Revolut Newbie! - Currency/Paying Query


#1

Hello all!

Signed up today and received my card today (arrived within two days postage, awesome! :smiley: ) It’s beautiful. :star_struck:

Now, oh yes, my question.

I am from the U.K., hence my currency is GBP. I plan to go to USA very soon. Do I have to transfer money to my account and convert it to USD (via Exchange button) to use? Or can I/do I leave in GBP and still pay that way? Also, can you store more than one currency? :face_with_monocle:

I just ask as I am not too familiar with rates! It seems worth being clued up on. I also hear about paying in local currency to avoiding charges so I will adhere to that; but can someone kindly clarify for me, newbie Revoluter (if that is the correct collective term!)

Apologies if this has already been answered! Still getting used to this awesome community!

Many thanks :slightly_smiling_face:


#2

Hello @retz24 :smile:

Let’s go part by part, said Jack the Ripper:

It definitely is :wink:

Absolutely no. As long as you have enough balance in one single balance to cover a transaction, the money will be converted automagically. :globe_with_meridians: The order is Transaction Currency Balance > Main Currency Balance > Largest Currency Balance. The first one to have enough balance will be used :wink:

However, keep in mind :r: has some (tiny) mark-up on FX during the weekend so, if you’re really money-wise, waiting for a good FX rate and converting the money you’re going to use beforehand will fix the rate. However, keep in mind: this is absolutely not a requirement :stuck_out_tongue_winking_eye:

Sure. On a weekday (to avoid the mark-up fee), try and exchange money between the different currencies. It’s easy and fast :slight_smile:
You can also “disable” balances you’re not going to use from the app.

Absolutely. Always in the local currency. If you want more details on that, search the forum for DCC / Dynamic Currency Conversion :wink:

This has been answered before, yes, but it’s a pleasure when someone asks nicely :stuck_out_tongue:

Anything else you have in your mind? :smile:
Welcome, and hope you have a wonderful experience!


Using your card Abroad
Not enough money in one currency. Will card use another?
#3

Also, this is just a personal advice:
:r: works really fine, but things might go wrong. Before going “all-in” with it, try to make a few top-ups, purchases and/or withdrawals so you can see if any problem arises before you’re abroad :wink:


#4

@Juliopp first off, you are amazeballs. thanks for disecting and answering my numerous questions in one post :dizzy_face:

Yes I have read on here regarding weekend rate, that’s sound advice thanks!

wow that is handy.

Well thank you for helping me with such great explanations, you’re very kind :smile:

That sounds like a plan! I will be transferring funds from my debit card, so I am free to do small top-ups (once abroad) as and when needed I take it?

I definitely intend to have a great experience, did my research beforehand and Revolut is awesome!

I cannot say thank you enough (THANK YOU!!!) :cake: (there’s some thank you cake lol)


#5

Hello again @retz24 :smile:

I can’t be grateful enough about virtual cake being calorie-free :stuck_out_tongue_winking_eye:

Sure, that’s the idea. I just wanted you to know that :r: might make you go through some security review process and, therefore, you might temporarily unable to use the app while your details are validated. :clock10::wink:

That’s one of the main causes of complaint here: “I went on holidays with the new card and the moment I used in a complete different country to the one I ordered it to, it got blocked”. :confused:

Yay! Perfect then. Wish everyone did :smile:

Have a wonderful night :night_with_stars: :blush:


#6

Haha im kind like that.

to me that just shows they take security seriously, no complaints here :sunny: , but definitely good info to know about!

I’m sorry to pull you back, the last thing I remembered is that this is my first time using MasterCard :credit_card: Is this Revolut card to be used a credit card as opposed to debit? I remember seeing that somewhere :eyes: (Do I have to swipe also?)

Respond whenever you can, no rush!

Thanks again


#7

Hey there, @retz24 :slight_smile:

No worries, I’m hardly ever rushed ^^

I’m afraid I understood nothing of the question, so before answering something unrelated, could you rephrase? :slight_smile:


#8

Sure! :laughing: What’s the method of paying with these cards? Chip and Pin? Or do you have to swipe the card and sign? Regarding the former point, I’m sure I saw someone say their card was “accepted when they told the merchant to process like a credit card” maybe I’m just confusing myself with that one!

You have been amazing!

hardly ever rushed is cool… cool :sunglasses: as a cucumber :cucumber:

Thanks


#9

Hey again :slight_smile:

There was an ongoing issue with some retailers considering it a credit card (incorrectly) and then applying extra fees because of that. No idea on the current status of that however :stuck_out_tongue_winking_eye:

Contactless, Chip&PIN or the old Swipe&Sign if you find a really old POS :slight_smile:

Thank you for your kindness and awesomeness :wink:


#10

Ahh. Gotcha! :wink:

Oh. I’m spoilt for choice, lovely :blush:

You’re very welcome! You are the best! It’s with kind people such as yourself that make a great community for others to learn in and in turn help others. I endeavour to do what I can too!

I hope you have a wonderful night too! oh a crescent moon and star! :crescent_moon: :star2:

Thanks @Juliopp


#11

Hi
You can do either regarding the US dollar. If you exchange via the card you know exactly the rate you’ve paid. If you leave your money in GBP the rate will be as on the day you use your card. You can check the rate via the exchange function anytime. You can have different currencies on your card, at the moment I have GBP AUS Indian rupee Euro. I’ve been buying some Australian dollars as the rate has been falling and I’m visiting AUS next year so I’m kind of hedging my bets.
Always pay in the local currency and let Revolut do your conversion.
Hope this helps.


#12

Whenever asked- by the terminal or by the actual person- ‘credit or debit’, always answer credit. Usual ‘debit’, as understood in America, simply won’t work most of the time for international cards.

Things are changing, tediously and painfully, but they are, so that more and more modern terminals don’t need this information anymore and card payment works just like in Europe.

Just recently tested Revolut in the USA- made about ~150 transactions. Vast majority of them successful- the only ones that weren’t came from a parking machine that refused other international cards, including credit, too. I did not feel any difference in comparison to credit cards when it comes to acceptance- Revolut was fine everywhere!

I did have trouble tipping with the card though, but that’s a different story.
A couple of times, my added tip did not make it on the final charge, so the restaurant actually never got the tip. Didn’t have a chance to see tips handled the way other people described, like two separate pending transactions. I only just had one pending and then turning into completed with no tips added. :frowning:


#13

@Rona thank you very much for that, very good info to know :relaxed:

@revofan I see, best to go with credit, gotcha :wink:

That’s very good! :astonished::star2::credit_card:

I have read a post on here with with regards to tipping, I will aim to give that as cash. Not something I’m familiar with living in England :rofl: , but hey its the customs.

You’ve both given great advice! Thanks

Here’s icecream for you both (it’s vegan if need be :stuck_out_tongue_winking_eye:) :icecream:


#14

Just as kind of an offtopic, tipping in cash is pretty inconvenient, considering how often you normally eat out in the US and just how easy it is to tip by card.

I don’t get why Revolut tipping didn’t work for me quite the same way it did with debit or credit cards. Normally card is just swiped once, you get the “slip” and add a tip there. The tip is added to the initial charge and your final charge contains the tip + the initial charge.
What’s more weird is that other people described two separate pending transactions- not sure how that’s doable, if the waiter takes and swipes the card only once.

Anybody have more experience with Revolut tipping in the US? I’ll back there at least twice next year and would like to be more prepared- but tipping in cash is not an option to me.


#15

yes… true… :thinking:

Yes! That’s what I read about! I read it was two transactions; one without the tip and one with the tip. Odd. One payment did return I believe…? Although carrying cash defeats the purpose of having the card, I plan to anyway and won’t be eating out too much luckily!

Hopefully someone can help though! Would be good to know


#16

Hey @retz24!

it’s a pleasure to have you onboard :balloon::rocket:

There is no need to exchange beforehand as the card will automatically convert your funds to the local currency using our exchange rate. However, if you’d like or if you feel the exchange rate is particularly favourable at that moment, you can exchange it before.

Best,

Andreas K.


#17

Thanks @AndreasK :grin:

It’s pleasure to be part of this awesome community with so many polite helpful peeps!
Woo! :balloon::tada::confetti_ball:

Thanks! Yes, so I’ve heard, that’s awesome!

From the sounds of it, may be good to exchange some prior to the weekend, no? :thinking:

You’re all so helpful :blush: and I love my card :star_struck:


#18

Glad to hear that :slight_smile:

At the weekend (Friday 23:59 - Sunday 23:59) we apply a small mark up on the spot rate as the Forex markets are closed. We take the rate from Friday 23:59 and apply a 0.5% mark up on major currencies and 1.0% on other currencies to protect the company from potential losses due to a large fluctuation in the rate. For illiquid currencies like Russian Ruble and Thai Baht, there is 1.5% mark up on weekend.