Fair Usage Policy Update


#84

I agree with the competition part, it’s good that Revolut exists.

Regarding how long it will last, I believe it will depend on how (or if) they can monetize the transfer business, they are the best company around for moving money between two countries in Europe. Hard to monetize bank transfers though, so I’m not entirely hopeful. Or maybe they actually will be able to undercut traditional banks, who knows.

It is indeed good that they exist!


#85

While I can understand the reduced the atm free usage as it is not a very profitable type of transaction, however i see it as unfair that users who have a high level of POS transactions should have the same level as low POS users or as the user’s who only suck out on ATM… a much fairer way would be that the free ATM limit should increase in line with higher POS usage and this would also keep the high spending (profitable) customers loyal.


#86

Well @MoMo, I get your point and I find your idea of a “loyalty program” appealing, but I still think Revolut’s model is a fair one.

For ages, banking was (and still is) more expensive for people with less money. Of course, banks do profit more from the rich, they spend more with their cards (interbank fees), they invest and borrow more money. So banks used to cross-subsidize costs, like fees for credit cards, expenses for customer loyalty programs, and ATM withdrawal costs.

I do like Resolut’s approach were fees are related to usage. If one doesn’t use it, one doesn’t pay for it. I would consider this more fair, or more “democratic”.


#87

Fully agree with MoMo. A more expense with the card should raise the ATM limit. It is not fair that the one who only uses this card for ATMs, has the same limit as the one that we are the card for all payments


#88

…it does exist… Spanish bank Evo Banco offers a debit card with free ATM withdrawal worldwide… and it works…


#89

Hi Joseph, sorry for off-topic but how ended up the 900 EUR discrepancy on your account? The thread is locked without any further explanation. Thanks


#90

They had a bug in their application. When I downloaded the statements,
both PDF and Excel the list of transaction was incomplete. The statement
was saying I had more money than shown in the app.

Please note that the discrepancy was not due to reconciliation but to a
but . When I extracted the statement the statement did not include
transactions 2-3 months old.

The biggest problem, was the level f professionalism of Revolut staff
and the lack of clarity in the process of raising a complaint or
escalating to an higher level.


#91

I have had a look at my 100 latest non-GBP transactions with Revolut and the Revolut rates were only 0.42% better on average than the Mastercard rates. If one spends £10,000 on holidays a year (which is quite a generous guesstimate), this is an average benefit of £42 compared to my Halifax Clarity, for example, so not a big deal, really. Pulling off cash from my credit card costs me nothing (or nigh on nothing) provided I repay the same or the following day. Therefore, the only real benefit of Revolut remains its GBP-EUR-USD currency conversion functionality which is indeed a unique proposition on the market but is it enough to keep the customers happy given all of the other inconveniences of the card (the obscure weekend markups, more frequent withdrawal/transaction rejections compared to credit cards, inability to pay at toll booths / unmanned pump stations / in-flight stores, double charges for a pre-authorisation and a final settlement, slow non-24/7 customer support etc.)?


#92

Well, most people don’t have a Clarity card, so you’re comparing the Revolut “interbank” rate with the best available MasterCard rate which is generally considered to be virtually the same as the “interbank”. The fact that Revolut beats it on average is encouraging, but note that if you are doing transactions at the weekend, you won’t beat it because Revolut charge 1% on the exchange rate at weekends. Overall, for most people, Revolut will be much much cheaper than trying to use their Barclaycard or Lloyds debit card abroad… Lloyds are particularly vicious, charging a terrible exchange rate a withdrawal fee for cash AND a £1 per use fee. It’s a ripoff.


#93

I believe it is 0.5% markup on weekends.


#94

Ah yes, sorry, I meant 1% spread.


#95

Frank, the issue is not Less or More Money and true nobody should subsidies anyone’s usage. The ATM usage is not a profitable activity for Revolut but a way of inducing users, POS and currency activity is, so here I am using my card to the extent that in just over 4 Month I have reached my limit (£25k but I will not bother to verify SOF since I am moving on from Revolut anyway) , I am therefore a balanced profitable user but I still get the same ATM usage as the user on whom Revolut lose money, so it is essentially me who is cross-subsidize the users that Revolut is losing money on, but still trying to keep as my guess is its monetizing model is a “users” number game.

My guess is that originally the monetizing model was like most start-ups, to get as many users as possible without any consideration for costs/profitability, its only once they tried to get FCA approved that they had to show the model makes sense without the reliance on a balloon exit plan, hence all the subsequent hike’s in the “Fair/unfair usage policy”.

But hay I made my choice as a consumer and voted with my legs, I moved on to a company that its business model is actually consumer profitability orientated and not just trying to monetize by trying to have as many “users” as possible and with a total disregards to service; by the look of things Revolut is just filling its customer support with unskilled workers (read foreign minimum wage) and bots!!!

As you can see I am very frustrated with Revolut, this frustration only partly relates to its total disregard for a fair policy and its willingness to address it in an open way, the main element of my frustration is that for the last few month my statements are not showing the foreign currency exchange rate of my transactions, I contacted support nearly 2 month ago and other then repeated promises to resolve it nothing has been changed. I as well have 2 transactions from mid-October that are still showing as pending and this causing since then a mismatch between my statement balance and app balance, again other than promises to resolve this nothing has changed.

Sorry for going off topic and taking out my frustration in this replay but since Revolut support seem to be incompetent in resolving issues I have given up on continues chasing them, I had to get it all off my chest before moving on to a company that is actually competent and cares for its customers.

Arrivederci Revolut it was turbulent knowing you!!!


#96

Hi @MoMo,

Let me express our apologies for any negative experience you may have had using our services.

We’ll get in touch via a direct message here. We would like to investigate what’s happened with our support team and solve any issue.

Best,

Andreas K.


#97

I feel, given the visibility of @MoMo’s comment that, whilst it is correct for the conversation to be conducted in private as there are some details that are not for public discourse, leaving it at that simply supports the view that you’re not open with your customers. There should be a follow-up to this, and other threads where the conversation is taken private.


#98

@chrissedoff the reason why I have asked him to get in touch directly is because we would like to investigate what was going on with his account.
If users facing an issue the first thing we do is to get in touch directly so we can locate their accounts, and sort any issue may have. However, we’re always coming back, if the the issue allows us to provide further public clarification.


#99

Err yes. Think they’ll stick around forever if they don’t? …


#100

Hmmm would it maybe possible to share a short summary? I know that something like that is hard to do without providing personal details. But I guess there are some (potential) users who don’t like the bad aftertaste of such postings.
Deleting them is also not an option as that would create a sh*t storm for sure and give the impression of censorship.


#101

May I please get the official statement on what is “or currency equivalent” in regards to the 200 GBP atm withdrawal monthly limit?
Does that mean 200 EUR and 200 USD or it means the converted amount e.g. 230 EUR?


#102

According to a chat with support, I believe it is 200 of any USD/GBP/EUR - and in total too.

So, if you are in the UK and take out 50GBP, and then travel to the EU zone and take out 50Euro and then fly to USA you can take out another 100USD - so a total of 200. Is this correct @AndreasK @revolut?

I guess if it’s not USD/GBP/EUR then the it would be the 200 equivalent of your base currency.


#103

Hey…I asked a similar question to the in-app chat support and this is what they responded: