Paphos Life

I keep hearing about this card, would someone who has one and uses it,
tell me in basic thicko language , how it works, how you use it, many thanks.

I have it on my phone, so no physical card, which you can pay a small fee for. It's used the same way as any debit card for purchases but will automatically give the best exchange rate when you purchase abroad. I have 2 accounts, sterling and euros. The basic account is free and works perfectly for me. I can bank transfer etc, same as a "regular" bank.

I understand there are two versions of the card, one is free and therefore has limitations on cash withdrawals (a set amount over a specific period) otherwise you are charged for each withdrawal above the amount.

The other is a card with an annual fee, whether there's any set limits, I haven't heard about it.

The above information has come from discussions on several destination travel group pages, either by local residents or regular holidaymakers to that country or resort.

We simply load the card with say Euro's and use it say in the UK where it automatically gives a very good charge free exchange rate...it is NOT a credit card.
You can also get limited cash withdrawal from it, providing you have the funds in the account....
Haven't joined there bank as yet....

I have tried various travel cards over the years, Revolut is, without a doubt, the clear winner for me, its accepted just about everywhere worldwide, at millions of outlets. You can pay contactless for most services up to €100, or feed in your PIN, an alert is sent to your phone usually before the till receipt appears, it is also accepted at atms displaying the Visa or Mastercard logo, for cash withdrawals.

Les Bean wrote: ↑Wed Apr 13, 2022 12:30 pm Rather than us lot telling you about the different versions we have, see their website

https://revolut.ngih.net/LNovo

Thanks Les, but I always think its better to get it from people who use it, they can let you know both the pros and cons.

Thanks for all the posts, I will be getting one, cheers

I have used Wise (Transferwise) for a very long time. Super service at best rates and so simple to use. I looked at Revolut when I had a small problem with Wise while abroad - solved as soon as I got home. But I found Revolut had quite low limits to transfers and withdrawals unless you paid fairly expensive monthly or yearly subscriptions. Also not so simple to use as Wise.
Just my opinion.

I use both Revolut and Wise for most of my needs at present. IPhone users just stick them in your Apple Wallet on your phone and double click to make your card payments at shop terminals. Now I don't even carry a physical wallet or cards, just use the various cards in my apple wallet. Just keep a few notes in the phone for backup.

Just be aware that funds held in the client account Revolut holds money in is not covered by the FSCS up to £85k protection scheme. Revolut is not a bank so it’s regulated in a different way. It’s covered by a process called Safeguarding which is similar but recovery of your funds may be subject to fees that may be deducted by whoever is handling the insolvency and may take longer.

Ian

If you get one can you use our affiliate link?

https://revolut.ngih.net/LNovo

That way we earn a few euros, that helps pay for stuff. It is only a few as well!

PolemIan wrote: ↑Wed Apr 13, 2022 5:29 pm Just be aware that funds held in the client account Revolut holds money in is not covered by the FSCS up to £85k protection scheme. Revolut is not a bank so it’s regulated in a different way. It’s covered by a process called Safeguarding which is similar but recovery of your funds may be subject to fees that may be deducted by whoever is handling the insolvency and may take longer.

Ian

Revolut actually is also a bank, and if you join the bank your deposits are covered up to 100k

Oxfordboy wrote: ↑Wed Apr 13, 2022 6:59 pm

PolemIan wrote: ↑Wed Apr 13, 2022 5:29 pm Just be aware that funds held in the client account Revolut holds money in is not covered by the FSCS up to £85k protection scheme. Revolut is not a bank so it’s regulated in a different way. It’s covered by a process called Safeguarding which is similar but recovery of your funds may be subject to fees that may be deducted by whoever is handling the insolvency and may take longer.

Ian

Revolut actually is also a bank, and if you join the bank your deposits are covered up to 100k

True, but limited to Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden so far.

Ian

So not a lot of good for the UK and Cyprus

PolemIan wrote: ↑Wed Apr 13, 2022 7:40 pm

Oxfordboy wrote: ↑Wed Apr 13, 2022 6:59 pm

PolemIan wrote: ↑Wed Apr 13, 2022 5:29 pm Just be aware that funds held in the client account Revolut holds money in is not covered by the FSCS up to £85k protection scheme. Revolut is not a bank so it’s regulated in a different way. It’s covered by a process called Safeguarding which is similar but recovery of your funds may be subject to fees that may be deducted by whoever is handling the insolvency and may take longer.

Ian

Revolut actually is also a bank, and if you join the bank your deposits are covered up to 100k

True, but limited to Belgium, Denmark, Finland, Germany, Iceland, Lichtenstein, Luxembourg, Netherlands, Spain and Sweden so far.

Ian

No, that is incorrect

Fair enough, thinking about it, I do have an dim memory of something in the press a few weeks back about an imminent launch in Cyprus. Pretty certain they don’t have a U.K. banking licence yet though.

Ian

I only put money on mine when i need to, paying bills, holiday money etc. so i wouldn't lose much of there was a problem.

Just been looking through this post. Having a spat with our UK bank and am looking at alternative options as I still really need a UK bank for various reasons. Has anyone here used Revolut for receiving their State/Government pensions?

I use my Revolut account for online purchases and international transfers. The cost of transfers is very reasonable and can be made to most countries. I keep three currencies in the account and the cost of exchange between them is also very reasonable.
I charge up my account with transfers from Hellenic. I get Revolut to do it and, again, very reasonable and fairly instant.

I received two private pensions from the UK,direct into my Revolut account, then exchange to Euros as and when needed or use the card in the UK or wherever I am abroad....
Never had a problem, always a good exchange rate ....