Is Revolut the best option for me? (moving to the UK)

Dear community member,

I will move to the UK in a couple of months from the netherlands, and I would like your opinion if Revolut is the best option for me

My situation:
*I need a UK bank account to rent a flat, and with most banks in the UK I have to fill in a valid UK address, you see my dilemma? :slight_smile: So i’m hoping Revolut will do the trick, am I correct?
*Will most landlords in the UK require a direct debit? as I understand this is not possible in GBP for Revolut at this moment? Or can I use the EUR direct debit without losing money for exchange rates?
*Above question is the same for other utility bills like for example electricity… How can I get those services without direct debit?

*At the exact moment I will move to the UK I want to transfer most of my money(about €35000) from my dutch bank account(EUR) to revolut GBP, is this the best option in terms of exchange rates?

*Will I be able to pay in all the stores with my debit card? or will I only recieve a mastercard from Revolut?

*How much will it cost me to withdraw after the 200 limit for the free account? will this cost me more money over a period of a month when spending for example 2000 GBP?

*What is the best option when I travel back to the netherlands(for a visit), transfer money to my dutch bank account via Revolut or just pay with revolut in the netherlands?

Sorry for all the questions, I guess i’m just looking for a magical solution here:) any replies would help me a lot in my preparation for the upcoming move!

Hello, I’ll try to answer all of your questions :wink:

*I need a UK bank account to rent a flat, and with most banks in the UK I have to fill in a valid UK address, you see my dilemma? :slight_smile: So i’m hoping Revolut will do the trick, am I correct?

Correct : you can open a :r: account right now with your current adress, then once you move to the UK just update your adress in the :r: app.

*Will most landlords in the UK require a direct debit? as I understand this is not possible in GBP for Revolut at this moment?

I am not aware if UK landlords prefer Direct Debit or not but you are right currently Direct Debits are only supported on EUR account :

Therefore you can still set standing orders :

Or can I use the EUR direct debit without losing money for exchange rates?

I higly doubt that your UK landlord or any UK based enterprise will be OK to set an EUR direct debit ;(

*Above question is the same for other utility bills like for example electricity… How can I get those services without direct debit?

You can still set standing orders : https://blog.revolut.com/introducing-recurring-payments and most of them will probably allow you to pay by card.

*At the exact moment I will move to the UK I want to transfer most of my money(about €35000) from my dutch bank account(EUR) to revolut GBP, is this the best option in terms of exchange rates?

No problem you’ll just had to transfer your money in your :r: EURO account : no currency exchange and since it’s a SEPA it will be free.

But keep in mind that because of the amount you’ll have to verify your account ( = prove your identity ) and go Premiun then ask for a top-up increase ( 96h waiting time )

*Will I be able to pay in all the stores with my debit card? or will I only recieve a mastercard from Revolut?

You’ll be able to pay in all stores, please note that the :r: cards are officially prepaid ( almost like debit ) cards and as it they need a POS with internet access ( I am using :r: in France since more than 2 months : I only had one issue with a merchant that had internet issue )

*How much will it cost me to withdraw after the 200 limit for the free account? will this cost me more money over a period of a month when spending for example 2000 GBP?

With a Standard account you’ll have to pay 2% after the first 200 GBP withdraw.
With a Premium account you’ll have to pay 2% after the first 400 GBP withdraw.

https://www.revolut.com/en/fairusage
https://www.revolut.com/en/premium?lang=en

*What is the best option when I travel back to the netherlands(for a visit), transfer money to my dutch bank account via Revolut or just pay with revolut in the netherlands?

Honestly, keep your :r: card and pay everything with it :wink:

First advice : keep a little money in your Dutch account and the associated card. It will allow you to pay just in case you have an issue with your :r: card/account.

Second advice : be proactive, before doing the 35k€ transfer ask the InApp chat support if everything is all right and prepare the documents to prove the source of funds.

worth pointing out that a :r: account is NOT a UK bank account. it is a prepay account.

Lol no it means nothing to say that a bank account is prepaid.

The :r: GBP account IS a UK account.

The card is prepaid tho.

Thank you so much Mirron! I really appreciate your answers.

Will it be possible for me to only use premium for a month to tranfer the funds and after a month go back to my free account? or will there be an extra charge ?

To be honest I don’t know.