Revolut card - Now has free bank account - thoughts?

blink18

it seems revolut card has started to add banking facilities.

well it's not a full traditional current account with direct debits and the like, but you have an account number and sort code and can pay in and transfer elsewhere.

one bonus is that you can send money to any other bank account worldwide for free, and take take advantage of revolut inter bank rates

Any thoughts on this addition? helpful for those that cant get a high street account?

"Our latest update eliminates these hurdles, enabling customers to open a free Revolut current account from a smartphone in 3 minutes. There’s no need for proof of address or a credit check: new users can verify their account with a simple selfie and snap of their passport.
All Revolut users now have a personal UK account number and sort-code; can receive payments like a salary into their account; and transfer money to any UK bank in just a few hours.
You can find your account details in a couple of locations in the app. Tap ‘Top Up’ by ‘Bank transfer’ and choose GBP to find your unique account details. For quick-access, go to the ‘Profile’ section of the app and tap ‘Bank account details’. You can send your account details to anyone via the export button in the top-right of the screen. "

Anthorn

My thoughts? You could do exactly the same with a Pockit prepaid card which has recently introduced a sort code and account number for card-holders. And you can do it without needing to open a separate/extra account. I really don't see what's unique about Revolut in this respect apart from the currency aspect.

However personal IBANs for non-UK residents is said to be coming but is not yet available and if the blurb is anything to go by SEPA within the app is not even planned. Difficult therefore to regard Revolut as an advantage in foreign bank transfers. Transferwise do a better job.

Lastly, in declaring a new current account Revolut is declaring a new bank account. In that respect it's done a Monzo. But as far as I know Revolut does not have a banking licence, not even a restricted licence like Monzo!

http://revolutapp.tumblr.com/post/156938742072/introducing-revolut-current-accounts

eDicky

Having a sort code and account number is a very useful added feature, removing the requirement to load funds only from your own bank account:

"5.1 Your Account can receive Faster Payments and BACS bank transfers from any UK bank account."

But it's not correct to refer to it as an actual Bank Account and Revolut don't (quite) do that. The account provider, PrePay Technologies Limited, are FSA regulated but of course there is no FSCS protection.

As well as for cross-currency transactions without fees, Revolut also puts real banks to shame by having a virtually fraud proof card with security features to selectively switch off various modes of use, the latest one being contactless payments. (This might satisfy some of the contactless-paranoid posters on here..!)

Anthorn

eDicky wrote: »

As well as for cross-currency transactions without fees, Revolut also puts real banks to shame by having a virtually fraud proof card with security features to selectively switch off various modes of use, the latest one being contactless payments. (This might satisfy some of the contactless-paranoid posters on here..!)

Oh what a suprise: You're promoting Revolut. Oh ok, not exactly a surprise.

Oh right no fee. But hold on a minute: If there is no fee Revolut must be selling currency for the same price they paid for it.

The security features are still not unique: Soldo does that.

Nothing new. Already available elsewhere.

Overall, I have to repeat my previous objection to Revolut. It's new, unproven with no track record. In fact its short track record so far includes having to delete accounts without prior warning of non-UK card-holders. Now with the brand new app that objection has to stand.

eDicky

Anthorn wrote: »

Oh what a suprise: You're promoting Revolut. Oh ok, not exactly a surprise.

Oh right no fee. But hold on a minute: If there is no fee Revolut must be selling currency for the same price they paid for it.

The security features are still not unique: Soldo does that.

Nothing new. Already available elsewhere.

Overall, I have to repeat my previous objection to Revolut. It's new, unproven with no track record. In fact its short track record so far includes having to delete accounts without prior warning of non-UK card-holders. Now with the brand new app that objection has to stand.

Instead of bothering to negate every point, I can confidently leave it to the forum to discern who is giving factual information that may be useful to readers, based on extensive use and experience of a product, and who is habitually posting distortion and nonsense about products that they obviously don't use.

Anthorn

eDicky wrote: »

Instead of bothering to negate every point, I can confidently leave it to the forum to discern who is giving factual information that may be useful to readers, based on extensive use and experience of a product, and who is habitually posting distortion and nonsense about products that they obviously don't use.

You need to qualify those accusations. I have repeatedly read my post and it's all true. Or do you mean that you are "habitually posting distortion and nonsense"?

I can confidently leave it to the forum to discern who is giving factual information that may be useful to readers, based on extensive use and experience of a product, and who is habitually posting distortion and nonsense about products that they obviously don't use

But let me go over a couple of points:
(1) If Revolut are selling currency at a price which is higher than the price they paid for it then there is a fee. They are just not being transparent in the money they charge for providing their service.
(2) Revolut withdrawing accounts of non-UK card-holders without prior warning: Well, that's a matter of public record. I would add that Revolut is still silent on that. Maybe they think it will disappear if they ignore it.
http://uk.businessinsider.com/fintech-revolut-issuing-new-cards-delay-europe-international-waiting-list-paysafe-2016-11

Finally eDicky perhaps you should say what it is you disagree with and then I can reply to it.

eDicky

Anthorn wrote: »

Finally eDicky perhaps you should say what it is you disagree with and then I can reply to it.

But then I will be "promoting Revolut"!

Your nonsense about exchange rates seems to be a chronic malaise for which I have no cure, but I can try to clarify your 'deleted accounts' distortion.

Revolut was originally available internationally, but perhaps because of misuse by Russian and other users outside European regulation they were required to discontinue service to all non- European (not non-UK) users in November, or maybe it was October. Quite short notice was given that their card and transfer facilities would cease to function after a certain date, and they must withdraw any funds back to their bank account. Nothing was 'deleted' and otherwise their apps functioned normally after that date, so that anyone, even now, can withdraw any remaining funds to their bank account, after exchanging them on the app if necessary. I know such people and I'm not making this up. No legitimate user lost a single cent, and no European users had their service disrupted.

eDicky

blink18 wrote: »

Any thoughts on this addition? helpful for those that cant get a high street account?

"There’s no need for proof of address... "

This could well be useful for those without a means of address verification, to get started with an account. But previously such verification was, I believe, required if they could not see an applicant's residence electronically. I'm not sure how the regulators allow them to waive the requirement now.

Anthorn

eDicky wrote: »

But then I will be "promoting Revolut"!

Your nonsense about exchange rates seems to be a chronic malaise for which I have no cure, but I can try to clarify your 'deleted accounts' distortion.

So if there is more than one exchange rate name them!

eDicky wrote: »

Revolut was originally available internationally, but perhaps because of misuse by Russian and other users outside European regulation they were required to discontinue service to all non- European (not non-UK) users in November, or maybe it was October. Quite short notice was given that their card and transfer facilities would cease to function after a certain date, and they must withdraw any funds back to their bank account. Nothing was 'deleted' and otherwise their apps functioned normally after that date, so that anyone, even now, can withdraw any remaining funds to their bank account, after exchanging them on the app if necessary. I know such people and I'm not making this up. No legitimate user lost a single cent, and no European users had their service disrupted.

Not true: The problems of Revolut was due to Revolut itself not adhering to conditions set by Paysafe. Paysafe required that cards were issued only within Europe but Revolut issued cards outside Europe. The main effect was on card-holders resident in U.S.A. That was the reason for Revolut saying that it was applying for its own licence to issue its own cards. But as far as I know that has still not been done. Read that link I posted again!

4ze

I am currently working for a foreign employer and receiving my salary from a Norwegian company into my UK bank. This mean is comes in Krones and Nationwide convert it to GBP.

Does anyone know, if I have my salary paid into Revolut bank account and then transfer to my UK bank account, would i get a better exchange rate?

Nationwide, as far as i can see, are not charging me a fee, but i imagine the exchange rate isn't great

also, if this safe? the beneficiary it says to provide is Revolut Ltd for IBAN as opposed to my name for local transfers.

thanks for any feedback.

eDicky

4ze wrote: »

Does anyone know, if I have my salary paid into Revolut bank account

Only GBP can be paid in to a Revolut personal UK current account by a third party, so you cannot receive NOK from your employer this way.

To avoid Nationwide's exchange rate you need to open an account in Norway to receive it then convert and send it yourself using a service such as TransferWise, or request your employer to send it using TransferWise so that it arrives as GBP. If you offer to pay the 0.5%(?) fee yourself it will save them any cost in sending it and you obtain the interbank rate on the conversion.