I’ve remember it was discussed before but one option that I would like would be being able to select the currency for the card, and maybe the priority of what accounts should be used for conversion if need it.
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+1 I would like also to see this, and would be great to block a card to specific currency only.
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Interesting, Probably from the next largest currency ending up with using crypto.
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While this is an interesting featue, there’s the risk of being locked in a DCC loop.
An example: UK customer, travels to Spain, locks his card to EUR. Merchant applies DCC to GBP because card is recognized as a UK card. This results in this:
Original EUR amount —> GBP amount with bad rate
GBP amount hits Revolut card that is locked to EUR. GBP —> EUR with Revolut’s rate
(A double conversion, and every conversion adds to the cost of the transfer.)
So a solution for this would be not to lock the card to a currency but to tell the app to only authorize payments in a certain currency, independently from the currency that is used to fund a payment.
In addition to that, it would be nice if Revolut would add a feature to “lock” accounts so that they would behave like vaults. The current account deactivation would do the trick, but it hides the wallet completely. In addition, the “sort accounts” feature could be used to define the order in which a currency would be used.
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Sounds like a good idea to avoid DCC, +1
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Good idea. I am supporting this idea.
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Agree with you. I hope a feature like this will be implemented.
It would be a perfect solution for me.
Many times it happened that regardless I changed money in advance of travelling (mostly USD) and to be used in countries where Revolut doesn’t recognize the local currency to open an account, still my EUR or GBP accounts were used randomly for payments by Revolut.
I complained several times and no real solution were offered. Frank’s suggestion seems to me very good.
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It would be sufficient to allow the creation of more than one current account and to be able to associate cards with one or the other account at will. In each account it would be possible to leave the main currency at zero and keep a reserve of the currency with which payments are to be made.
In this way, payments would be made in the currency in which there is a reserve.
That wouldn’t work. DCC happens before money is deducted. You really need to whitelist a currency. Only transactions in this currency are then approved.
An example: you’re going to Poland. Merchant detects your BIN as being French. You’ve linked your card to your złoty balance. Merchant applies DCC. This is how your transaction would look like:
Złoty → EUR on the merchant side. Terminal asks Revolut’s system for authorization. Revolut’s system checks your balance, sees there are sufficient złoty available for this EUR payment and authorizes it. The incoming EUR would be exchanged again into złoty because that’s how you’ve linked the card. You would loose money twice due to conversion.
(What you’re describing is already possible with vaults. You can transfer all money from he wallet to the vault. Vault balances are not accessible for card payments.)
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