New to Revolut - some questions

john1488786

Hi

I've just opened a Revolut Premium account mainly for regular AED > GBP transfers. I'm familiar with the basics but still have some questions:

1) About the exchange rate used when using my Revolut Visa debit card abroad (excl weekends), do Revolut use the Visa wholesale rate (+0%) or the mid-market exchange rate? I know there's very little difference between the 2, but technically they tend to be different. Revolut on their website mention that they use the mid-market rate for forex transactions but curious to know if they really do mean that or use the wholesale Visa/Mastercard rate. If they use the former, then I guess they use the Visa/MC rate and then make a small adjustment to match the mid-market rate (eg shown on xe.com)?

2) Even if I make AED the active currency in the Revolut app, I'm guessing that still means any forex debit card transactions will be converted to GBP? In other words the base currency (GBP) cannot be changed?

3) Can the fee for the Premium account be paid annually (for a small saving) versus monthly?

4) What are payment limits for Apple Pay on the Premium account when trying to add funds?

5) Even though I intend to fund my account with Faster payments and SWIFT payments, I made a few test payments from my UK credit cards into my Revolut account to see what (if any ) extra charges would be levied: 

£100 from Nationwide CC - no charge by Revolut
£100 from Santander CC -  no charge by revolut
£1500 from Barclaycard - charged £10.99 by revolut

So I'm guessing Revolut charge for high value CC top-ups? Or is it down to pot luck? Revolut don't make this clear on their website.

Thanks.

john1488786

Sorry another question

6) Premium monthly fee, how is that deducted if my Revolut balance is zero?

eDicky

1. Revolut use the mid-market (interbank) rate for conversion, updated every half second, except on weekends when a small margin is imposed.

2. Debit card transactions deduct from the balance held in the same currency if there's enough, if not it will be taken from a GBP balance or other.

I don't know about your other questions, it's a long time since I used my Revolut or looked at their FAQs, which probably contain the answers and which I think you need to study, if only to avoid making any mistakes. Although with a premium account you should have access to some customer service in case of problems or to ask the questions.