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Revolut pre-paid Mastercard

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  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    adindas wrote: »
    AFAIK, there are various versions of the Interbank Exchange rate. Also the Interbank Exchange rate might change in less than a second depending on demand and supply in which those currencies are traded. Here is example of an Interbank Exchange rate

    http://www.fxstreet.com/rates-charts/interbank-rates/

    "€1.40 rate that was showing on the screen. Yesterday it was €1.38 "

    The exchange rate on these date is quite right if we see the Visa/Master global exchange rate.
    As they are also regulated by FSA I think Revolut will be extremely careful if they claim they are using Interbank Exchange rate when in fact they did not use it.

    Absolutely not. The Mastercard rate for the 13th was 1.393259. xe.com indicates an mid market rate of 1.4079749213. Even the relatively poor Visa rate was 1.38634

    So the 1.38 offered still falls short and I have no idea as to why you are suggesting otherwise.

    It's not a poor rate, but not as good as offered by the best cards on the market.
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 15 July 2015 at 11:03PM
    Absolutely not. The Mastercard rate for the 13th was 1.393259. xe.com indicates an mid market rate of 1.4079749213. Even the relatively poor Visa rate was 1.38634

    So the 1.38 offered still falls short and I have no idea as to why you are suggesting otherwise.

    I just checked it a few minutes ago:
    On July 13th
    Master GBP/EUR 1.393259
    https://www.mastercard.com/global/currencyconversion/

    Visa: GBP/EUR = 1.3863400000
    http://www.visaeurope.com/making-payments/exchange-rates

    Revolut reported by grandslmgirl GBP/EUR 1.38, so it is very close.

    Interbank exchange rate is changing all the time during the day so it might be slightly higher or slightly lower than Visa/Master global exchange rate depending on which time slot during the day the exchange happens.

    Master / Visa exchange rate is developed by a different method than Interbank Exchange rate and relatively constant in one day window. They are using multiple market sources such as Bloomberg, Reuters, Central Banks and others to develop exchange rates.

    Interbank as they change all the time the difference between morning, afternoon, evening could be significant especially if there is major political change that will influence that currency as there will be more speculayive traders are involving in the trading og that currency.
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes in general but no clause ever say ALWAYS ....
    To draw conclusion it can not be inferred from one isolated example, it has got to be done by research ...
    A lot of words in an attempt to defend the indefensible.

    The Interbank rate, even at it's lowest, according to your fxstreet link, is superior to the VISA rate. But yet the VISA rate, which is the poorest when compared to the Interbank, Mid-Market and the Mastercard rate is still superior to the "Interbank Spot Rate" offered by Revolut.

    Don't be a sheep and stop posting to links as a reference if you don't understand what it is that you are posting.
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    adindas wrote: »
    In this link MSE has indicated good for one year. Anyone has seen any documents from Revolut which is specifically mentioning that this deal is only for one year ??
    Yes, I received the below email June 26th, rather curiously worded, telling me I had no need to do anything but at the same time, as I realise now, inviting me to sign up. Had I done so I presumably would have missed out on the £5 bonus from using the MSE link. Anyway it's indicated in the first part, but I copy it all:


    Revolut is Now Completely Free!

    Today is a huge day in our mission to democratise personal finance, and we are super happy to be sharing this with you!

    With the imminent public launch of our free mobile app and prepaid MasterCard, we are the first company to make international finance truly fair by removing all fees for the first year with Revolut. As a founding member you get first access, starting today your account automatically has all fees removed for a year so you don't have to do anything! Do you remember a few years ago when you could only contact friends or family abroad by expensive long-distance calls or messages? The world has changed. Skype, WhatsApp, Facebook; we now have thousands of cheap and easy ways of staying in touch and breaking down international barriers.

    We think the same should be true of international money transfers and spending.

    We would like to see the fees and charges currently imposed on us by foreign exchange providers permanently eradicated, in the same way that Skype and WhatsApp have removed fees from international calls and messaging. Revolut is now making that fair option available to everybody.

    Ahead of our official launch, we’d like to thank you, our loyal customers, the most important people in this mission. Your commitment in choosing Revolut, gives us the power to clean up the foreign exchange industry as a whole and have a lasting impact on our world! Got questions? Check out our FAQ here, for any further questions you can contact us through Twitter or Email.

    - Your Revolut Team
    Dont' Have Revolut? Get the Revolut App and Card for free with the code: UNBEATABLE
    c1ece444-1696-4f3e-b83a-4b6796f66f77.png ca5f3e56-f1e5-40b8-8ad2-91de9dcab889.png Copyright © 2015 Revolut, All rights reserved.
    Thanks for joining Revolut on revolut.com and being a founding member.

    Our mailing address is:
    RevolutLevel 39
    1 Canada Square
    London, London E14 5AB United Kingdom
    ____________________________________________


    Perhaps others who registered their interest earlier also received this email. I understood previously that there were never going to be any charges, then it seems they began realise that it might not be sustainable so they are introducing the possibility to start charging after a year. But they spin it the other way around of course, in this email.
    Evolution, not revolution
  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    adindas wrote: »
    I just checked it a few minutes ago:
    On July 13th
    Master GBP/EUR 1.393259
    https://www.mastercard.com/global/currencyconversion/

    Visa: GBP/EUR = 1.3863400000
    http://www.visaeurope.com/making-payments/exchange-rates

    Revolut reported by grandslmgirl GBP/EUR 1.38, so it is very close.

    Interbank exchange rate is changing all the time during the day so it might be slightly higher or slightly lower than Visa/Master global exchange rate depending on which time slot during the day the exchange happens.

    Master / Visa exchange rate is developed by a different method than Interbank Exchange rate and relatively constant in one day window. They are using multiple market sources such as Bloomberg, Reuters, Central Banks and others to develop exchange rates.

    Interbank as they change all the time the difference between morning, afternoon, evening could be significant.

    A lot of words in an attempt to defend the indefensible.

    The Interbank rate, even at it's lowest, according to your fxstreet link, is superior to the VISA rate. But yet the VISA rate, which is the poorest when compared to the Interbank, Mid-Market and the Mastercard rate is still superior to the "Interbank Spot Rate" offered by Revolut.

    Don't post link as a reference to back up your argument if you don't understand what it is that you are posting.
    You link makes it clear that there is little correlation between the Interbank low shown on fxstreet and the rate offered by Revolut.

    As to research? Why? It either matches(or betters) the Interbank rates low that you have published or it does not.
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    adindas wrote: »
    In this link MSE has indicated good for one year. Anyone has seen any documents from Revolut which is specifically mentioning that this deal is only for one year ??
    In the FAQs:


    What happens after 12 months?

    We reserve the right to change our pricing structure after the first 12 months of using the Revolut service, however, we do not expect there to be a significant change. Revolut was launched with the ambition to offer a fair and transparent alternative to foreign exchange with no hidden fees and we fully intend to live by that philosophy.

    We would never charge our customers without clearly explaining the changes we making and asking their express permission to sign them up on a subscription basis
    Evolution, not revolution
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 July 2015 at 8:34AM
    Thanks for the info
    I have installed the application and top up £10.00 + get £5.00 reward.

    Common sense rule, you have nothing to loose even the T&C chage after a year, you could still spend the rest of the balance in the UK for Sterling purchase and no coversion and charge involved.

    I think the main advantage of this card is the possibility to lock the rate in Euros and US$ when the exchnage rate is at their peak. It is like having a foreign bank account without paying a fee really, ...
    eDicky wrote: »
    In the FAQs:


    What happens after 12 months?

    We reserve the right to change our pricing structure after the first 12 months of using the Revolut service, however, we do not expect there to be a significant change. Revolut was launched with the ambition to offer a fair and transparent alternative to foreign exchange with no hidden fees and we fully intend to live by that philosophy.

    We would never charge our customers without clearly explaining the changes we making and asking their express permission to sign them up on a subscription basis
  • TimbaLanD
    TimbaLanD Posts: 6 Forumite
    I signed up for this and the app is so easy to use, the card arrived within 2 days of ordering. I liked it to my bank account so I can pay in and out from the app. Great idea and the rates are more or less what you see on Google.
  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    adindas wrote: »
    Thanks for the info
    I have installed the application and top up £10.00 + get £5.00 reward.

    Common sense rule, you have nothing to loose even the T&C chage after a year, you could still spend the rest of the balance in the UK for Sterling purchase and no coversion and charge involved.

    I think the main advantage of this card is the possibility to lock the rate in Euros and US$ when the exchnage rate is at their peak. It is like having a foreign bank account without paying a fee really, ...


    Your post is contradictory.

    If you lock in a foreign currency rate and then want to spend in Pounds, there will be a conversion cost, both ways. Especially as we know that their "Interbank Spot Rate" doesn't quite correspond with...the Interbank rate.
    Currently, it doesn't appear a bad product, but perhaps you can refrain from hyperbole.
    Let's stick to the facts.
    .
  • adindas
    adindas Posts: 6,856 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Your post is contradictory.

    If you lock in a foreign currency rate and then want to spend in Pounds, there will be a conversion cost, both ways.
    .

    Sigh ....You do not know what are you talking about.
    Sensible people will only lock the currency at the best available exchange rate they believe (at that time) when they are about to use it in the near future. For instance Euro to be used for this summer Holiday.

    It is only an idiot will ever think they will lock their money in a card for long term without earning any interest.

    I am talking about the rest of £ people still have in the card they have not converted into foreign currency. Keep in Mind people might still £ in their card as they just want to load it in one go and use thi £ balance anytime they want to exchange to other currency any time in the near future.
    Especially as we know that their "Interbank Spot Rate" doesn't quite correspond with...the Interbank rate.
    .

    Report it to FCA as it is what they claim. Looking forward to your report and make sure to keep posting it here. ...

    Also there will be reasonable number of people apply for this card. Time will tell if revolut make a false claim there will be tons of complain to be filed to FCA for certain
    Currently, it doesn't appear a bad product, but perhaps you can refrain from hyperbole.
    Let's stick to the facts.
    .

    I am not going to refrain what I know and what I believe. And you sir stop pretendng you have a good knowledge of foreign currecny.
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