Revolut (Again!) (1 Viewer)

[Ninovan]

Recently got myself a Revolut card & proceeded to put some £ cash onto it - not much but enough to start. That was about 2 weeks ago. Thought I would try it today to make sure all ok, found a cash point that accepted it and tried to take out £20. came up on screen with "transaction declined". What's all that about? Does anybody have any ideas why? Thanks.
Frustrated of Salisbury!

 

[Just smiffy]

Go to the support tap and ask them.... when I had similar problem they sorted in 1/2 hr ... it was my fault...!

 

[Sheddy]

Have you enabled ATM withdrawals in the My Card / security section of the app ?
Cheers
Ed

^{_{Subscribers  do not see these advertisements}}

 

[Zigisla]

Have you enabled ATM withdrawals in the My Card / security section of the app ?
Cheers
Ed

More that likely the above. I tried to pay for the Air Quality sticker by Revolut card, but declined. Security settings were "on" for e commerce. Check yours for these security measures.

 

[Minxy]

Did you try to use it in the UK or abroad? In the UK I think you are charged for doing so, so if you only had £20 on (not converted to €) and were trying to draw out £20 you wouldn't have had enough to pay any fees.

 

[Sheddy]

There are no charges for ATM withdrawals other than those imposed by some Banks for using their ATM current withdrawal limit is £200 per month, after that it is 2%.
Cheers
Ed

^{_{Subscribers  do not see these advertisements}}

 

[JJ]

They have been having a problem with cash withdrawals recently but I thought they had sorted it.

I suggest checking the messages section of the app.

JJ

 

[Robert Clark]

Did you try to use it in the UK or abroad? In the UK I think you are charged for doing so, so if you only had £20 on (not converted to €) and were trying to draw out £20 you wouldn't have had enough to pay any fees.

Mel
Are you saying that you can only use the card for Euro purchases and withdrawals if you have exchanged your £ balance into Euros?

I thought Euro transactions were converted every time you made a purchase

Edit: see my later post
May have answered my own question

 

[JJ]

JJ

^{_{Subscribers  do not see these advertisements}}

 

[Robert Clark]

Just found this answer on the App

 

[Ninovan]

Thanks guys! Hadn't enabled ATM withdrawals. Derrrr! Will have another test run tomorrow. Chris.

 

[Neilfg]

Paid for Crit Air Quality sticker, no problems, used it for UK GBP purchases online and cash withdrawals all worked fine.

Only problem is ever had was using ATM when it was disabled, support pointed out my mistake and sorted in about 30 minutes using their chat support.

After using the card though I always disable it, till the next time I need it. Love the security features, feels like I have some control.

^{_{Subscribers  do not see these advertisements}}

 

[StephandJohn]

Hevn't heard of this card so what are the advantages/ We use Caxton when abroad (laoded with euros) and our usual Santander accounts when in the UK but we're always interested in anything else if its a better option. Thanks.

 

[2657]

Hevn't heard of this card so what are the advantages/ We use Caxton when abroad (laoded with euros) and our usual Santander accounts when in the UK but we're always interested in anything else if its a better option. Thanks.

There are people on here who know more and have more experience, I have only just started using the app and do not have the card yet.

Basically it is an app with app based account and a card linked to it, the big advantage for me is that conversions are done in real time at the full interbank rate, the rate actually fluctuates while you are looking at the screen.

It is possible to have funds in the account in multiple currencies at the same time and transfers to international accounts are fee free.

Apparently cash withdrawals are now limited to €200 a month which may limit it's usefulness but I have Portuguese account so the fee free transfers and the best exchange rate are the main attractions for me.

Google Revolut for more info.

 

[Alistair33]

Free cash withdrawals are limited to 200 per month, there after a charge of 2% .... may differ for U$

They apparently make their money (if they make any ) from taking a percentage of the MasterCard fees charged to retailers.
They may not make any money with the expectation to make many billions when they float !

^{_{Subscribers  do not see these advertisements}}

 

[JJ]

Mr matamoras has explained things pretty well...

A couple of minor points I would like to emphasise...

Firstly there is no limit as to how much cash you withdraw can from your card. The £200 per month refers to the amount you can withdraw each month free of any fees. If you want more than £200, you incur a 2% charge.

The best thing for me is the way I can load up my Revolut card with money from my UK bank instantly using my phone, and have it ready to use in seconds over here.

There are loads if others features (especially the security ones) whuch are explained on the Revolut website.

(Whoops... writing this post as Mr Alistair posted his...)

JJ

 

[2657]

They apparently make their money (if they make any ) from taking a percentage of the MasterCard fees charged to retailers.

I think they may also make money because they have customers money in one form or another in their account for periods of time whilst waiting to convert or use, earning interest for them but not for you, not a problem though as banks pay next to no interest to us anyway.

 

[Lenny HB]

You are limited to a currency exchange of £5000 per year after that there is a charge of 0.5%, still probably the cheapest deal around. Same applies to bank transfers first £5000 free then 0.5%.
Total use of the account is limited to £12000 per year. Obviously you can double these limits by having an account each.

^{_{Subscribers  do not see these advertisements}}

 

[Alistair33]

You are limited to a currency exchange of £5000 per year after that there is a charge of 0.5%, still probably the cheapest deal around. Same applies to bank transfers first £5000 free then 0.5%.
Total use of the account is limited to £12000 per year. Obviously you can double these limits by having an account each.

I hadn't spotted that one, thanks for pointing it out . We are still undecided

 

[Minxy]

One thing to remember with Revolut is that you can load your card in £ and then swap it to € immediately or leave it as £ so that when the € rate is good you can exchange it then, and vice versa for excess € after a holiday. We've still got some € on our cards from when it was €1.32 = £1.00.

 

[Lenny HB]

We have only been using it a few weeks, worked out to be the cheapest way to pay for the new van as we only have to find €9500 to change. In the last couple of weeks bought €5300 at an average of 1.18, was hoping the pound would rise after the budget, no luck.

^{_{Subscribers  do not see these advertisements}}