Revolut currency system

[thamesvalleyman]

Hi has anyone off here used Revolut, and did they find it any good?

Their rates seem very good compared to the banks.

Is it possible to transfer money from a foreign bank account to a U.K. bank account on their system? It's not clear from their website and I didn't want to download their app unless I'm actually gonna use it..

Any help appreciated, thanks.

 

[Epping]

Wouldn't be without it.

With regard to your question I think you would need someone like moneyxorp who give great rates and are also highly recommended

 

[chunkyshanhawk53]

@James

 

[James]

Wouldn't be without it.

With regard to your question I think you would need someone like moneyxorp who give great rates and are also highly recommended

Revolut do it free. I use it for euro to pound and vice versa.

 

[The Resource]

How do these work, is it a case of crediting (shouldn't it be debiting) the account with sterling then you can spend it fee free world wide? I've been looking at currency cards how is this different?

 

[James]

How do these work, is it a case of crediting (shouldn't it be debiting) the account with sterling then you can spend it fee free world wide? I've been looking at currency cards how is this different?

That's all it is. It's probably the best one going though as there really are no fees unless you want to withdraw a lot of cash. Very handy to have if you travel often.

 

[The Resource]

That's all it is. It's probably the best one going though as there really are no fees unless you want to withdraw a lot of cash. Very handy to have if you travel often.

So you don't need to mess about with different 'wallets' for different currencies? Transfer in what you need then spend wherever you like?
What are the withdrawal fees if you use a cash point? I have been looking at Monzo and they don't seem to have any?

 

[Pop]

So you don't need to mess about with different 'wallets' for different currencies? Transfer in what you need then spend wherever you like?
What are the withdrawal fees if you use a cash point? I have been looking at Monzo and they don't seem to have any?

Free below £500 I think.

It is class and I would definitely recommend it. Only place I couldn't use it was on the plane.

 

[Epping]

Revolut do it free. I use it for euro to pound and vice versa.

Oh I throw money between currencies.

it was more about getting his money from Spanish bank to British bank.

if he has a debit card from Spanish bank then I suppose possible.

if its a largish sum though use someone like moneycorp. give you interbank rates too with small charges

Free below £500 I think.

It is class and I would definitely recommend it. Only place I couldn't use it was on the plane.

nah its quite low at about £300 a month and about 1% fees after that but even taking into account 1% you are better off than nearly all exchange places.

just pay all bills etc with card and keep the reddies for sundries

 

[James]

So you don't need to mess about with different 'wallets' for different currencies? Transfer in what you need then spend wherever you like?
What are the withdrawal fees if you use a cash point? I have been looking at Monzo and they don't seem to have any?

Nope, just top up in pounds and let the card do the exchange. Just remember to always choose to pay in the local currency or else you're defeating the point of good exchange rates.

No withdrawal fees under &£200pcm. After that it's 1%.

 

[tunstallhill]

am i looking at things to simplified, or would it be possible to make money on the app simply exchanging currencies all the time?

if i had £1000 in my account and changed it now to $ (rate of 1.2982)it would give me $1297.70

in january this year the rate was 1.202 which if used the $1297.70 it would give me £1079.55

there was a high last september of 1.342 which if used the £1079.55 it would give me $1448.76

i realise the chronological order of that is back to front, but the theory still stands doesn't it? just wait for it to peak a little then exchange, then wait for it to drop and exchange back, and keep going backwards and forwards climbing little by little? surely you can't lose unless one crashes massively?

 

[RossTheNinja]

Nope, just top up in pounds and let the card do the exchange. Just remember to always choose to pay in the local currency or else you're defeating the point of good exchange rates.

No withdrawal fees under &£200pcm. After that it's 1%.

I thought it was 2%. Just use the free month's premium trial just before you go on holiday, and you get free delivery on your card and double the monthly allowance.

 

[James]

am i looking at things to simplified, or would it be possible to make money on the app simply exchanging currencies all the time?

if i had £1000 in my account and changed it now to $ (rate of 1.2982)it would give me $1297.70

in january this year the rate was 1.202 which if used the $1297.70 it would give me £1079.55

there was a high last september of 1.342 which if used the £1079.55 it would give me $1448.76

i realise the chronological order of that is back to front, but the theory still stands doesn't it? just wait for it to peak a little then exchange, then wait for it to drop and exchange back, and keep going backwards and forwards climbing little by little? surely you can't lose unless one crashes massively?

Yeah. Sounds boring as fuck though.

 

[chunkyshanhawk53]

am i looking at things to simplified, or would it be possible to make money on the app simply exchanging currencies all the time?

if i had £1000 in my account and changed it now to $ (rate of 1.2982)it would give me $1297.70

in january this year the rate was 1.202 which if used the $1297.70 it would give me £1079.55

there was a high last september of 1.342 which if used the £1079.55 it would give me $1448.76

i realise the chronological order of that is back to front, but the theory still stands doesn't it? just wait for it to peak a little then exchange, then wait for it to drop and exchange back, and keep going backwards and forwards climbing little by little? surely you can't lose unless one crashes massively?

markets don't move like that mate.

You can make money but they generally trend

 

[James]

I thought it was 2%. Just use the free month's premium trial just before you go on holiday, and you get free delivery on your card and double the monthly allowance.

I think you're right. I never take much cash out so it's not something I've experienced anyway.

Revolut have had shit loads of problems lately, hope no one on here has been caught up in their outages! I feel guilty.

 

[Typhoonftm]

markets don't move like that mate.

You can make money but they generally trend

"this time next year Rodders "

 

[chunkyshanhawk53]

"this time next year Rodders "

risk free

 

[tunstallhill]

I think you're right. I never take much cash out so it's not something I've experienced anyway.

Revolut have had shit loads of problems lately, hope no one on here has been caught up in their outages! I feel guilty.

whats happened like? i'm about to dump over £2k onto mine before i go to new york. was going to take out the fee free $250, use contacless as much as possible, and take a hit on the 2% ATM fee after that, as its still much cheaper than drawing from my debit card

i'm useless with stuff like this. i dont want to exchange my £2k at a low rate as it could make $100 difference within a few days of the rates fluctuating. or am i looking at it wrong?

markets don't move like that mate.

You can make money but they generally trend

ok, i know fuck all about money like. i know loads about other things though

 

[Wonderbra]

Hi has anyone off here used Revolut, and did they find it any good?

Their rates seem very good compared to the banks.

Is it possible to transfer money from a foreign bank account to a U.K. bank account on their system? It's not clear from their website and I didn't want to download their app unless I'm actually gonna use it..

Any help appreciated, thanks.

Transferwise is your friend.

 

[James]

whats happened like? i'm about to dump over £2k onto mine before i go to new york. was going to take out the fee free $250, use contacless as much as possible, and take a hit on the 2% ATM fee after that, as its still much cheaper than drawing from my debit card

i'm useless with stuff like this. i dont want to exchange my £2k at a low rate as it could make $100 difference within a few days of the rates fluctuating. or am i looking at it wrong?



ok, i know fuck all about money like. i know loads about other things though

The card processing company they use went down for a few hours over the course of a few days. All payments wouldn't go through, card effectively useless. They're moving to a different provider (may have moved now) according to their Twitter so shouldn't be a problem in future.