+1 for this feature. Was in Paris for a weekend and was constantly worried about hitting the withdrawal limit. I was not totally surprised at lack of desire for vendors to take card for smaller purchases, but was surprised at how quickly that added up.
I’d like to see a yearly free withdrawal amount, that ticks down as you use it. Regular travellers and occasional travellers could both benefit. 200 euros per month isn’t enough, but as I travel abroad 2/3 times a year a 1500-2000 euro rolling yearly limit would be great.
If Monzo etc can offer unlimited overseas withdrawals and remain a free account, then why can’t Revolut??
As someone suggested, perhaps a country list of free ATM’s to use, then if you don’t you get charged 50p etc?
Then if you have location settings on, and you land in a different country, Revolut text you to tell you which ones will be free?? And also which ones will cost you and how much? I understand Monzo already operate something similar I believe.
Hi, I’m new to Revolut, and one of the main reasons I joined was for the fee free ATM withdrawals whilst travelling, as well as having the ability to hold multiple currencies.
I understand Revolut has to make money and one of ways they do this is to gain on card purchases. I would happily change to use Revolut as my main card for purchases, it this were to help Revolut, however, I would want to see an increase in the ATM withdrawal amount. Could there be a system where those customers who were actively profit generating would be rewarded with greater withdrawal limits? I’ve read on other discussions about the need to change habits, I think this would seriously encourage people to adopt Revolut in their everyday life and keep it in their purse / wallet, rather than saving for travelling abroad where there is little gain to Revolut.
Just a suggestion, but might be worth considering.
Bring this feature on!
+1 for me as well. It’s a fantastic idea and a great product, just hamstrung by the low ATM allowance abroad. If it was 200 a day, not month it would be perfect and I’d happily use it as my main account, surely this would help generate fees that would offset the costs of overseas withdrawals? Until then tho I’ll have to stay with my normal bank or see what the likes of Starling Bank come up with.
I travel only once a year, for three weeks. So my abroad revolut card usage is limited to one ATM withdrawal. This way being able to take cash out of ATM and live for holidays for £200 which is pretty small amount even to buy ice creams or few drinks. Yearly limit would be great in this case.
In my situation even yearly limit of £500 would be better than £100 monthly.
I hope revolut is deeply thinking about it and would introduce this in no longer than 1 month time
any luck boys? perhaps some plans to change allowance in nest week or two?
I’ve tried in a separate post to try and get an answer if they’ll consider a yearly limit, but guess what…no response from Revolut. I think I’ve got my answer.
I’ve been giving Starling a whirl and they are superb, with very similar rates and great responsive customer service. The only think you can’t do is have a different currency account. But being that I can only get £200 a month in cash when abroad from Revolut, that idea is useless anyway. Starling it is for me!!
That limit is just for ATM withdrawals.
Yes but lots of places don’t take cards. In Portugal where I was 3 weeks ago had virtually nowhere that took cards, it was cash. I spent 600 euros on food and drink etc, so I would have been stumped with Revolut.
I used a mixture of euros from the uk and some withdrawals (via Starling) to get by. Defeats the purpose if I need to take cash from the uk too.
Just noticed something that might convince Revolut to implement the rollover feature for the ATM withdrawal allowance.
In the UK (and possibly elsewhere) are available ATM machines that allow withdrawing in a foreign currency. For example there’s an ATM machine few hundreds meters from where I live in London that allows withdrawing Euros. Moreover, those machines allow the user to charge the card in British pounds (the local currency of the ATM machine) or in Euros; when choosing the latter option with a Revolut card I see a deduction from my Revolut account for exactly the amount of cash taken from the ATM, without any fees or surcharges. Fantastic.
Now I can withdraw Euros from my Revolut card even in the months when I do not travel to a Euro country. In other words, if I know I will use a certain amount of cash at my next trip, I could use my Revolut ATM withdrawal allowance in full every month and save the cash.
Now Revolut has a choice to make:
they keep everything as it is today, making it very complicated (but possible) to use my 2400 (200 x 12) allowance every year (even if I only travel to Euro countries very few times every year, even only once)
alternatively, they could do the sensible action for a business that tries to makes it easier for their customer (after all they want to be different from traditional banks) and allow users to use the annual 2400 (200 x 12) allowance every year even for people travelling to Euro countries very few times every year; the rollover idea for example would be equivalent to the manual workaround as per option 1.
they could also fix the issue by forbidding ATM withdrawals in foreign currencies when in the home country… I hope this won’t happen, that’s a behavior I’d expect from a traditional bank, not from someone that tries to be different.
I hope Revolut will chose option 1.
-ATM withdrawals, especially foreign currency/location withdrawals, are expensive for a retail bank, due to the fees involved.
-Problem with allowing withdrawal allowances to be ‘stored up’ is that during the ‘holiday’ periods (Summer, Christmas holidays, …) Revolut will incur significant losses, and whilst the time periods are predictable, the volume of demand (for foreign ATM withdrawals.) may significantly increase losses at the firm.
-Point of Revolut is that it’s not just a card used for foreign currency withdrawals. Plenty of other features, including currency card spending and currency exchange within the app, that make it stand out.
-‘Fair usage’: In a previous discussion on the concept of ‘fair use’ (Stop calling €200 “fair usage”), the idea of an ATM quota was discussed. Additionally, other mobile-first fintech challenger banks are also planning on implementing withdrawal quotas due to foreign ATM withdrawals being a significant cost base.
“capital” you missed my point: I agree with everything you said however given the newly discovered ability to withdraw foreign currency while at home, I can practically mimic the rollover functionality by withdrawing every month the maximum amount and save the cash for my next annual trip.
It’s time consuming for me and requires some planning and remembering… basically it makes it a pain to use the revolut card.
Given their aspiration to be different than normal banks, I hope Revolut would make their service more customer oriented and allow me to do in a more customer friendly way essentially the same thing I can do in a kludgy way. Or they can do the same as the mainstream banks and ignore their customers.
It’s key to remember that, withdrawing 200 Euros every month from the cash machine few hundreds meters from home in UK, even if traveling only a couple of times a year, I can already achieve the same as the rollover option I’m asking for (although in a customer unfriendly way).
I’d much prefer a standard fee for withdrawals rather than a percentage cuz it can end up being expensive when u dont use ATMs a lot, but u take out a lot when u do.
The rollover idea is important and see no business downside for the company. I can go for months without needing cash but when I do then a 200/400 limit is just silly and annoying. Makes it hard to recommend Revolut.
I agree with this idea! please revolut implement this !
I think it makes sense.