Card transaction limit.


#1

Hi, I am somewhat new to revolut but have a few good ways to reduce the fees I am incurring on my foreign currency transactions.
Yesterday I attempted to make my largest transaction by using the card To pay for a holiday rental on airbnb for a group of us. The total transaction was close to €7k.
This was rejected and the support team said this breaches the limit. I don’t understand how there can be a limit? I am pretending you by transferring the cash before I transact so there is no credit risk. There is no kyc or money laundering issues as you have my p60 and all my bank account details. So I don’t understand why you would cap the transaction limit on a prefunded transaction. Although you claim to provide interbank fees on my math there is a small spread (which I am fine with) so why are you capping out your own business?? In the meantime it cost us an extra £300 to book the holiday. So from my perspective you’ve shown me how much I can save. But then said I can’t use the card because of a limit which I don’t think should apply for a debit card?
You have a great product which I have mentioned to a umber of friends but this issue restricts your business growth which doesn’t make sense to me


#2

Sorry that should be prefunding.


#3

Out of interest, how much is the limit? Could you not make 2 or more smaller payments?

I will shortly be needing to pay a balance to HomeAway in USD and was planning to use Revolut…or maybe not.


#4

According to the FAQ’s “Card spending is limited to £30,000 or equivalent per year with a sublimit of £5,000 or equivalent per 96 hours meaning that you cannot exceed £5,000 or equivalent in card spending in a 96 hour period. Cash withdrawals from ATMs are limited to £2,000 or equivalent per day.


#5

@andrewv @ricky @badskittler Yes, that’s right. There is a sublimit of £5,000 or equivalent per 96 hours for the card spending!


#6

AirBnB don’t let you make multiple transactions to pay for the holiday. So I couldn’t get around it unfortunately. Was cheaper to pay AirBNB than pay my credit card company to do the fx.
If you can process multiple transactions under the limit that would work. Although form a workflow perspective it’s obviously a bit messy.


#7

But why do you have that limit when you have no risk?


#8

@andrewv Unfortunately this is the limit set by our payment processor. Sorry for any inconvenience!


#9

That’s a shame. It seems to me they are undermining you. Does my cash actually hit your account instantly or does it take a few days to clear and therefore technically you are taking some credit risk?
You have a great product and I really want this to work but your getting blocked out of the biggest transactions which doesn’t make sense.


#10

@andrewv I understand, unfortunately we have to abide by the regulations set by our payment processor. However as we continue to grow we are working on implementing changes, so perhaps this will be adjusted!


#11

Totally agree, I’ve encountered the same issue this week when arranging to buy a car in the UK (~£12k). My plan now is to use multiple cards (my Revolut, my wife’s Revolut, and a prepaid sterling debit). It’s silly because Revolut has just lost out on the FX fee I would have been happy to pay (i.e. the 0.5% for the amount above the monthly fx limit) plus whatever cut they would have got from the portion that I can’t pay with Revolut.

Sounds like a new deal needs to be struck with the payment processor. Revolut you’re losing out.


#12

Am I the only one that understands the restriction? Financial institutes are required to protect themselves from use of their facilities for criminal purposes. It has nothing to do with maximising profits. In fact the reason such regulations are in place is because insufficient care has been taken in the past. A classic use of such facilities is to go abroad, buy a consumer product which is difficult to obtain in your own Country, import it and then sell it on. The limits set are a calculation of the extent to which they feel able to defend to the regulator that the risk they are taking is adequately measured against any action that may be taken against them if they have not got the balance right. Your intended transaction and published method of circumventing the restrictions must ring loads of alarms bells.


#13

i work in a financial services business. This is a self imposed constraint. Revolut is fully electronic so 100% of transactions are traceable by the fca. Your example is what most trading businesses do everyday so that wouldn’t be cause for concern. The overdraft facility on my debit card with HSBC is larger than the revoluts limit. So this not a money laundering question. This is a genuine self imposed cap by their provider. My bet is that once they become an issuer on their own right this cap will disappear should certain criteria be met.


#14

Hang on a second. Both Ireland and the UK are in the EU (for now). The car I hope to buy is 3 years old, its VAT has already been paid. If I decide to buy it and bring it home, I’ll also be forced to pay a 15%-23% VRT “Vehicle Registration Tax” on the open market selling price as estimated by Irish Revenue. I don’t believe anything about the plan is shady at all (except the existence of the Irish VRT, which itself is questionably legal under EU single market policies). Whether or not I intend to sell the car in the near future (which I don’t) seems irrelevant since all taxes will have been paid at every stage.

It’s only these nonsense limits that have forced me to split my legitimate transaction over three debit cards. I should also mention that since I posted here someone informed me that there is at least one other online service which offers a UK based account with a debit card that has a £40k transaction limit. It would have been brilliant if I knew that this time last week :frowning:


#15

Who’s the competitor?


#16

The other service I’m referring to does not offer the same set of services as Revolut, and although it would have been ideal for my needs on this very specific occasion, it’s not a service I’d generally need.

I won’t name them here as a courtesy to Revolut, who I hope will do something to facilitate temporary limit increases at some point in the future.


#17

Does this 5000 / 96 hour restriction apply to Premium card? I too need to pay some large hotel bills…


#18

Yup, same scenario for Premium users as well.


#19

Hi just wondering is there a transaction fee for just purchasing something in a shop?