Revolut.com - Opinions
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I'm only a light user but have used them for a few years now for the odd holiday abroad.
- The app is superb to use
- Easy to top up money/convert to numerous currencies
- Exchange rates are at market (almost the same as I see on my Bloomberg terminal at work)
- Take the hassle out of exchanging FX as can withdraw cash aborad at a god rate with no fees
The only thing to watch out for is you get charged fees if you withdraw more that something like £250 per month. TO get arounf this both my wife and I have one and we watch how much we withdraw so as to avoid the fees. That said we've never really come close as everywhere takes Maestro these daya anyway!
The limit on debit card transactions (if there is one) is much higher so never worried me.
All in all i'd thoroughly recommend them. I have no affiliation with them, just a happy user.
- The app is superb to use
- Easy to top up money/convert to numerous currencies
- Exchange rates are at market (almost the same as I see on my Bloomberg terminal at work)
- Take the hassle out of exchanging FX as can withdraw cash aborad at a god rate with no fees
The only thing to watch out for is you get charged fees if you withdraw more that something like £250 per month. TO get arounf this both my wife and I have one and we watch how much we withdraw so as to avoid the fees. That said we've never really come close as everywhere takes Maestro these daya anyway!
The limit on debit card transactions (if there is one) is much higher so never worried me.
All in all i'd thoroughly recommend them. I have no affiliation with them, just a happy user.
I've used a Revolut account quite a bit this last 12 months. Trips to Aus, HK, Singapore, Dubai, and living part of the year in Corfu. Good exchange rates, and you can use the account like a regular bank account too. They used to have a spend limit that was a pain to increase too - but I believe the limit no longer applies anymore. I've just opened one for my Mrs too - she's Greek, so the exchange function will work a treat for her too.
I took out an account with them earlier this year, and I think their service is excellent. The interbank-rate exchanges are good, the monthly limits only apply to cash withdrawals (you can still spend whatever's in your account even above that limit). The app is good too - you can easily change your PIN or block a lost card, you can define your own security settings (so you can prevent online transactions, for example), and they have a "disposable virtual card" thing which is ideal if you're buying from a website you've not dealt with before.
On top of that, they keep track of any security incidents reported in the press and take action themselves to replace cards that may have been compromised - sometimes before the company causing the problem has even told its subscribers about the problem.
There are only a couple of downsides that I've encountered so far. It's not compatible with Apple Pay. Not every card machine likes their cards, for some reason I have yet to fathom. And with the virtual disposable card, you have to be sure that the company in question isn't going to take a £1 initial amount out before attempting to take the whole amount owing - because once it's used, that's it and you can't charge against it again.
I use my Revolut card for everything now, I just make sure I keep it topped up. But if I need to spend more than is actually on the card, it can be topped up in seconds on my phone.
Personally I wouldn't have my salary paid to my Revolut account. But as an alternative to cash, it's ideal. And a lot more convenient and secure than my standard debit cards.
On top of that, they keep track of any security incidents reported in the press and take action themselves to replace cards that may have been compromised - sometimes before the company causing the problem has even told its subscribers about the problem.
There are only a couple of downsides that I've encountered so far. It's not compatible with Apple Pay. Not every card machine likes their cards, for some reason I have yet to fathom. And with the virtual disposable card, you have to be sure that the company in question isn't going to take a £1 initial amount out before attempting to take the whole amount owing - because once it's used, that's it and you can't charge against it again.
I use my Revolut card for everything now, I just make sure I keep it topped up. But if I need to spend more than is actually on the card, it can be topped up in seconds on my phone.
Personally I wouldn't have my salary paid to my Revolut account. But as an alternative to cash, it's ideal. And a lot more convenient and secure than my standard debit cards.
I used to use Transferwise for international tx, now it's 100% Revolut.
The card won't work in eg some French toll booths or unmanned petrol stations or remote/backward retail outlets because it's a prepaid card which usually needs a live connection at the point of sale.
Some countries don't deliver great rates (eg I was in Kiev recently & spread was fairly wide, similar to a typical cc). Major currencies, ie EU, $ etc are very competitive.
All in all,
The card won't work in eg some French toll booths or unmanned petrol stations or remote/backward retail outlets because it's a prepaid card which usually needs a live connection at the point of sale.
Some countries don't deliver great rates (eg I was in Kiev recently & spread was fairly wide, similar to a typical cc). Major currencies, ie EU, $ etc are very competitive.
All in all,
SGirl said:
I took out an account with them earlier this year, and I think their service is excellent. The interbank-rate exchanges are good, the monthly limits only apply to cash withdrawals (you can still spend whatever's in your account even above that limit). The app is good too - you can easily change your PIN or block a lost card, you can define your own security settings (so you can prevent online transactions, for example), and they have a "disposable virtual card" thing which is ideal if you're buying from a website you've not dealt with before.
On top of that, they keep track of any security incidents reported in the press and take action themselves to replace cards that may have been compromised - sometimes before the company causing the problem has even told its subscribers about the problem.
There are only a couple of downsides that I've encountered so far. It's not compatible with Apple Pay. Not every card machine likes their cards, for some reason I have yet to fathom. And with the virtual disposable card, you have to be sure that the company in question isn't going to take a £1 initial amount out before attempting to take the whole amount owing - because once it's used, that's it and you can't charge against it again.
I use my Revolut card for everything now, I just make sure I keep it topped up. But if I need to spend more than is actually on the card, it can be topped up in seconds on my phone.
Personally I wouldn't have my salary paid to my Revolut account. But as an alternative to cash, it's ideal. And a lot more convenient and secure than my standard debit cards.
Pretty much my experience. Not working with Android Pay and pay at pump are my only bugbears. All my spending is done on Revolut now, much easier to keep on top of.On top of that, they keep track of any security incidents reported in the press and take action themselves to replace cards that may have been compromised - sometimes before the company causing the problem has even told its subscribers about the problem.
There are only a couple of downsides that I've encountered so far. It's not compatible with Apple Pay. Not every card machine likes their cards, for some reason I have yet to fathom. And with the virtual disposable card, you have to be sure that the company in question isn't going to take a £1 initial amount out before attempting to take the whole amount owing - because once it's used, that's it and you can't charge against it again.
I use my Revolut card for everything now, I just make sure I keep it topped up. But if I need to spend more than is actually on the card, it can be topped up in seconds on my phone.
Personally I wouldn't have my salary paid to my Revolut account. But as an alternative to cash, it's ideal. And a lot more convenient and secure than my standard debit cards.
I use Revolut for bank transfers in various currency, but for paying and withdrawing cash abroad at zero fees and mid exchange rate, I used Halifax Clarity - which has no ATM withdrawal limits.
I then top up the Clarity account regularly via the mobile app, so that I don't incur any interest rate charges.
Best of both IMHO
I then top up the Clarity account regularly via the mobile app, so that I don't incur any interest rate charges.
Best of both IMHO
My only concern with Revolut is that it isn't a bank - its regulated (in the UK) like any other money broker, so to all intents and purposes, regulated for KYC and money laundering but not prudentially. So if they go bust their is no compensation scheme to fall back on. For that reason I use them to exchange funds, sometimes quite large amounts, as I am prepared to take the risk for a day or two rather than be fleeced by my bank. But for long term cash deposits in fiat currency, I use an old fashioned bank for these....
I have used them for a few years and I would agree that they are good for standard fx use and as a card abroad.
However, one word of warning, they have virtually zero customer services if anything goes wrong, so be aware and as previously mentioned there is no prudential regulation.
I made an international transfer which went missing for a few months. Revolut basically had no customer support to trace my money, there is no customer service telephone number to call, so any problem is dealt with via email or online chat ....which proved to be very frustrating!! Even when my money was “found” after (from memory) about 3 months and daily chasing on my part, they then transferred it to my original payee (who had long been paid using an alternative method), rather than returning to me, which I had requested.
No apology and no subsequent follow up.
And if you look online, this does not appear to be an uncommon problem, so bottom line is be careful with loading substantial amounts of cash and don’t expect efficient customer service if anything does go wrong.
However, one word of warning, they have virtually zero customer services if anything goes wrong, so be aware and as previously mentioned there is no prudential regulation.
I made an international transfer which went missing for a few months. Revolut basically had no customer support to trace my money, there is no customer service telephone number to call, so any problem is dealt with via email or online chat ....which proved to be very frustrating!! Even when my money was “found” after (from memory) about 3 months and daily chasing on my part, they then transferred it to my original payee (who had long been paid using an alternative method), rather than returning to me, which I had requested.
No apology and no subsequent follow up.
And if you look online, this does not appear to be an uncommon problem, so bottom line is be careful with loading substantial amounts of cash and don’t expect efficient customer service if anything does go wrong.
I signed up about a year ago as they promised crypto transfers and the ability to exchange bitcoin ect. Turns out they dont and completly lied. You can have a "wallet" that can send to other users crypto currencies bought in the app but cannot deposit bitcoin or exchange for cash.
I know its not a big issue but it was the only reason i signed up. Now i have a card and a spare account.
I know its not a big issue but it was the only reason i signed up. Now i have a card and a spare account.
I recently took out a Monza account and used that extensively in Asia, following advice in a similar PH thread to this one.
I took out a Revolut account as well, but it was Monza that won out and is the one I've settle on.
Initial reasons - the Monza card came the very next day, Revolut took about a week to send it. Also Monza works in Apple Pay, and Revolut doesn't. This latter will be irrelevant if you don't have an iphone.
Ongoing reasons - the Monza app is very good, I find Revolut's approach a bit "hard sell" - always seem to be emailing me to get me to use it more or get more cards. And of course Monza is still the only one of the two that works in Apple Pay.
The downside of Monza is the ludicrously bright orange dayglo card, it's a bit childish!
I took out a Revolut account as well, but it was Monza that won out and is the one I've settle on.
Initial reasons - the Monza card came the very next day, Revolut took about a week to send it. Also Monza works in Apple Pay, and Revolut doesn't. This latter will be irrelevant if you don't have an iphone.
Ongoing reasons - the Monza app is very good, I find Revolut's approach a bit "hard sell" - always seem to be emailing me to get me to use it more or get more cards. And of course Monza is still the only one of the two that works in Apple Pay.
The downside of Monza is the ludicrously bright orange dayglo card, it's a bit childish!
kev1974 said:
Ongoing reasons - the Monza app is very good, I find Revolut's approach a bit "hard sell" - always seem to be emailing me to get me to use it more or get more cards. And of course Monza is still the only one of the two that works in Apple Pay.
Mrs BC and I both have Revolut cards and have not received any sales emails. Must be something in the ‘permissions’.I have been looking at Monzo and obviously they are placing themselves as a competitor to Revolut. It looks like there may also be a chance to invest as they are Crowdfunding. I have had a Revolut card for a few years and have found it fantastic generally and although a lot of the support is now automated, a "person' will get back to you if requested and the support pages can't help. It is going to be interesting to compare the exchange rates on the two cards but Revolut tend to give "spot" transfer rates whereas Monzo is MasterCard rate set every 24h which may or may not work in your favour. At the moment I think the real advantage of Revolut is that you can hold several currencies whereas Monzo is just GBP. This allows you to take advantage of better exchange rates if you know what your travel plans are - for example, I always keep some Euros on account as we travel a lot. The exchange rate against the pound is abysmal at the moment but there are large fluctuations. I just wish I had topped up at midnight on the day of the Referendum when the GBP/Euro rate was over 1.40 - now struggling at 1.13. Revolt would have enabled me to do that.
I wasn't too concerned about day to day currency fluctuations, the main thing for me was just avoiding the "sterling transaction fees" which Nationwide and Metro Bank were both violently whacking me with on every transaction when I was outside Europe. Monzo (and Revolut, had they got their card dispatched quicker) both allow me to avoid those unnecessary fees, and that was more than enough of a saving for me.
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