Revolut "Open Banking" Revolution

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Forums › Finance and wealth management › Revolut "Open Banking" Revolution

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BDFL - Memuneh
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#2326464 28-Sep-2019 20:09

Kyanar:

Ok, so I recently made the top of the list (Australia, not NZ). Revolut accounts are accessed entirely in the app (no web access). No phone support. Money is held in trust in Revolut's accounts with ANZ, and can only be loaded in there by transferring in using Apple Pay, Credit Card, or Debit Card (no Google Pay or Samsung Pay support) - you don't get any other account details for direct depositing cash, so it CANNOT be used as your daily driver account. Despite claims they offer Fx at the mid-market rate, they do not - the rate is inferior to the mid-market rate by about $0.003 as at this moment.

So what's it good for?

Kyanar

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#2326620 29-Sep-2019 11:20

freitasm:

So what's it good for?

Fee-free SWIFT payments at extremely close (less than 1c difference) to mid-market rate is definitely well worth it, the virtual card you can create and destroy at will is quite handy as well (not great that it's $10.99 for the disposable virtual card that automatically changes card details every transaction so that if the card is compromised it's already worthless). Features like "split bill" where you can request part of a bill (or lunch or whatever) from a group of friends using the app that will allow them to instantly pay it if they're with Revolut is neat, but already a thing with services like Paypal (with much greater penetration) and Beem It (with, again, much greater penetration).

Most of the functionality of Revolut I actually find is already available with Transferwise Borderless + Transferwise Debit Card, also available for free, though Revolut's UI is much nicer and Revolut uses SWIFT as the underlying platform for their fx transfers so actually support For Further Credit instructions, unlike Transferwise.

For domestic use, Australia has Osko and PayID on the New Payments Platform with a vast majority of banks, meaning that Revolut's fee-free instant transfers are really a solved problem. For NZ which doesn't yet have Faster Settlements, I guess it would add value. Although I'm surprised Beem It hasn't launched in NZ, which allows you to transfer money instantly to other Beem It users by eftpos debiting the sender and eftpos crediting the recipient (sure, it's a perversion of the eftpos service, but it works).

tardtasticx

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#2347026 1-Nov-2019 07:54

Anyone else get an email saying “your Revolut account is ready *my full first name*”?

I updated the app on IOS and Android then signed in but app still says we’re not in New Zealand yet, but the pink button says “Enter Revolut”. Sent the details through to them as there was a link to report problems (by way of a survey monkey survey...).

rogercruse

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#2347035 1-Nov-2019 08:16

tardtasticx: ...Anyone else get an email saying “your Revolut account is ready *my full first name*”?...

No email, but I updated to the latest release for my android and I'm still on the waiting list with 5078 people ahead of me.

I'll continue to use my copy of Microsoft Money version 14.0.120.1105 to manage my dosh.

tardtasticx

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#2347096 1-Nov-2019 10:06

Just checked the android app and it says “you’ve reached the top of the waiting list! 6168 still behind you” um I don’t think those numbers are adding up lol

Kyanar

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#2348175 4-Nov-2019 16:01

Revolut acknowledged on Twitter they mistakenly sent that email out to some New Zealand users. They have not launched in NZ yet, and no-one has an account.

joemate

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#3042904 27-Feb-2023 19:55

According to this NZ herald article, revolut is launching within a month or so.
Anyone with a subscription who could give us some details from the article?

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huckster

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#3042910 27-Feb-2023 20:20

Soft launch next month.

20k Kiwis on its wait list.

Will not be a licensed bank.

No full service until at least April.

Kyanar

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#3043358 28-Feb-2023 17:23

Note on the "not a licensed bank" thing - if it's like Australia, they have an insurance policy to cover the funds held in the underlying accounts. Also, since I made my original comment they have changed their service offering somewhat and now you do get local bank deposit instructions, however they still don't give you them for the EUR/GBP/USD/WHY accounts - the europeans have that same complaint, so I assume that will not change.

As services go, I use it a lot but it does suck that they did away with fee-free international transfers (used to be unlimited, then unlimited only during money market hours, then three free, now zero free - but the fee is still very low).

The cards come in nice designs, though really who cares - it's a card.

The cashback on metal plans is kind of dismal (0.1% in local - AUD for me, NZD for you - transactions, 1% on international transactions) and the Pockets feature which is supposed to act as kind of a cordoned off balance that only certain merchants can charge (think having your power bill automatically go from the "power bill" pocket, and no other transactions taking from it) never worked.

Vaults are handy - they're like savings accounts, sadly with no interest bearing - transactions on the cards will not come out of them. But you can sort of benefit simply by converting currency when it's good, and pulling it from the vault when needed.

The cards will automatically convert currency if necessary to pay a transaction (but only if any one single balance can cover the whole transaction - it won't merge multiple balances), and you get push notifications of all transactions. Annoyingly, you get two notifications if it's declined. Individual cards can be locked or unlocked, geo locked so the card declines if the merchant location doesn't match the app's GPS location, spend limited per card, and you can individually enable and disable online purchases, in store purchases, ATM withdrawals, and gambling transactions.

You can destroy and recreate virtual cards in the app in seconds too, so if one gets potentially breached the it's no big deal. No such luck on the plastic (or titanium) card. Due to a mistake they made when they converted from Visa to MasterCard and back to Visa again, I somehow have two titanium cards, one charity card, and four standard cards - well over the one metal and two standard I'm supposed to have. So, uh, let it be known that their (app-based only, NO PHONE!) support can be ... interesting.

mentalinc

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#3043414 28-Feb-2023 20:48

Looking forward to seeing how viable this is as an alternative when travelling (and buying online) overseas to avoid the "Offshore Service Margins" charges

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Kyanar

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#3043424 28-Feb-2023 22:33

mentalinc:

Looking forward to seeing how viable this is as an alternative when travelling (and buying online) overseas to avoid the "Offshore Service Margins" charges

I can confirm that there is NO "offshore service margin". When they first launched in Australia, they used Prepaid BINs though, which caused problems with things like hotels, car rentals, and trying to buy a packet of chips on a flight using a cheap economy ticket which didn't include food (damn you, Seat+Bag ticket!). They have since changed to Debit BINs, which are more widely accepted. They may have to do the same hop skip and jump in NZ when they softlaunch.

They will go out of their way to ensure that funding your account costs you nothing - for a period of time where they used an offshore processor to perform card topups in Australia, they actually credited your account 3% more than you topped up just in case you might have been hit with an offshore service margin!

mentalinc

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#3044010 2-Mar-2023 20:00

https://m.slashdot.org/story/411381

Revolut Auditor Flags Concern About $576 Million of Revenue in Long-Delayed 2021 Accounts

More than a little concerning!

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michaelmurfy

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#3091823 18-Jun-2023 23:12

I just got my invite and just signed up. Awaiting verification.

Also @mentalinc :)

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mentalinc

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#3091834 19-Jun-2023 07:11

Ditto, emailed come through around 9:20pm last so asked for thread to be unlocked.

Really easy sign up process via the app, added $5 to my account via credit card.

Just waiting for address and ID verification to complete (thought would be fully automated) but must have either failed so requires person to review, or all sign ups need a person to review maybe.

Looks like standard is the only plan for now, but will wait for verification to complete to see if that changes the options in app.

https://www.revolut.com/en-NZ/

vs UK options:

https://www.revolut.com/our-pricing-plans/

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joemate

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#3091842 19-Jun-2023 08:05

Interesting.

I can not change my European address to an NZ one. NZ is still showing as "Unsupported" in the app.

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