Revolut T&Cs changes

jbrassy

Just received an email announcing new T&Cs for Revolut. I've copied and pasted some snippets below showing the changes they're making to their free "Standard" plan.

I thought Revolut was great when I first got it back in 2016, but the service has seriously deteriorated which is a shame. What are people's thoughts on these changes? Does anyone still use Revolut? Personally I use Barclaycard Rewards for overseas spending, Starling Bank for overseas ATM withdrawals, and Transferwise if I need to make an international bank transfer and these are far better value compared to Revolut. 

ATM Withdrawals

If you're on a Standard plan:

- Your GBP 200 free monthly limit will remain the same, and once you hit it you will still begin paying a fee.

- We are also introducing a limit of five ATM withdrawals as well. Once you hit this, you will also begin paying a fee.

- Both of these limits apply independently. You will start paying a fee as soon as you hit one, even if you don’t hit the other.

- The fee is still 2%, but we are adding a minimum fee of GBP 1. This means you will pay the greater of GBP 1 or 2% of the withdrawal.

International Money Transfers
The following fee changes will only affect customers sending money outside the SEPA area (which includes EU/EEA countries, and the UK, Switzerland), or if you are making a cross-border transfer in a currency other than Euros. We are combining “cross-border” and “SWIFT” into one simple and transparent category we call “international payments”.

International transfer fees will range between GBP 0.3 and GBP 5, depending on how much you transfer and where. Standard and Plus get no fee-free allowance. These plans are best suited for those who only occasionally send international transfers.

colsten

I closed my account with them a while ago as I found their CS atrocious. Plus, there is nothing they are offering that I can't get the same or better elsewhere, such as with Starling, Halifax Clarity or Transferwise.

Alex9384

colsten said:

Plus, there is nothing they are offering that I can't get the same or better elsewhere, such as with Starling, Halifax Clarity or Transferwise.

Topping up your Revolut account with other debit cards (no fee). We know how useful this can be Plus, crypto trading.

colsten

Alex9384 said:

colsten said:

Plus, there is nothing they are offering that I can't get the same or better elsewhere, such as with Starling, Halifax Clarity or Transferwise.

Topping up your Revolut account with other debit cards (no fee). We know how useful this can be Plus, crypto trading.

I don't do crypto in any form, so crypto trading is no advantage for me. Topping up by debit card is also no advantage to me when I can shuffle money about by Faster Payment, and when I have FSCS-protected accounts that I can use when I have a need for fee-free debit card deposits (which I most certainly do have). 

It would take an absolutely enormous, unique, advantage to tempt me back to Revolut after my experience with their totally abysmal CS. I can't see it happening.

Alex9384

FasterPayment is useless if you need "spending" on your debit card to trigger rewards. Maybe you've got an idea of what I mean...

If you don't do crypto, that's absolutely fine, but you said "there is nothing they are offering that I can't get the same or better elsewhere", which is not entirely true.

Revolut is also easier to open, even without national insurance number. My friend who moved into the UK during pandemics could not open a bank account as she can't get national insurance number (they are still closed), but was able to open Revolut. It's also not reported on any credit file. That may be either a good or a bad thing, depending on what you want.

MrFrugalFever

I have banked with NatWest for 17 years now and very pleased. Tried Revolut but binned after few months!

Alex9384

MrFrugalFever said:

I have banked with NatWest for 17 years now and very pleased. Tried Revolut but binned after few months!

Most people will tell you they are totally OK with their bank, until something happens one day... Your personal experience may be good, but check their ratings on Trustpilot. The gap between NatWest and Revolut is gigantic.
NatWest is one of the worst banks ever.

colsten

Alex9384 said:

FasterPayment is useless if you need "spending" on your debit card to trigger rewards. Maybe you've got an idea of what I mean...

I have a very good idea about just that, and it does not include Revolut, or other non-FSCS protected outfits or outfits with abysmal CS.

Alex9384

Most dinosaur banks, as of 2021, are still unable to provide a feature as simple as showing you TIME of each transaction. Believe or not, it can be really useful sometimes. I already was in a situation when I needed to know at what time I was at which place. Looking at my transactions I knew exactly when I made a purchase at which location. Revolut, Monzo or Starling will show you this. NatWest and other dinosaurs will not. I really appreciate that Halifax/Lloyds are at least trying to catch up with modern fintechs. NatWest not so much.

colsten

You can advertise Revolut here until the cows come home.

I, and countless others, won't touch them for as long as they don't have an even half decent CS, and until they offer FSCS protection. This will probably also take until the cows come home.

Alex9384

colsten said:
I have a very good idea about just that, and it does not include Revolut, or other non-FSCS protected outfits or outfits with abysmal CS.

That must be something I don't know yet. I looked at all other prepaid cards and they all charge either a monthly fee or a fee for topping up or sending money.

FSCS is not a holy grail, even with e-money companies your money is still protected.
Regarding CS, people are complaining about literally every single bank's CS. I had a fraudulent transaction on my Revolut card and their CS was very helpful. Btw, did you know you need to type "live agent" in ther in-app chat if you wanna chat to a person? I didn't see this on their website.