5 ms·

Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.

by krn 7y ago

slavoingilizov 7y ago
Only for their Metal subscription, which is paid, not free. Irrelevant comparison. https://www.revolut.com/introducing-revolut-metal https://www.revolut.com/introducing-revolut-metal
- krn 7y ago
  > Only for their Metal subscription False. Monzo's ATM fee is 3%, Revolut's 2%. Monzo gives MasterCard's exchange rate, Revolut gives real exchange rate. If you take out at least 600 EUR / GBP monthly, the Revolut Metal subscription with all the benefits becomes essentially free.
matthewmacleod 7y ago
The point I was making is that none of those things are very interesting to me – I use a credit card when travelling, don't travel enough for banking to be a constraint, and don't need virtual cards. Also, note that there are already zero ATM fees in the UK, Monzo does £200 of fee-free foreign withdrawals/month in line with the Revolut free account, and cashback is only 1% outside of Europe, if you are paying for the most expensive account. This is kind of what I mean – the offering seems to suffer from the same problems as older banks, in that it kinda looks good on the surface but mostly comes with a bunch of stuff I have zero interest in.
- krn 7y ago
  > Also, note that there are already zero ATM fees in the UK That makes a big difference, and it's not the case in continental Europe. Monzo then seems to be optimized for a single market and a single type of user (who doesn't travel much). I totally understand your case now. > and don't need virtual cards Are you using the same physical debit / credit card for all online payments? I don't see how disposable virtual cards is not the best solution for private and secure online transactions at the moment.
  - nothrabannosir 7y ago
    I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur. Actually in all my travels ever in the entire world, it was only the USA where I really couldn’t find a fee-free ATM no matter how hard I looked. Ironically, the only European country where I ever even see some ATMs with fees, at all, is the UK. Monzo has no surcharge over the network fee for foreign currency transactions, so it’s quite good. However, it’s a debit card, and credit cards still win for reliability when renting cars or buying airplane tickets. When it comes to virtual cards: it’s a matter of taste. Personally I don’t care a single iota if my card gets defrauded; issue a chargeback, get a new one, done. Not worth giving up for the convenience of auto fill of C.C. in the browser.
    - deleted 7y ago
      [deleted]
    - krn 7y ago
      > I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur. At least in my EU country, every bank charges 2% (min. 2.9€) for using any local or foreign ATM that doesn't belong to its own network. With Monzo, taking out 1000€ from any ATM in continental Europe costs 30€. With Revolut it's 20€. The difference alone buys one a Premium subscription at Revolut.
  - matthewmacleod 7y ago
    Yes; Monzo is probably optimised for UK consumers who don't travel much – which is the vast majority of the UK market. I don't have any real use-case for virtual cards, since both card provider and service provider still get to track everything. It's possible that it might be valuable to limit the amount that can be charged by a provider, or to allow a virtual card to be independently disabled in case of fraud, but I'm not particularly concerned about those given the ease of reclaiming funds generally.
- mantap 7y ago
  Not everybody wants a credit card, or is able to have one. Revolut et al provide many of the features of a credit card without having to borrow money and pay it back.
- namdnay 7y ago
  Don’t you get hit by international fees when using your credit card abroad? As a regular business traveler living in europe, Revolut has saved me a fortune (I even turn a small profit with the Metal cashback)
  - grey-area 7y ago
    Don’t you get hit by international fees when using your credit card abroad? No. There are fees for withdrawing cash over £200, but not using the card abroad.
    - nothrabannosir 7y ago
      Grand parent said they use a “credit card” abroad, implying they don’t use Monzo, or wouldn’t need Revolut. Monzo is a debit card.
      - grey-area 7y ago
        Ah thanks, sorry I missed that. If you don't mind using a debit card abroad though, Monzo gives you a good rate, not sure why you'd need to use a credit card.
  - matthewmacleod 7y ago
    No; there are a good selection of credit cards available with no foreign transaction fees. I have a Barclaycard that has no fees, higher cash back than Revolut, and has no monthly fee.
TazeTSchnitzel 7y ago
Is Revolut offering lower but less sustainable costs to attract more customers? Monzo's approach, if they are to be believed, is to try to make charges cover their costs but be small, fair and simple.
- krn 7y ago
  > Is Revolut offering lower but less sustainable costs to attract more customers? Revolut broke even on monthly bases in December 2017[1], and Monzo was still loosing money in April 2019[2]. [1] https://www.reuters.com/article/us-fintech-revolut/fintech-revolut-britains-first-digital-bank-to-break-even-idUSKCN1GA021 https://www.reuters.com/article/us-fintech-revolut/fintech-r... [2] https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despite-not-turning-profit-9132030/ https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despit...
  - TazeTSchnitzel 7y ago
    Interesting. Maybe Revolut's paid accounts work out well for it or it's able to earn profit from certain services.
    - deleted 7y ago
      [deleted]
  - easytiger 7y ago
    This is the second post that you've made that isn't true. Revolut is not profitable. It reports an operating loss. What's your reason for such inaccurate information?
    - krn 7y ago
      > Revolut is not profitable. It reports an operating loss. It reported an operating loss for 2017, because it stopped losing money on monthly basis only in December 2017.
      - 7y ago
easytiger 7y ago
> and up to 1% cashback on all card payments. No it doesn't
- krn 7y ago
  It's a feature for Revolut Metal subscribers[1]. [1] https://www.revolut.com/introducing-revolut-metal https://www.revolut.com/introducing-revolut-metal
  - easytiger 7y ago
    It's 0.1% for most uses and it's subject to very vague usage requirements they don't let you read until you sign up, as far as I can tell. So you need to spend £15k a month to recoup your monthly fee. Natwrst have more generous cashback for their bill payments scheme alone.
    - krn 7y ago
      I think it's pretty clear to everyone that 1% cashback can only be offered in North America and other markets, as the interchange fees for Visa and Mastercard consumer debit cards are capped at 0.2% of the transaction value in the EU.
JustFinishedBSG 7y ago
> lower foreign exchange fees Except the weekend. Gotta read fine prints. > up to 1% cashback on all card payments. Except in Europe, its market.

Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.

by krn 7y ago

Revolut offers lower ATM fees, lower foreign exchange fees, disposable virtual cards for online payments, and up to 1% cashback on all card payments.

slavoingilizov 7y ago

Only for their Metal subscription, which is paid, not free. Irrelevant comparison. https://www.revolut.com/introducing-revolut-metal https://www.revolut.com/introducing-revolut-metal

krn 7y ago
> Only for their Metal subscription False. Monzo's ATM fee is 3%, Revolut's 2%. Monzo gives MasterCard's exchange rate, Revolut gives real exchange rate. If you take out at least 600 EUR / GBP monthly, the Revolut Metal subscription with all the benefits becomes essentially free.

matthewmacleod 7y ago

The point I was making is that none of those things are very interesting to me – I use a credit card when travelling, don't travel enough for banking to be a constraint, and don't need virtual cards. Also, note that there are already zero ATM fees in the UK, Monzo does £200 of fee-free foreign withdrawals/month in line with the Revolut free account, and cashback is only 1% outside of Europe, if you are paying for the most expensive account. This is kind of what I mean – the offering seems to suffer from the same problems as older banks, in that it kinda looks good on the surface but mostly comes with a bunch of stuff I have zero interest in.

krn 7y ago
> Also, note that there are already zero ATM fees in the UK That makes a big difference, and it's not the case in continental Europe. Monzo then seems to be optimized for a single market and a single type of user (who doesn't travel much). I totally understand your case now. > and don't need virtual cards Are you using the same physical debit / credit card for all online payments? I don't see how disposable virtual cards is not the best solution for private and secure online transactions at the moment.
- nothrabannosir 7y ago
  I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur. Actually in all my travels ever in the entire world, it was only the USA where I really couldn’t find a fee-free ATM no matter how hard I looked. Ironically, the only European country where I ever even see some ATMs with fees, at all, is the UK. Monzo has no surcharge over the network fee for foreign currency transactions, so it’s quite good. However, it’s a debit card, and credit cards still win for reliability when renting cars or buying airplane tickets. When it comes to virtual cards: it’s a matter of taste. Personally I don’t care a single iota if my card gets defrauded; issue a chargeback, get a new one, done. Not worth giving up for the convenience of auto fill of C.C. in the browser.
  - deleted 7y ago
    [deleted]
  - krn 7y ago
    > I have visited quite a few countries in Europe, but never found one where ATM fees are de rigueur. At least in my EU country, every bank charges 2% (min. 2.9€) for using any local or foreign ATM that doesn't belong to its own network. With Monzo, taking out 1000€ from any ATM in continental Europe costs 30€. With Revolut it's 20€. The difference alone buys one a Premium subscription at Revolut.
- matthewmacleod 7y ago
  Yes; Monzo is probably optimised for UK consumers who don't travel much – which is the vast majority of the UK market. I don't have any real use-case for virtual cards, since both card provider and service provider still get to track everything. It's possible that it might be valuable to limit the amount that can be charged by a provider, or to allow a virtual card to be independently disabled in case of fraud, but I'm not particularly concerned about those given the ease of reclaiming funds generally.
mantap 7y ago
Not everybody wants a credit card, or is able to have one. Revolut et al provide many of the features of a credit card without having to borrow money and pay it back.
namdnay 7y ago
Don’t you get hit by international fees when using your credit card abroad? As a regular business traveler living in europe, Revolut has saved me a fortune (I even turn a small profit with the Metal cashback)
- grey-area 7y ago
  Don’t you get hit by international fees when using your credit card abroad? No. There are fees for withdrawing cash over £200, but not using the card abroad.
  - nothrabannosir 7y ago
    Grand parent said they use a “credit card” abroad, implying they don’t use Monzo, or wouldn’t need Revolut. Monzo is a debit card.
    - grey-area 7y ago
      Ah thanks, sorry I missed that. If you don't mind using a debit card abroad though, Monzo gives you a good rate, not sure why you'd need to use a credit card.
- matthewmacleod 7y ago
  No; there are a good selection of credit cards available with no foreign transaction fees. I have a Barclaycard that has no fees, higher cash back than Revolut, and has no monthly fee.

TazeTSchnitzel 7y ago

Is Revolut offering lower but less sustainable costs to attract more customers? Monzo's approach, if they are to be believed, is to try to make charges cover their costs but be small, fair and simple.

krn 7y ago
> Is Revolut offering lower but less sustainable costs to attract more customers? Revolut broke even on monthly bases in December 2017[1], and Monzo was still loosing money in April 2019[2]. [1] https://www.reuters.com/article/us-fintech-revolut/fintech-revolut-britains-first-digital-bank-to-break-even-idUSKCN1GA021 https://www.reuters.com/article/us-fintech-revolut/fintech-r... [2] https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despite-not-turning-profit-9132030/ https://metro.co.uk/2019/04/08/monzo-set-100m-funding-despit...
- TazeTSchnitzel 7y ago
  Interesting. Maybe Revolut's paid accounts work out well for it or it's able to earn profit from certain services.
  - deleted 7y ago
    [deleted]
- easytiger 7y ago
  This is the second post that you've made that isn't true. Revolut is not profitable. It reports an operating loss. What's your reason for such inaccurate information?
  - krn 7y ago
    > Revolut is not profitable. It reports an operating loss. It reported an operating loss for 2017, because it stopped losing money on monthly basis only in December 2017.
    - 7y ago

easytiger 7y ago

> and up to 1% cashback on all card payments. No it doesn't

krn 7y ago
It's a feature for Revolut Metal subscribers[1]. [1] https://www.revolut.com/introducing-revolut-metal https://www.revolut.com/introducing-revolut-metal
- easytiger 7y ago
  It's 0.1% for most uses and it's subject to very vague usage requirements they don't let you read until you sign up, as far as I can tell. So you need to spend £15k a month to recoup your monthly fee. Natwrst have more generous cashback for their bill payments scheme alone.
  - krn 7y ago
    I think it's pretty clear to everyone that 1% cashback can only be offered in North America and other markets, as the interchange fees for Visa and Mastercard consumer debit cards are capped at 0.2% of the transaction value in the EU.

JustFinishedBSG 7y ago

> lower foreign exchange fees Except the weekend. Gotta read fine prints. > up to 1% cashback on all card payments. Except in Europe, its market.