Revolut – and some favourable FX on foreign purchases.Back to Forum
Thanks to this forum, I learned of the benefits of REVOLUT and have been using their basis account/card (free) for the last few months.
A few days ago, I conducted an experiment when shopping in Istanbul Duty free by buying three items using my Revolut card and 2 other cards issued by my mainstream banks in Switzerland.
I did not set up a Turkish Lire sub account on my Revolut account so the purchase came straight through to debit my Swiss Frank (CHF) balance.
My Revolut purchase costing TKL 81.08 was converted to a charge of CHF 14.22. My normal swiss bank issued card was debited by CHF 5.16 for a purchase costing TKL 28.28
Hence the normal bank card cost me 4.06% more than Revolut. The second swiss bank card cost me 4.5% more. This second bank card noted on the entry that the conversion had a 2.5% margin added. Hence it looks like the margin taken by mastercard on the FX is also not that favourable.
I will certainly use my Revolut card for all future foreign purchases given this 4.5% margin being deployed by my normal cards.27 Sep 2019
The first time I used my Revolut card was in Norway, then Barbados, and the margins were similar. Since then I’ve mostly used it in Botswana and Zambia and found the same level of savings. I don’t compare any more.
I also have a UK Nationwide Building Society credit card which gives equally favourable rates on purchases.
The Revolut rate is increased by about 1.5% over weekends when the FX markets are closed, so they cover themselves against fluctuations.
I’ve been very happy with mine although I think it prudent to have another means of payment as a ‘Plan B’.28 Sep 2019
roddersParticipant28 Sep 2019
I love my Revolut card and it saves me a fortune — especially on small purchases, as some banks have a per transaction fee too. Now, it’s also supported on Apple Pay. I pay for the premium service, although I wouldn’t count on their travel insurance, having read the Ts & Cs28 Sep 2019
My son is in St Petersburg this weekend, and I went out for lunch and decided to send him a little bonus of what his lunch might have cost if he’d been with us.
Through the Revolut app I converted £30 to RUB, sent it to his RUB wallet, and 10 seconds later he acknowledged it.
I said it was the price of a lunch, he said that’s 5 lunches here!28 Sep 2019
Lots of positive comments and I share all of them. The savings on transaction costs are always nice, but it is the ability to send foreign currency to someone fairly instantaneously and at almost no cost that is the best feature. I use it a lot to split restaurant bills with people I am travelling with – done and dusted at the table!
1 user thanked author for this post.3 Oct 2019
I have a general question.
How does Revolut compare with TransferWise (master card) – and from experience which makes more sense?
I have bank accounts in USA, UK, and Singapore (which is multi currency) which are all great for handling international business invoicing etc. – but I was lookin for something a bit more flexible for my day to day use?3 Oct 2019