How to set base currency?


#81

What’s exactly the problem? You can exchange, hold and use EUR in the app, and if you’re paying with Revolut in EUR, it will use a EUR balance when funds are sufficient. How would you profit from EUR as base currency?


#82

The descriptions of your own accounts may be misleading,
Says Ron even for my eur account,
Topping from it works fine though,
ING eur to revolut eur.


#83

Oh it seems we have different issues, i read your post wrong. Sry.


#84

As I mentioned I wanted my Revolut card to be an EUR card + other currencies but, 2 examples:

  1. When I tried to withdraw money from an ING-customer-locked EUR ATM it detected my revolut card as a RON card. I already have 2 RON debit cards on 2 banks I don’t need a 3rd.

  2. When I tried to withdraw the amount of money from the EURONET ATM, the DCC popped up asking me if I want to buy GBP with RON (the local currency) so it can provide EUR cash. So it is a cascade exchange that of course it doesn’t benefit me.

Funny part was that I had enough EUR on my revolut account for the withdrawal and not enough RON to make the DCC RON-GBP exchange and the app got a prompt that i don’t have enough RON for the ATM transaction altho I specifically pressed cancel when the DCC popped up.

That is why I thought that it might be better for me to have an EUR base currency card from revolut that I can top up with RON or EUR or any other currency. Somehow topping up is never a problem but when trying to get the cash out something comes along

P.S. Sry for the long post.


#85

I see.

I’m just making assumptions here but I am not sure if EUR base currency would help you at all.

Let’s see if I understand this correctly. It is correct that the ATM assumes your card is GBP. It does so because it is a UK issued card. So if you’re trying to withdraw EUR, the ATM is going to ask you if it should make the transaction in GBP instead. That would be DCC as we know it.

What I find mysterious is that RON appears in this calculation. Technically, I don’t think that there is any communication at all between the ATM and your Revolut account where the ATM could fetch your base currency. Merchants can use AVS (address verification system, that’s a service the payment network providers offer) to check a customer’s billing address. But I have never heard that an ATM would do that.

In principle, cards can be configured with an app currency code besides the country code. But I haven’t seen this very often and I would be surprised if Revolut would configure cards for customers in non EUR countries with their respective local currency. But I don’t know this.


#86

Thx for the reply Frank.

The cards are configured for customers in their respective local currency, probably from the address on your ID when you confirm the account and the debit card arrival. The problem is when countries such as mine are part of European Union but still have a different currency from EUR.
As for the EURONET ATM asking for RON, I might missunderstood what the message displayed because it tapped into my RON revolut wallet and not into the EUR one. The ATM display showed the exchange rate for GBP to EUR and how much GBP I need to pay for the desired EUR amout I wanted to withdraw.
When I pressed cancel I don’t know why I got the notification on my phone that I don’t have enough RON for the transaction.

Thx for sheding some light upon this, you clearly understand the system more than I do, but thanks to you now I think I understand better. Even if I’m stuck with just another RON debit card, I guess I can still make payments to bank accounts using the EUR ballance I have on revolut. In 2 weeks I have to go to italy, I’m curious if I have the same issues withdrawing EUR there as well.

Thx again!


#87

Just wanted to add, does it matter what currency is dislayed on the revolut app when I try to withdraw?

Because if it matters I did have on my screen the RON wallet not the EUR one.

Thx!


#88

Wait a second, I really don’t think Revolut’s cards are configured as RON cards.

I would try out an ATM from a bank, not Euronet, if there are any that give you EUR. To me this sounds like an ATM that is configured wrong. And Euronet ATMs are notorious for applying all kinds of shady fees. If you want to withdraw EUR, and you decline DCC, the ATM should make a EUR transaction, and nothing else. (Everything else sounds like a violation of Visa / Mastercard guidelines to me.)


#89

I think Euronet are the only ATMs who would give EUR in Romania.
@Viu you can try inside of a BRD agency and talk to the ladies- I have read on some Romanian forum that they give EUR cash from any card.


#90

I see.

I will try in 2 weeks in italy to withdraw euro and not from an euronet atm. Sadly in my city here they are the only ones AFAIK that provide euro from ATM. The regular banks like BRD /ING etc… have their own EUR atm’s but to my knowledge they are working only for the specific bank customer that has an opened EUR account with an EUR card attached to it. I hope it’s not the same in Italy otherwise I have to return to Euronet atms…

Edit: and as I mentioned above, the EUR atm from ING bank recognised my card as a RON card and asked how much RON I want to withdraw without an option to select EUR for withdrawal.


#91

I did not know that,

Thanks a lot @diak !


#92

Sure, every ATM in Italy is giving out EURs. I would stick to banks, and avoid all sketchy ATMs at touristy places from other operators.


#93

There is basically no default currency,
As account associated is dinamically allocated.

Setup your eur account,
Topup only your eur account,

And your default RON will be ignored.


#94

If an ATM tries to make a RON withdrawal, you would still end up with a EUR/RON exchange if there isn’t any RON balance. And if the ATM then would provide indeed EUR, two exchanges would have occurred.


#96

In my case Ron is default, since my address is from Romania,

And withdrawing eur, from an eur atm does not involve any DCC.

RON account is involved when I am actually in Romania and Ron operations are involved.


#97

Since (AFAIK) all Revolut cards have UK BIN, all non GBP transactions are subject to DCC.


#98

@AndreasK did you implement a way to change the base currency yet? there seems to be a lot of us who have the same issue, especially between GBP and EUR. I spend time in both countries, but would like to set the base currency to GBP to make sure international travel charges from that currency. EUR currency should only be used in my case for EUR charges. today the opposite happens as my account has EUR as the base currency. I need a method to re-set it to GBP.
thanks,


#99

Thanks Expatier for your contribution.
I think with your simple but straightforward explanation, it clarified a bunch of questions previously raised.


#100

I’m sorry to tell you that Andreas might not implement anything himself but that he takes care of us right here.

And to be honest — I’d take an educated guess — even if they would love to they have no influence on Mastercard/Visa/ATM DCC and what not. ;o))


#101

a very easy solution against DCC is to allow us to choose which currencies to accept on a given card and automatically rejecting transactions on our home currency when abroad.