Bank account in the uk???


#1

Hi, I downladed und registered in Revolut three days ago. I did a transfer of 10€ in order to request and recive the physical card at home but something went wrong apparently and now it apperas that i have got 9£ in my account and the order of the card to be send hasnt been registered. I have got 0€ !!What can i do? Can i cancel my UK account ? How? Many thanks in advance.


#2

Hey Bead, what kind of transfer did you do, SEPA or Swift?


#3

I think SEPA. I thought tjat REvolut doesnt accept Swift ,.doesnt it?


#4

It depends on which account are you sending on.
Pooled- accepts SWIFT, local- does not


#5

Where are you based and whats your base currency? You probably wired the amount to the GBP account though.


#6

Yes, i think so. I am based in Germany, so the currency is Euro. The question is: how can i cancel my current account in uk and transfer the money into a non uk account in €? It should be possible , shouldnt it?


#7

Exchanging the money should not be a problem, you can simply do this within the application. As for the GBP account, you cant close it but you can deactivate it. That last bit does not really matter though as you simply have the account, you only need to make sure you dont wire funds to it.

The bit that surprises me more is the amounts and the minimum amount you need based on your base currency.

So the address you registered your account with is a German one, right? In that case you should have EUR as base currency and you need to have ten euro minimum to order a card. Now, if you have nine pounds that would translate into EUR 10.31 and hence you should have that minimum. However you said you only transferred ten euro (which should be GBP 8.73) and assuming you transferred via SWIFT there might have even been some fees deducted.

Can you check

  • which your base currency is (address/country you registered under)
  • how much money (10?) you exactly wired and to which bank account
  • how much money exactly shows up (9?) and in which currency (GBP?)

Try to exchange the required amount to EUR and then to order a card.

However, dont perform the exchange just yet, as it is the weekend and Revolut adds a surcharge on weekends. Do it tomorrow morning, around 11am your timezone.


#8

Hi there. To find your EUR top-up details tap Accounts–>top left icon–>Add accounts–>EUR.

You must select the correct currency in the app, as the transfer might not arrive if it’s in a different currency to that of the destination Revolut account. You should also top up in the currency that your bank account is held in to avoid bad exchange rates charged by banks. For example, if you have a UK bank account make sure you make a transfer in GBP to your GBP Revolut account.


#9

leaving aside the rhetoric, If one exchanges 10 GBP into EUR and then immediately back into GBP within our own Revolut accounts, should we get the exact same 10 GBP right?


#10

Technically, no. The buy rate for a currency will not be the same one as the sell one. That’s the market spread.


#11

@Juliopp so Revolut is making profit with the exchange


#12

Absolutely not, and you did not spend a single moment reading the post I believe :stuck_out_tongue_winking_eye:

I highly encourage you to read the full Wikipedia article, particularly the example on currency pairs :wink:

It’s the market spread, not the :r: spread.


#13

@Juliopp thanks for the link. it’s all clear now :slight_smile:


#14

Then you were faster than me to understand this. It took @Frank around 4 posts to make me understand the concept and you only needed a Wikipedia entry :stuck_out_tongue_closed_eyes:


#15

I had to simplify all the “big words” but then it became clear why it’s obvious that selling As for Bs is not exactly the inverse of selling Bs for As


#16

alejandro.mery https://community.revolut.com/u/alejandro.mery
April 8

I had to simplify all the “big words” but then it became clear why it’s
obvious why the sell As for Bs is not exactly the inverse of selling Bs for
As