Revolut Premium

Actually, Revolut could provide an IBAN without going through the PRA and acquiring a banking license. They can use the agency model where they have indirect access to clearing via a third party. The problem is that a clearing bank may not grant access if Revolut use their own EMI license to do so. No worries though as indirect access should be on its way fairly soon via the BofE. If a real IBAN is given to each card, the issue is then where the IBANs are domiciled - i.e. how do you manage a UK IBAN for a Spanish customer? - the FX risk can be solved for inbound payments if the sending banks donā€™t make the conversion but it will be on the customer at best

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Definitely I would be interested into a Revolut Premiumā€¦

Iā€™m travelling a lot in Southeast Asia where itā€™s not always possible to use cards: street food and small shops only accept cash or have minimum spending limits to use cards. Even when the shop/restaurant takes cards, the general lack of reliability of the infrastructure over there sometimes renders the point of sale terminal unusableā€¦

That makes me quite reliant on the ATM withdrawals over there.

With a Revolut Premium Iā€™d think of features such as:

  • Higher/no free ATM withdrawal limits. Alternatively; the limit could be on the number of withdrawals per month and not on the amountā€¦
  • Travel insurance for delayed flights and luggage
  • Access to 24/7 support
  • Preferencial exchange rates over the weekend
  • MasterCard World type of card
  • Secondary card for partner
  • Possibility to have the card issued as if it is from your country of residence instead of UK (e.g. having my registered address in Germany would mean my Revolut card would appear as if it is issued in Germany).
  • E-commerce purchase insurance

Depending on how much of the above is part of the product Iā€™d be ready to pay up to 7 EUR a month for it.

Looking forward to Revolut Premium!

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2 euro per month should be OK as a fee. Keeping in mind that this is still a prepaid card.

What I would like to see is a customised image that can be printed on the card.
Getting a higher limit on ATM could be interesting too.
IBAN would be great.
An option to accept payments via card reader such as Square does.

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Credit where credit is due.

Revolut have def upped their game in last 3 months.

Support chat works functionally and their pending hotel payment issues have gone.

The last piece in the puzzle is having a premium service. eg a ā€˜real personā€™ servicing the account via PHONE as well as chat support.

They have circa 700k customers reckon 5% would be happy to pay 10gbp pm for this privilege.

So thats 35,000 x 10 + 350,000 pm. Circa 4 million gbp annually is nice revenue not sure why they donā€™t go for it tbh.

Travel insurance like Visa Premier for example. Card accepted in all unmanned fuelstations.

Hi @Sodhanani, i donā€™t see a problem with IBANs and customerā€™s recidency. Finnish Holvi for example uses German Wirecard Bank to provide their EU customers with an IBAN for receiving money from 3rd parties. Payments on the other hand from a customerā€™s account do not use this same IBAN, all money is sent from a Finnish account owned by Holvi. Works like a charm, even with tax authorities. Holviā€™s Debit MasterCard is issued by Wirecard UK.

Since Revolut is mainly card for travellers, I am thinking about the following premium features:

  1. Travel insurance. Most important for me is primary CDW for car rentals. Would value this ~40 GBP per year max because I can buy one without any card for ~50 GBP. Other cool features could include flight/luggage delays compensations. Together - max 50 GBP per year.
  2. Travel agency with special hotel benefits (like FH&R on Amex Platinum). For something like FH&R would pay 50 GBP per year.
  3. Concierge service. Probably could be integrated in the app. Depending on how good it is, could be 50-100 GBP per year.

Coming soon! Stay tuned :slight_smile:

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Insurance is a good idea (stolen or broken phone for exemple) and have a feature like curve app would be great !

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Hi Revoluters. I saw this topic and I decided to share some ideas about Revolut

Premium: (paid version of Revolut)

Revolut Premium should be a paid option compared with a free option that just for a fee each month, or year, you would gain access to Revolut premium features. Here is some of my ideas:

Deduct the clearly explicit Premium Revolut fee of you Balance.

Option to create a virtual or physically Credit Card with a spending limit, overdraft, with no interest charges (Just pay balance in full each month) instead of the pre-paid card revolut regular free option that we must top up before.

Schedule future money send option and direct debit set up in you revolut account.

Personalized name mentioned on the outgoing transfers.

Call personalized support to premium users (24/7 would be perfect)

Revolut Club: Revolut premium allow you to get access to Revolut Club where you can purchase a wide range of sought after music, theater and film events, soccer match, often before they go on general sale. Or offer a cinema ticket if you buy one - embedded on the app, avoiding waiting tickets line: yes, buy in and with, by the app. special offers paying Uber with Revolut.

Revolut is a service used by many travels, so would be great to have specials offers to premium users, this hypothetically revolut club, like airliners (EasyJet), car rental company, supermarkets, petrol stations and hotels. Eventually Fast Track Airport Security, loungkey airport access and Dufry Red embedded in your Revolut Card. Partnerships are good to grow sustainable and may create stronger emotional ties that are determinant if relevant competition appears on market.

IBAN / Uk account number sort code generator associated to your premium account, replacing this way other current bank account necessity.
Higher value than 5000Ā£ FX transactions per month. topped up limit higher than 15000Ā£ year. Higher value than 200 Ā£ withdrawals per month to premium users but still in mind with the fair usage policy.

Gifts sortition for Premium revoluters. Iphone revolut case, t-shirts, USB sticks, freebies =)

General:
More and better partnerships like Moneyfarm and other investment and travel companies that promote wich other.

If each user has in average 5 friends also using Revolut, would be good to encourage them to share this advice and reward them to recommend revolut even more.

Redesigned the reference/description way top up by bank transfer that itā€™s a root lack of the system and not allows to the massive market penetration that is beginning. This system may continue to work in a massive scale if is something that we just do first time we top up by our bank account and then it learned that when money comes from that source, from that specifically bank account itā€™s because it is to go to that specific revolut account - theoretically the behavior is every time the same, so why ask for the reference every transfer?

Extend to all world currencies except probably the North Korean won.

Desktop version revolut account website log in.

Second phone number for rescue e security purposes.

I discover IBM Watson Analytics and I find it pretty cool. Take a look.

App: (free and premium use)

widgets - may show your balance and the previous payment fast.

Voice command functionality in English

Another app languages options, specifically Spanish, French or Italian as part of an expansion plan strategy to achieve the Europe market closely and friendly.

Give spending analytics graphic feature - I love this analytics feature, Revolut is currently my money saver app, so letā€™s improve even more.

Automatically select local currency using locations.

P.S. These ideas were an internet brainstorming in multiple sites. Like one of the Xerox ex-presidents said in the 70ā€™s about benchmarking: companies should copy best companies and if possible go even beyond. We should not worry about copy a good idea just because we arenā€™t original or the first (unless had been patent protected, I think so).

About Revolut: A Big company was a small company that did the right things.

@anon33247966

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I would like to see the option of having multiple accounts on one phone. For example, I would like to have 2 euro accounts with only one of them linked to a card. Kind of like a savings account. Traditional banks offer this service and I donā€™t see why revolut canā€™t offer the same.
Peter

Interesting idea. We have been thinking along the same lines.

Great ideas. Although some of them arenā€™t feasible yet. But some of which are already in the pipeline.

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@alan, when can we expect Revolut Premium to drop?

@anon33247966 Great thing for me would be integration with Miles&Smiles or another Star Alliance airline who has miles reward program.
Example: per 1 Euro spend = 10 miles

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If they team up with Flying Blue and other air mile schemes this would be a fantastic bonus.

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very very soon!!! :wink:

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Hello,
Also from me a few ideas for the premium account.

Free and Premium Version:

  • Mobile payment, like Apple Pay and Android Pay
  • Web interface for online banking
  • Bonus for successful recommendations from Revolut

Premium version:

  • Higher limit after verification for top up (possibly higher limits for free FX transactions or ATM withdrawals according to fair use policy)
  • More currencies for the account, like CHF but also crypto currencies such as Bitcoin. Similar to the Ferratum Bank in Malta (https://www.ferratumbank.com/) or the CoinsBank in the UK (https://coinsbank.com/).
  • A debit card with MasterCard and Maestro including PayPass, for a better acceptance of the card. In some countries like Germany, MasterCard is not accepted everywhere. As an example would be the Fidor SmartCard from the Fidor Bank (https://www.fidor.de/) but I would prefer only one debit card, no credit card.

A fee of max. EUR 24 per year (EUR 2 per month) would be fair.

These are just a few ideas, which just occurred to me.

A full bank with banking license, like Barclays, would be for the future for sure to be something good with your own accounts and IBANs. Similar to N26, formerly Numbers26, (https://n26.com/) but please do not scrape the customers like N26.

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Where do you see the price? In my app it says Ā£0/month so thereā€™s a bug/error somewhere!

Edit, scratch that. Itā€™s now showing ā‚¬7.99/month.

Iā€™m disappointed too. Itā€™s not as much about the price but what it gets you, i.e. not much: basically just an extra ā‚¬200 in ATM withdrawals without the 2% commission, which is worth ā‚¬4 only.

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