Revolut card - Now has free bank account - thoughts?

4ze

eDicky wrote: »

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.

thank's for your reply.

I was hoping that Revolut would automatically convert to GBP as does Nationwide upon receiving it. but you are sure this is not the case?

Unfortunately, if i open an account in Norway i will have to pay tax to them, so i wanted to avoid this.

TransferWise might be an option, but the 0.5% fee might not be any better than what i am getting at the moment. i ran through the numbers compared with how much i missed out from with the current set up and there seems to be a marginal difference

grumbler

4ze wrote: »

I was hoping that Revolut would automatically convert to GBP as does Nationwide upon receiving it. but you are sure this is not the case?

https://revolut.com/faq

What currency should I top up my account in?

The rule is that you should top up in the currency that your bank account is held in. For example, if you have a UK bank account make sure you top up in GBP. If you don't your bank will convert the money for you and charge a huge fee!
Please note, if you are topping up via a bank transfer outside of the EU your bank may charge you a large international wire transfer fee as such transfer would go via SWIFT.

TransferWise might be an option, but the 0.5% fee might not be any better than what i am getting at the moment. i ran through the numbers compared with how much i missed out from with the current set up and there seems to be a marginal difference

Your numbers might be wrong. Typically it's ~3% for banks.

eDicky

4ze wrote: »

I was hoping that Revolut would automatically convert to GBP as does Nationwide upon receiving it. but you are sure this is not the case?

Yes, I'm sure, it will not be accepted. Personal IBANs are planned, for receiving EUR and USD from third parties, but you cannot hold NOK in a Revolut balance so this will not be included.

Nationwide probably put at least 2-3% spread on the interbank rate, so getting interbank for a 0.5% fee with Transferwise must be a better option. Check what Nationwide gives you against the mid-market rate at that time, on XE.com. http://www.xe.com/?c=NOK