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Revolut

Does anyone have any experience of Revolut? They don't seem to be mentioned on MSE.



I am attracted by the chance to easily switch between pounds and euros. Starling make an 0.4% charge for this, but Revolut don't appear to - though they do seem to apply a rate that is €0.005 (today 1.120 instead of 1.125).

Comments

  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    They have been mentioned some 300 times on this board. You can use the Search function to find the relevant posts.
  • I use revolut and monese, both are good, but Monese is slower when it comes to transactions and transfers. The actual converting of currency is instant.
  • Discussed in a great number of posts as highlighted above. I use them from time to time for currency transfers and can't fault them - just avoid weekends as I'm pretty sure they add a markup on currency exchanges when the markets are closed. My only "grievance" (for lack of a better word) is that they don't strictly have FSCS protection. Their money (yours really) is ring-fenced in a Barclays account which means you have to apply as a creditor to get your cash back if they were to go into administration, but unless Barclays goes under at the same time you shouldn't lose out on anything really.
  • Their money (yours really) is ring-fenced in a Barclays account which means you have to apply as a creditor to get your cash back if they were to go into administration, but unless Barclays goes under at the same time you shouldn't lose out on anything really.

    Assuming that Revolut have operated their ring-fencing process correctly.

    If there was a shortfall in the Barclays account then you would be in the queue of general creditors to get the rest of your money back. I have no reason to think there are any problems in this process, but it seems a less unlikely scenario than Barclays going under at the same time.

    Compare that to an FSCS-protected account. If the bank cannot give you your deposit for any reason at all (fraud, incompetence, anything), the FSCS covers your losses up to £85k.
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Revolut currency conversion uses the mid-market (interbank) rate, updated every half second, except on weekends when there's no movement and they add a relatively small margin. With the standard account there's no fee to convert up to £5k/month equ, after which there's a 0.5% fee.

    The account has multiple uses and activity is so quick that you can keep your unused funds in whatever currency accounts elsewhere if you want more protection.

    I advise studying the FAQs and making small transactions at first to learn how it works, carelessly playing around can lead to problems that are not so quick or easy to sort out with their customer services.
    Evolution, not revolution
  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Revolut is handy to use, I do prefer Monzo and Starling though.
  • IvanDP
    IvanDP Posts: 231 Forumite
    100 Posts Second Anniversary
    DCFC79 wrote: »
    Revolut is handy to use, I do prefer Monzo and Starling though.

    I second that.:T

    Nationwide is my main account
    Monzo is my spending account
    Starling is my travel account
    Revolut is my back up travel account as I can can transfer funds via google pay from my Nationwide account when abroad thus avoiding Nationwide's foreign transaction fees
  • I loved the Revolut app and ability to have numerous currencies in the same account up until a week ago when someone hacked into my account, my account was locked and no way of accessing the chat facility in the app! Revolut have no telephone number or email address so making contact with them is horrendous. I ended up having to contact them via Twitter, finally my account is unlocked but all my money gone, a week in and still no word from Revolut if or when I will get my money back! I’ll be closing my account down once sorted.
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    Fiona_Kemp wrote: »
    someone hacked into my account,
    Please tell us how this actually happened, thanks.
    Evolution, not revolution
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