Revolut, how much is safe?

[BusDriver]

We're off to Spain for 3 months, we both have Revolut cards and intend to use them for most spending and cash withdrawals. What is a reasonable amount to keep on the cards? and is it easy to top up when out of the country?

We use a Starling current account wherever we go. Spend in local currency and charged in pounds, which is generally cheaper.

 

[Suenliam]

We just use our usual debit card as our building society has a no fee no commission account. I think our Barclays Card rewards card is the same but never have had to use it abroad - it’s our “emergency “ money. I really don’t like using apps on my phone - particularly for banking so actual card suit me.

 

[Brains]

We just use our usual debit card as our building society has a no fee no commission account. I think our Barclays Card rewards card is the same but never have had to use it abroad - it’s our “emergency “ money. I really don’t like using apps on my phone - particularly for banking so actual card suit me.

Ain't no such thing as "free" Foreign Exchange!

They have to make money somewhere, usually by offering a less favourable rate of exchange.
You are usually better off moving all the money you need to a Euro account as a single lump sum, when the exchange rates are in your favour.

 

[Suenliam]

No fee no commission - not free but exchange rates are Bank of England ( or called something like that) rates. Also as I understand it French banks charge higher rates than ours do. Anyway as I said the building society suits us.

 

[pandas]

We have not needed cash (Euros) since Covid. Infact our overall experience cash is very much discouraged. Last year going to Croatia somebody warned us that most places will only take cash - wrong so we now have too many Euros. With a debit card the money is out of your account straight away - a credit card gives you some assurances. Personally not sure of the rationale of having a card you put credit on but that’s me not being too bright in my old age.

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[Norrimac]

We're off to Spain for 3 months, we both have Revolut cards and intend to use them for most spending and cash withdrawals. What is a reasonable amount to keep on the cards? and is it easy to top up when out of the country?

I've lived in Spain for more than 30 years.

Nowadays there's little call for cash. Pretty much everywhere takes plastic.

I use Revolut for everything.

The only places you may require cash is in little family-owned bars, cafes or restaurants.

If you see a sign that says 'Solo Efectivo' that means no plastic accepted.

As for tips, away from the tourist areas, people don't tip at all. So no cash needed there either.

Norm.

 

[DBK]

There was an article in the Times the other day about Revolut. I've copied the link below although it's behind a pay wall so won't be much use to most folk.

The article describes someone's experience of having a lot of money taken fraudulently from their Revolut account and how difficult it was getting it back.

Apparently, Revolut attract more complaints than all the main banks put together.

My take on it is don't put more money in your Revolut account than you can afford to lose.

‘Thieves went on a £21k shopping spree with my Revolut cash’

The digital firm that is on its way to becoming a bank has a poor record on complaints from fraud victims, finds Ali Hussain

www.thetimes.com

 

[Odd-no-more]

There was an article in the Times the other day about Revolut. I've copied the link below although it's behind a pay wall so won't be much use to most folk.

The article describes someone's experience of having a lot of money taken fraudulently from their Revolut account and how difficult it was getting it back.

Apparently, Revolut attract more complaints than all the main banks put together.

My take on it is don't put more money in your Revolut account than you can afford to lose.

‘Thieves went on a £21k shopping spree with my Revolut cash’

The digital firm that is on its way to becoming a bank has a poor record on complaints from fraud victims, finds Ali Hussain

www.thetimes.com

I've read this before, it's like most of these scams, due to the careless action of the account holder, who then wanted his money back. Money held on a card should be thought of as cash, if he had paid in cash, would be want his money back?

 

[Peregrinator]

I use both Monzo & Revolut, in Revolut I use the Disposable card which regenerates details after every use, and also the Virtual Card for the one off large payments, also one card in Euros and another in sterling, and must confirm payments with my fingerprint on the phone, otherwise it won't go through.

 

[Peregrinator]

Personally, I haven't really grasped the benefit of pre-paid cash cards?

Simply use credit cards that don't have exchange fees, so purchases in foreign currency are at 'net' rates.

The Aqua credit card also benefits from cash-back on all purchases.

We now also have fee-free Halifax Clarity credit cards for overseas transactions too.

Just take €100 - €200 euro cash, but rarely use much of it.

One big benefit for us is the the fact that we can use Disposable card which regenerates details after every use, and also the Virtual Card for the one off large payments, and still must confirm those payments on my phone with my fingerprint, Happy Days P.S. They are credit cards, and they don't have exchange fees, you just have two accounts in one, one Euro Card & one Sterling Card, both in the one account, couldn't be easer.

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[Jerrywh]

Not personally a great fan of Revolut, seen too many problems and complaints. And despite all their efforts, they have still failed to get full bank status. [on edit: apparently now they have been granted a licence, "With restrictions." but they are still regulated in Lithuania, so good luck with that].
Starling are good but personally I think Chase are better. And offer cashback, if you use them enough ..

 

[Carpmart]

Not personally a great fan of Revolut, seen too many problems and complaints. And despite all their efforts, they have still failed to get full bank status. [on edit: apparently now they have been granted a licence, "With restrictions." but they are still regulated in Lithuania, so good luck with that].
Starling are good but personally I think Chase are better. And offer cashback, if you use them enough ..

No Euro account with Chase. I use them too, but Starling does it all and IMHO, it’s the best out there!

 

[gus-lopez]

Infact our overall experience cash is very much discouraged.

Must go different places to me.I've lived here 22 years & cash is still king. .I use both cards & cash but no one even bats an eyelid when a 500€ note is proffered.

 

[JockandRita]

No Euro account with Chase. I use them too, but Starling does it all and IMHO, it’s the best out there!

We'll be using Starling for the first time come January Harvey, but for about a year now they've not been allowing customers to open a Euro Account.

We’re not accepting applications for euro accounts at the moment, they’ll be available to apply for again soon.

Euro bank account - Starling Bank

Have friends or family in Europe? Hold, send and receive euros for free with a Starling euro account. No monthly fees.

www.starlingbank.com

Cheers,

Jock.

 

[Carpmart]

We'll be using Starling for the first time come January Harvey, but for about a year now they've not been allowing customers to open a Euro Account.

We’re not accepting applications for euro accounts at the moment, they’ll be available to apply for again soon.

Euro bank account - Starling Bank

Have friends or family in Europe? Hold, send and receive euros for free with a Starling euro account. No monthly fees.

www.starlingbank.com

Cheers,

Jock.

I don’t know that Jock! I wonder why?

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[Minxy]

So let me get this right……
You apply for a Revolut card (for foreign transactions) then you say put £200 on it, then you can just spend €80 in Germany, then say CHF 45 then another €36 in Holland on way home, then it calculates what’s left so you can top up for next trip? Do foreign fuel
Stations take it, especially auto pumps in France etc?
And you can just top it up if you haven’t enough before you go into the Swiss store you want to spend money in? Is that about right

The only thing you have to make sure of is that you have sufficient funds when using the card at auto fuel stations as they'll earmark a big chunk of it, usually around €150, until they confirm the actual transaction so you have to ensure you have that amount of € in the account otherwise it will be declined.

 

[Odd-no-more]

The only thing you have to make sure of is that you have sufficient funds when using the card at auto fuel stations as they'll earmark a big chunk of it, usually around €150, until they confirm the actual transaction so you have to ensure you have that amount of € in the account otherwise it will be declined.

Do you know how long it takes to get the money back? I'm wondering if it may be better to use a credit card for fuel, and pay the extra costs.
After reading the replies on this thread I'm thinking of putting £1,000 on the Revolut, but that could soon go if I "lose" €150 every time I fill up on the journey.

 

[Carpmart]

Do you know how long it takes to get the money back? I'm wondering if it may be better to use a credit card for fuel, and pay the extra costs.
After reading the replies on this thread I'm thinking of putting £1,000 on the Revolut, but that could soon go if I "lose" €150 every time I fill up on the journey.

Reserves (when a sum is pre authorised) are usually back on cards (with the correct balance) in a matter of minutes, almost always within 24hrs, but can take up to 30 days…. I had €600 (three attempts at filling with GPL) preauthorised on a card for the full 30 days. Most annoying!

 

[gus-lopez]

Do you know how long it takes to get the money back? I'm wondering if it may be better to use a credit card for fuel, and pay the extra costs.
After reading the replies on this thread I'm thinking of putting £1,000 on the Revolut, but that could soon go if I "lose" €150 every time I fill up on the journey.

I found years back that with UK cards they would take the piss. With spanish cards it is usually returned at the transaction time as retaining over 24 hrs it is a criminal offence. even in France

. I had €600 (three attempts at filling with GPL) preauthorised on a card for the full 30 days. Most annoying!

I had this in France 360 ,3 x 120€ retained ( only until the days end though) when I went to fill but never saw it until reading statement months later. Queried with bank manager & that is when he told me that it had to be returned within the day,otherwise let him know & he would instigate a complaint-

I've found most in France now retain the amount then swop instantly when you finish to the actual amount

 

[Barti Ddu]

Reserves (when a sum is pre authorised) are usually back on cards (with the correct balance) in a matter of minutes, almost always within 24hrs, but can take up to 30 days…. I had €600 (three attempts at filling with GPL) preauthorised on a card for the full 30 days. Most annoying!

Same experience for us too using a Starling card.

It seems to be consistently faster now though than previously. Three years ago, it wasn't unusual to have to wait weeks for the payment to settle properly with the preauthisation outstanding, but in the last year it hasn't failed to settle within an hour buying self-service fuel all over Europe - Norway, Sweden, France, Germany, etc., often within seconds.

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[Carpmart]

I found years back that with UK cards they would take the piss. With spanish cards it is usually returned at the transaction time as retaining over 24 hrs it is a criminal offence. even in France

I had this in France 360 ,3 x 120€ retained ( only until the days end though) when I went to fill but never saw it until reading statement months later. Queried with bank manager & that is when he told me that it had to be returned within the day,otherwise let him know & he would instigate a complaint-

I've found most in France now retain the amount then swop instantly when you finish to the actual amount

Your bank Manager is wrong, certainly relating to Starlings information, where it’s 30 days before you can dispute a pre authorised transaction. France is still the worst for pre authorised transactions taking ‘yonks’ to be settled!

 

[pandas]

Do you know how long it takes to get the money back? I'm wondering if it may be better to use a credit card for fuel, and pay the extra costs.
After reading the replies on this thread I'm thinking of putting £1,000 on the Revolut, but that could soon go if I "lose" €150 every time I fill up on the journey.

Why not just pay by credit card? no charges except if you are taking cash or you don't pay it off, the exchange rate is the 'Commercial rate', I get the itemised payment details on my phone within the hour and I don't have to pay until the following month. This means I can make sure the current account has sufficient money to pay off the credit card. That's with the Halifax Clarity Card, other brands are also available. We use a separate bank account for all our travels.

 

[pandas]

Must go different places to me.I've lived here 22 years & cash is still king. .I use both cards & cash but no one even bats an eyelid when a 500€ note is proffered.

I suspect we do. Personally wouldn't like walking around with €500 notes - or any cash that is, takes too long and you then wonder what you spent it on rather than getting a reminder, or having to go through a pocket full of receipts.

 

[Odd-no-more]

I will have to check which of our cards is free to use abroad. It used to be the Nationwide credit card, but that was a few years ago

 

[JockandRita]

I will have to check which of our cards is free to use abroad. It used to be the Nationwide credit card, but that was a few years ago

If it's the NW Select Credit Card, then that's what we use for all fuel purchases and site fees when abroad.

We'll be using our Starling account for cash withdrawals, now that The Metro Bank have withdrawn fee free use in the EU for their cards.

Cheers,

Jock.

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[meanders]

Revolut took some flac on Rip Of Britain today. It appears the Financial Ombudsman gets many more complaints about them than any other bank.

 

[JockandRita]

Revolut took some flac on Rip Of Britain today. It appears the Financial Ombudsman gets many more complaints about them than any other bank.

And that is the reason we've not gone with Revolut Robin, as it's not the first time they've been highlighted in the media for complaints re bad service.

Cheers,

Jock.

 

[Carpmart]

Revolut took some flac on Rip Of Britain today. It appears the Financial Ombudsman gets many more complaints about them than any other bank.

They aren’t a bank, not yet!

 

[meanders]

They aren’t a bank, not yet!

Revolut NewCo Ltd, a UK subsidiary of Revolut Group Holdings Ltd, is now a licensed UK bank.25 Jul 2024

 

[Wombles]

Revolut NewCo Ltd, a UK subsidiary of Revolut Group Holdings Ltd, is now a licensed UK bank.25 Jul 2024

Google AI answer which gives a bit more info:
"Revolut is authorized with restrictions as a bank in the UK, but its accounts are still e-money accounts and are not covered by the Financial Services Compensation Scheme (FSCS). Revolut is currently in a "mobilization" period, which is a common regulatory stage for new banks. "

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