Help A Newbie Out Please


#1

So got my card and used it successfully in Spain and Greece this last month. But I have a couple of questions that FAQ didn’t answer nor support.

I’m what situation would you use the exchange function ? So I understand you see a good rate in Revolut and I can exchange the £ in my account to preferred currency … however how would you utilise that exchanged cash ? Thanks for an insight

The £200 or equivalent rate in currency withdrawal limit per month … is that a PCM or an actual month ? i.e. If I was away at the end of May beginning of June can I withdraw on May 29th & again on 1st May ?

Thanks in advance


Exchanging money in the app
#2

Hi! I usually use the exchange feature for getting USD after topping up in EUR or GBP, as there is a fee for directly topping up in USD :slight_smile:
The ATM withdrawal limit resets after a calendar month, so on the 1st of every month


#3

Thanks that’s really good to know re the 1st of the month. Excellent news.

I’m hoping some others will advise re the exchange function… I can see why you would do what you do albeit not an issue for me
Thanks for your help


#4

Actually I thought so too, as the ATM limit was reset each calendar month when I joined, but my free ATM limit now gets reset every 29th of the month (the day I became a Revolut user). Talked to support twice and both times they confirmed Revolut altered its policy and that these limits would be reset on the day a user joined Revolut.


#5

Hi @Sapphire, one could use the FX feature to avoid weekend markups: no exchange, no exchange “fees”. One could also, like with all foreign exchange accounts, try to profit from currency fluctuations. As a form of investment or when you think now is a better rate than it will be when you are actually going to travel sometimes in the future.


#6

Given the limit on ATM usage, the converted currency has more utility when spent via a card transaction, rather chip and pin or contactless.

You can effectively lock in a favourable rate for use later and you can do so up to your top up limit I assume. That way you’re able to accumulate a wallet (although right now that only applies to the three base currencies).


#7

Yes, that is how I would understand it. (But mind that there is a monthly limit for free exchanges.)


#8

Thanks for the replies… so now I’m wondering about the pcm reset date for using an ATM

So if I have it right, if I exchanged some GBP to Euros at a good rate … does the card use that euro balance when I pay using the card as oppose to that days rate ? And/or when I withdrew from an ATM ?


#9

Hey @Sapphire, this is explained in the FAQs. Or search this forum and enjoy some of the old threads to get familiar with the product.

Like this: