manda99

Just got the notice that the Revolut card will now charge 3% to top off from a US debit card. Obviously, I'm not going to pay that - it pretty much nullifies the reason I even have this card. They suggest transferring from your bank using their IBAN/SWIFT info, but every account I have only allows transfers to US banks. Chase allows it via wire transfer, but charges a small fortune for that.

Does anyone know of any online free savings accounts or similar that allows transfers between a US checking account (using ABA routing) and a UK account (using IBAN/SWIFT)? Or can you think of another work around to get money quickly to my Revolut card for free? Otherwise, I'm just going to have to ditch this card and I really liked it.

tmiw

Supposedly the 3% is only for debit card charges in USD on US-issued cards. If they didn't patch that loophole, you could top up in EUR or GBP with a Schwab debit card or similar (no FTF) and transfer that balance to USD in-app.

Points Scrounger

I did a transfer from my us checking account to Revolut in Euros and there was a no fee whatsoever.

manda99

Via the debit card? My bank account would charge me a 3% FTF if I did that (which is why I had the Revolut card). Do actually transfer from my checking account, it would be $25 - $50 fee for wire transfer! I can't set up an international account as an external transfer.

Points Scrounger

Yes, via debit card - I have a 0% FTF checking account. I am a bit confused as to why withdrawing in USD is expensive for them, but withdrawing in EUR/GBP and then converting is not?

MASTERNC

Doesn't that defeat the purpose? I thought the advantage of Revolut was a better exchange rate than with a credit/debit card (even without a FTF). Besides, wouldn't you risk taking a loss if both conversions aren't at the same FX rate?

AllieKat

No, I think for most people the purpose is to get a British chip and PIN card for those situations American cards don't work.

The title is misleading. There's no fee for US debit cards. There's a fee to top up from a debit card (ANY debit card) in USD.

Points Scrounger

I think we're talking pennies here.

mia

I edited the title, but I am not familiar with this product. If I don't have it right please click the triangular Alert icon in the lower lefthand corner of the post and educate me.

tmiw

Revolut was never that good of a card for general spend. As a prepaid debit card, there are no special benefits (CDW, purchase protection, etc.). It's also currently far more of a pain to use in the US than a normal chip and signature credit card because of the PIN. I'm not even talking about outright rejections by merchants, though that's happened to me a couple of times--rather, small things like being forced to walk to the back of a restaurant to enter a PIN and hoping that the server didn't accidentally screw themselves out of their tip, or terminals at normal stores that aren't exactly positioned well enough to be easily handed to customers.

To me, there are exactly two good use cases for Revolut:

1. DCC avoidance in the UK at merchants that don't take AmEx (not that DCC is a problem there in the first place), and
2. Those rare cases where a foreign merchant simply voids the transaction attempted with another card because a signature slip printed out--and you don't want to waste a hard pull on one of the two or so credit cards that will always ask for PIN. (Considering that those cards have rewards structures such that you may never be able to redeem points for much, a hard pull might very well not be worth it for such a rare circumstance.)

For #2, what amounts to a 3% FTF might be better than simply not being able to complete the transaction at all. Though it's always a good idea to carry some amount of cash anyway, so even then that might not be a good use.

manda99

I got mine for a few reasons:

-- To have a chip and pin card to use in Europe when needed (kiosks, etc.).
-- To use to get cash at ATMs when in Europe - sort of a middle man to protect my actual debit card from fraud/theft and to avoid the FTF on my debit card. I don't like taking my actual bank card or using it anywhere.
-- To use online for the occasional transaction that requires a UK card (eg UK SIM topoff).

At 3% fee though, it's not really worth it. I might still use it to get cash at ATMs overseas, but the cost benefit of that is nullified with the 3% fee. If I used my bank card, it would also charge a 3% fee. All I really gain from that is not using my bank card.

Frustrating. I'd be willing to pay a Serve-like monthly fee, I think. But 3% just to get my money into the account is too much. Or maybe they could come up with some sort of scheme where you can get avoid the transfer fee if you make x number of card transactions a month to offset the costs?

tmiw

Sounds like you frequently visit Europe. Since there's still no fee if you load in GBP or EUR, why not continue to use Revolut? I imagine you were getting charged FTF even before they added a fee for USD loads so loading in GBP/EUR won't cost any different.

If you didn't have Revolut already I'd suggest something like the Arrival+ for kiosks and a Schwab checking account for ATMs. Transfers between Schwab and other banks are fairly fast and would effectively insulate your primary checking account as well.

powerlifter

When I signed up for revolut the T&C gave us 12 months before any change in fees. I am in my third month on this card. Why did they did not grandfather us older holders of the card for the 12 months. I could see them charging new users, but us older users should get the 12 months free. Then charge the 3% if they want to. Just my 2 cents.

manda99

Totally agree! They seem think they are getting around that by calling it "fair usage" rather than a "fee."

patrick.barnes

Welcome to the world of VC backed companies. Get users at any cost, figure out you're losing tonnes of money, change it up.

It's not surprising that they've implemented this fee (though 3% is really high for debit -- but maybe their merchant account is UK based and unable to get US debit card rates), but how it applies to USD top ups (rather than US issued cards) makes no sense.