One thing you should also report is that they do not have a bank license. They take money from people and do not give it back. I am still waiting they give me more than $2K since the beginning of November and nothing. The receiving bank demonstrated the operation was cancelled and they are not returning my money despite having the evidence of their mistake. The support system chat continues to tell me to wait but nothing else. #RevolutScam
I'm in the UK and on the Standard plan. I find Revolut great for saving and just recently I bought some Gold, Silver and Apple stock, all through Revolut. It's fun to watch the value of my investments in real time.
One thing you should also report is that they do not have a bank license. They take money from people and do not give it back. I am still waiting they give me more than $2K since the beginning of November and nothing. The receiving bank demonstrated the operation was cancelled and they are not returning my money despite having the evidence of their mistake. The support system chat continues to tell me to wait but nothing else. #RevolutScam
Just opened a metal Revolut account in the US. The app and the tools they offer is nothing like a bank offers currently. I will be using the vaults to save money as you also get a 1.20% APY with metal. Will be using it also as a spending card with the 1% cash back. Also traveling to Manchester in April and the ability to quickly exchange currency is awesome. Don’t know if I am going to ditch my Capital One bank account completely as Revolut does not have Zelle so therefore can’t instantly transfer funds between account.
Sounds good Tyler! And I couldn't agree more, the ability to exchange and spend currency with such ease is so awesome. Make sure if you do exchange currencies that you always do it during the week to avoid any exchange rate margin fees (this applies to us Metal users too). ^Jonny
Metal options very expensive for normal user ,however I had 1 year premium ( I using Revolut since 2018 basic) I got new card was many great features (buy 5 stock monthly without fee ) but now I pay 3 euro still using premium card and Revolut my main bank (2 jobs salary coming there ) still buying stocks but monthly 1or 2 and using also emergency savings and transferring eu country for my son monthly once no extra cost but pay for metal very extreme and high price just think if you are not moving 5-15 k /monthly and not using bitcoint or eth ( I hold on binance and coinbase my crypto anyway) 16 euro /monthly overprice
@@azblackout1 Revolut replied me soon and they solved my problems immediately. I provided all documents from the exchange bills to the bank transferring documents, my job reference letter and any documents that can be used as evidence. Thanks to the revolut customer service.
Hi, I have 2 questions. 1) If someone has to send an international transfer once every month and they use the Standard (free payment plan) and they send the money during the week will they still incur a fixed-fee? & 2) When someone is sending money will it go directly into the bank account of the receiver in the currency it was sent or does the sender have to select the currency they wish to send the money in?
Hey. 1/ In this case, they will only pay a fixed fee if they exceed their fee-free monthly limit, for example, in the UK if they send over £1,000 then they'll pay a fee on any amount of money above that. 2/ If you send the money to their bank account then it will be deposited directly into the account, you'll also select the currency you're sending to when you make the transfer. Let me know if you have any more questions. ^Jonny
When you say with standard plan if you take out more than £200 in the month you’ll be charged Let’s say I take out £1000 how much will I get charged (£2, £20 or £200)? Let’s say both my revolute card and mobile phone gets stolen in a knife point mugging and they spend £2000 how will I contact revolute or get money back Can I get a physical revolute card to actually touch in my hands and can I get it without the tapping contactless option If I set a target range off £2000 to say in 6 weeks in the vault and I don’t reach that target will I get punished for failing to hit your target
Hey Kevin, let me try to answer your questions to the best of my ability. I will answer them question by question. "Let’s say I take out £1000 how much will I get charged (£2, £20 or £200)?" Of course the fee would depend on the amount you withdrew but let's say you withdrew £1000 at once. You would be charged a fee of £16. That's 2% of £800 which is the amount over the fee-free limit (£200). "Let’s say both my revolute card and mobile phone gets stolen in a knife point mugging and they spend £2000 how will I contact revolute or get money back" Good question and I can only speculate to the answer. Firstly they have an automatic number you could call to block your card. So immediately after the mugging if you weren't absolutely horrified by the whole incident, and you could access a phone, a quick call to +442033228352 could block your card. You can also do this via a desktop and through their website. Otherwise with a police report it's likely Revolut would open an investigation and in an ideal world eventually reimburse the funds. I've read similar experiences and similar outcomes to this but also on the flip side it can end up with you not being reimbursed. "Can I get a physical revolute card to actually touch in my hands and can I get it without the tapping contactless option" Don't really understand the first part of this question, can you clarify? And again I can only speculate without speaking to Revolut but I imagine you can't dictate whether you have contactless or not. That seems to be the something that's in-built into every card. "If I set a target range off £2000 to say in 6 weeks in the vault and I don’t reach that target will I get punished for failing to hit your target" Absolutely not. Let me know if you have further questions and also please clarify what you mean't by "Can I get physical revolute card to actually touch in my hands?". Thanks - ^Jonny
If I have a company in Ireland, I can have a main revolut account there and have a second account in Brazil in the name of the same company and transfer without fees?
Is it okay to open a revolut account from the Philippines and then i will move to germany after some months. Is there gonna be a problem if i register my address in philippines but then later will be staying in germany for 4 yrs?
Unfortunately Revolut isn't available in the Philippines. You would need to move to Germany to open the account and use a German address and your temporary VISA to apply. ^Jonny
Hey bud, I was wondering at 04:01 if I do wish to transfer my Revolut stored crypto to an external wallet, you mentioned I need to be on the Metal plan. To my question, do you happen to know if it's possible to hop on to the Metal plan from a Free plan let's say and then do the transfer just like that?
Hey mate! In theory yes, but I'm not sure if it's worth it especially as right now. Revolut only allows you to transfer Bitcoin to an external wallet, so unless it's BTC there's absolutely no point. Also (and this might not be useful) Revolut have started randomly testing and allowing some non Metal customers the ability to send Bitcoin so do check if you have this enabled for you. Cheers ^Jonny
Hey Monito, One thing you should also report is that they do not have a bank license. They take money from people and do not give it back. I am still waiting they give me more than $2K since the beginning of November and nothing. The receiving bank demonstrated the operation was cancelled and they are not returning my money despite having the evidence of their mistake. The support system chat continues to tell me to wait but nothing else. #RevolutScam
Hi Monito, one more question! With standard account, I can take up to 200£ cash and spend 1000£ per month abroad? Or together 1000£? 😊 As well fee free transfer include as well in this 1000£??
Great question, I checked with Revolut and the fee-free £1000 includes both ATM withdrawals and spending. Basically if you at any point exchange currency, whether it's for getting cash out or spending with the card - it is all part of that £1000 allotted fee-free amount. ^Jonny
Hey casey. I can't be sure if you'll need to create a selfie when you register in the US. If you're happy to share your telephone number with Revolut then you could try signing up and just seeing what it asks? I'm sorry I am a Revolut UK user and I don't know anyone from the US using it so I can't ask for you. ^Jonny
I'm still not sure. They aren't FSCS protected which gives me the heebie jeebies. Their own website says if they fail you "SHOULD get MOST if not ALL of your money back" then explains theres costs involved. Eh..makes me uncomfortable.
That's fair enough. If you'd like an FSCS protected neobank with low international fees and good currency exchange rates then Starling Bank are a great choice. ^Jonny
After we exchange the currency, how can we use the local currency we just exchanged to? Can we withdraw the exchanged currency into cash? Or is this all just digital?
You could just withdraw from an ATM. Revolut will deduct the amount from your specific currency account within your Revolut account. It's really smart and works just like having a local bank account 😄 ^Jonny
@@Monitodotcom the metal plan said “unlimited withdrawals”. Does that mean i can withdraw all the money into cash of the local currency with no limit as well?
@@Monitodotcom this seems like its too good to be true… Can’t help but be skeptical because I’ve never done exchanges like this but I will try it out! Thank you!!
This is my 1st time having a revolt card , basically I'm going to Florida in October and am putting money on card every month, do I exchange to USD before I go r keep as GBP?
Hey Julie, I would recommend exchanging USD for GBP before you spend money. This is mainly because Revolut charges a small fee for exchanging currencies on the weekend. So if you were to spend money in USD on the weekend, that you don't have already deposited in your Revolut account then you'll be charged a small fee. During the weekday you could spend money in the US without exchanging but I just find it is easier to do it ahead of time to avoid weekend fees. Don't forget you'll have £1000/month of fee-free currency exchange with the Revolut Standard account, once you exceed that you'll be charged a small fee, even during the week. Hope that helps and let me know if you have any further questions. ^Jonny
Hey Infinity! I'm not 100% but I don't think it does as Revolut doesn't support money transfer to or from Russia (www.revolut.com/help/more/war-in-ukraine/can-i-transfer-money-to-or-from-russia-or-belarus). I'm assuming that's correct as MasterBank is a private bank in Moscow. ^Jonny
can you please help me !!. I need to know if we open a Revolut account in Germany and when we transfer some money say like 500 Euros to another German bank account like Commerzbank through bank transfer, will they incur any fee?
Hey Ben. Yes you should be able to pay for your visa application fees. Anywhere that accepts Visa or MasterCard payments will accept your Revolut card so that should be absolutely fine. Yes a third party can send money to your Revolut account. You could either create a payment link, which is really clever and means you just share a link with someone and they can send you money by paying with a card. Or you could just share your account details with someone, if it's a GBP account this would mean sharing your account number and sort code. ^Jonny
Thanks for the great information but i have multiple questions 1 im from slovakia but now i live in egypt but i have a slovak passport ,, will i be able to get a physical card to egypt ? If not , can i give an italian address and receive the card to italy while im a slovak citizen? 2 can i deposit bitcoin and change it to real fiat then make virtual visa cards and buy online? 3 can i withdraw bitcoin to extrrnal wallet without having the metal membership? 4 can i use my balance to pay by my phone via NFC in egypt without receiving a real physical card? Thank u so much
Hey Fouadix! Hope you're well. 1/ I think your best option is to have the card sent to your Italian address as they won't ship to Egypt. 2/ You can't send crypto to Revolut from outside platforms/wallets. (www.revolut.com/en-ES/help/wealth/cryptocurrencies/what-cant-i-do-with-revolut-cryptocurrency/can-i-receive-cryptocurrencies-sent-to-my-revolut-account) 3/ Yes, Revolut have recently opened this up to non-metal users also. 4/ Yes, you could use a virtual Revolut card on your phone via Apple or Google Pay that you'll get when you register. Just add the virtual card to your phone :) Hope that all helps, take care! ^Jonny
If we are doing an international business with abroad companies and getting paid by other many countries then is it very safe to use Revolut and get no charger for the transaction ,?? Is it good than PayPal ?
Hi Bhagyashri, the plan you sign up for will have a number of free transactions available. You will need to pay for a plan though, for example Grow has 10 free international payments and 100 free local. Check out this link for more: www.revolut.com/business/business-account-plans We also made a specific video on Revolut business that you can watch here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LdzFjb-F-jY.html
I'm an expat living in the EU and need a UK bank account for my managing agent to deposit rental income. I've only found two banks that will accept EU residents but proof of address is difficult for me. Would you recommend Revolut for me and if so would I then be able to transfer that money to my own EU bank account? Also, is there a limit to how much money you can keep on Revolut? Thank you.
Hey! Revolut would be great for you. You would receive GBP and EUR account details, you could share the GBP details with your agent and then transfer the funds to your EUR account. You will also receive the mid-market rate (more or less) and only pay a very small fee to exchange the currency (I'm assuming you'll be exchanging more than £1,000 per month - if not then you won't pay any fees). As far as I know, there aren't any limits to how much you can have deposited. Although I believe there may be a transfer limit of £250k, a daily limit of £500k and a weekly limit of £1,000,000. The problem is, you may need proof of address. This can be tricky. I would say try signing up and see how it goes. Please do consider using our affiliate link if you sign-up (bit.ly/3o8Mk7F). If that fails do check out Monese (go.monito.com/v2/monese?lng=en) We always recommend them for new migrants arriving in the UK as they don't have proof of address AND Monese will give you GBP and EUR account details. All you need is an ID and a selfie to join Monese, and they're available in any of the 30 countries in the EEA. All you need is a photo ID and a selfie to join. You can open an account with us if you live in any of the 30 countries in the European Economic Area or the UK. I suggest starting with Revolut and then if that fails do check out Monese. Cheers and let me know if you have any more questions. ^Jonny
This is a very interesting and informative video. Thank you for that. Quick question. Can I wire money from a Revolut account to someone's (or my own) traditional banking account? Or only from Revolut to Revolut account?
Hey Apple. You certainly can. I often wire money out of my Revolut account to my traditional bank account when I exceed the cash withdrawal limit and need to take out more money. ^Jonny
One thing you should also report is that they do not have a bank license. They take money from people and do not give it back. I am still waiting they give me more than $2K since the beginning of November and nothing. The receiving bank demonstrated the operation was cancelled and they are not returning my money despite having the evidence of their mistake. The support system chat continues to tell me to wait but nothing else. #RevolutScam
I need some advice. I am looking for a group account, where a group of people can add the same amount of money and anyone in the group can pay bills and other costs can you suggest any app. I thought of Revolut Vault Group but there is disagreement and I don't understand why. Could you shed some light, please?
Hello Monito. Just re-opened my Revolut account to check out ‘Stays”, but wondering about their weekend FX charge when paying by card…could you get around this by say exchanging GBP in a local currency, eg Japanese Yen, during the weekday, so when you use your card to pay in the weekend it will take money out from your Yen account with no weekend fee rather than from your GBP account with the weekend fee?
Yes exactly, we recommend buying foreign currency ("exchange" in the app) during the weekdays if you plan to spend in the week-end. If you have a balance in YEN and spend in YEN, it will automatically take from the same currency balance first.
Hello Monito. I've been using revolut for about 6months now, mainly to move my money around. I've been thinking of creating a savings vault with them now. I just have some questions. Say I deposite £1000 into my savings account, can can I withdraw all that money back when I need it? And how soon can I make a withdraw after opening the account? How long would it take to for the initiated withdrawal to be made to my revolut wallet? I'm resided in the UK btw. Thanks
Is revolut an online digital wallet where i can store funds and do transactions from there? Because wise is kinda complicated for me as i don't know if its a wallet or just a way to transfer money internationally with a cheaper rate from your local bank.. Wise is not really a bank where you store funds. But like a bridge. Am i right? And with revolut. Its actually a digital bank where i can have a literal fund wallet inside the app?
It is somewhat complicated but depending where you're based, in the UK for example, WISE and Revolut are considered e-money institutions, and not banks. You can store funds with either provider but they are held in separate accounts at legacy banks like Barclays. They do act just like a normal bank account though and the money is always available to you and can be accessed via your phone within their respective apps. ^Jonny
Hi, I have a question regarding basic account. If I exchange money in advance e.g Turkish lira, would I be able to spend more than 1000£ once I am in turkey without paying fees? Thanks
Hey! Yes if you already hold the Turkish Lira then you'll be able to spend as much as you like without any fees. Best thing to do would be exchange the money to TRY on a week-day before you travel so it is in your Revolut account to spend when you're in Turkey. :) ^Jonny
No problem! Well this will depend on which Revolut account you have (but I'll assume the standard one). If you hold only GBP in your account and you pay a merchant in EUR, on the weekday, and you have spent under £1,000 in foreign currency that month - then you won't incur any fees. You'll receive the real mid-market rate, making the transaction & Revolut one of the best, cheapest ways to pay for in a foreign currency. ^Jonny
No it doesn’t really matter whether you convert before or at POS. Unless of course you knew for sure that the exchange rate would differ drastically and the current rate was worth exchanging for in advance.
Hey Frick, Jonny here. It's basically sending money from one country to another. Yes, it's very likely you'll be charged for that. In the case of Revolut how much you're charged may depend on the plan you're using but Revolut are definitely one of the better, cheaper providers for international money transfer. If you're sending money internationally make sure to check our comparison engine, it's free and we'll tell you the cheapest provider for how much you're transferring and where to 👉 www.monito.com
thanks for the great info. On the standard plan, only 200 pounds per month is simply not enough. Do you know another online bank that offers higher withdrawals?
@@Monitodotcom thanks for the reply! Im a UK citizen but living in Indonesia. I'm trying to get a bank account so I can teach online from here. Many online schools only pay into US, UK, Ireland bank accounts. Thanks 👍🏽
No problem! Do you still have a British address? One that you’re able to provide proof of? If withdrawals weren’t an issue I’d suggest Wise because of their various local account details including USD and GBP. If you’re desperate for fee-free withdrawals and you have proof of address then Starling Bank are a great choice, as they have free international ATM withdrawals. Unfortunately it may be difficult to get better fee-free withdrawal limits without proof of UK address.
Thank you Connie, if you decide to go with Wise please use this link : go.monito.com/v2/wise?lng=en We don’t have an affiliation with Starling, we just think they’re a great choice for travellers. All the best ^Jonny
Yes you can downgrade easily although it’s harder if you do this with Metal as you may be charged for the card. Definitely worth checking their terms. ^Jonny
Hey! There’s no spending limit with Revolut Metal and no currency exchange fixed fees. Just ensure sure that you make the transaction during the week (Mon-Fri) to avoid any fees. Thanks! ^Jonny
@@Monitodotcom great! I checked it out btw and compared. Was interesting but was really trying to find out if my transfer would be cheaper with Monzo or Revolut. Still not 100% clear but seems Revolut is cheaper (on weekdays)?
Oh okay that's interesting! I'm thinking Revolut would be cheaper on the weekdays but it's so difficult to tell. There may also be another provider that's cheaper that's neither Revolut or Monzo. Is there a reason why it has to be one or the other?
@@MonitodotcomThis answer is not correct. Also with fuel pumps revolut is often declined because the pumps or electric chargers require a hold amount, usually €99 for fuel but less for chargers.
@@matthewdower5383 Hey Matthew, that's very interesting, would those pumps not require a credit card then? So Revolut or any pre-paid card/debit card wouldn't work?
@@Monitodotcom The pumps work with credit cards. Revolut themselves have described the reasons why pay at the pump does not work. Toll booths for bridges, ferrys etc have also caused me problems .
This is not a review, this is Ad for Revolut, i wish it was a real review that points to cons&prons. When i can't find a single phone number to contact a company especially if this company claims to be a bank then there is a problem here.
Hey Hany. Sorry you feel that way I do try to be as impartial as possible, although I personally think Revolut are great. Perhaps that came across too much in this video? Unfortunately they don’t have a telephone number, few Neobanks do. If you’re located in the UK, Starling Bank does provide a customer service number, so if that’s something you require from your bank do check out Starling. Cheers - Jonny
Hey Varghese - Jonny here. Yes absolutely, it can receive money just like a standard bank account. Are you and your employer based in the same country?
You're welcome Zoe. Sadly no, and I can't seem to find an alternative neobank in Honduras. I'll keep an eye out and if I see anything that could be good for you, I'll let you know.
Hey there Monito! Many thanks for sharing the video! I’ve been struggling in finding out about its benefits. Now that you shared the video, I have a quick question to ask: Can people who travel a lot (even tourists) use Revolut bank? And if they plan on longer stays in one EU or EEA country, what if they are come across tax residency inquiries when applying for the app? Will this affect the travellers legally in any way (that is, if you have some idea about the tax residence and the laws related to their countries) Many thanks indeed! 🙏🙏☺️ Many thanks 🙏🙏
Hey Jude! Glad you found the vid useful. If you were to register with Revolut you would need to provide proof of identity and residency. If you can provide that then you should be fine, and you also wouldn't need to prove tax residency. I'm yet to encounter anyone that's told me they've needed to provide proof of tax or employment when joining Revolut. If you can provide ID, and residency & obviously have a smartphone then you're good to go! Which country are you from Jude? ^Jonny
Thanks a lot for your answer! I hope this helps in any way. I do hope I don’t get into legal trouble for not providing some details as I don’t have them actually
You may have difficulty registering then with Revolut, unless as I said you can provide the necessary details (proof of residency etc). Good luck and take. ^J
One thing you should also report is that they do not have a bank license. They take money from people and do not give it back. I am still waiting they give me more than $2K since the beginning of November and nothing. The receiving bank demonstrated the operation was cancelled and they are not returning my money despite having the evidence of their mistake. The support system chat continues to tell me to wait but nothing else. #RevolutScam
Hey Angelica, unfortunately, you cannot. The closest thing you can do with Revolut is to have a shared Vault. Basically, you and someone else can pay money into a savings account and both have access to it via your Revolut app. ^Jonny
Hey IHAB, I can't make an account on your behalf but I can certainly try and help you send money to your family. Where are you based and where are they based? ^Jonny
Hey Sartia, thank you for your comment - I made a video on this subject previously (ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-rrrXtD75YNs.html) - Hopefully that helps you. ^Jonny
While I see your point, I don’t entirely agree and wouldn’t say it’s the ‘worst argument ever’. In life we use a lot of services and products based on faith, trust or ‘social proofing’. Just like if a friend recommends something to you. I do see your point, but how else are we supposed to ascertain whether something is trustworthy or reputable without trying or experiencing it first? ^Jonny
@@Monitodotcom Let me try another way. "Everybody is driving motorbikes without helmet and so far nobody died, so you can safely drive without helmet." Good argument? Saying that the company is backed by big banks and if they close, that big bank will refund you is a good argument… well, if you trust big banks 😉 Saying that they've X millions users is a social proof of some sort. People may use that as a trust factor (their decision) but you should not tell them "you may trust them because of that" (you're influencing based on a weak argument). Do you understand the subtle nuance? I may be wrong, I'm just sharing with you my thoughts, you'll do whatever you want with them.
Thanks Odera, are you sending from the UK? I did a check on Monito.com (www.monito.com/en/compare/transfer/gb/ng/gbp/ngn/1000) and found that Instarem would be the only good provider. If you're not sending from the UK, just visit www.monito.com and put in your transfer details. Thanks ^Jonny
Revolut is really bad for transaction, they have big problem and bad service when you got a issue. Many people have they transaction block for months with no help. Its a good bank for traveling with small money. After that i dont recommended it. I have been using it for 5 years with metal card. Lots of issue and no service.
I haven't had problems with Revolut, however, I'd avoid them as they're not an FSCS/FDIC member. Rather, they rely on EMI (Electronic Money Institution). And I did ask what if Revolut would close down, she [Rev CS] told me the clients would get their money back, but due to the fact they're not FSCS/FDIC that doesn't guarantee it's true. I'm going to close my account today. I've got others which are reliable and money protected. E.g. Chase.
Hey Philip, I'm sad you chose to close your account as Revolut really is a great multi-currency, international spending product. While Chase is FSCS-protected, you don't even get half the tools and services Revolut offers. Why don't you just keep your Revolut account open and only deposit small amounts of money when necessary and use it as more of a spending card, and not a saving tool? Also, according to the FCA if Revolut goes out of business, you should get most of your money back. Although some costs will be taken by the administrator or liquidator and it could also take longer for you to be refunded than it would with a bank through the FSCS-protected scheme.Thanks ^Jonny
