Revolut: Is it ready to replace your main bank account?

Hey everyone,

With the introduction of personal UK accounts, SEPA accounts and the introduction of Visa cards I’m almost at a stage where I can call it quits on my main bank and use solely Revolut for my banking needs.

There are a few things I’m hoping for to be able to do this ASAP such as ACH accounts (like TransferWise provides) and for banks have updated their systems so the Revolut BIC no longer causes issues.

On the UK side, I’m also disappointed that Revolut’s payment provider takes 4 hours or more to apply UK balances to accounts even when claiming to use the Faster Payments Service (In comparison, TransferWise’s UK borderless accounts take about 30 minutes).

What would you need Revolut to do in future to jump ship completely to them?

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  • Direct debit (UK + SEPA). I know, it is in the works.)
  • Offline PIN card acceptance
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It’s not even close to being ready.

Cool so the question was ‘What would you need Revolut to do in future to jump ship completely to them?’ - What would you need Povilas?

Things I would need:

  • Direct debits (already mentioned above)
  • More reliable debit card (at least 6 months without outages before I would consider)
  • Desktop web interface
  • FSCS protection
  • Proper debit card, not prepaid (some places still needed)

Something I would like but not essential: domestic bank transfers or debit cards to top up in AUD. My bank in aus charges AUD$25 for an international transfer, so there’s no cost-effective way to transfer to Revolut.

I’ve just noticed that when I BIN check the Revolut Visa card, it doesn’t say ‘Pre-Paid’ like the MasterCards do. Maybe interesting things are happening.

Card Type: Debit
Card Level: Standard

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The Revolut Visa cards should be ‘full’ debit cards, as they are issued by Revolut.

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Yeah as I said, I checked the BIN range and they are standard Debit Cards

I’m already very happy with Revolut, but I’m hesitant to use it more often due to the annual TopUp limit. I wish that would be increased.

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Yes, I agree. The pure hassle of going through the process makes it painful. A price for the simple and immediate onboarding, I guess. I would prefer a more traditional customer identification process at the beginning instead. But that might be unnecessary for a lot of people who use Revolut only occasionally.

I dont think I could replace my bank with Revolut as my bank currently provide mortgage/lending services and investment/wealth management services so I’m kind of stuck to it.

But I would consider Revolut as my main daily bank account if there was more top up options (SGD debit card would be great).
Would also need joint account with 2 debit cards as well as the cards to be considered as true debit cards, not prepaid ones.

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For me:

  • Real debit card that works offline as well as online, backed by a stable processor that doesn’t suffer frequent outages. Hopefully the Visa card might provide this

  • Direct Debits (UK and SEPA)

  • Increased cash withdrawal limit from €400, or at least an increased limit in home country / currency. I rarely need this to be fair, but reassuring to know it is available

  • Removal of upper deposit limits (happily with a more comprehensive ID check if appropriate)

  • Decent support, responsive in a reasonable timeframe that can actually sort out issues and not just give scripted answers that are irrelevant to the question

  • Apple Pay :grinning: - would be a nice to have, but it probably wouldn’t stop me making a permanent move if the above are addressed first…

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