switch from your bank to Revolut

Ideas & Feedback
1

what kind of features will determine you to switch from your regular bank to :r:?

for myself will be:

1 personal USD account
2. three physical cards and posibility to choose Visa and Mastercard, not random issuance
3. joint account with partner, cards for kids
4. increased free cash withdrawal limits ie. double than existing
5. interest on vault deposits
6. shares market

until then i have to use :r: in combination with 2 regular banks and Transferwise.

5 Likes
2

A retail bank will never be able to provide sufficient returns on deposits.

To get a return from your cash, you will have to put it in the market (and as such, at risk), into equities, funds and other securities.

3

I have a very different list of requirements!

  1. Direct Debit in the UK
  2. Banking licence for deposit protection
  3. Savings account or interest on vaults or integration with other wealth products
  4. Cashback/rewards on card payments
  5. Integration with Google Pay
2 Likes
5

Spot on :+1:ā€¦

2 Likes
6

more to add:

  • personal iban account in base currency
  • direct debit in base currency
  • free unlimited cash withdrawal in base curency

this will probably require partnership with a local bank that already offer such things

1 Like
7

What @Platin wrote - and more :sunglasses: :wink:

8

I am already using :r: as my daily bank and I am very happy :smile:

Whatā€™s missing for me is the following :

  • Banking licence
  • CHF IBAN
  • Official joint account
  • Credit card ( mainly for unmanned petrol station, Applestore, car rentā€¦)
  • At least 4 cards ( 2 adults + 2 for the kids )
  • Better support ( even if I never have to complain about it myself )
2 Likes
9

(Swiss specific)

How are you paying the Orange Payment Slips? Is there any way?
I could live without CHF IBAN for the moment, but havenā€™t found a way for Orange Payment Slips.

2 Likes
10

AFAIK, the BVR will be obsolete in January 2019 ā†’ QRCode instead

11

@giraudsa

a little OT, but I donā€™t think the QR-Code will work out well, as there are too many people NOT paying bills with their smartphones (iā€™m one of 'em. Smartfons are great, but in finances, i need some reliable way to proof (!) me having paid something. Eg. by having the stamp in the ā€œEmpfangsscheinbuchā€ (the post-booklet to store all the payment-slip infos in)ā€¦

Also - if thereā€™s no way to scan the QR-Code, what shall one do? (think of the elderly: are they now forced using a smartphone? Or are those doing online-banking on a computer have the obligation of using a webcam now?)

ā€¦doing payments (orange/red payment slips, or others) is crucial - SEPA shall be supported by revolut (when allowing access to the contacts), but itā€™s no use, especially in switzerland (who stores all the companys he gets invoices in the contact-list)ā€¦

12

I would love to switch from NatWest.

They need to get the banking license sorted ASAP.

1 Like
13

For Revolut to become mainstream for me it needs uk direct debit facilities and a card that is recognised as a debit cardā€¦ Many monthly bills are direct debit or need the debit cardā€¦ as soon as these options are available i would be more confident in paying in salary and using as my main banking option,

14

I am very close to moving to Revolut as the account for receiving my income. The main thing stopping me is no FSCS protection and Revolut seem very quiet on their plans regarding this.

Does Revolut never want to be peopleā€™s main account is their plan to be like a ā€˜second useful accountā€™ or something?

Does anybody know if Revolutā€™s new Pocket features come with FSCS protection the same way Revolutā€™s Vaults do?

15

Are you aware of this?

https://www.bloomberg.com/news/articles/2021-01-11/revolut-applies-for-u-k-banking-license-in-search-for-expansion

16

ETFā€™s would be a turning point with low costs and minimum conversion fees I would like to do more business with Revolut

17

There are reports about various brokers worldwide having performance issues. Itā€™s fair to assume that most struggle with capacity.

18

No I wasnā€™t but thatā€™s really awesome.

FSCS protection would mean me paying my income into Revolut.

-Cash deposits at any post office
-Cheque imagining scanning via phone camera (for those annoying companies and government sectors who still insist on refunds by cheques)
-Revolut overdraft
-Revolut credit card

Those 4 more features and Iā€™d literally forget about my bank account and credit card completely and do everything inside Revolut.

UK banking license is a great next step

Iā€™d like to set my mortgage up via direct debit via a Revolut Pocket it just worries me if that technology ever fails for some reason and I donā€™t have enough in my main Revolut balance to cover it.

19
  • Paypal linking/ Banking license.

I often get payments trough PayPal in USD and have to convert it to SEK and transfer it to my (awful) Swedish bank and then top up my Revolut. Would save me so much money and time if I were able to link PayPal and Revolut.

Thatā€™s really the only thing that my Swedish bank has as an advantage. (banks in Sweden are busy dodging taxes so theyā€™re pretty much stuck in the 90s. Most of them still have a 1-2 h phone queue for one simple question)

20

But isnā€™t the biggest hurdle Paypalā€™s restriction not to pay out foreign currencies?

If you want to cash out USD, you would need a second US Paypal account, as far as I know.

21

Partially true. Itā€™s true that Iā€™d need a US account to cash out in USD. Itā€™s still a hustle to transfer money back and forth because of Revolut not having a banking license. But yes, Iā€™d need a US PayPal account