Revolut and source of funds.

[Taran_Las]

Today the Revolut app requested I answer some questions. The first tranche asked if I was connected to Nottingham County Council. The next question asked did I know a particular person (named) which just happened to be my sister's maiden name. When I replied yes, my account was flagged as limited function. The only way to remove this flag is to send copies of payslips and bank statements. As I only load approx £1500.00 each year (I use another company's card for contingency) I'm hardly a big spending money-launderer. Has anyone else experienced this?

Fortunately it's my last day in France and I'll be needing whatever type of money they use in Norfolk for tomorrow

 

[Emmit]

I'd send them a snotty.
They don't know its your last day in France.
Their action could have put you in a very awkward position.

 

[champers]

Today the Revolut app requested I answer some questions. The first tranche asked if I was connected to Nottingham County Council. The next question asked did I know a particular person (named) which just happened to be my sister's maiden name. When I replied yes, my account was flagged as limited function. The only way to remove this flag is to send copies of payslips and bank statements. As I only load approx £1500.00 each year (I use another company's card for contingency) I'm hardly a big spending money-launderer. Has anyone else experienced this?

Fortunately it's my last day in France and I'll be needing whatever type of money they use in Norfolk for tomorrow

Umm yes ..I tried to make a payment to a company abroad maybe usa ? which was declined by them ... it opened a can of worms ..they thought I was money laundering we think..

Did ask for a "live agent" thru chat had a few hurdles to jump proof etc but eventually sorted.

Kath

 

[Taran_Las]

I'd send them a snotty.
They don't know its your last day in France.
Their action could have put you in a very awkward position.

I'm thinking of dumping Revolut and moving on. I already use Caxton and have never been asked for 'Source of Funds' proof by them.

Unlike champers I only deal in pennies not hundreds of thousands

 

[mikebeaches]

I'm not sure I really understand the purpose or value of having a Revolut or other pre-paid currency card?

I've had a Caxton FX for 7 or 8 years, but honestly never found a use for it.

Always rely on net exchange rate credit cards, and additionally carrying a few € (maybe 200-250) and a few £ sterling (maybe £50-£100), split between two of us. Rarely manage to spend any cash, apart from an occasional campsite that doesn't accept c/cards and the odd bar or cafe.

Can someone explain, what is the benefit of a pre-paid card?

Just to add, apologies to the OP - I can certainly appreciate your frustration - hassle you could do without.

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[GerTee]

We had a Revolut card until my husbands man bag was stolen in Pineda de Mar. Always been happy with it and easily cancelled after the scumbag nicked it. Luckily I carry another prepaid card in the shape of a Monzo card so all is well. These cards save the long term traveller some euros, however we will be looking into the Caxton card for next year.

 

[champers]

I'm thinking of dumping Revolut and moving on. I already use Caxton and have never been asked for 'Source of Funds' proof by them.

Unlike champers I only deal in pennies not hundreds of thousands

Cheeky monkey lolol ..thousands indeed..

Seriously we would have been stuck many times travelling thru diff countries without being able to change currencies in less than a minute, than also able to transferring back ..all free

But it may not be everyone's choice ..

We rate Revolut more than our bank ... Yes I did have hassle but they were safeguarding me

Kath

 

[mikebeaches]

Cheeky monkey lolol ..thousands indeed..

Seriously we would have been stuck many times travelling thru diff countries without being able to change currencies in less than a minute, than also able to transferring back ..all free

But it may not be everyone's choice ..

We rate Revolut more than our bank ... Yes I did have hassle but they were safeguarding me

Kath

Kath

Genuine question - what is the advantage over using a credit card?

Thanks, Mike

 

[Taran_Las]

Mike,

For me there are a number of advantages.

1, I can load euros whenever I have some cash spare. End of month for example.

2, My creditcard gives a reasonable exchange rate but charges a percent 'sterling charge' whereas the number of euros on a prepaid card are ineffect fixed from the time you buy them with no additional charges.

3, Caxton is my preferred card for ATM cash withdrawl (only limited to the amount you have on your card). Whereas Revolut (if you have a basic card like I do) is limited to 200 euros cash per month. Revolut unlike Caxton is better for card purchases (fuel etc) as in my opinion it doesn't hold the shadow for as long as Caxton does.

4, Revolut allows you to change currencies using its app real time. I've never used this feature.

Joking aside, I'm sure John & Kath will give a better explanation of it's advantages & disadvantages. As I said in the 1st post I'm only small fry when It comes to using these cards.

 

[2657]

I'm not sure I really understand the purpose or value of having a Revolut or other pre-paid currency card?

I've had a Caxton FX for 7 or 8 years, but honestly never found a use for it.

Always rely on net exchange rate credit cards, and additionally carrying a few € (maybe 200-250) and a few £ sterling (maybe £50-£100), split between two of us. Rarely manage to spend any cash, apart from an occasional campsite that doesn't accept c/cards and the odd bar or cafe.

Can someone explain, what is the benefit of a pre-paid card?

Just to add, apologies to the OP - I can certainly appreciate your frustration - hassle you could do without.

Main advantage of the Revolut account, which is far more than a pre paid card, is that I can exchange money at a known rate, can't do that with a credit card, and then send the euro's for free to my Portuguese bank account.

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[champers]

Kath

Genuine question - what is the advantage over using a credit card?

Thanks, Mike

You can change currencies in a flash..ie whilst travelling thru ..Denmark.. Finland..Sweden Germany Norway etc .takes only a moment to change currency at no charge... higher rates given ..with no commission up to a certain level...transfer of money again in moments ..able to send or pay money instantly to folk business etc...

We have used the Revolut card from the UK to France. Germany . Spain...Portugal and back then up to Denmark.. Sweden. Finland .Norway without a hitch.. and no commission paid... only limit is 24hr unmanned fuel stations is a no no

We love Revolut
Kath x

 

[champers]

Mike,

For me there are a number of advantages.

1, I can load euros whenever I have some cash spare. End of month for example.

2, My creditcard gives a reasonable exchange rate but charges a percent 'sterling charge' whereas the number of euros on a prepaid card are ineffect fixed from the time you buy them with no additional charges.

3, Caxton is my preferred card for ATM cash withdrawl (only limited to the amount you have on your card). Whereas Revolut (if you have a basic card like I do) is limited to 200 euros cash per month. Revolut unlike Caxton is better for card purchases (fuel etc) as in my opinion it doesn't hold the shadow for as long as Caxton does.

4, Revolut allows you to change currencies using its app real time. I've never used this feature.

Joking aside, I'm sure John & Kath will give a better explanation of it's advantages & disadvantages. As I said in the 1st post I'm only small fry when It comes to using these cards.

Ref to the amount per month withdrawal
Yes the do quote £200 per month but somehow we certainly withdrew more than this but never noticed any charge..

We have now gone Premium but still don't notice any difference lol

The Scandinavian countries do not like and many places wont acceot cash..and from Denmark up to Nordkapp Norway and return did we have one krona of any description..
We had only our Revolut xx

Ps I am Not on any commission from them lolol
Kath

 

[mikebeaches]

Mike,

For me there are a number of advantages.

1, I can load euros whenever I have some cash spare. End of month for example.

2, My creditcard gives a reasonable exchange rate but charges a percent 'sterling charge' whereas the number of euros on a prepaid card are ineffect fixed from the time you buy them with no additional charges.

3, Caxton is my preferred card for ATM cash withdrawl (only limited to the amount you have on your card). Whereas Revolut (if you have a basic card like I do) is limited to 200 euros cash per month. Revolut unlike Caxton is better for card purchases (fuel etc) as in my opinion it doesn't hold the shadow for as long as Caxton does.

4, Revolut allows you to change currencies using its app real time. I've never used this feature.

Joking aside, I'm sure John & Kath will give a better explanation of it's advantages & disadvantages. As I said in the 1st post I'm only small fry when It comes to using these cards.

Many thanks for taking the trouble to explain.

For any overseas currency I have a Tandem c/card which has a net inter-bank exchange rate with no commission charges. Additionally, it provides 0.5% cashback on all purchases in any currency. Also, have an Aqua c/card as a back up and does exactly the same as Tandem, including the cashback. An additional benefit with the Tandem card, is that I receive instant notification via the app, of any overseas transaction cost in sterling.

I have never had need to obtain or withdraw foreign currency whilst abroad. But in an emergency could use a debit card for that.

I appreciate with a currency card you know in advance what exchange rate you've been able to secure. But over the longer term, I've always accepted whatever the rate is at the time of the expenditure.

But I guess whatever system works for each individual...

 

[champers]

Many thanks for taking the trouble to explain.

For any overseas currency I have a Tandem c/card which has a net inter-bank exchange rate with no commission charges. Additionally, it provides 0.5% cashback on all purchases in any currency. Also, have an Aqua c/card as a back up and does exactly the same as Tandem, including the cashback. An additional benefit with the Tandem card, is that I receive instant notification via the app, of any overseas transaction cost in sterling.

I have never had need to obtain or withdraw foreign currency whilst abroad. But in an emergency could use a debit card for that.

I appreciate with a currency card you know in advance what exchange rate you've been able to secure. But over the longer term, I've always accepted whatever the rate is at the time of the expenditure.

But I guess whatever system works for each individual...

You mention you could use a debit card to get cash ...
whilst in the Scandinavian countries we did not find one atm .. as we were told only in the cities banks which were no where near us on the route to Nordkapp..but you could use UK debit cards at places but would a commission charge be made with your card ?
Cards preloaded like Revolut work well in these countries

Sorry don't mean to flog Revolut but we would have seriously been stuck without it lol

Kath

 

[mikebeaches]

You can change currencies in a flash..ie whilst travelling thru ..Denmark.. Finland..Sweden Germany Norway etc .takes only a moment to change currency at no charge... higher rates given ..with no commission up to a certain level...transfer of money again in moments ..able to send or pay money instantly to folk business etc...

We have used the Revolut card from the UK to France. Germany . Spain...Portugal and back then up to Denmark.. Sweden. Finland .Norway without a hitch.. and no commission paid... only limit is 24hr unmanned fuel stations is a no no

We love Revolut
Kath x

Thanks Kath!

You are obviously enthusiastic about the Revolut card. And I recognise we all have our own preferences for how to pay our way when travelling.

I guess the credit card route would work for me in the various scenarios you've described. The only exception being if I needed to send funds to family or friends whilst on the road, would make a direct online transfer from bank account.

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[mikebeaches]

You mention you could use a debit card to get cash ...

Sorry don't mean to flog Revolut but we would have seriously been stuck without it lol

Kath

Sorry, I perhaps should have said in a dire emergency, a debit card could be used. In fact I've never withdrawn any cash abroad.

 

[champers]

Thanks Kath!

You are obviously enthusiastic about the Revolut card. And I recognise we all have our own preferences for how to pay our way when travelling.

I guess the credit card route would work for me in the various scenarios you've described. The only exception being if I needed to send funds to family or friends whilst on the road, would make a direct online transfer from bank account.

Don't mean to be enthusiastic about the card ..it was just so easy to use without having to input my bank details any time money was sent etc ..
Everyone has a preference and we are always ready to learn new ways ?

Kath x

 

[Lenny HB]

Main advantage of Revolut is being able to buy currency when rates are good. A couple of years ago when we changed vans used Revolut to pay the difference of price of new van & trade in. Bought currency a few weeks before and got a much better rate than I could get from the exchange companies as it was only a small amount, saved £40O on a €10,000.

 

[Techno]

I buy from abroad in euros and dollars without third party charges from the likes of PayPal
I find this really convenient as well as getting instant notification of every transaction.
Never had an issue topping up or exchanging currency in either direction

 

[mikebeaches]

Main advantage of Revolut is being able to buy currency when rates are good. A couple of years ago when we changed vans used Revolut to pay the difference of price of new van & trade in. Bought currency a few weeks before and got a much better rate than I could get from the exchange companies as it was only a small amount, saved £40O on a €10,000.

Ah, now that is slightly different. Yes, I can see an advantage of knowing in advance what exchange rate has been achieved for a single one off large lump sum payment.

Unfortunately, I'm not currently in the market for buying a new van on the continent.

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[mikebeaches]

I buy from abroad in euros and dollars without third party charges from the likes of PayPal
I find this really convenient as well as getting instant notification of every transaction.
Never had an issue topping up or exchanging currency in either direction

Exactly what I do with the Tandem credit card, and get cashback too.

I guess I just don't see the advantage of buying foreign currency or exchanging it, with the exception of a small amount of cash which we take with us when travelling.

 

[mikebeaches]

I mentioned in an earlier post that I've had a Caxton FX card for 7 or 8 years, but have never found a use for it. Mrs mikebeaches keeps telling me there is about 55 quid sitting on it, and when am I going to close the account and get the money back.

And I'm trying to find a reason for not following her advice, but haven't managed to so far.

Lots of folk seem to be keen on buying foreign currency on their Revolut or other pre-pay card, in advance of needing to spend it. Or transferring it back to sterling, or a different currency. Why?

If I'm making a purchase or paying for a service in the UK, wherever possible I use a credit card.

And whenever I make a purchase or pay for a service abroad, I do exactly the same, and where possible, use a credit card. I get the net inter-bank rate on the day, without commission - and that's it.

We keep the van in Spain for 6 months a year, during winter, and also travel extensively to other places too.

I feel I must be missing something about the fascination with currency trading, but don't really understand what?

 

[ceejayt]

We use a combination of post office prepaid card and Monzo. The post office card is a doddle to top up and you can exchange and switch between currencies easily. Rate always seems reasonable.

Monsoon doesn’t make any additional charge on foreign transactions and also seems to give a good rate.

We can keep a minim7m amount on each card, topping up as necessary and if lost they are both easily stopped

 

[mikebeaches]

You can change currencies in a flash...

Sorry to harp on...

But what's the point or advantage of 'changing currencies'?

It seems kind of reminiscent of buying travellers cheques, but just doing it electronically?

As you indicated, a lot of places in Scandinavia are not interested in accepting cash in any case.

Why not just pay for things when you need to on a credit card that takes care of everything with no extra cost or effort? The same as you might at home?

Taking a closer look at the Revolut pre-paid card, and it appears there are extra charges for using it at the weekend - what is that all about?

I can see that a pre-paid card potentially allows you to try to 'hedge' (second guess) the currency markets. And I can see it might have a benefit if you are planning a big one-off purchase abroad (eg buying a property or a van), or if you are going to be away from the UK for six months or more. But otherwise, I'm lost to understand the popularity?

 

[2657]

Sorry to harp on...

But what's the point or advantage of 'changing currencies'?

It seems kind of reminiscent of buying travellers cheques, but just doing it electronically?

As you indicated, a lot of places in Scandinavia are not interested in accepting cash in any case.

Why not just pay for things when you need to on a credit card that takes care of everything with no extra cost or effort? The same as you might at home?

Taking a closer look at the Revolut pre-paid card, and it appears there are extra charges for using it at the weekend - what is that all about?

I can see that a pre-paid card potentially allows you to try to 'hedge' (second guess) the currency markets. And I can see it might have a benefit if you are planning a big one-off purchase abroad (eg buying a property or a van), or if you are going to be away from the UK for six months or more. But otherwise, I'm lost to understand the popularity?

I agree with most of your comments but in many circumstances it is beneficial to know the exact rate at the time of conversion, every credit card that I have used, and I have used quite a few, the currency conversion does not occur until the transaction arrives at the UK bank which can be a couple of days in some cases. Of course this can work both ways, rates can go down as well as up.....or vice verca
In my own case I use it mainly to transfer euros to my Portuguese bank account which I have a linked euro credit card that gives 1% cashback which pays for the bank account fees.

I also use it to pay rent on a static van in France via fee free bank transfer as they do not accept credit cards, previously I had to withdraw cash from ATM's which was not very convenient.

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[mikebeaches]

I agree with most of your comments but in many circumstances it is beneficial to know the exact rate at the time of conversion, every credit card that I have used, and I have used quite a few, the currency conversion does not occur until the transaction arrives at the UK bank which can be a couple of days in some cases. Of course this can work both ways, rates can go down as well as up.....or vice verca
In my own case I use it mainly to transfer euros to my Portuguese bank account which I have a linked euro credit card that gives 1% cashback which pays for the bank account fees.

I also use it to pay rent on a static van in France via fee free bank transfer as they do not accept credit cards, previously I had to withdraw cash from ATM's which was not very convenient.

It does help to have a credit card that provides instant conversion - for example, if I buy fuel abroad with the Tandem c/card, my phone has gone 'ping' and is showing the sterling cost before I've climbed back into the cab.

And yes, I can perhaps see there is value in using a pre-paid card to transfer funds to an overseas bank account. Out of interest, is that significantly cheaper than just letting your UK bank move the funds - I've genuinely no idea, but suspect from your response that it might be?

I like the sound of 1% cashback credit card - those disappeared a long time ago in this country, and we reckon we do well to have ones that give 0.5%.

 

[sallylillian]

Sorry to harp on...

But what's the point or advantage of 'changing currencies'?

It seems kind of reminiscent of buying travellers cheques, but just doing it electronically?

As you indicated, a lot of places in Scandinavia are not interested in accepting cash in any case.

Why not just pay for things when you need to on a credit card that takes care of everything with no extra cost or effort? The same as you might at home?

Taking a closer look at the Revolut pre-paid card, and it appears there are extra charges for using it at the weekend - what is that all about?

I can see that a pre-paid card potentially allows you to try to 'hedge' (second guess) the currency markets. And I can see it might have a benefit if you are planning a big one-off purchase abroad (eg buying a property or a van), or if you are going to be away from the UK for six months or more. But otherwise, I'm lost to understand the popularity?

If you are determined to find Revolut negative so be it. However the principles of its operation have been explained clearly on here in multiple threads. You run multiple currency accounts on the card with the ability to exchange at will between them at live inter bank rates. At weekends this exchange is of course suspended and Revolut set a rate points below close on the Friday. This however does not effect your wknd transactions in any currency where you have sufficient funds.
As @LennyHB has said and indeed I did during the last 12 months you can build funds in a particular currency when it is at its peak and I therefore paid for my new Morelo with Euro purchased between 1.14 and 1.18 at an average of 1.157 compared to the rate at the day of payment of 1.12 something.
Of course you will have read about the Revolut issue with regulators over money laundering systems and they have tightened up. For me I became a premium member and had to provide some in depth source of funds proof, but that allowed me to meet the Morelo deal and pay them with my phone at the desk with the funds in their account just 2 hours later.
There are lots of great features with Revolut and their model is the future of banking in my opinion. So I bought shares in them at the last funding round and they have tripled so far!

 

[2657]

I wish I had the gift of knowing when exchange rates peak and bottom out, I would be a millionaire by now instead of the 'pobre jubilado' that I am

Most times that I make a large'ish transfer to euro's the exchange rate goes up

 

[busby]

I'm not sure I really understand the purpose or value of having a Revolut or other pre-paid currency card?

I've had a Caxton FX for 7 or 8 years, but honestly never found a use for it.

Always rely on net exchange rate credit cards, and additionally carrying a few € (maybe 200-250) and a few £ sterling (maybe £50-£100), split between two of us. Rarely manage to spend any cash, apart from an occasional campsite that doesn't accept c/cards and the odd bar or cafe.

Can someone explain, what is the benefit of a pre-paid card?

Just to add, apologies to the OP - I can certainly appreciate your frustration - hassle you could do without.

Same here,,been using Halifax credit card for years, pay for everything on it and pay it off on line every month. Simple.BUSBY.

 

[mikebeaches]

If you are determined to find Revolut negative so be it. However the principles of its operation have been explained clearly on here in multiple threads. You run multiple currency accounts on the card with the ability to exchange at will between them at live inter bank rates. At weekends this exchange is of course suspended and Revolut set a rate points below close on the Friday. This however does not effect your wknd transactions in any currency where you have sufficient funds.
As @LennyHB has said and indeed I did during the last 12 months you can build funds in a particular currency when it is at its peak and I therefore paid for my new Morelo with Euro purchased between 1.14 and 1.18 at an average of 1.157 compared to the rate at the day of payment of 1.12 something.
Of course you will have read about the Revolut issue with regulators over money laundering systems and they have tightened up. For me I became a premium member and had to provide some in depth source of funds proof, but that allowed me to meet the Morelo deal and pay them with my phone at the desk with the funds in their account just 2 hours later.
There are lots of great features with Revolut and their model is the future of banking in my opinion. So I bought shares in them at the last funding round and they have tripled so far!

Not trying to be negative about Revolut, just fascinated why it and other pre-paid cards are so popular?

As said, I fully understand the value of trying to 'hedge' for a one-off big purchase. And admit, I have not been in that position, and might no doubt see things differently if I had been.

But for routine foreign travel I haven't seen the advantage of swapping currencies around when a cc takes care of everything.

I rent cars abroad quite a lot, and as I understand, pre-paid cards are not accepted in most cases - otherwise that would be quite a valuable use.

I also enjoy investing, and hope your punt on Revolut continues to do well.

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