I’m going to Bosnia on holidays, the BAM/KM is not supported for the currency exchange in the app.
On their website they state:
If you need to spend in another currency you cannot hold with Revolut, just pay or withdraw cash using your Revolut card. We’ll automatically convert it to the appropriate currency.
But they don’t specify at what exchange rate this automatic conversion happens. Is it still the interbank exchange rate? Or something closer to the mastercard exchange rate?
(Btw, @Cortana do you use Revolut when you’re in BiH? Do you happen to know how well it is supported? )
It’s still the interbank exchange rate as far as I know. KM is linked to EUR, the exchange rate is always fixed. 1 EUR = 1.95 KM. So you are literally paying in EUR.
I m occasional user of Revolut, mainly when travelling or a few EU-transfers to my family in France.
I used to top up my Revolut CHF from a Visa credit card in CHF, and then convert. 0 fees from Visa until recently.
Since May, I now get charged 1.5% by Visa on each transaction, as the transaction is now operated by “Revolut London”, considered by Visa a foreign transaction even though currency is CHF.
Contacted Revolut but no answer yet (poor customer service).
So I don t really see the point of continuing using Revolut, if I m anhow getting charged 1.5% by Visa.
So questions I hope you can help me with:
Anyone would know why it has changed (brexit?)
Any recommendation to top up your Revolut CHF at no fees? (simply)
You don’t get charged by VISA - you get charged by your credit card issuer (such as Swisscard, Viseca, etc.). The latter sets exchanges rates and surcharges.
Revolut may not have changed their mechanist location - your card issuer could have changed the way they are charging for CHF transfers (they may have used to charge for transactions abroad but could have made exceptions, especially for cases where consumers weren’t aware that a merchant was located abroad when charging in CHF).
It likely hasn’t got to do anything with Brexit, since Swiss issuers usually only distinguish between domestic and foreign transactions, not EU/EEA vs. non-EEA.
You can top up Revolut for free by making a domestic bank transfer in CHF to their account at Credit Suisse.
Indeed, checked deeper my Viseca bill and it is Viseca related as other transactions with suppliers got the same fee - AirBnb, Easyjet etc. God, just did not realise until now.
I m not so familiar with Wise, will research that - thank you. Was considering Neon as replacement to Viseca and top up Revout. 0 fees for international payment.
I’d ask Viseca why. There might be an error. I think transactions with merchants and transaction with banks are different for the same reason you don’t get cashback by transferring money to revolut.
Let’s say I have in my Revolut account 1k CHF and 1k PLN. If I purchase something in Germany in EUR that cost 10 EUR, for example, from which account Revolut will take the money or will make the conversion?
Not sure if this is the right thread to speak about this. If not, please feel free to split it into a new one.
I am a user of Revolut, mainly for holiday expenses abroad. Today I found this article which scared me a bit. https://insideparadeplatz.ch/2022/09/06/revolut-in-noeten/
Inside paradeplatz is not the most reliable information portal but they put in a link to the financial times. Unfortunately, I do not have an account for FT and could not read the original article.
What do you think about this? Is it time to check for alternatives?
The card selects which currency to use in the following order:
1) The currency of the payment (e.g. if you are in the UK carrying out a transaction in Euro, we will deduct funds from your Euro balance)
2) Your base currency (BGN), which is determined by your home address
3) The next active currency with a sufficient balance
Funds are not taken from more than one currency balance at a time, so if is no single currency wallet
with sufficient funds, the transaction will be declined, even if there is enough money across your wallets in total.
What is not clear to me is the order in which the “next active currency” is determined.
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