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Old 11.09.2015, 13:00
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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.
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Old 11.09.2015, 13:13
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Re: Multi Currency Credit Card

Interesting idea, thanks. Do you know anything about Optimal Payments which apparently is the company behind it?
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Old 11.09.2015, 13:16
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Re: Multi Currency Credit Card

No idea whatsoever.

I just found them, and now transferred €5 to see if and how this works. I´m 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 I´ll check out by testing from here.
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Old 11.09.2015, 13:29
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Re: Multi Currency Credit Card

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No idea whatsoever.

I just found them, and now transferred €5 to see if and how this works. I´m 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 I´ll check out by testing from here.
OK thanks - will be interested to hear your feedback.
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Old 11.09.2015, 13:43
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Re: Multi Currency Credit Card

Isn't this more a debit card ?
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Old 11.09.2015, 13:47
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Re: Multi Currency Credit Card

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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 I´d try to use the card right away.
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Old 11.09.2015, 13:57
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Re: Multi Currency Credit Card

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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.
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Old 11.09.2015, 14:00
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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.
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Old 11.09.2015, 14:13
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Re: Multi Currency Credit Card

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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.
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Old 11.09.2015, 14:24
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Re: Multi Currency Credit Card

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...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.
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Old 11.09.2015, 14:46
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Re: Multi Currency Credit Card

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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!
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Old 11.09.2015, 15:12
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Re: Multi Currency Credit Card

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The dkb is the one that got rejected indeed. Not sure why but I guess I was just unlucky or didn't earn enough!
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!
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Old 11.09.2015, 15:35
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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!
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Old 11.09.2015, 15:40
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Re: Multi Currency Credit Card

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...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 I´ll actually receive the credit card in the mail as promised. I guess I´ll have to wait for roughly a week to find out.
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Old 27.03.2016, 14:43
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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.
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Old 10.05.2016, 17:43
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Re: Multi Currency Credit Card

MSE doesn't work to me.. And I don't receive the sms for registering. I know this is not an IT support forum but did someone experiment the same issues? Did you register with a swiss phone number?


Enviado desde mi iPhone utilizando Tapatalk
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Old 21.05.2016, 10:22
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Re: Multi Currency Credit Card

The new version of the app (2.4.3) now allows you to email yourself / print monthly statements... Not a ground breaking feature but a necessary one if you need statements for whatever reason.

More info: http://revolutapp.tumblr.com/post/14...ble-statements
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Old 19.06.2016, 10:05
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Re: Multi Currency Credit Card ["Revolut"]

Thanks everyone for bringing this up. Have just opened the account, scanned in my passport etc (and one horrible selfie.....) and will send some money over to use when we are on holidays in the UK.
So far it went really smoothly so hope it stays that way.

As mentioned by others, it would be really nice if they would add the CHF!

Edit: Your identity has been successfully verified. That was fast!
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Old 21.06.2016, 20:59
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Re: Multi Currency Credit Card ["Revolut"]

Update: I transfered some EUR to the card this morning, got a message this evening the funds were credited. Good!

Now for the next test soon: paying in GBP
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Old 21.06.2016, 21:06
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Re: Multi Currency Credit Card ["Revolut"]

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Update: I transfered some EUR to the card this morning, got a message this evening the funds were credited. Good!

Now for the next test soon: paying in GBP
When using the card in the UK in GBP you can't get DCC'd, because it's detected as a domestic card.

You can swap your EURs into GBP now and spend 1:1 in GBP, or leave your balance in EUR and see automatic swapping happening as you spend.

I guess the change now / change later issue is a trading question, not a Revolut question. But you now have options.
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