Revolut is back


#124

It’s a multi-currency credit card which allows you to make forex trades at no cost. So you can do CHF > EUR > CHF and get almost the same amount you started with.

So if you’re on holiday and would like to spend an equivalent of 1000 CHF, you will find that either your credit card company or some bank will charge you 3% for currency exchange, or sometimes more.

If you’re happy to pay 30 CHF for the convenience of spending 1000 CHF in a foreign currency, then you don’t need Revolut.


#125

Also, what I find very useful (but it depends on the number of your friends using it), that it’s very easy to send/receive money, e.g. to pay in restaurant, for kids birthday gifts etc.


#126

Most people I know use Twint for this kind of usage in Switzerland


#127

Yes, I’ve heard about it, but…amongst my friends, nobody uses it :D.


#128

Thanks everyone for your replies. Just opened an account :smiley:

Should come in handy when I’m abroad next month.


#129

How is this different/better than a TransferWise debit card?


#130

AFAIR, TW charges you 0.3-0.5% for currency exchange


#131

I have started using Revolut in CH now, simply because the app is so neat and it keeps more from spending way better than my main credit card.
Shame there is no chargeback though … but of course its free so I cant complain


#132

What I find useful is the free cash withdrawal (CHF 200 / month) worldwide


#133

…with a big star near it.
It’s not always that clear how/where is really free. Check their forum or google.

Also, to be a bit negative… remember to change your money during working time or you’ll get a markup. I wonder how it works with asian currencies. Is it UK time or asian time?


#134

I don’t think it’s about currencies, it’s about exchanges opening times.

You can start trading on Sunday 22:00 (Sydney opens) until Friday 22:00 (New York closes). Not sure if you can trade all currencies on all exchanges though…


#135

I wonder if it’s always UK time.


#136

it’s not. most probably it’s the local time of each exchange. the opening times are fixed, so if they observe daylight saving time, then it’s shifted by one hour.


#137

It is UTC time revolut faq. So indeed it should shift with daylight saving time.


#138

So in Japan you have to change during the night.


#139

No it’s from midnight to midnight so you just have to pay attention if it’s Monday morning in Japan (or any UK holiday).


#140

By the way, I was just paying 107 EUR abroad. The terminal has shown 131 CHF. When I checked in Revolut, it was showing 121 CHF, so a huge difference. Then unknown here is the price when charging in Euros and letting your card provider handle the exchange.


#141

It seems like what they were showing you is their (terminal provider) rate for charging you in CHF instead of EUR, not the revolut rate. Which is why you should always choose the local currency.


#142

The payment was made with a CHF credit card, and it was done in EUR. Just out of interest I checked what was the current rate in Revolut. Yes, the 131 CHF was the price offered by the terminal. How much my bank charged me, I will find out. Probably not as much as 131, but still more than 121.


#143

That will be interesting to compare. With UBS credit card for example they have 1.75% fee and an extra 0.25-2.1% hidden in “unfair” rate. Last time I ended up paying about 3% more overall. Even if the price you end up paying is a bit opaque I guess it is still probably always lower than what the terminal would charge you.