Revolut Card - Not Fit for Purpose

stann0

eDicky wrote: »

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.

I was fully aware of the (fairly) recently-introduced £200 pm limit and had budgeted accordingly. In terms of using the Revolut card for payments, believe me I tried. None - literally none of the pre-booked hotels (14 in all) would take card payment - all wanted cash. I wasn't eating in western-type restaurants so no use in Thai eateries either. Supermarkets would probably have been OK but that was a very minimal part of my spend.

BTW people at Monzo and Revolut are rather annoyed at MSE for marketing their products as good travel cards. They say they never claimed to be for that purpose in any of their own marketing - it's MSE that has misleadingly promoted them as such.

eDicky

stann0 wrote: »

BTW people at Monzo and Revolut are rather annoyed at MSE for marketing their products as good travel cards. They say they never claimed to be for that purpose in any of their own marketing - it's MSE that has misleadingly promoted them as such.

You may well be right about Monzo - in the beginning the website had no mention of their overseas fees and rates. I had to ask, they obviously hadn't considered that aspect. Later MSE featured them as a 'travel' card, which no doubt brought them many customers but also heavy expenses for all the foreign ATM use, hence the necessary introduction of fees.

But Revolut has always been intended for multicurrency and overseas use, various additional functions being added over time. And after nearly three years of use, within certain limitations and taking care not to make mistakes, I do consider it 'fit for purpose'.

adindas

stann0 wrote: »

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.

Mind to mention the exchange rate of caxton compare to Mastercard wholesaler exchange rate ??

Could caxton exchange rate beat Revolut, Starling, Monzo in Europe ??

Like FairFX, Caxton has a fair exchange rate but it has never been on the top league.

Chickabiddybex

I saw someone online with a similar issue to the one described in the first post and Revolut answered this way:

Why have I been charged twice for my restaurant bill?
The way American restaurants add a tip to a bill can make it seem like you!!!8217;ve been double charged. This is because your card is swiped twice - one for the payment and again once the tip has been added.
Here!!!8217;s how it works:
Your meal cost $40. Your card will be swiped and the $40 will be deduced from your available balance. If you add a tip ($10 for example), they!!!8217;ll swipe your card again deducting the amount for the bill again plus the tip. A total of $90 will be deducted from your available balance. The first transaction of $40 will be automatically credited back to your account within 10 working days.
Our tip is to pay for your meal on your RevolutCard and tip with cash!

adindas

I just read somewhere else that the Spanish Banks start introducing charge for using its ATM issued by an overseas banks.

How to identify which ATM will charge and which will not ??

Is there any well know bank which will not charge for using their ATM ??

stann0

adindas wrote: »

Mind to mention the exchange rate of caxton compare to Mastercard wholesaler exchange rate ??

Could caxton exchange rate beat Revolut, Starling, Monzo in Europe ??

Like FairFX, Caxton has a fair exchange rate but it has never been on the top league.

I pre-loaded my Caxton FX card with 2000 euros when the Greek economy drove the Euro exchange rate to close-on 1.40 a few years back. I'm still spending that on my European trips.

adindas

stann0 wrote: »

I pre-loaded my Caxton FX card with 2000 euros when the Greek economy drove the Euro exchange rate to close-on 1.40 a few years back. I'm still spending that on my European trips.

A few years back indeed £/EUR is a little bit higher than 1.40 so what you are saying is not a surprise.

What Caxton is doing is using Mastercard Global exchange rate and adding the fee on the top of it.

So if you are comparing like for like and exactly the same date, Caxton exchange rate will never ever beat the Mastercard Global exchange rate.

adindas

Chickabiddybex wrote: »

I saw someone online with a similar issue to the one described in the first post and Revolut answered this way:

Why have I been charged twice for my restaurant bill?
The way American restaurants add a tip to a bill can make it seem like you!!!8217;ve been double charged. This is because your card is swiped twice - one for the payment and again once the tip has been added.
Here!!!8217;s how it works:
Your meal cost $40. Your card will be swiped and the $40 will be deduced from your available balance. If you add a tip ($10 for example), they!!!8217;ll swipe your card again deducting the amount for the bill again plus the tip. A total of $90 will be deducted from your available balance. The first transaction of $40 will be automatically credited back to your account within 10 working days.
Our tip is to pay for your meal on your RevolutCard and tip with cash!

Indeed it is a better option. You will never know you meet a cheeky cashier.