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

ChrisNeedsToKnow 11.09.2015 14:00

Multi Currency Credit Card ["Revolut"]
 
I just came across a website/service called "Revolut".

www.revolut.com

In essence they offer an account with an attached credit card.

The account has 3 currencies (as of now), EUR, GBP and USD. Apparently you can transfer any of the 3 currencies to your Revolut account, then FX these 3 currencies at interbank rate and hold your funds in above 3 currencies.

You can then spend those 3 currencies with the credit card, 1:1 without any fees, or transfer them to an account in the other currency.

Furthermore it's possible to use the credit card in quite a bunch of other currencies, but they're always converted when you spend. It's not possible to hold funds in those currencies (yet).

Not sure about anything as I just found out about them, but seems like a cool offer.

CHF missing as a holding currency is a bit of a blow. The only one I found so far.

GenevaSculler 11.09.2015 14:13

Re: Multi Currency Credit Card
 
Interesting idea, thanks. Do you know anything about Optimal Payments which apparently is the company behind it?

ChrisNeedsToKnow 11.09.2015 14:16

Re: Multi Currency Credit Card
 
No idea whatsoever.

I just found them, and now transferred 5 to see if and how this works. Im still slightly sceptical, but I did find some news coverage and apparently they raised a few millions starting capital. So I guess they're definitely not just a fraud. Everything else Ill check out by testing from here.

GenevaSculler 11.09.2015 14:29

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2447831)
No idea whatsoever.

I just found them, and now transferred 5 to see if and how this works. Im still slightly sceptical, but I did find some news coverage and apparently they raised a few millions starting capital. So I guess they're definitely not just a fraud. Everything else Ill check out by testing from here.

OK thanks - will be interested to hear your feedback.

Today only 11.09.2015 14:43

Re: Multi Currency Credit Card
 
Isn't this more a debit card ?

ChrisNeedsToKnow 11.09.2015 14:47

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Today only (Post 2447849)
Isn't this more a debit card ?

I guess it's absolutely a debit card. Yes.

Funnily enough they provided me with the card details over the app instantly. No checks no nothing, the card is up and ready for usage. Strange.

Also managed to instantly top up the account via another credit card, which worked out on the spot.

Now I just don't have anything I want to buy right now, otherwise Id try to use the card right away.

The_Love_Doctor 11.09.2015 14:57

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Today only (Post 2447849)
Isn't this more a debit card ?

A pre-paid credit card.

But what they're doing is bold indeed... Offering interbank rate as the exchange rate, I'm defo signing up.

Phil_MCR 11.09.2015 15:00

Re: Multi Currency Credit Card
 
hmm. i'm also using these 4 currencies. my way so far has been to:

have a gbp and chf credit card.

for eur and usd, use cash.

i'd be interested in getting a usd card. for eur, i could live with remaining in cash.

The_Love_Doctor 11.09.2015 15:13

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by Phil_MCR (Post 2447864)
for eur and usd, use cash.

I went as far as opening a EUR account in Switzerland with a debit card where I have to pay a fee every month and it includes a debit card linked directly to it. But the only thing that is free is withdrawing cash and wiring money into the account in EUR. Any other transaction attracts commission.

Also tried to open an account in Germany with an attached credit card but that got rejected presumably because I don't have any credit history in Germany.

If the model for these guys work, it would be great, but they need a lot of volume to generate any profit from fees generated by people using the card.

I'm sure they will up their fees eventually but worth a go for now.

ChrisNeedsToKnow 11.09.2015 15:24

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2447873)
...but that got rejected presumably because I don't have any credit history in Germany...

I have a www.dkb.de - was that rejected?

Otherwise, maybe try www.number26.de. You need a German address, but it's in and they don't check any credit history because it's strictly credit based.

The_Love_Doctor 11.09.2015 15:46

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 86268)
hmm. i'm also using these 4 currencies. my way I have a www.dkb.de - was that rejected?

Otherwise, maybe try www.number26.de. You need a German address, but it's in and they don't check any credit history because it's strictly credit based.


The dkb is the one that got rejected indeed. Not sure why but I guess I was just unlucky or didn't earn enough! :eek:

ChrisNeedsToKnow 11.09.2015 16:12

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2447896)
The dkb is the one that got rejected indeed. Not sure why but I guess I was just unlucky or didn't earn enough! :eek:

I don't earn much, my DKB-account is usually sitting with an odd 100 ready to be spent whenever in the -zone. I just feed the account more if I plan to spend more.

My wife opened one just to have her separate EUR-credit card. No problems whatsoever.

Strange!

The_Love_Doctor 11.09.2015 16:35

Re: Multi Currency Credit Card
 
Yeh it's strange but not that strange, having worked for a retail bank many years ago, these kind of things are usually automated and probably something in my file didn't meet their Criteria who knows. They of course wouldn't tell you why.

I rang them and got the usual response in these scenarios... "We don't have to tell you why". I looked online and the reasons for rejection could be one of many but mainly it's either the Credit Check had a low score or the income part for someone residing in Switzerland was too low.

Their loss really my commission will now go to Revolut and their card issuer "OPTIMAL PAYMENTS LIMITED"... it's also one less account to keep track of! :D

ChrisNeedsToKnow 11.09.2015 16:40

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2447920)
...and their card issuer "OPTIMAL PAYMENTS LIMITED"...

Do you know anything about these guys?

I mean, how reliable are they, and why can they open accounts without any checks? I wonder if Ill actually receive the credit card in the mail as promised. I guess Ill have to wait for roughly a week to find out.

The_Love_Doctor 11.09.2015 16:44

Re: Multi Currency Credit Card
 
More info on their Terms & Conditions. You're supposed to read them before you sign up ;)

Link: https://revolut.com/terms

No info about them. But they say in the terms that they are regulated by the FCA in the UK. So if I could be bothered to check that what they say I would check the registration on the FCA website.

They could open an account with no checks because it's a pre-paid credit card which you can normally just get from any card issuer you just need to register it to your name nothing else is needed.

If you start transferring unusual amounts of money and spending more than 5000 a month they will start asking questions and ask you to provide more info, they might want to confirm your identity or ask for proof of source of funds.

It's all in their terms and conditions.

The_Love_Doctor 11.09.2015 16:45

Re: Multi Currency Credit Card
 
Just did a quick search on the FCA website:

https://register.fca.org.uk/ShPo_Fir...000000m4IWvAAM

Edit: Interesting that on the Passport Out section of the FCA website for the company with registration: 900015 that Switzerland is not listed as a country where they are authorised to provide financial services!!!!

Also interesting is that a previous name of the company is Neteller! Not sure if it's related to https://www.neteller.com/en.

ChrisNeedsToKnow 11.09.2015 17:07

Re: Multi Currency Credit Card
 
What I don't understand from Revolut:

You can actually hold 3 currencies (EUR/GBP/USD), but pay in many currencies.

If you pay in any of the "many" currencies, to which of the "holding" currencies will amounts be converted? I didn't find any option to influence this.

GenevaSculler 11.09.2015 17:13

Re: Multi Currency Credit Card
 
Also, given you have to transfer your money to them prior to purchasing anything, what risk is their of them failing and your money vanishing, given I've never heard of Optimal Payments Ltd...?

GenevaSculler 11.09.2015 17:15

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by The_Love_Doctor (Post 2447929)
Also interesting is that a previous name of the company is Neteller! Not sure if it's related to https://www.neteller.com/en.

It is related to them:

https://www.neteller.com/en/about

The_Love_Doctor 11.09.2015 17:17

Re: Multi Currency Credit Card
 
Quote:

Originally Posted by ChrisNeedsToKnow (Post 2447941)
What I don't understand from Revolut:

You can actually hold 3 currencies (EUR/GBP/USD), but pay in many currencies.

If you pay in any of the "many" currencies, to which of the "holding" currencies will amounts be converted? I didn't find any option to influence this.

Interesting question, which they should easily be able to answer. They must have an algo to decide which of the currencies they use to fund the purchases in non EUR, USD or GBP transactions.

In any case it shouldn't matter that much as they use the interbank rate as the basis for conversions, so converting from EUR to CHF or GBP to CHF should yield the same result but of course it should be easily identifiable to the customer what the Algo is.

Quote:

Originally Posted by GenevaSculler (Post 2447946)
It is related to them:

https://www.neteller.com/en/about

Interesting... So what you effectively have is an online wallet (with a 0% funding fee!) with a pre-paid credit card attached to it! :D


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