer service, usually quite helpful. But ultimately only the bank from where the money was sent can help, as the recipient usually can't do anything.

adrianlondon 20.01.2016 14:28

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Andreas_08604688 (Post 2521654)
@chris or anybody who already charged the card :
I transferred money from a German Sparkasse account 1.5 weeks ago to the barclays/revolt account, but it is still not recognized in my revolt account. It was quite a sum...
Does anybody know how long it usually should take?

Have you verified your ID? I haven't set my account up but there was something within the app about taking a photo of your passport or driving licence. If you've not done that, I believe they reject any transfers over £1000 or something like that.

hairybadger 20.01.2016 14:39

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Andreas_08604688 (Post 2521654)
@chris or anybody who already charged the card :
I transferred money from a German Sparkasse account 1.5 weeks ago to the barclays/revolt account, but it is still not recognized in my revolt account. It was quite a sum...
Does anybody know how long it usually should take?

I did a domestic transfer from a UK bank, took a few hours.

However: I couldn't get my identity check to work. I carried out the procedure in the app, using an Irish passport card - it says it should take 15 minutes. 5 days later I'd still heard nothing so I contacted support who said they'd check it out, then minutes later the identity check status changed from "processing" to "failed" and support sent me an automatic message saying I should email support with my account number and a full-size photo (whatever that means) of my ID with a picture of me holding it.

I tried to get them to tell me why the in-app authorization had failed but silence was the stern reply. I haven't yet bothered to send the requisite email but I find it a bit pointless having an in-app function that doesn't work (in my case - YMMV) and no feedback as to why it didn't work. People use apps because they are convenient, the more hoops you have to jump through the less likely they are to be used...

Andreas_08604688 20.01.2016 20:37

Re: Multi Currency Credit Card
 
The app tells me that "if you require to spend more than a £1000 a year, please confirm your ID."

The amount i transferred was below £1000, and I'm just charging, not spending the money anyway.

Quite funny... i wrote the customer support and waiting their response

ChrisNeedsToKnow 20.01.2016 20:49

Re: Multi Currency Credit Card
 
I always talk to their customer support in the chat. Sometimes they have random support staff, but apparently the CEO also mans the chat sometimes, to make sure he knows what's going on.

soswiss 20.01.2016 21:51

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Phil_MCR (Post 2521540)
i had a code where you get £5 free on sign-up. i will see if i can find it for you.

EDIT: code is "MSE"

I doubt the code is still good, it was a promo for the early adopters.

The_Love_Doctor 02.02.2016 21:24

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2521648)
I guess your use-case might re-appear, should they decide to offer more accounts in more countries, allowing to charge locally; hopefully CHF in Switzerland.

However, it doesn't seem to be on the horizon. :/

They replied to my FB post about adding CHF as a holding currency. And it seems to be a possibility...

Quote:

We are currently working really hard to add more base currencies and the Swiss Franc is a priority. Thanks for your patience and support!

ChrisNeedsToKnow 03.02.2016 10:25

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2530419)
They replied to my FB post about adding CHF as a holding currency. And it seems to be a possibility...

What I find strange in general is that many Fintechs come up with something really cool, and then don't continue developing their product.

Example Currencyfair. I love them, they're great at what they do. But a while ago (by now a year or two) I talked to one of their executives, who said they're looking into offering a Multi Currency Credit Card. So one could use Currencyfair for receiving, transferring and spending, "all-in-one". Since then, nothing changed. Except Revolut and WeSwap came along...

Why do none of them offer such an all-in-one-solution? I guess it'd be in sort-of high demand!?

Phil_MCR 03.02.2016 10:55

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2530737)
What I find strange in general is that many Fintechs come up with something really cool, and then don't continue developing their product.

Example Currencyfair. I love them, they're great at what they do. But a while ago (by now a year or two) I talked to one of their executives, who said they're looking into offering a Multi Currency Credit Card. So one could use Currencyfair for receiving, transferring and spending, "all-in-one". Since then, nothing changed. Except Revolut and WeSwap came along...

Why do none of them offer such an all-in-one-solution? I guess it'd be in sort-of high demand!?

i guess they can just buy revolut and integrate them.

Meeyat 03.02.2016 11:04

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2530737)
What I find strange in general is that many Fintechs come up with something really cool, and then don't continue developing their product.

Example Currencyfair. I love them, they're great at what they do. But a while ago (by now a year or two) I talked to one of their executives, who said they're looking into offering a Multi Currency Credit Card. So one could use Currencyfair for receiving, transferring and spending, "all-in-one". Since then, nothing changed. Except Revolut and WeSwap came along...

Why do none of them offer such an all-in-one-solution? I guess it'd be in sort-of high demand!?

That is excellent question. Could it be that the target customers for CurrencyFair are in majority different from ones that are using credit cards internationally?
I would be certainly interested in all-in-one solution. But then again, I may be not an average customer (since I live in Basel, close to DE/FR).

I wonder if an average CurrencyFair user is transferring money from own account to own account? Or it is used mostly when there are payments/remittances to be made to 3rd party? I suspect it is the latter (but cant be sure).

ChrisNeedsToKnow 03.02.2016 11:44

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Meeyat (Post 2530769)
...I wonder if an average CurrencyFair user is transferring money from own account to own account? Or it is used mostly when there are payments/remittances to be made to 3rd party? I suspect it is the latter (but cant be sure).

Another use case would be receiving payments after leaving the country, >>such as this poster<< nearly falling for some fraud.

If Currencyfair and Revolut (and all the others...) can live from their respective business model, why shouldn't an all-in-one survive?

Actually I put some hope into >>number26<<. Since they came along they kept adding more and more cool functionalities. Maybe they'll evolve into exactly that.

Sparxxx 16.02.2016 13:33

Re: Multi Currency Credit Card
 
Hi guys

Just come across this thread and the Multi Currency Card is exactly what I would need since I travel a lot :).
Unfortunately they don't offer to top up the card in CHF which leaves me asking how do I top up the card from Switzerland? I only have a Maestro Card which is not supported.
Through a Bank Transfer (in Euro or USD) UBS will give me a pretty shitty rate.

The_Love_Doctor 16.02.2016 13:46

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Sparxxx (Post 2538732)
Hi guys

Just come across this thread and the Multi Currency Card is exactly what I would need since I travel a lot :).
Unfortunately they don't offer to top up the card in CHF which leaves me asking how do I top up the card from Switzerland? I only have a Maestro Card which is not supported.
Through a Bank Transfer (in Euro or USD) UBS will give me a pretty shitty rate.

It's basically useless for Swiss customers unless you:

1) Have access to an account denominated in one of their 3 holding currencies (USD, GBP, EUR). The account has to be in your name and you can not use online currency conversion services to transfer money to them.

2) Are able to exchange money from CHF to (GBP, USD, EUR) cheaply.

or

They add CHF as one of their holding currencies. They say they're working on it, but it could be a few more months before this comes into fruition.

Sparxxx 16.02.2016 13:51

Re: Multi Currency Credit Card
 
Well, I do also have an Euro Account at UBS from which I could transfer.
This way I will avoid exchange rates but still pay transfer fee (should be small anyway).
The main idea is to use their credit card and avoid that stupid UBS 1.75% fee on every foreign currency pay + bad exchange rate.
I travel a lot to the US and within EU plus do a lot on online shopping in Euro. This Revolut card would be perfect :).

The_Love_Doctor 16.02.2016 14:45

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Sparxxx (Post 2538746)
Well, I do also have an Euro Account at UBS from which I could transfer.
This way I will avoid exchange rates but still pay transfer fee (should be small anyway).
The main idea is to use their credit card and avoid that stupid UBS 1.75% fee on every foreign currency pay + bad exchange rate.
I travel a lot to the US and within EU plus do a lot on online shopping in Euro. This Revolut card would be perfect :).

What you could so is use a currency exchange platform to change CHF -> EUR, wire the money back to your EUR account with UBS, then wire the money from your EUR account to the Revolut EUR IBAN. This way you get a good rate in exchanging your money from CHF -> EUR.

Sparxxx 16.02.2016 14:47

Re: Multi Currency Credit Card
 
Yep, that would be nice.
Never used an exchange platform before. Do I pay a fee for the CHF I transfer to the exchange platform? Or is it also a CHF account?
thanks.
Sorry, but I am new to all this :)

The_Love_Doctor 16.02.2016 14:54

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Sparxxx (Post 2538786)
Yep, that would be nice.
Never used an exchange platform before. Do I pay a fee for the CHF I transfer to the exchange platform? Or is it also a CHF account?
thanks.
Sorry, but I am new to all this :)

You'd have to check with UBS if they would charge you a fee or not. I believe with some account packages some fees are included up to a certain limit. Assuming you don't have any package, then they will probably charge you CHF5.- or so to transfer money.

The account you will be transferring money to will have to be denominated in CHF indeed. Make sure that is the case, this depends on the platform you would use.

You'd have to do a bit of research to see which platform would be best for you.

Sparxxx 16.02.2016 14:55

Re: Multi Currency Credit Card
 
Cool... thanks. As long as the account I transfer to is CHF that's fine. Fee is not that big...1-2chf I think.

The_Love_Doctor 20.02.2016 14:27

Re: Multi Currency Credit Card
 
Just came across their Fair Usage Policy which I haven't seen before.

https://revolut.com/fairusage

Quote:


Fair Usage Policy
Our core mission is to help you save as much money as possible. Certain services we provide are costly to us due to third party fees. For these services we have a monthly free usage limit, after which we will charge a small but fair fee to cover costs. We are working to bring these costs down.
ATM Withdrawals
ATM usage is FREE for up to £500 / €650 / $700 (or equivalent) a month, after which there will be a 2% fee applied to further ATM withdrawals until the end of the month. For example, if you withdrew £550 in one month, this would only cost you £1. We have to pass on these costs as Revolut doesn't own the ATMs...yet!

If you are approaching your ATM withdrawal limit, don't worry, you can still spend as much as you want on your Revolut card instead, as this policy ONLY applies to ATM withdrawals
USD Debit Card Top-Ups
Supporting debit card top-ups in USD is expensive for us. We are working to bring these costs down. Until then, we have to pass on our costs, which are 3% per USD top-up. In this case it might be cheaper for you to top up via bank transfer.
Don't forget though...spending, sending and exchanging in USD is completely FREE
Illiquid Currencies
For most currencies we provide you with the interbank rate...Awesome! However there are some illiquid currencies such as Thai Baht and Russian Ruble which are difficult for us to trade. For these currencies we will give you the best rate we can. You can check all these rates within the app.


adrianlondon 07.03.2016 15:32

Re: Multi Currency Credit Card
 
I've just used my Revolut card for the first time. I charged £100 to it and noticed a credit of £105 (there was a £5 bonus, so I guess the MSE bonus still works).

I withdrew 250zl and the machine in Krakow suggested I convert to sterling at £49.50. I declined and took the zloty. A few minutes later my Revolut app told me it had cost £44.60.

That matched the xe.com rate exactly.

hairybadger 07.03.2016 15:45

Re: Multi Currency Credit Card
 
I tried to use mine the other day to buy petrol in France - pin didn't work. Their FAQ says that if the pin doesn't work you need to go to an ATM and choose "balance query" to have it updated (whatever that means). The balance query will not work but according to the FAQ that is not important. Anyway - first ATM I tried (Banque Populaire des Alpes) refused with a technical error before I even put the PIN in, the second (Credit Lyonnais) appeared to accept the PIN. Will try buying petrol again next time I fill up.

ChrisNeedsToKnow 07.03.2016 16:07

Re: Multi Currency Credit Card
 
Note that, as per FAQ, there is now a limit on withdrawing cash:

Quote:

...Withdrawing cash from an ATM with your Revolut multi-currency card is free for £500 (or equivalent) each month after which there is a 2% charge...

The_Love_Doctor 25.03.2016 16:14

Re: Multi Currency Credit Card
 
Another great experience with Revolut!

This time at Zürich Airport at Gate D they have a Travelex ATM capable if dispensing EUR, GBP, CHF and USD. I thought I would try it... The ATM gives you the option to do the withdrawal with conversion or without converaion (i.e. With rip off rate or at Revolut's own rate). Somehow it detects the currency of the card as GBP and gives me a rate if $1 per £0.82, I say no of course and do the withdrawal without conversion. $100 in my pocket... revolut rate ~ 0.71! Saving of roughly £11 on a $100 withdrawal! Win!

adrianlondon 27.03.2016 14:15

Re: Multi Currency Credit Card
 
I've got a Metro Bank card (UK bank) which used to offer free cash withdrawals worldwide but now it's limited to within Europe, so my main reason for getting the Revolut card was to use it out of Europe.

I can confirm that it works, and offers great rates, in HK, Taiwan and Japan. I'm very pleased with it. I just want to be able to charge it in CHF.

Phil_MCR 27.03.2016 14:43

Re: Multi Currency Credit Card
 
Another thumbs up for revolut - a financial service that actually is hassle free, works as advertised and is customer friendly.

fatmanfilms 27.03.2016 18:32

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by adrianlondon (Post 2562592)
I've got a Metro Bank card (UK bank) which used to offer free cash withdrawals worldwide but now it's limited to within Europe, so my main reason for getting the Revolut card was to use it out of Europe.

I can confirm that it works, and offers great rates, in HK, Taiwan and Japan. I'm very pleased with it. I just want to be able to charge it in CHF.

Did you claim to live in the UK for the Metro Bank account? They only seem require a credit card statement plus phone bill so are easier to fool than most banks :D

The_Love_Doctor 04.05.2016 16:29

Re: Multi Currency Credit Card
 
More props to Revolut. Used the card for AED, SGD, IDR on a recent holiday and it worked like a charm! Used the card for cash withdrawals, payments in shops, restaurants, hotels and taxis without any worry.

Finally a card where you don't have to worry about hidden FX charges, commissions etc.

On their latest release you can also disable the magnetic strip on the card and force merchants to use chip + pin. Which should reduce the ability of fraudsters to take your cash. They do have a location security feature but I guess this doesn't work very well when you're on holiday as you will need internet which is normally disabled if you don't have international data roaming.

Anyway just though I'd share with you guys! :D

kart0ffel 05.05.2016 09:01

Re: Multi Currency Credit Card
 
thank you all guys for the information :D

I will definitely try this, and as I have a EUR account in my home country I guess I can do:

CHF --[transferwise]--> EUR --> Revolut

in order to avoid the fees

kart0ffel 05.05.2016 11:03

Re: Multi Currency Credit Card
 
Does someone have a Promo code that I can use?



ps. why I can't edit my previous psot? :'(


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