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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 Id 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 Id 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. Ive 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 Id 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 Id 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.


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