-1) Account-related:
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Topping Up:
How to top-up in the app:
How to add a new top-up method?
Users should not be topping up with too many payment methods.
Tomorrow I have top up my account with 3 differents cards (mine, my father’s and my mother’s card) because I needed to have enough money to pay my rent. I know now it is a very bad solution!
Because now my account is blocked and I can’t use my revolut card.
-Users should not use 1 single payment method with multiple Revolut accounts: _https://community.revolut.com/t/account-blocked-i-top-up-two-revolut-card-with-the-same-prepaid-card/10686/2_ -Virtual card top-up method unsupported: _https://community.revolut.com/t/top-up-from-virtual-card-questions/12540/4_ -Reasons why a top-up has been declined: _https://community.revolut.com/t/please-close-up-and-go-away/12921/9_ -How to verify your top-up method: _https://community.revolut.com/t/verifying-the-card/12932/2_ -Why debit cards used for topping up need to be verified: _https://community.revolut.com/t/verify-debit-card/3712/3_
Country/Bank-related Top-up Advice/Issues:
Account Top-up Limits: -What the top-up limits are: _https://community.revolut.com/t/revolut-offshore-policy-and-money-laundering/2088/7_ -Why verification for top-ups beyond the limit is necessary: _https://community.revolut.com/t/verify-income-source/3211/3_
Initial daily top-up limits for new users?
For newly added cards, most of our users will have a top-up limit between £1000-£3000 (or currency equivalent) per 24 hours. Some users may find they have a lower daily limit to begin with, however, your daily top-up limits will increase over time. We suggest:
Try and top-up your desired amount. If the amount is over your top-up allowance, you will receive a pop up message notifying you of the daily limit for that card and how much you can top-up today. If you wish to top-up more than your daily limit, you can use another debit or credit card, alternatively top-up via bank transfer. Unfortunately for security reasons we cannot provide the specific details around how your top-up limits are calculated.
-Top-up limits for new accounts increasing over time: _https://community.revolut.com/t/topping-up-limit/13283/6_ -How yearly top-up limits can be increased: _https://community.revolut.com/t/id-checks-compared-to-high-street-banks/13142/2_ -Verification for sole traders: _https://community.revolut.com/t/verification-of-source-of-funds-for-annual-top-up-limit/13325/4_
KYC/Identity Verification:
How do you verify your account?
Why it is required?
What documents are required:
Electronic identity verification:
In order to be able to use Revolut, you need to verify your account. This policy is in line with a UK banking regulation called 'Know your Customer’ (KYC) and is the process of a business verifying the identity of its clients. It is simply an anti-corruption and fraud measure.
However, some UK users won’t need to verify their identity, as we’ll do it electronically behind the scenes. UK users should try and top-up their Revolut account with a debit card first.
If we can’t verify your identity electronically, you will be prompted to do the following:
Go to the ‘More’ section of our app, tap ‘Profile’ and then ‘Verification & limits’. You will be need to take a photo of a valid government issued photo ID and a photo of your face. We may request a copy of your legal right to remain (e.g. visa, residence permit) if you provide a passport issued in a country outside of the European Union.
Phone camera quality issues, need alternative way to upload documents:
Uploading images in chat:
Customer Support: -Contacting Revolut via Twitter or Facebook: _https://community.revolut.com/t/in-app-support-chat/349/30_ -Contacting a customer support agent via live chat: _https://community.revolut.com/t/talking-to-a-human/4254/2_ -Sending a Direct Message to a Revolut staff member on this forum board: _https://community.revolut.com/t/account-blocked-chat-not-responding-for-14hours/12438/6_ -New forum user, cannot find Direct Message button: _https://community.revolut.com/t/card-not-working-on-transport-for-london-tfl/13128/7_ -Receiving a Direct Message from a Revolut staff member on this forum board: _https://community.revolut.com/t/cant-register-on-the-app/13170/6_ -How do I know if I am speaking to a :R: employee on this forum?: _https://community.revolut.com/t/are-revolut-ibans-working/13290/8_ -Customer support operating hours: _https://community.revolut.com/t/sudden-cut-off-from-support-at-18-00/13254/5_ -Non-Premium customer support operating hours as UKT, rather than GMT/BST: _https://community.revolut.com/t/chat-line-down/12952/4_ -Contacting customer service when logged out (e.g. Lost phone): _https://community.revolut.com/t/lost-sim-cant-log-in-no-more-money/5737/4_ -Disabling card using the phone hotline: _https://community.revolut.com/t/sudden-cut-off-from-support-at-18-00/13254/4_
Phone-related:
Direct links for downloading the Revolut app
Changing phone number.
Go to the ‘More’ section of our app, tap ‘Profile’ and then ‘Personal details’. You can edit your mobile number here. Then, you should log out via the bottom of the ‘Profile’ page and log back in with your new number to verify it.
If you cannot access the app as you need a 6-digit verification code message, please attempt to log in with your old mobile number and then select the option ‘I haven’t Received Code’ to speak to our in-app support.
Switching to a new phone
If you still have access to your SIM card (or a new one with the same phone number), you just need to log back in normally after downloading the :r: app
Else, you have 3 options to contact support and get this fixed, as they can change your phone number:
Contact support and wait
Head to Twitterhttps://twitter.com/Revolutapp
Invoke the omnipotent @anon33247966
And he will (surely) do his administrative magic
Using Revolut on multiple phones?
Different number whilst using Revolut abroad?
Yes but you need to keep in mind that if you log out and need to log back in, you’ll need to receive a SMS message (A numeric code that you need to enter into the Revolut app.).
As long as you don’t log out (Under normal circumstances you don’t log out unless you manually decide to do it, or uninstall the app.).
This might be a challenge as you won’t be able to receive the text message.
Some carriers (Three has http://www.three.co.uk/feel-at-home. ) have schemes where you can use your existing data plan and your existing number in countries outside the UK (e.g. US, Hong Kong, EU, …).
As long as you can receive inbound SMS messages (Revolut --Verification code–> Your phone.), that’ll be fine.
Biometrics (Finger-print login) disabled on Android?
Profile-related:
Changing incorrectly-entered name
It should be possible to switch the order of your name if it was entered by accident. However, you cannot manually do this in the app in the ‘profile’ area.
Therefore, you should talk to Revolut’s customer support staff and they can help you accordingly. Type ‘live agent’ in the support to bypass RITA and talk to someone directly.
Changing address
Fund Safety:
US-only (FBAR): Where are customer funds stored?
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-2) Currency Accounts and Currency Exchange:
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Currency Basics:
Introduction to how exchange rates work:
Currency account basics:
If you receive a payment in Euros to your via your personal EUR IBAN, then the monies received would remain in Euro.
There will be no currency exchange or conversion involved.
Exchange Rate Impact on Amount Received:
You can however, exchange (convert) the Euros received into the Pound Sterling.
If the pound strengthens, then the amount of GBP that you will receive after converting from EUR will decrease.
If the pound depreciates, then the amount of GBP that you will receive after converting from EUR will increase.
Worked examples:
£1:€1.1
£1:€1.2
€1:2:£1
€1.1:£1
If the GBP:EUR rate changes from its current 1:1.14 to 1:1.3, the pound will have strengthened.
For every £1 that you hold, you can exchange it for €1.30. To acquire £1, you will need to exchange €1.30.
Contrast this with:
If the GBP:EUR rate changes from a theoretical rate of 1:1.3 to 1:1.14, the pound will have weakened.
For every £1 that you hold, you can exchange it for €1.13, which is a decrease from the previous amount of €1.30. To acquire £1, you will now only need to exchange €1.13, as opposed to the previous amount of €1.30.
If you are exchanging Euros for the Pound Sterling, you will be buying Pound Sterling in exchange for Euros.
GBP:EUR and EUR:GBP are related to the same currency relationship. It doesn’t really matter which one you pick (I personally prefer GBP:EUR and USD:GBP, but that’s besides the point.) since you can use multiplication and division to calculate the amount.
Therefore if you’re converting to EUR from GBP, you would use multiplication using the GBP:EUR rate. Conversely, if you’re converting from EUR to GBP, you would use division using the GBP:EUR rate.
If you’re not too keen on the mathematics, I highly recommend using Revolut’s built-in converter .
Getting to Revolut’s Built-in Converter:
Demonstration of the Converter:
Yes.
If you strip away the ‘1:’ part and just imagine the number on the right of the colon (e.g. ‘1.3’ from £1:€13.), and use that to compare, you can see whether it has strengthened or weakened.
Original: 1.13 (£1:€1.13).
If the number is bigger than the previous number, then it’s strengthened, and if it’s smaller, than the base currency (GBP) has weakened.
1.30 is greater than 1.13, which means you get more than before. Therefore, strengthened.
If it drops to 1.05 from 1.13, then it means that you get less then before. Therefore, weakened.
Yep.
Foreign exchange markets (The global markets for currencies, essentially.) are notoriously complex and volatile.
Theoretically yes, it’s better to exchange from the Euro to the Pound if the pound is weak (You buy more pound sterling with every euro.), and vice versa (Buying Euros/Dollars if the pound is strong.), but it’s really hard to give advice as to how the pound sterling will perform today, tomorrow, next month, and the next year.
This thread might be of interest:
FX/Currencies General Discussion
Currency Accounts:
Activating/deactivating currencies:
What currency is used when spending with the debit card?
The item was priced in USD and I could have cover the entire amount with my account balance. Your reply was really useful as I was able to reactivate my US dollar account!
Does it mean that if I don’t want to pay in GBP for example, I just have to deactivate the GBP account? That would be wonderful as some merchants try to charge me in GBP when they “detect” the origin of my debit card.
As far as I am aware, Revolut, in relation to the debit card–currency account feature, works as follows:
Assuming that your base currency is GBP…
-A GBP transaction: GBP taken out of GBP currency account.A USD transaction, $0 balance in USD: USD amount taken out of GBP (base) currency account at the spot interbank FX rate (*Weekend markup, illiquid currencies markup.).A USD transaction, sufficient balance in USD: USD amount taken out of USD currency account.A USD transaction, insufficient balance in USD: USD amount taken out of GBP (base) currency account at the spot interbank FX rate (*Weekend markup, illiquid currencies markup.). At the current time, transactions cannot be split whereby the remaining balance is taken out of the USD currency account, and the remaining sum to be paid is taken from your base currency.A GBP transaction (base currency), insufficient balance in GBP: GBP amount taken out of the currency account with the highest balance (e.g. USD currency account if you have £0 in your base currency and the USD currency account has the highest balance.), and converted to GBP at the spot interbank FX rate.
I am unsure as to whether you can deactivate your base currency.
Merchants (with physical payment terminals.) should give you the option to pay in the currency originally charged.
When you are paying (either with contactless or chip-and-pin.), double-check to see whether they are applying the correct setting to the payments terminal.
The practice for charging in your base currency (Therefore merchant converting at an uncompetitive FX rate and therefore incurring significantly higher price for the consumer.) is called ‘direct currency conversion’ (Dynamic currency conversion - Wikipedia ).
There’s a big thread talking about the topic of DCC.
Option to disable GBP transactions to block dynamic currency conversion
Why is XYZ currency not available yet?
If Revolut does not have a wallets for the national currencies of the EEA countries (such as CZK, DKK, HUF, NOK, RON, SEK, etc.) to make economic use in these countries, Revolut will be just a “toy” suitable for tourists
It takes time for the operational and financial regulatory aspects to be set up for every single currency.
They don’t appear to be resting on their laurels, and have product expansions planned in their product timelines, both in terms of geographic locations that they will be servicing (US, Australia, Singapore and South Africa), and also in terms of new currencies supported for their currency account function.
Compliance with both the national (e.g. FCA, PRA.) and intergovernmental regulatory agencies (e.g. ESMA, …) takes time.
http://news.revolut.com/post/160838103397/polish-zloty-and-swiss-franc-have-landed
UK Non-domicile Tax Status: Are funds held in the UK?
IBANs are provided by the central bank of Lithuania whilst their money is held in a U.K. Account through Lloyds
Currency Exchange: -What is currency exchange?: _https://community.revolut.com/t/exchange-or-purchase-question/12930/2_ -Better to Exchange Currency Beforehand or Pay on Purchase?: _https://community.revolut.com/t/using-your-card-abroad/12633/4_ -Fee-free Currency Exchange quota per month?: _https://community.revolut.com/t/convert-foreign-currency-back-to-base-currency/12790/2_ -What is the weekend exchange rate mark-up?: _https://community.revolut.com/t/weekend-exchange-rate-surcharge-clarification/4483/9_ -Why the weekend FX rate mark-up exists: _https://community.revolut.com/t/exchange-rates/5515/12_ -Why is there a difference between the mid-market rate and the Revolut rate?: _https://community.revolut.com/t/exchange-rates/5515/18_
Currency Converter tool:
Deleting a currency pair:
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-3) Debit Card/Payments-related
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Physical Debit Cards: -Each debit card will be unique and have its own card number: _https://community.revolut.com/t/second-card-same-16-digit-number/13311/2_ -Deleted a debit card by accident: _https://community.revolut.com/t/terminated-card-support-able-to-activate-it-again/13135/4_ -Ordering a replacement card: _https://community.revolut.com/t/replacing-lost-card-abroad/13296/2_ -Are toll both/automatic petrol pump transactions unsupported?: _https://community.revolut.com/t/first-use-france-feedback/11743/2_ -Why are offline transactions (Toll booth, auto-petro pumps, in-flight purchases.) declined?: _https://community.revolut.com/t/non-present-transactions/652/39_
Delivery Fees (Physical cards):
What are the physical card delivery fees?
Why a delivery fee is charged for debit cards.
Hi Caprotti, the trouble was we were seeing lots of users order their physical card, but then never use it. That was causing two problems: the first was the expense (it’s not just the delivery, its the card manufacturing cost too), and the second is that it meant that often people who really did want a card were not getting them as fast as they should, because valuable capacity was being taken up by people who were never going to use their card anyway.
If you multiply this problem a few thousand times a day (our current rate of sign ups) it quickly becomes quite big.
Pretty much as soon as you use your Revolut card, you will have already made this money back in savings, and having the charge means that people will only order the card when they actually want it, which will allow us to improve delivery times, and also offer savings and new features elsewhere as we aren’t having to print a card when someone doesn’t really want it.
Hopefully everybody wins here, and as always, we have some awesome new features coming your way soon
Pin Codes (Physical Cards):
How do I change the PIN code for my debit card?
How should I manage my PIN codes?
Consider getting a password manager for storing passwords/PIN codes, and generating unique passwords/PIN codes for each website/app/‘neobank’.
Some solutions are as follows:
Virtual Debit Cards: -Differences between virtual cards and physical debit cards?: _https://community.revolut.com/t/virtual-card-a-physical-card-differences/12449/2_ -Why a fee is charged for virtual cards: _https://community.revolut.com/t/request-free-virtual-spare-cards/3657/32_
Card Transactions:
How do I un-hide previously hidden transactions?
What is the yearly spending limit for debit cards?
ATM Withdrawals:
Why is there a monthly quota for fee-free ATM withdrawals?
ATM fees have to be paid by the retail banks who issue the credit/debit cards when you withdraw from the ATM.
The retail banks only get a fee when you use the card in a transaction at a payment terminal.
Fair usage implies that it is a reasonable limit, in the sense that the retail bank will have to bear the cost of a customer using the ATM. An excessive amount of withdrawing would lead to disproportionate costs.
The main reason why the main retail banks (at least in the UK) appear to not have this limit, is because they either own the ATM machines themselves, or they subsidise the current account and recoup this via higher fees for currency accounts (Poor FX rate+commission) and other retail financial products.
ATM declined transaction, but funds removed from balance?
The transaction is pending at the moment which means that the merchant has not either collected the funds nor declined the transaction.
There are 2 possible scenarios now: either they will realise the error and decline it , or they will not realise the error and will settle the transaction.
When that happens, you will be able to see that the transaction no longer appears in grey in your transaction history on the app. Then you can just let us know and we will be able to raise a chargeback on your behalf to recoup the funds.
How do I recategorise cash transactions with another category?
Apple Pay: _Apple Pay support
Country-related/Merchant-specific Advice/Issues: -United Kingdom:
TfL/London Underground
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-4) IBANs/Transfers-related
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Personal GBP Current Account (Sort code, account number):
Personal EUR IBAN:
How to find IBAN address?
two ways:
First way
Click the settings icon on the top-left part of the app
Click the currency you want
Second way
Click the Top-up button
Click Bank account
Choose your currency
To make a bank transfer
Click Transactions (the purple bottom in the middle-down part)
Click Send
Click To Bank Account
-Sending SEPA payments: _https://community.revolut.com/t/best-way-to-send-sepa-payment/13269/4_
Personal USD ACH/ABA number: -Does the US use IBANs?: _https://community.revolut.com/t/revolut-has-landed-in-the-usa/12406/10_
International Transfers in General: -How do non-personal IBANs work, and what are the limitations?: _https://community.revolut.com/t/depositing-in-aud-cny-etc-into-revolut/12450/2_
Country/Bank-related Transfer Advice/Issues: -Europe: –France: —Crédit Agricole: _https://community.revolut.com/t/add-revolut-account-to-paypal/12219/22_ –Greece: —National Bank of Greece: _https://community.revolut.com/t/nikolaos-kordis/10843/4_ –Belgium: —ING Belgium: _https://community.revolut.com/t/transfered-euros-from-belgium-ing-account-to-local-revolut-euro-account-will-it-work/12812/2_ -US: –Charles Schwab’s brokerage: _https://community.revolut.com/t/usd-wire-transfer-from-schwab-brokerage-account/4449_ -Canada: –TD Canada Trust Bank: _https://community.revolut.com/t/how-to-transfer-cad-to-td-canada-trust-bank/5823/11_
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-5) Revolut Premium
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Premium Plan-related:
Can I get a Premium card by signing up and then cancel my free trial?
All of :r: cards are contactless and both the standard and the premium will work with the premium account. No real difference apart from the exclusive design.
Correct. The loophole would be sending free expedited cards with a free trial that people could cancel freely: everyone would subscribe to the trial and then cancel to get the free shipping
Keep in mind the premium card, according to the TOS, will stop working if the premium status is lost
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-6) Revolut Credit, Revolut Insurance & Revolut Wealth
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Revolut-to-Revolut user transfer (P2P):
How long does a Revolut user to Revolut user transfer take?
Minimum amount for a Revolut user-to-user transfer?
Revolut Credit:
Revolut Insurance:
Revolut Wealth:
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-7) Revolut for Business
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Onboarding:
Differences between Revolut Premium and Revolut for Business?
In summary:
Should sole traders use Revolut for Business or opt for the consumer product?
I’ve got no experience with using Revolut for Business apart from reading about it, but as far as I am aware, the only features that differentiates Business from Premium are:
-Multi-user accounts with multi-user debit card issuance.
-Web-interface *:
A web portal is currently available for Revolut for Business users.
I’ve made some speculation as to why the web interface has been prioritised for business, rather than being released first for the consumer-end.
Firstly, because it is an absolutely essential function of ‘Revolut for Business’ (whereas for the end-user/customer, the mobile app will suffice for now.).
Secondly, due to the operational requirements (Whilst the customers have been beta-testing, in a sense, the Revolut platform and the app, for Revolut for Business users, on the other hand, the feedback gained from Revolut for Business users will eventually filter down to the web-based product for the end users.).
-Open-API **:
No public announcements at the moment, but I would expect, in addition to partnering with other financial institutions to supply auxiliary services (Zurich for Revolut Premium’s global travel health insurance, Lending Works for Revolut Credit, …), for Revolut to extend the open API and allow all financial institutions to offer their financial products (From overdrafts to mortgages to high-yield bonds.), and service providers (Xero for accounting, …).
Debit Cards:
Spending limits can be imposed on debit cards.
All employee cards are connected to the single Revolut bank account.
You can control their cards, by imposing limits to their spend and freezing cards.
Currency Accounts & Currency Exchange:
Open API & Third-party Integrations:
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Super helpful @capital ! Thank soooo much, much appreciated.
I will definitely share it with the team!
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