Don't want to get into an argument but we use Halifax , we don't have to pay maybe 6 months in advance and have money standing about, we have used it pretty much all over Europe , never been declined, never had to pay for anything till a month later, never had any charges , always had a good rate of exchange , can also draw cash out with no charge except for a small amount of interest which for us works out at less than 3 quid for about a thousand pounds.
Revolut and source of funds.
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Lenny HB
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Once you get your head around how to use Revolut to your advantage it's a useful tool.
A few months ago I bought some Euro at what I thought was a good rate to pay for my air suspension. When the time came rates had improved further so I paid with my Metro Bankcard. Now the rate has dropped again I can change the Euro back to GBP and make a small profit.
Also very useful for swapping between currencies, GBP, Euro, Thi Bhat etc., & you can hold multiple currencies in the account.
A lot of credit cards give good rates without charges in Europe outside of Europe charges can be quite high, not so with Revolut.
I was always against pre-paid cards but Revolut is so easy & flexible to use it changed my opinion. One of its main advantages over some of the other cards is that it operates as a multiple currency bank account, you can transfer & receive funds from any bank account in any country.
A few months ago I bought some Euro at what I thought was a good rate to pay for my air suspension. When the time came rates had improved further so I paid with my Metro Bankcard. Now the rate has dropped again I can change the Euro back to GBP and make a small profit.
Also very useful for swapping between currencies, GBP, Euro, Thi Bhat etc., & you can hold multiple currencies in the account.
A lot of credit cards give good rates without charges in Europe outside of Europe charges can be quite high, not so with Revolut.
I was always against pre-paid cards but Revolut is so easy & flexible to use it changed my opinion. One of its main advantages over some of the other cards is that it operates as a multiple currency bank account, you can transfer & receive funds from any bank account in any country.
romany
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Never actually worked out the benefits But we have Spanish bank account called Bankinter and an arrangement with our English bank exchange rate between the two is at the banking industry rate which I am told by my bank manager (the wife
) is cheaper security is by phone they phone and depending on the day of the week depends on the security answer, we have got that wrong sometimes due to being on holiday and forgetting which day it is advantage is bankinter covers most of Europe
) is cheaper security is by phone they phone and depending on the day of the week depends on the security answer, we have got that wrong sometimes due to being on holiday and forgetting which day it is advantage is bankinter covers most of Europe
mikebeaches
LIFE MEMBER
Thanks Lenny! Useful explanation.
My lifestyle is obviously not sophisticated enough to take advantage of all the benefits...
But seriously, I wasn't really aware that credit cards with good rates in Europe, could cost significantly more to use in the Far East, for example. Our long haul days, through choice, are over I think. Although we do find ourselves making online purchases in US$ occasionally, and don't incur extra charges using the cc.
I guess if I'd managed to hedge some Euro at 1.18 to the £, I'd probably be hanging on to them for future use, rather than switching back to sterling.
But hey-ho, we're all different.
Thanks again.
mikebeaches
LIFE MEMBER
Ooh, I wasn't really aware of that, but just reading on Wikipedia that - "In March 2019, it was revealed the company's Chief Financial Officer had quit, following allegations of compliance lapses."
Not sure if it's true, but sounds quite serious...
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sallylillian
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Spend some more time and you will also see the changes in executives made after that, some big banking hitters on the board now. But as I used to say when boating, "if you look hard enough you will always find a weather forecast that confirms you should not go to sea!"
We have never been charged for using it at a weekend or for withdrawing more than 200 euros a month .We have been charged commission though for each transaction using a credit card abroad also for withdrawals from a atm ..maybe we are with the wrong bank /credit card
mikebeaches
LIFE MEMBER
Yes, it does sound as though a different credit card would help.
Take a look at Tandem, and as mentioned 0.5% cashback on all purchases.
I have listened to a lot of the discussions on here and as a result ordered a Revolut card. Still not sure how I take advantage of the excellent euro rates. Am I right to say you load the card with euros when the rate is good? If so whats the maximum you can load? Then presumably as you make purchases you take from that amount? If you make the 200 monthly withdrawal of cash from an overseas cash point can you draw from that same reserve of euros?
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You can load it with pounds and leave it.when rate is good change it then. Or even if you don't change and have to pay in euros it changes it st best rate at point of payment.
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sallylillian
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That's pretty much it. Consider it as buckets in your app. A £ sterling bucket, A Euro bucket, a US Dollar bucket and others if you want. Once you have sterling in its bucket you can move funds from one bucket to the other at the click of a button at real time inter bank rates. The only limit is the amount of sterling you can load on the card during the year and or at one time. Here is an explanation of depositing limits.
Once you become an established user, or maybe provide some financial background then you get the ability to deposit larger amounts. Up to £100's of thousands for the purchase of a motorhome for example.
Of course if you have a crystal ball you can become an overnight Forex success as you can move funds both ways. Thus converting Euros bought at one rate of sterling back to sterling at a profitable rate.
Michael
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Of course if you have a crystal ball you can become an overnight Forex success as you can move funds both ways. Thus converting Euros bought at one rate of sterling back to sterling at a profitable rate.
Michael
I'm a bit like some of the others. We have a Caxton card and used to use it a lot but now pay for everything on the clarity card. I think the big rise in contactless means we use so little in cash that it's not worth leaving money sitting on a cash card. It would be different if we had a place in Europe or were thinking of a big purchase like a MH and wanted to punt on the rate.
funflair
LIFE MEMBER
Essentially you have multiple accounts on one card, you pre-load the £ account from a credit card or bank transfer,
OK Michael has just said it all
I will just add, if you want to make some big transactions you can upgrade to premium which has various perks and costs £6.99 per month, I upgraded temporarily to stash enough € for a new MORELO, yes I had to go through the verification of source of funds but that is just responsible banking.
Martin
That's a great explanation. I like the bucket analogy. I'm just concerned about the withdrawal from a European bank.....can I draw my 200 from the euro bucket?That's pretty much it. Consider it as buckets in your app. A £ sterling bucket, A Euro bucket, a US Dollar bucket and others if you want. Once you have sterling in its bucket you can move funds from one bucket to the other at the click of a button at real time inter bank rates. The only limit is the amount of sterling you can load on the card during the year and or at one time. Here is an explanation of depositing limits.
Once you become an established user, or maybe provide some financial background then you get the ability to deposit larger amounts. Up to £100's of thousands for the purchase of a motorhome for example.Help Centre
We are here to help you. Find all the answers to your questions about Revolut and get help from our support team.www.revolut.com
Of course if you have a crystal ball you can become an overnight Forex success as you can move funds both ways. Thus converting Euros bought at one rate of sterling back to sterling at a profitable rate.
Michael
PeteH
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Its now over 6 years since we have been abroad, so things will have changed. For some years we travelled back and forth, first to Europe (Spain via France) and then the USA. All I have/had was the Santander "Zero" credit card (for most things) and a Bank, again Santander, account with under £1000 deposit whose Debit card was used for Cash where needed.?. During the American Sojourn, I had a Chase account which I loaded as I needed it for cash purposes. My recollection is that I never really ever got "stung" on exchange, and the Zero card was fee free. BTW Someone mentioned Tandem?. It has just been flagged up that they are Charging for the card come March. Details are on the "Money Expert" website.
www.moneysavingexpert.com
BTW. I am informed that £10,000, is the "flagging" limit for UK transfers, anything over that will be scrutinised. It seems to work as we transferred the money for the R-V in daily lumps of £9,900. without any noticeable delays. This was back in 2008/9.
Warning. Tandem to end fee-free cashback credit card in March – should you pay £6/month to keep it?
Challenger bank Tandem has announced it is to start charging for its popular cashback credit card, with existing customers unable to use their cards from 9 March unless they pay a £5.99/mth membership fee
BTW. I am informed that £10,000, is the "flagging" limit for UK transfers, anything over that will be scrutinised. It seems to work as we transferred the money for the R-V in daily lumps of £9,900. without any noticeable delays. This was back in 2008/9.
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funflair
LIFE MEMBER
Yes.
I will add to that and say that I have only taken cash abroad twice, the first time the machine recognised the card has two currency "buckets" and gave various option ie straight from € account or use £ account and accept their exchange rate (no thank you), the last time and it was actually the same machine it just gave € straight from the € bucket.
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sallylillian
LIFE MEMBER
Yes. When you go to the ATM, you will still get the option to convert to sterling like all cards. If you click that option then the Euro banks ATM will do the rape conversion and Revolut will be presented with a sterling transaction which it will process through the Sterling bucket. So clearly care is needed like all cards with foreign bank ATM extractions in ensuring that you select Euros and or no conversion.
The interesting point previously raised is that if you select Euros and per chance you do not have enough in your Euro bucket then Revolut will perform the transaction on your sterling bucket. The big plus is that it will do the conversion at its interbank rate so still a major benefit.
The interesting point previously raised is that if you select Euros and per chance you do not have enough in your Euro bucket then Revolut will perform the transaction on your sterling bucket. The big plus is that it will do the conversion at its interbank rate so still a major benefit.
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sallylillian
LIFE MEMBER
If you are a Revolut Premier account holder you get what they call "Turbo Transfers". I used this in DE when paying for my Liner and with 2 transactions under my belt I can say that it takes no longer than 2 hours. (Revolut to another foreign bank). So nearly faster payments! The reporting to HMRC is as you say for transactions over £10k. However I had 2 in this bracket and one small one and there was no additional time delay for either.
M
I wouldn’t top it up with a credit card, I know someone suggested that, otherwise you will undo all the lovely benefits . Link it to a current account and then you can top up almost instantly via the app. You can do bank transfers via the normal online banking route but that sometimes takes a bit longer.
There are lots of other cards ( I have loads, I just can’t help myself) but Revolut is so easy.
There are lots of other cards ( I have loads, I just can’t help myself) but Revolut is so easy.
In addition to many benefit outlined in the above posts, you can immediately freeze your Card online and also switch your card on or off for online purchases so in the case of your details being compromised or lost you have immediate control via the App without the need to contact a call centre.
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On Revolut, if you are happy to exchange Sterling into emus at a specific rate say 1.20 then you can set the amount and threshold on the app and it will carry out the exchange automatically when the specified rate is reached.
Cheers
Ed
Cheers
Ed
Clickem
Free Member
Actually I’ve used Emu cream and it’s brilliant cured my foot problem.
Are you sure it's not for your pecker?
Revolut Facebook page has a lot of negative comments about this company. No one available to talk with over the phone in an emergency. Web chat is the only option. So you post your concern and then have to wait for a response. Not what customers really expect when they need help.
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100brian
Free Member
Have found their web chat ok.
But you must just type. Live agent. Then wait for their reply usually with 1 min.
Clickem
Free Member
I don't have a Revolut card, do have a Caxton but don't use it for Europe anymore. We use a Starling Bank Account. It's my money, held in my account, pays me 0.5% interest, and is protected by the FSCS scheme . I can draw money in Europe, at the Mastercard exchange rate, with no bank account charges (ATM charges can apply)
I can block the card using the App, and any money moving in or out of the account is notified to the App, usually before I get the card pulled out of the ATM. The only time that I have had a problem with an ATM abroad I got help through the App within minutes - on a Saturday night
I cannot preload the currency, but who knows whether the rate will get better or worse. What is not to like? What benefits would Revolut offer me? Am I missing something?
I can block the card using the App, and any money moving in or out of the account is notified to the App, usually before I get the card pulled out of the ATM. The only time that I have had a problem with an ATM abroad I got help through the App within minutes - on a Saturday night
I cannot preload the currency, but who knows whether the rate will get better or worse. What is not to like? What benefits would Revolut offer me? Am I missing something?
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100brian
Free Member
I also use the starling card. What I do is put sterling on to my revolut card and change it to euro’s to get the international bank rate, then transfer the euro’s to my starling euro account. Doing this I can withdraw €300 per day in cash if I want no charges.
funflair
LIFE MEMBER
I don't know the Caxton card but I have been buying € on my Revolut account, I get the bank rate at that instant and then transfer them to a Holding account at HSBC as I feel better about €250k in a "regular"bank, not everybody wants to do that of course.
Martin
sallylillian
LIFE MEMBER
Revolut is clearly getting established.
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