# Revolut



## PauloPievese (Nov 2, 2012)

Has anyone had an experience with Revolut, a "bank" that, among other things, eliminates fees for currency conversions and this converts at the "real exchange rate"?
:flypig:


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## NickZ (Jun 26, 2009)

They're so new that I doubt you'll find much. But ask yourself how they make money? Also what is the real exchange rate?


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## GeordieBorn (Jul 15, 2016)

Heard they charge a lot...


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## PauloPievese (Nov 2, 2012)

GeordieBorn said:


> Heard they charge a lot...


For what? Their pitch of course says quite the opposite. 

As to how they make money I would guess float.

I'm gather that no one has any experience with Revolut.

:flypig:


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## NickZ (Jun 26, 2009)

With interest rates at zero (actually negative) float is going to be a pretty lean gruel.


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## GeordieBorn (Jul 15, 2016)

PauloPievese said:


> For what? Their pitch of course says quite the opposite.
> 
> As to how they make money I would guess float.
> 
> ...


I would suggest you find and read the fine detail and perhaps do a search for othr forum information. They charge 2% for any cash at the ATM over €200 per month. Quote I saw was a 0.5-2% charge for transfers at the w/e, only during the week free mid-rate exchange. Other information makes me thing they could end up in bother. There are certainly other UK options out there just as good, if not better, at least one or two international.


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## PauloPievese (Nov 2, 2012)

GeordieBorn said:


> I would suggest you find and read the fine detail and perhaps do a search for othr forum information.... There are certainly other UK options out there just as good, if not better, at least one or two international.


I agree that reading the details is a good idea. I agree that seeking information widely is a good idea. I agree that seeking input from people who are actually users of the service, as I did here, is a good idea but unfortunately there are apparently none on this board. Pity.

The UKness is meaningless to me as a USAsian. The hook for me was exchange at the published rate and the no fee conversion. With those in mind, what other options, including the noted better ones, are there?

Responding to another comment re float, a zero percentage rate to a banker is another way of saying "free money". 

:flypig:


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## NickZ (Jun 26, 2009)

There are now European banks charging you interest to keep your money in them. I don't think it's reached Italy yet but it is happening in other countries. 

Somebody in northern Europe has actually started offering mortgages with negative interest rates. Yes the bank pays you interest on your mortgage. 

The ECB charges the banks 0.5% to deposit money.

https://www.reuters.com/article/us-...tive-interest-rates-policy-work-idUSKCN1VY1D2


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## GeordieBorn (Jul 15, 2016)

Fineco
Transferwise
CurrencyFair
The latter may be UK only, but then again Revolut is UK as far as I could tell... They do not do real exchange rate, they all do mid-rate. 
I guess next time it is better to take it you don't want help!


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## Bevdeforges (Nov 16, 2007)

And after all that, it can really depend what you're looking for - a bank? a funds transfer service? an exchange service? All of the above, or none of the above?

We've got lots of folks here on the forums satisfied with Transferwise for transferring funds to and from the US. For larger amounts, many folks use an FX service. But if you are planning on living in Italy (or elsewhere in Europe) you will probably need a bank account based in your country of residence, no matter what other banking or exchange services you need or want. Many regular payments (utilities, rent, etc.) are now made by SEPA transfers, which are electronic direct bank transfers. They keep talking about opening up that market across Europe, but for local bills on a regular basis, you usually need a local (at least within the same country) bank account to set up any kind of standing order payment.


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## PauloPievese (Nov 2, 2012)

*Jawohl*



Bevdeforges said:


> ....if you are planning on living in Italy (or elsewhere in Europe) you will probably need a bank account based in your country of residence, no matter what other banking or exchange services you need or want.....


Of course and I did so until the Italian government handed me the black spot.
:flypig:


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## Italia-Mx (Jan 14, 2009)

When dealing with Social Security deposits from the Federal Reserve, banks in Italy are not allowed to charge fees for currency conversion.


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## PauloPievese (Nov 2, 2012)

*Interesting*



Italia-Mx said:


> When dealing with Social Security deposits from the Federal Reserve, banks in Italy are not allowed to charge fees for currency conversion.


Now this is interesting. Can you point me to the regulation which states this? I am unable to formulate a search query which retrieves anything meaningful about it. Is this strictly for Social Security payments or for all retirement disbursements, e.g. Individual Retirement Accounts (IRAs), as is the case for taxes?

:flypig:


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## Bevdeforges (Nov 16, 2007)

You may want to take a look at the page for the FBU (Federal Benefits Unit) for Italy: https://it.usembassy.gov/u-s-citizen-services/fbu/

Generally speaking, the way it works is that you can request through the FBU that your US SS benefits are direct deposited into your local (Italian) bank account. But it is usually the FBU that receives the bulk SS benefits payment and handles the exchange rate (at excellent rates due to the total amount of the transfer) and then does a "local" direct transfer into the Italian bank accounts. As a "local" transfer, there is no bank transfer fee (and no exchange fee because the amounts involved have already been exchanged by the FBU).

As a result, the "no fees" only applies to the SS benefits. IRAs and other retirement benefits are done individually, which is one place where Transferwise and/or other exchange and transfer services can be very useful (and economical).


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## PauloPievese (Nov 2, 2012)

*Thanks*

Thanks Ms Super Moderator; simple, authoritative, and direct.

:flypig:


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## NickZ (Jun 26, 2009)

And to get back to something mentioned earlier.

The head of Unicredit yesterday suggested charging people for having money on deposit. Only on larger sums but still.


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## jablik9 (Apr 11, 2017)

I’ve been using Transferwise for two years now. I couldn’t find a better exchange rate anywhere (and I really tried). They also provide you with a Mastercard (debet) if you need one.


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