Revolut card.

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allgram
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Revolut card.

Postby allgram » Fri Nov 13, 2020 12:55 pm

Hi, I have one of these cards and have used it for a couple of months ( their exchange rate is far better than the company I have used for many Years), abd have just transferred monies from UK bank to Revolut using the GB code.now because of Brexit they have changed the BIC code from GB to LT and my bank want to charge me an international fee which can take away the advantage of their good exchange rate. Is anyone in the same position as me? or is there a way round this?
I hope I have explained this well for you.
allgram.

casita-bonita
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Re: Revolut card.

Postby casita-bonita » Fri Nov 13, 2020 3:31 pm

Email i received said that you can continue to use the uk iban for 6 months. During this time they should have an irish license, but whether this will negate any charges i haven't a clue.
Regards

Bob

katy
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Re: Revolut card.

Postby katy » Fri Nov 13, 2020 3:39 pm

There has been a few articles in revolut in business news recently. They moved UK clients to Lithuania. Also rumours of financial problems but the bank denied it on Twitter.

Paddy Pumpkin
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Re: Revolut card.

Postby Paddy Pumpkin » Fri Nov 13, 2020 5:48 pm

Instead of using bank transfer to add funds to your Revolut account you can use a debit card. That way you will not be using the IBAN and you won't be impacted by the new IBAN. This debit card methd will make adding funds to Revolut totally free and even better...instant, The money hits your Revolut account within seconds


On the App...press the Add funds button and proceed to enter your Debit Card details of the card attached to your UK bank account. Then simply add funds as per the instructions. Try 10 GBP first to make sure it works ok and then add funds as you want after that once confirmed funds are in your Revolut account. You maybe asked for extra security procedures by your UK bank and each bank is different, so maybe an extra PIN or text message etc. Any problem let me know.


Bob

No the switch to Ireland won't fix the issue. Basically because of Brexit UK banks are no longer forced to transfer within EU for free so they may start to charge you whether the destination is Lithuania or Ireland. Some UK banks may charge, some may not, however they ae free to choose now. The EU can no longer force the UK banks

brimsham
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Re: Revolut card.

Postby brimsham » Fri Nov 13, 2020 10:33 pm

When I transfer stirling from my UK Bank to Revolut I use the sort code and account number not the IBAN, which is just basically a transfer between UK Banks.

Paddy Pumpkin
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Re: Revolut card.

Postby Paddy Pumpkin » Fri Nov 13, 2020 10:44 pm

The account is now based in Lithuania they will not have a UK sort code in 6 months from now

brimsham
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Re: Revolut card.

Postby brimsham » Sat Nov 14, 2020 11:51 am

Just had a look, the UK Stirling account still has a sort code and account number for transferring stirling between Nationwide and Revolut. Flipping Stirling to euros will be an internal Revolut action, there has been no mention of charges for this yet.

Johnandali
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Re: Revolut card.

Postby Johnandali » Sat Nov 14, 2020 2:19 pm

I too use Revolut and highly rate them.

As I read it the change will only affect the Swift side of your account and it will only affect inbound non sterling transfers. Sterling transfers into Revolut will still continue as your local account - my sterling pension was paid in yesterday and no charge was made.

My SWIFT account transferred to LT earlier this week.

Transfers from the local sterling account to the euro account will continue to be charge free and instant.

I may be wrong but that is certainly my take on what I have read.

Paddy Pumpkin
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Re: Revolut card.

Postby Paddy Pumpkin » Sat Nov 14, 2020 2:44 pm

Johnandali wrote: Sat Nov 14, 2020 2:19 pm I too use Revolut and highly rate them.


My SWIFT account transferred to LT earlier this week.

Transfers from the local sterling account to the euro account will continue to be charge free and instant.
This is because the UK hasn't fully left the EU yet. After the transition period is finished UK banks will be free to charge and the EU rules won't force them to charge the same as they do for a domestic transaction. So for example Natwest UK to HSBC UK is free and therefore a Natwest UK cannot charge you to send from your Natwest EUR to la Caixa if you make a SEPA payment. After January 1st 2021 Natwest are free to charge you what they want. They may still do it for free but they can charge if they want. Hence money to LT account is still free

Paddy Pumpkin
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Re: Revolut card.

Postby Paddy Pumpkin » Sat Nov 14, 2020 3:06 pm

brimsham wrote: Sat Nov 14, 2020 11:51 am Just had a look, the UK Stirling account still has a sort code and account number for transferring stirling between Nationwide and Revolut. Flipping Stirling to euros will be an internal Revolut action, there has been no mention of charges for this yet.
Yep me too....so you can make a domestic UK transfer to that account...is the sort code you have 04 00 75? I am hoping your account number is different from mine so we all have individual bank accounts. My account ends in last two digits 07....hopefully yours is different?

Changing the currency will be no charge...I use Revolut for 5 different currencies (2 non EU) and they only charge is if I want to pay that new currency out to someone in a country otside the EU. If I simply exchange the currency and then use the card to pay for something there is no charge.

So if you add GBP via a UK debit card or pay to your UK sort code/account number then there is no charge to add money

The exchange it inside Revolut to EUR no charge there either

Then pay it out from your new LT based EUR account to your local Spanish ES account there will be no charge there either (EU law on SEPA payments makes that free)


So basically all that will change is that you need to stop using the old IBAN for Revolut that began with GB because that can be charged for (and will be closed in 6 months). The stupidity is that if they get a EU/UK trade deal it might actually include the free transfers via IBAN within the deal and all of this is for nothing...same as all the UK banks closing accounts for EU residents, or even one bank I know that actually closed down that may have been able to stay open! Well done Boris on costing people their jobs!

allgram
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Re: Revolut card.

Postby allgram » Sun Nov 29, 2020 11:07 am

Thank you so much everyone for your advice and sharing stories about this problem, I really do appreciate it,again thank you.
allgram,


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