A Card For Each Currency


#1

Just an idea…

Is it possible too have two cards…

For example;

1 Card for Euro?
1 Card for GBP?

I have one card coming but it would be great if I could use one card for a set currency. I’m from the UK and will be working overseas for the next 10 months and would be nice to have the opportunity to pay for things online in EUR with that particular card?

That make any sense? I just want to say I love this app and tthe excange rate!


#2

I think it is against idea of :r:, to many plastics in the wallet. But it would be great if it would be possible to lock card for some time with only one currency, but I fink it is not possible in Visa and MasterCard scheme.


#3

Actually, I especially like the way Revolut handles the cards, especially with the “several currencys on it”.

But I do see your point - but would solve it otherwhise:
Via an option to select/fix the currency(s) the card can use.

So even you hold Money in eg. GBP, USD, EUR, YEN, or whatever in your account, your card only “sees” the EUR as you’ve only selected that (until the EUR-Amount is used and the system falls back to other currencys **) when using the card…

** while the fallback-currency and/or the option “not enough money in the account = decline payment” could be set within the account-settings, too)


#4

I don’t think so. This might not be in line with payment network providers Mastercard and Visa. Like with all cards that have one denominated currency (traditional credit cards), they still can be used in any currency the networks support. I can see that Mastercard / Visa want to keep it this way.


#5

Funny, I actually believe the great benefit here is to be able to have a single card for all currencies, that manages which currency to use based on each expense and based on your various balances. We dont have to juggle between various cards anymore.


#6

This is already possible by deactivating certain currency wallets. The base currency can’t be deactivated. Deactivating a currency does not prevent DCC.


#7

(haven’t tried everything yet in the App, still a newby, thanks for the hint)

But “deactivating the base currency” is the thing i believe:
SamParker seems to have the base-currency GBP, but he wants to pay in EUR only for next 10 months… …so he would need a) a card fixed to EUR, b) the option to deactivate his base-currency (if deactivating doesn’t affect everything else that is)…

Or in my case:
base-currency: CHF (as based in CH)
planing to use the card mainly in EUR except special occasions (got an on CHF-CC with better conditions within CH-area), so I’d like to lock it to EUR, too (or if I should have the opportunity - another currency), so I won’t have to worry that for some reason the wrong currency will be used

(and yes - the DCC is another thing, too bad it’s the cashier’s system offering it, otherwhise i’d like to switch that off in my account, too (or on))


#8

Yes. This is complicated. There are two sides:

1 – How payments are processed in credit card networks.
2 – How a payment is debited from an account, in this case Revolut.

1 – Mastercard and Visa can handle a vast amount of currencies worldwide. When a payment is presented to the bank of the card holder, the bank does only see the currency in which it is presented. This might be the local currency of the merchant. Or the local currency of the card holder (DCC). But the bank does not see details about the DCC that might have happened before. Banks can now use rates provided by Mastercard / Visa, or they can use their own rates. Revolut uses its own rates, and also connects the card to a multi currency account. But both things are separate.

Actively blocking a payment in a certain currency would mean that while verifying a payment, the bank of the card holder would decline a payment in a currency that is blocked by the user, independently from available funds. I can see that this is something Mastercard would not agree with. I don’t know.

2 –When a payment hits a Revolut account, different things can happen: if there are funds available in the currency of the payment, it will be deducted from this balance. Next in line is the base currency (conversion by Revolut). Then other available currencies (conversion by Revolut).

Let’s say you’re paying in EUR and your EUR balance is too low, it will be deducted from the CHF balance with conversion.

Let’s say you’re paying in EUR and your EUR balance is sufficient but blocked, it will be deducted from the CHF balance with conversion.

So blocking the EUR balance does not decline EUR payments. It only prevents funds from being taken from this balance. For now, a customer’s base currency can’t be blocked (maybe regulatory reasons, I don’t know). But even if it could be blocked, CHF payments - in your case - would still be possible. They would just be deducted from the next balance in row with conversion.

There is of course a simple way to make sure a EUR payment will be deducted from the EUR balance: holding sufficient funds in EUR.

It is more difficult and incovnenient to “skip” the base currency when making payments in currencies one does not hold: if the base currency wallet holds sufficient funds for a given payment, it will be deducted from this balance. So in addition of blocking currencies, Revolut could maybe introduce a configurable order.

I can see this being a UX nightmare. If blocking and changing oder is possible, it could result in declined payments when customers haven’t really figured out how a card payment is processed. And it kind of ridicules the simplicity of a card that changes into whatever currency one needs on the fly.