Hugh Gains
Winger
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So do you use this like a normal debit card? Move money over from Barclays or whatever?
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Revolut
- Thread starter WildTurkey
- Start date
So do you use this like a normal debit card? Move money over from Barclays or whatever?
Yes.. just use the app on your phone . Exchange to one of 30 or so currencies. It's instant too.
A doddle and you get interbank rate so and extra one or two percent better than the best exchnages
Hugh Gains
Winger
Premium or standard
Stabdard is fine.
Only allows £200 from cash point free but even paying them a small cut after that yoivare still quids in.
I've probably spent 10k through revolut in last 2 years
Pay as much as possible on card. You only get a certain amount of fee-free atm withdrawals per month.
Its Him Again
Striker
Correct me if I'm wrong but it's literally a debit card that you put credit on. No overdraft facility or other major benefits ?
B
becs
Guest
Pretty much yes. You link your debit card to it and then transfer £x to Revolut. Then use the Revolut card as you would a debit card for purchases or ATM's and it knocks what you've spent off your balance.
You can either convert the amount to the local currency within the app, or just leave it in GBP and you'll get the interbank exchange rate on the day you make the purchase/cash withdrawal.
You can see the savings straight away as payment terminals and ATM's ask if you want to pay in the local currency or GBP. Always make sure you select local currency but mentally note the GBP amount. After the transaction, check Revolut and it will show you that you're quids in by using the card.
Its Him Again
Striker
The bank I work for offers a full online current account including different savings accounts at competitive rates plus an overdraft facility. Only 4 free cash withdrawals a month.
It's early doors for us however if we hit the UK market I think we will smash it
Nookie Bear
Winger
Not as bad as my decision not to change on the eve of brexit vote - that cost me a few quid
Did they offer mid interbank rate on currency exchange?
Its Him Again
Striker
Currently we have 5 different currency accounts. You can open one in each of these currencies.
Not sure if we will delve in the UK market. Currently we have a big customer base in Spain and Germany. We are new to this market so not sure when the market will move to another country.
Seems to be progressing well and the share value is very healthy
You can have currency accounts, but revolut works should because the price is so shit hot.
Its Him Again
Striker
If we hit the UK market i will post on here as I reckon the product will be extremely competitive
It's a pre-paid card, not a proper debit card as they don't yet have their proper banking license.
Thats why it doesn't work in some places (petrol stations for example).
This is one of the areas Monzo have moved ahead, they are a proper bank now and give you a proper debit card.
Aldyyyy
Winger
I've always wondered what the fuck to choose each time cos I don't have a clue
B
becs
Guest
Always local currency, even if you are using your normal UK bank card. If you choose to pay in GBP, you get shafted by crap exchange rates and sometimes commission fees too.
WildTurkey
Midfield
At the risk of exposing myself as the thick **** that I am, my revolut card is a MasterCard
Does that mean it’s a credit card? Even though it’s a pre paid card?
Is MasterCard all ‘credit’ card?
Basically want to use it to hire a car (and all the insurance shit)
Does that mean it’s a credit card? Even though it’s a pre paid card?
Is MasterCard all ‘credit’ card?
Basically want to use it to hire a car (and all the insurance shit)
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B
becs
Guest
No it's not a credit card and is definitely a prepaid card.
Mastercard is just the brand for payment processing. You can get Mastercard credit cards, debit cards and pre-paid cards.
I don't think you'll be able to use it for anything like that as its a pre paid card and they'll want something they can charge if you knack the car. Get a Starling card. Same thing as Revolut but it's a current account.
No.. can't use it for car hire... They will need a proper credit card to hold a bond against it
