I have been using bitcoin for quite some time, so I was very excited about the Revolut announcement to include crypto currencies and finally enable easy buying/selling/exchange for a tiny 1.5% fee!
Jumped to premium today. Even it cost me 82 euros because Revolut forces ONE YEAR contract and no other options!
Whatever, I will cover 82 euro fee with crypto trading in the first day. Right?
So I put total 3100 eur in my Revolut and exchange all for Bitcoins. Mornings rates are usually the lowest. And it’s today at 1 BTC ~ 14,198 Eur.
I did 3 transactions, 100 eur to test, 1000 eur for a bigger test and an amount to a total BTC balance I wanted to buy today. Total sheet here
As you can see I did the math myself Euros * rate * 0.015 fee and compared to the actual amount credited. Which turned out I was credited exactly 2% short for every transaction.
Which suggest i was charged a 1.5% fee + another 2% HIDDEN fee?
Contacted the support about this. And it turns out I was charged a 1.5% fee and a 1.5% HIDDEN RATE FEE!
And I though the mission of the Revolut was to put an end to the hidden bank fees!?
Rated the support at 1 star, they STOLE 142 euros from only TODAY! And haven’t even said sorry! Or that they will look in the issue! And will add a big fat warning about the 1.5% fee + 1.5% fee.
But I’m in the money at the evening 1BTC - 15,216 eur rate?
Which will put my original 3100 eur investment at 3334 eur after a half a day? And 234 eur profit and ~230 after fees?
As I will be charged double fees again for converting back to EUROS!
And here is the proof.
Bitcoin rate has gone from morning 14,199 eur to current 15,216 eur.
And it’s only the Revolut that turned over a 1000 eur profit and my investment is still short!
Here is a screen from the app to prove it.
Finally, I’m ok with the 3% charge, it’s really low for a convenience to flip euros to BTC in a one click. And I would have invested the exact same amount 1.5% or 5% fee…
Except Revolut proved two times today it’s a scummy starpup business maybe even worse than the bank!
Forced 12 month premium contract and no other options.
And I thought we already had this discussion. My forced 12 months phone insurance has been canceled even I had to escalate the issue multiple times…
Revolut Insurance SCAM! Beware!
People hate banks for the exact same business Revolut did today. HIDDEN RATE FEES!
False advertising. Revolut does business in EU and here false advertising isn’t taken lightly. As the forced 12 months contracts are against the law.