New ToS: Free service is being degraded as we speak

And hurt everybody…

I apologise in advance for any perceived stupidity. I just need to understand simple things, in order to know whether to keep using Revolut, or go back to my high street bank for holiday spending.

  1. I just want to know whether to continue to use Revolut to pay for things on holiday. Will this now cost me more?

  2. Whilst on holiday I’d like to convert money in my account from £ to for example €. Will this now cost me more?

The changes to terms and Conditions just leave me confused.

There’s a whole thread on the effects of the changes to the T&Cs and it might be prudent to read that thread rather than create another on the same basic subject matter…

Let me rephrase:
“We raise your fees because other people misuse our service.”

But it’s not even true: the free limits were pretty strict anyway, it was not good for large-scale speculation (I believe, but I’m not a fraudster by profession, so how would I know).

Also others have pointed out that talking about “slight change” when doubling the fees is highly controversial, to phrase it nicely.

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Graham answered this but let me tell you in a nutshell:

  • Paying by card does not change (much).
  • Getting cash is much more expensive (the limit is lower, fees are higher)
  • Converting money on weekdays unchanged provided you have used no more than half of your old limit; above that it costs infinitely more (eg. from zero to some percents)
  • Converting money on weekends costs double or more.
  • Sending money is same only if you send within your country, or within the EU, or some supported countries and in the same currencly as the local one, apart from that it’ll cost you way more than your bank, which is a small feat in itself. (I believe it is only sending money to non-revolut users, but I am not sure at all.)

If you stay within the lowered limits then the card will work as before. If you hit the limit it will hurt. The limits are so that they will hurt most of the people, but not everyone.

For me the main reason is this, also for me the change is slight. I’m not here to convince you in anything, if you don’t like it, just don’t accept the new T&C and find something better for you… for me there is nothing better for now and the new limits are ok for me.
There is no way that you can tell how many people will be affected with the new limits. Revolut says opposite than you, people around me won’t be affected too so… you get the point I think

I thank those who have tried to help someone such as me who struggles to keep up with ever changing terms and conditions.
Also not always able to find the right answer within a forum such as this.

Perhaps my best solution is to keep Revolut active (I like the concept). However, open an account with an alternative company. Just in case the new T&Cs prove to be too draconian for someone like me wanting a good value holiday card.

I’ll risk an aside (At risk of being told to find the right place to post). Since UK lockdown, I’ve moved my previous cash spending to Revolut to enable non-contact transactions. My old cash weekly allowance now goes via Revolut.
Benefit: I still have control of a limit on my spending.

Hence, I hope that Revolut doesn’t drive me away.

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Maybe you can help me, as I don’t understand the new transfer-rule:

If I, based in Switzerland, want to transfer some money from my Revolut-account to a Eur-Account within EU: would there now be fees? Or are SEPA-payments still free?

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  • Paying by card does not change (much).

Just lower exchange limit before fees

The new ToS are a deal breaker.
Revolut matured into a traditional bank.

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I think SEPA transfers to EUR based EU countries are free, but I’m not sure about EU countries which use their own currencies. So e.g. would a SEPA EUR transfer to Hungary (where the local currency is HUF and not EUR, but they are in EU) be still free or not?

These new terms are confusing.

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Yeah, that’s a nice way to put it…

(i want to transfer the few euros i still have in my revolut-account out to my TW-account (eur) before canceling my account - new T&C have done it for me. Q is - fee or not)

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If a transfer is made in Euro, and if involved countries are SEPA countries, the transfer will be free. It doesn’t matter if a country’s individual currency isn’t EUR. They still have to oblige to SEPA rules when they are SEPA members. Nothing has changed regarding SEPA transfers.

(Charging for some but not all SEPA EUR transfers would be a violation of SEPA rules.)

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New T&C will take effect on August 12, 2020. So until then you should be able to make any transfers for free anyway…

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Thanks, that’s good to know! :+1:

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Well not sure.
I have discovered something strange.
I have used the same French base Mastercard to refill my R account
In February '20, I paid no fee.
In July 20, I started to pay a small fee.
It appears that Revolut is now seen as a merchant whose transactions are ‘cash withdrawal’ labeled whereas it was not the case in the past.
I’ve asked the bank which issued the card when the change happened at their level.
Waiting for the answer.

I asked the Mastercard supplier about this

Was this French card a debit or credit card?
Generally up to this point any fees (on the card used for topup) mentioned in this forum were related to credit cards being used for topup. Or at least what I was aware of.

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This is a credit card by Mastercard & other standards.
But the card hasn’t changed between February and July.
The card is in fact a free card associated with a standard revolving credit where

  • For merchant payment, you don’t pay interest if you reimburse everything when the statement is issued
  • For cash withdrawal, interest always run from the date the transaction is made
    So in February, Revolut TopUp was considered as a Merchant transaction by the Mastercard network, and in July it is considered as a cash withdrawal.
    I have no idea if such a change happened also for Visa.
    Given the usually differing conditions we have on regular bank cards, this may create quite a few interesting situations

Apparently, the Merchant code (MCC) sent by Revolut to the issuer was changed in the meantime, causing many credit cards to consider the Revo topup as a cash withdraval
Check this thread: What is the situation with the MCC for topup?

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Thanks for outlining that conversation. It will be very useful when the card issuing bank’s will arrive to compare the behaviors.

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