Revolut Card - Not Fit for Purpose

Rudess

It was with Amex.

As you know you have option in a foreign country to convert the amount to your local currency or pay in local. Had I converted and paid with Amex, I'd pay £4 more than what it actually cost me with Revolut.

eDicky

Rudess wrote: »

It was with Amex.

As you know you have option in a foreign country to convert the amount to your local currency or pay in local. Had I converted and paid with Amex, I'd pay £4 more than what it actually cost me with Revolut.

If you choose Dynamic Currency Conversion (DCC) instead of letting your card convert by paying in local currency, then yes, it can cost you around 8%. It will be the same with Revolut if you make that mistake.

With DCC the commission is taken by the merchant/processor and local bank, not your card provider. If you pay by Amex in local currency, declining conversion, there will only be the Amex margin of ~3%.

stann0

I'm ditching my Revolut and Monzo cards (both taken out because of recommendations on MSE) after several problems on recent foreign trips.

They were recommended on MSE as a charge-free way of making ATM withdrawals. They are anything but. Recently in Thailand EVERY ATM charged 220BHT (£5) on each and every withdrawal. If I had known I would have taken cash sterling which I could have exchanged charge-free and at virtually the same rate as these cards offer.

Anything over £200 you are hit with the card's own additional charges of 2-3%.

MSE need to be clearer on their recommendations. You really don't want to be stuck abroad without costly charges to access your cash.

PeacefulWaters

stann0 wrote: »

I'm ditching my Revolut and Monzo cards (both taken out because of recommendations on MSE) after several problems on recent foreign trips.

They were recommended on MSE as a charge-free way of making ATM withdrawals. They are anything but. Recently in Thailand EVERY ATM charged 220BHT (£5) on each and every withdrawal. If I had known I would have taken cash sterling which I could have exchanged charge-free and at virtually the same rate as these cards offer.

The ATM charge applies regardless of which card you had. Taking currency would have incurred commissions poor exchange rates compared to those on market leading overseas specialist cards that would have been expensive too. Over the counter at branches in Thailand is reported to be free.

Anything over £200 you are hit with the card's own additional charges of 2-3%.

MSE need to be clearer on their recommendations. You really don't want to be stuck abroad without costly charges to access your cash.

Rules changed after you got your card by the sound of it.

stann0

PeacefulWaters wrote: »

The ATM charge applies regardless of which card you had. Taking currency would have incurred commissions that would have been expensive too.

I changed what sterling I had taken and there was definitely no commission - I have the receipts that confirm so. Exchange rate was almost exactly the same as the best rate I got in the UK before leaving at Thomas Exchange. Only thing to watch out for is they don't like badly creased, torn or written-on notes.

adindas

stann0 wrote: »

I'm ditching my Revolut and Monzo cards (both taken out because of recommendations on MSE) after several problems on recent foreign trips.

They were recommended on MSE as a charge-free way of making ATM withdrawals. They are anything but. Recently in Thailand EVERY ATM charged 220BHT (£5) on each and every withdrawal in Thailand. If I had known I would have taken cash sterling which I could have exchanged charge-free and at virtually the same rate as these cards offer.

Anything over £200 you are hit with the card's own additional charges of 2-3%.

MSE need to be clearer on their recommendations. You really don't want to be stuck abroad without costly charges to access your cash.

It has been reported many times, there is always ATM charged of about TBH of 200-300 for each for ATM withdrawal in Thailand. So, using your Monzo, Revolut in Thailand you do not get the full benefit of this card.

But you do not just use this card in Thailand, do you? If you are using it in Europe for instance you do not pay this fee in vast majority of the ATM. You will therefore get one of the best exchange rate.

I remember a few years ago someone mentioned it that you could also avoid paying this TBH 220 bu going into one of the bank Booth with your passport ad withdraw the money over the counter using your specialist card.

stann0

adindas wrote: »

But you do not just use this card in Thailand, do you? If you are using it in Europe for instance you do not pay this fee in vast majority of the ATM. You will therefore get one of the best exchange rate.

I have a Caxton FX card for Europe. For the rest of the world I really don't see the point of Revolut/Monzo/Starling. Unknown/variable ATM charges, severely restricted withdrawal limits and having your money tied up in a no-interest account.

Wizardy18

This thread is 2 years old, any reason why you've bumped it back to life?!

PeacefulWaters

stann0 wrote: »

I changed what sterling I had taken and there was definitely no commission - I have the receipts that confirm so. Exchange rate was almost exactly the same as the best rate I got in the UK before leaving at Thomas Exchange. Only thing to watch out for is they don't like badly creased, torn or written-on notes.

I've removed the word commission. You got a duff exchange rate in the UK instead.

eDicky

stann0 wrote: »

I'm ditching my Revolut and Monzo cards (both taken out because of recommendations on MSE) after several problems on recent foreign trips.

It's useless to blame your cards instead of Thai banks who all now charge Bt.220 for ATM withdrawals with any foreign card, and your own failure to take note of your cards' fee-free limits. They remain excellent value for use in most countries, unlike Caxton FX, and paying with the card whenever possible helps reduce the need for ATM use in countries where they impose a fee.

Revolut is unsuitable for use in Thailand because they are unable to give their usual interbank rate for THB (also RUB, UAH). As you seem to have discovered, the best way to obtain cash THB is to take and exchange your cash pounds in Thailand, at exchange shops rather than banks. Arriving at the airport, avoid the bank booths and go downstairs to the exchange shops near the rail link terminal. There is plenty of info and discussion about all this in the Overseas and Currency boards (where this thread should probably be).