Fair Usage Policy Update


#64

It’s a shame for new customer !

Here in France, i read a lot of reviews (in French) from affiliates websites and they dont talk about 200 euros limit without fee at ATM. So, i take a card today…what a mistake ! 200 euros per month, it’s a joke. I’m sorry to said that i let my Revolut card in my pocket and dont’use it.

In same day you have won and you loose one customer (and maybe more).


#65

The Monzo card offers £1000 monthly ATM withdraw with no fees using Mastercard excange rate however Revolut with the interbank rate seems to be the most competitive on the market for any transaction and is my favourite card. From February I will have to consider to use both card combined reducing my spending on Revolut as after £200 ATM withdraws will probably be more convenient take cash with Monzo. Anyway keep an eye open over the market as in 2017 new products will come out with interesting features.


#66

I am also a bit disappointed by the lowering of the ATM withdrawals. Especially for traveling in Asia and other paper money area’s.
Dutch banks charge like €2,25 and 1-1.2% markup. So with say €300 i would resdy be cheaper using a dutch bank card.
Isn’t a small fixed fee with a lower markup feasible? I would alo prefer an annual limit instead of a monthly as some countries use CC more than others giving the user more flexibility.

Furthermore the given additional fee for spare cards, does this mean that every card gets a GBP 200 limit or only per account?
Cashback codes for referrals (and/or family members is appreciated).


#67

Hello,
Definitely agree with @Etienne, I would prefer an annual limit instead of a monthly. Revolut is becoming less interesting than what it used to be.

A free card for a new costumer with a referral code would be appreciated. I’d definitely incite my wife to get a Revolut account.


#68

I have to agree as well. The 200 monthly limit just makes the Revolut card less attractive comparing it to other cards maybe offering a slightly worse exchange rate (e.g. Mastercard rate) but no added fees. Also, there is the 0.5% increase on the exchange rate on the weekends as well with Revolut. I think these are small changes but added up they mean I would preferably use another card instead of my Revolut card. I have to say until now I am a very happy user of Revolut and probably saved a lot of money already and I was hoping to have a card for the future whit no fees being implemented at such a low limit. Maybe as others have suggested having a limit on the year might be a solution as most people will be spending some time in a country where they need a lot of ATM cash but then the next time might be in a country where purchases with card are just fine.


#69

I think that Revolut is great and enjoyed great service for over a year now. However I have also taken out a Monzo card for the same reasons.


#70

I just had a look at the Monzo card and have taken one out as well. I compared the exchange rates offered from my last holiday in Oman with the Mastercard exchange rates during that time period and found out that Mastercard was actually offering a better exchange rate throughout the whole time of my vacation then any Revolut gave me. This is kind of strange as you would think the interbank exchange rates should be better. And no, I am not talking on weekends.


#71

I have been looking at Monzo myself. ATM limits are per day/month/year £250/1000/3000 which might suit me better than :r: but who knows they might change this in future. No facility to exceed this though. The telephone support at 24/7/365 is definitely reassuring. They will manually reverse US restaurant double takes immediately on notification. They are crowdsourcing a list of overseas ATMs that work well with their card. Soon be offering current accounts as well. Combination of the two might well be a good idea for me.


#72

Reading the Monzo community pages the major complaint for their ATM limits is that £1000 per month is inadequate. Answered by - we’ll be looking to raise limits over the coming months.


#73

Well, I guess Monzo’s main focus is to provide a current account in the UK. A product meant to replace traditional bank accounts.

Revolut, on the other hand, targets travelers, not just UK residents, and is meant for holding, transferring and spending money in different currencies. Providing cash in one’s home country is probably not a priority.

(And I am pretty sure that Monzo can’t keep the product free as it is right now once their user numbers grow and people generate costs for them like it happened with Revolt and N26 – former Number 26.)


#74

The whole idea of these start ups is that cash is a thing of the past. I withdrew €50 last year, IN TOTAL in my home country.

Only for traveling to countries where cash is still necessary for taxis etc, you would need more. Revolut is no longer the one stop solution for those situations but be realistic, if you understand the costs ATMs charge, you know that every bank will have to lower free withdrawal limits. Once Monzo grows, those limits will go down. So hopping from one card to the other is useless.

My rule: payments with N26 (free payments like Revolut but no need to top up, your bank account balance is the limit and its covered when they go bankrupt).
Withdrawals when traveling outside of Euro area:
First (equivalent of) €200 with Revolut. When I need more: max (equivalent of) €285 per withdrawal with N26. When I need to withdraw more at once (I can’t imagine such a situation!) my home bank MasterCard (Dutch ING Bank, they charge 1%+€2 which makes them cheaper than N26 for withdrawals above €285).


#75

Also consider Curve. Free ATM withdrawal up to £200. MasterCard rate + 1% for withdrawals and payments in a currency different from your home one.


#76

I tried Curve but it had no advantages over a combination of Revolut and N26. For my situation, Revolut is by far the best for acquiring funds from the USA. I move funds from my Capital One 360 (USA) account, using MasterCard to convert to Euros/GBP, always using Apple Pay for additional security. These parts form an unbeatable process for quickly moving USD to Euros/GBP. That said, I use N26 Black as my primary banking card. I’m happy to pay them 6 Euros/month for the additional features of the Black card. If Revolt Premium offers a higher ATM withdrawal limit, IBANs and competitive fee, it may well become my primary card again.

That said, always have backup spending and top up cards. The FinTech experience doesn’t always go smoothly.


#77

@bsalita, Uphold could be interesting for you then. They now allow funding from US accounts for EU residents. I depends on how much USD you exchange, I guess, I haven’t compared Uphold’s exchange fees to Revolut ones. It’s not as quick, though.


#78

Yes, Uphold is interesting. I’m actually an Uphold user. As you say, Uphold is not quick, in fact it’s the slowest of any service I’ve evaluated. I can’t think of any use case, other than non-fiat assets, that makes it in any way better than Revolut. Actually, it might be a good alternative for people who aren’t eligible for Revout (EU), N26 (EU), situationally Capital One 360 (USA), or Schwab Bank (USA).


#79

€50 cash in a year is a joke! Arrived home from Croatia on Tuesday and cash only transactions - taxi from station to home £38, next day £139 for cattery, Friday bar with mates another £14. So unavoidable £191 in only 4 days. Do the maths yourself for a year.


#80

No its the actual truth, not a joke.
Where I live, you don’t need cash. I needed cash only twice last year in my home country.

So there you go. A clear target audience for Revolut for people that don’t care much about cash, only when traveling through countries where you cannot get by without cash.

Go try and find a cab that doesn’t accept card in Amsterdam. You won’t find any.
Go to London and try to find a cab that does accept card, it will be very difficult. Hence my point. Cash is something of the past. It’s too expensive but unfortunately necessary in some countries. Revolut does not necessarily has to solve this to become successful.


#81

The good think of Revolut, is that is creating/incentivizing a 0% ATM fees competition. By being in the market, Revolut is incentivizing the other cards to come down with their costs.
Revolut will last just the time the other cards will lower their fees to match Revolut fees.


#82

It’s pretty clear that Revolut doesn’t like the no-fee ATM business. They’re still the king of currency exchange methods.


#83

not sure it is a matter of what they are king of, as this last the time that the others will adjust them-self for not allowing Revolut a growing market share. Enjoy free Revolut as much as you can now…as there is NOT free lunch out there :slight_smile: