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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.


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