Revolut App and Interbank Exchange Rates

[Chivas]

I did a search and doesn't appear in Thaivisa somewhat surprised.

Received my Mastercard yesterday and its ready to use. In short it gives Interbank rates from ATM's but with no overseas fees normally associated with a lot of Cards.

You load the Card from your normal Debit Card and simply use as normal. Rates are instantly displayed on the App.

Unfortunately you cant avoid the Thai ATM fee.....They make the normal percent when you use the Card for purchases at any Mastercard outlet. Decent Website as well.

Dont shoot the messenger !

[Chivas]

Edited......I'm certain I had indeed posted on this subject here before if someone subsequently finds it !!

[Pib]

Can you give us a real world exchange rate. That is, like you withdrew X-baht and X-charge hit your Revolut account.

The Revolut website only says the following regarding exchange rate:

Our rates mirror the Spot Interbank exchange rate. The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channeled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.

Sounds nice but without some real-world examples or a exchange rate calculator on their website which I couldn't find, their exchange rate is still suspect in my mind.

[rijit]

Xe have an excellent app, as for the authenticity of the rate,,, how can you tell,? By comparison i suppose

rijit

[Chivas]

Can you give us a real world exchange rate. That is, like you withdrew X-baht and X-charge hit your Revolut account.

The Revolut website only says the following regarding exchange rate:

Our rates mirror the Spot Interbank exchange rate. The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channeled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.

Sounds nice but without some real-world examples or a exchange rate calculator on their website which I couldn't find, their exchange rate is still suspect in my mind.

Old Martin Lewis recommended them originally on his Money Saving site.

Theres an ongoing thread on that site link is below. Currently the whole site is down for maintenance so try it in a couple hours

http://forums.moneysavingexpert.com/showthread.php?t=5282794&page=8#topofpage

[Chivas]

Its an identical style of set up to Travelex which restricted its cards issued to first 25,000 Customers.

Edited August 29, 2015 by Chivas

[Chivas]

When you "load" the Card first time you need to use your Smartphone to either Photograph/upload your Driving Licence or Passport detail/photo to their Website. Am told its only the first time due to anti money laundering. Its a bit fiddly to do but sorted now.

Loaded Card with £10 went local shop here in UK used the Card for food purchase. By the time I had logged back in the transcation in full was on their and debited !! Its takes Halifax 3 days before I even see it !!

If it does the same with ATM withdrawal in Thailand at Interbank rates no fees and every comment I've read says it does, then right result all round

[Jiu-Jitsu]

I posted about it here before, though didn't create a specific thread. Here, in fact on the 10th

I've checked the rates and they do tally with Interbank rates.

They offer these rates fee free for twelve months from account activation, after which they may introduce a fee of some kind.

Edited August 29, 2015 by Jiu-Jitsu

[Chivas]

I posted about it here before, though didn't create a specific thread. Here, in fact on the 10th

I've checked the rates and they do tally with Interbank rates.

They offer these rates fee free for twelve months from account activation, after which they may introduce a fee of some kind.

JJ do you go inside Banks with your ATM card and passport to avoid the 180 Fee ?? I have done but being honest I was embarrassed to an extent by the dismissive Bank staff who pointed to ATM initially before I politely asked again. My own SCB branch I might add as well

[Jiu-Jitsu]

I posted about it here before, though didn't create a specific thread. Here, in fact on the 10th

I've checked the rates and they do tally with Interbank rates.

They offer these rates fee free for twelve months from account activation, after which they may introduce a fee of some kind.

JJ do you go inside Banks with your ATM card and passport to avoid the 180 Fee ?? I have done but being honest I was embarrassed to an extent by the dismissive Bank staff who pointed to ATM initially before I politely asked again. My own SCB branch I might add as well

I do use my cards within bank branches. Though perhaps not all banks offer TT rates on cash advances.

[Jiu-Jitsu]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

[Chivas]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

Edited September 8, 2015 by Chivas

[Pib]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

It's also stated on their website, under the FAQ menu, last Q&A.

[Jiu-Jitsu]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

The don't take anything from the retailer. You have simply misunderstood the explanation that you have read. The Interchange Fee is charged to the Merchant's bank(acquiring bank), which is the norm for card providers. Your mentioning it all, just adds confusion, as it suggests that they take a 'percent' from the exchange rate.

In fact it was simply an answer to the question to how do they make money if they charge no fees. The answer is that currently they make it from the Interchange Fee. More about the Interchange Fee here

As to bringing them a lot of business...that made me smile You probably put a few off by telling them that they "Unfortunately you cant avoid the Thai ATM fee.....They make the normal percent when you use the Card for purchases at any Mastercard outlet" "charge a percent like other debit cards". Take it in good humour

As an aside, there were people highlighting this card before it's launch, quite some time before it was ever mentioned by 'Martin Lewis'. In fact some cards aren't ever mentioned by the website at all. For example, Kalixa Pay, which is one of the best prepaid products all round.

As to over the counter withdrawals at SCB, use another bank. I don't utilise a Thai bank account, but at least one or two of the Thai banks have taken it upon themselves to give their customers a lower rate of exchange for cash advances. SCB may be one of them. KASIKORNBANK perhaps another. Perhaps check for existing threads here for which banks use the TT rate and which don't.

Lastly, you don't have to verify the card at all, as you have suggested. That is only necessary if you intend to top up more than £1000 per annum.

I hope that covers everything

[Jiu-Jitsu]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

It's also stated on their website, under the FAQ menu, last Q&A.

Capture.JPG

As a further (somewhat simplified) explanation for those who understand(I'm sure that you do). An Interchange Fee of perhaps 0.8% is charged to the Merchant's bank(the acquiring bank). The merchant's bank charges the merchant for the ability to accept cards. Let's assume 2%. Out of that 2%, they have to pay the 0.8% out of that.

So, really it wasn't necessary for Chivas to mention it at all, as it doesn't affect the customer. Of course we know that some merchants in Thailand like to pass on (and even make a profit from) the charges from their bank for the ability to accept cards, to their customers....but that's another story.

[Pib]

Yea, debit and credit cards, even the no foreign transaction fee/no fee cards, make money for the card-issuing bank/company (such as Revolut) through interchange fees. For a purchase transaction using a debit or credit card the card-issuing bank/company gets most of the interchange fee; for a debit or credit card cash transaction like an ATM or counter withdrawal the local processing bank gets most of the interchange fee.

Some people wonder how cards that do not charge an annual fee or foreign transaction fee make money---it's the interchange fee....they are still making good profits...just less than those card-issuing banks/companies which want to add-on other fees direct to the card holder.

[Chivas]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

The don't take anything from the retailer. You have simply misunderstood the explanation that you have read. The Interchange Fee is charged to the Merchant's bank(acquiring bank), which is the norm for card providers. Your mentioning it all, just adds confusion, as it suggests that they take a 'percent' from the exchange rate.

In fact it was simply an answer to the question to how do they make money if they charge no fees. The answer is that currently they make it from the Interchange Fee. More about the Interchange Fee here

As to bringing them a lot of business...that made me smile You probably put a few off by telling them that they "Unfortunately you cant avoid the Thai ATM fee.....They make the normal percent when you use the Card for purchases at any Mastercard outlet" "charge a percent like other debit cards". Take it in good humour

As an aside, there were people highlighting this card before it's launch, quite some time before it was ever mentioned by 'Martin Lewis'. In fact some cards aren't ever mentioned by the website at all. For example, Kalixa Pay, which is one of the best prepaid products all round.

As to over the counter withdrawals at SCB, use another bank. I don't utilise a Thai bank account, but at least one or two of the Thai banks have taken it upon themselves to give their customers a lower rate of exchange for cash advances. SCB may be one of them. KASIKORNBANK perhaps another. Perhaps check for existing threads here for which banks use the TT rate and which don't.

Lastly, you don't have to verify the card at all, as you have suggested. That is only necessary if you intend to top up more than £1000 per annum.

I hope that covers everything

lol Bait away JJ.....

Few years ago I thought your attitude had changed, but clearly not. Perhaps you're just pissed that you actually didn't start the thread. Whatever if a few people benefit then I'm happy.

You have a nice day....

Edited September 8, 2015 by Chivas

[Chivas]

FYI

Taken not from any Website but from the CEO of Revolut to me. The conversation comprised 14 Emails to this point...........My question (as part of the 15th) had been "If you are paying full Interbank Rates via the Card where are you Guys making your Money then"

Response from CEO (acknowledging that full Interbank was correct)

"No problem, when you use the any debit card in a store the store pays a fee for the transaction. Part of the fee goes to the company that creates the card, this is known as interchange. So every time you use your Revolut card in store we get this interchange, it varies from country to country but the average is around 2% of the transaction value"

I think that clarifies the issue from both points of View

Edited September 8, 2015 by Chivas

[Jiu-Jitsu]

Contrary to your earlier assertion, they don't take any 'percent' on purchases. They also do money transfers. So can be useful to those who send money to Thailand. Bear in mind that these services are completely free for just twelve months. After that, one should expect some kind of fee structure. So take advantage whilst you can.

JJ

They take a percentage on Purchases from the Retailer as per any normal Debit Card.

I have the CEO personal Email address and happy to give to you to so you can talk direct to him. I have brought him a lot of business so far.

I have my Card fully verified up and running now. Trying to verify via the App is "fiddly" to say the least. You can email them direct with Photos of your "Face", Driving Licence and Passport.

I have this address as well if anyone wants it

The don't take anything from the retailer. You have simply misunderstood the explanation that you have read. The Interchange Fee is charged to the Merchant's bank(acquiring bank), which is the norm for card providers. Your mentioning it all, just adds confusion, as it suggests that they take a 'percent' from the exchange rate.

In fact it was simply an answer to the question to how do they make money if they charge no fees. The answer is that currently they make it from the Interchange Fee. More about the Interchange Fee here

As to bringing them a lot of business...that made me smile You probably put a few off by telling them that they "Unfortunately you cant avoid the Thai ATM fee.....They make the normal percent when you use the Card for purchases at any Mastercard outlet" "charge a percent like other debit cards". Take it in good humour

As an aside, there were people highlighting this card before it's launch, quite some time before it was ever mentioned by 'Martin Lewis'. In fact some cards aren't ever mentioned by the website at all. For example, Kalixa Pay, which is one of the best prepaid products all round.

As to over the counter withdrawals at SCB, use another bank. I don't utilise a Thai bank account, but at least one or two of the Thai banks have taken it upon themselves to give their customers a lower rate of exchange for cash advances. SCB may be one of them. KASIKORNBANK perhaps another. Perhaps check for existing threads here for which banks use the TT rate and which don't.

Lastly, you don't have to verify the card at all, as you have suggested. That is only necessary if you intend to top up more than £1000 per annum.

I hope that covers everything

lol Bait away JJ.....

Few years ago I thought your attitude had changed, but clearly not. Perhaps you're just pissed that you actually didn't start the thread. Whatever if a few people benefit then I'm happy.

You have a nice day....

Seems that you didn't understand anything that I wrote, so instead decide to take offence. In fact, I've tried to help you, both with a proper explanation of the Interchange Fee and advice about over the counter withdrawals. Perhaps you should read a little more slowly and try to keep an open mind...instead of reacting in a childish manner.

There was no bait, but I understood that you might take offence at the lesson, so added that you should take all in good humour.

[Jiu-Jitsu]

FYI

Taken not from any Website but from the CEO of Revolut to me. The conversation comprised 14 Emails to this point...........My question (as part of the 15th) had been "If you are paying full Interbank Rates via the Card where are you Guys making your Money then"

Response from CEO (acknowledging that full Interbank was correct)

"No problem, when you use the any debit card in a store the store pays a fee for the transaction. Part of the fee goes to the company that creates the card, this is known as interchange. So every time you use your Revolut card in store we get this interchange, it varies from country to country but the average is around 2% of the transaction value"

I think that clarifies the issue from both points of View

Unfortunately, what the 'CEO' has written to you, is inaccurate. The 2% of transaction value is closer to what the merchant's bank will charge the merchant for card processing fees. The Interchange fee will be a portion of that 2%. In this case likely closer to 0.8%.

If you don't believe me, write to your friend again for comfirmation. You can even point him towards my post.

For further confirmation, click here and look at the map of Mastercard Interchange fees across Europe.

If you are happier reading tables, look here

A simple update here

Pib has taken an interest in these things, so I'm sure if he's around he can take a look in order to confirm or rebuff my assertion.

My point was that you should not have mentioned the 'percentage' in the first post without the mention of Interchange. But you did it because I believe that you didn't fully understand it. No shame in that...so don't take unnecessary offence.

[TIMMMMM]

Do you guys ever check who you give your personal and banking information to? See below:

Website: revolut.com

Title: Revolut - Simply Revolutionary

Domain Age: 9 Years, 130 Days

Website Speed: Slow

Website Value: $7175.69

Organisation: Revolut Limited

Owner: nikolay storonsky

Owner Address: 60 arnhem wharf,2 arnhem place

Owner City: london

Owner Postcode: e14 3ru

Phone Number: +44.7807212181

Phone Type: mobile: Orange

Email:

Owner Country : United Kingdom

Website Location : Denmark

Probable website origin :-

66%; Denmark

28%; United Kingdom

6%; Netherlands

Notes:-

Alert ResultRegistered contact email address is a free one

Good ResultThis website is deemed to be popular by Alexa with a ranking of 335717

Analysis Details:-

Although this website appears to be based in Denmark there are other countries involved and you should review this information carefully and decide if it is as you expect.

[TIMMMMM]

Just found on one of the blogs. Proceed at your own risk. The idea is great for sure. The question is how it will be executed.

Marcus Bryant • 3 days ago

It is a great idea - actually there are no transaction fees (they earn their money from the mastercard transaction fee when you use it). A Word of caution though - when attempting to credit my account via transfer the reference field got corrupted and it couldn't be processed. One week later they still haven't found my money and just keep apologizing - no offer of compensation and no solution so far. Their back office is extremely poor IF things do go wrong.

[Jiu-Jitsu]

Do you guys ever check who you give your personal and banking information to? See below:

Website: revolut.com

Title: Revolut - Simply Revolutionary

Domain Age: 9 Years, 130 Days

Website Speed: Slow

Website Value: $7175.69

Organisation: Revolut Limited

Owner: nikolay storonsky

Owner Address: 60 arnhem wharf,2 arnhem place

Owner City: london

Owner Postcode: e14 3ru

Phone Number: +44.7807212181

Phone Type: mobile: Orange

Email:

Owner Country : United Kingdom

Website Location : Denmark

Probable website origin :-

66%; Denmark

28%; United Kingdom

6%; Netherlands

Notes:-

Alert ResultRegistered contact email address is a free one

Good ResultThis website is deemed to be popular by Alexa with a ranking of 335717

Analysis Details:-

Although this website appears to be based in Denmark there are other countries involved and you should review this information carefully and decide if it is as you expect.

The fact is that you have absolutely no idea of what it is about that you are writing.

For what reason do you plaster the information here?

http://www.balderton.com/news/revolut-raise-1-5m-in-round-led-by-balderton-capital

http://www.techworld.com/news/startups/balderton-backs-revoluts-fintech-platform-in-15m-funding-round-3620128/

You have no idea as to how the business works or as to how it is regulated.

As to posting a singular issue where someone had an issue...why not post the positive experiences too? Pathetic. Really.

Come back once you've matured a little and are able to take a more balanced overview.

Edited September 11, 2015 by Jiu-Jitsu

[blanes2007]

Here is the complaint I sent today to their customers support service - and I haven't replied yet (10 hrs left)

Hello

02.06.2016 I transferred 1200 usd from my bank account to my Revolute account. 8.06.2016 Customer Support manager informed me that Revolut had received my fransfer but I needed to verify my identity to use the money (though there wasn't any notice about this requirement on the app's fill-up page).

Since that I tried to upload the pictures of my foreign passport, national ID, drivers license, myself, and by the demand of support team even the copies of my visa and border stamp (I live in Thailand) but all of those documents there rejected and my verification had being constantly failing. As long as your Customer Support Team replied to me in chat with the long delays and only within the 3-4 evening hours in Thailand (12-16pm in London) these actions took me 2 days.

Finally I sent my pictures via e-mail (ticket ID 59458) on 9.06 (Thursday) but I haven't gotten any reply yet (Monday). My "identity status" is still "in processing" thus my funds are suspended by you already for a week without any legal reason.

I'm writing to ask you to unblock my funds by verifying my indentity or unverifying and refunding the transfer back to my bank.

And this is the comment published on Techcrunch:

Billy McIntosh

Horrendous company. No customer service. They eventually transferred money to my Revolut card 3 hours before holiday ended. Never answered emails for days and I had to chase them for a full 9 days. Their app might look good but I had to confirm my phone number every few logins. The support function is awful. They rarely reply and even if they do, it takes an age for it to appear. They should use this $2.3m to train their apparent one member of customer service in actual customer service. I did get a 'sorry' to be fair. Only after posting on their Facebook page all my troubles with them. If you visit their page, you'll see the same stories all over. Sep 18, 2015 7:44pm

irrefragable testimonials, aren't they?

[robin33]

Transfereren money to my app took 1 day from my dutch to there english bank to my app. Fast enough .

Then i sended via the app to another persons app (standing next to me ) that was instand.

So. NeXT time i want to send money to relatives in Thailand i do iT with the app. Also good Exchange rates.

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