Possibility to choose which account to pay from, put the control in my hands

Unfortunately no news on that… Yet…

As a Swiss resident that works in the EU and spends money in the rest of the world, yes please!

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Today I got a notification that I need to do a top-up in order to pay the monthly fee. Funny that I have enough money in both EUR and USD accounts yet it’s not ok for Revolut. As you remember 2 months ago my basic account was unilaterally switched by Revolut from EUR account to the currency of my state of origin regardless most of my spending are in EUR or USD. So before I realised, I started to spend money from my basic account (my currency). A s a result this account now is depleted while the rest were moved to the vault. Now I’m curious what will happen as I will not top-up.

In their ToS I recall them being able to suspend your service as well as make reasonable means of collecting the debt (yes, you are in debt regardless of whatever you think, as you have to honor a contract if you sign the dotted line)

So they could in theory take you to court and get a judgement against you and then send bailiffs after you to attempt to reclaim the debt that you owe.

Would they do this for small amounts? I doubt it. Would I recommend you not pay? No. If they do get means to enforce it you’re likely to be paying at least 5-7x the cost of your annual Revolut subscription (with fees from collection agency added)

Note that this isn’t meant to scare you, but to inform you of an approach that Revolut could indeed choose to pursue

What’s the point of this?

You’re obligated to inform Revolut about your residency status. Contractual agreements (including base currency in which subscriptions and fees are charged in) change accordingly, since contracts and services differ slightly. So what’s the point in not keeping your account in good order by not paying the fees in the currency of the invoice?

This is what the T&Cs say:

If you owe us money, we can take the amount you owe us from any amount we are due to pay to you. We call this our right of set-off.

With due respect, this just seems to me like you’re trying to annoy them.

Guys, you may have misunderstood me. I didn’t mean to avoid paying for Revolut’s services.

I wrote that I have enough money both on my EUR and my USD accounts. I just don’t have any on my basic account which I don’t use.

So theoretically - just like with other payments - if there is no money on the basic account then other account will be used. So in my case the money will be taken from either my EUR or my USD account…

I just don’t see the point of me having converting money to my basic account which again will be reconverted to EUR according to Revolut’s rules.

I still don’t get it.

Did you already get a notification that there are insufficient funds for the membership fees?

Why should there be another exchange into EUR when the membership fee isn’t charged in EUR but in your base currency?

(Aas far as I know, there’s no automatic rebalancing when a currency wallet goes negative.)

According to his first post he did get a notification.

The question is, will Revolut take the membership fee from the first account it finds that has enough funds in or does it insist on taking it from the base currency, which is empty.

If it behaves like any other card usage, it should not matter. If it insists, it will fail although enough funds are available in other currencies than the base one.

So how does Revolut behave?

@OliverCH
Exactly. That’s my point. Normally it should be ok with auto-rebalancing.

Today, I just had a “kind reminder” to top up my basic account. Yet, I have enough on EUR and USD to cover the only fee by 50 times.

The monthly fee is due in a week so I’m patiently waiting.

@Frank,
My monthly fee for the Metal previously was 13.99€.
Now in my basic account’s currency it’s equivalent to 14.79€. Not a big deal, I’m just a bit annoyed by the principle that I’ve always paid it in EUR and suddenly it was switched unilaterally and then Revolut tried to explain/convince me that this change was for my benefit…

So now I’m waiting and curious to see (when the month turns then) how much it will be taken from my account.

My guess is that the base currency will show a negative balance and the app will send reminders. At this point, my advice would be to take care of it with a manual exchange.

Interesting. Did anyone actually managed to go negative balance? For the experience, I already spared the necessary funds in basic currency and put it in my vault.

Let’s see what happens.
A.) Will Revolut take it from my EUR account?
B.) Or from the vault?
C.) or I’ll go to negative balance?

What would be your tip? Place your bets please… :wink:

Sure. I had negative balances due to delayed transactions. And you can find numerous reports from people about negative balances due to subscription fees.

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Ok. Thanks. I’ll wait and see. Will keep you posted .

TransferWise takes money from all currencies if it needs, I recently paid for some stuff on amazon and I didn’t have enough in one currency so it took money from 3 different currencies (eur, usd and huf) and transaction was completed. No muss, no fuss.

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And you got charged a fee for each conversion :slight_smile:

Wow. Talking about a confusing mess. You better never need to search for that one Amazon transaction - you’ll never find it because it is split over three different currencies. :rofl: :sweat_smile:

Why?

This seems easy to solve.

Just show the transaction in full in the original currency. Then show all internal transfers that funded this payment in the details. In the accounts tabs of the various currencies, just show the partial transfer and link this to the original payment.

Thant way, you’ll always find the complete transaction, no matter from which direction you’re looking at it.

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Actually it’s not. TransferWise converted everything it needs to eur and it shows up as a single transaction noting the conversion that took place in detail.

For the service it provides and can gladly pay few cents.

I would rather a free lunch than a cheap one