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Revolut prepaid Visa

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  • Jul 2nd, 2020 1:50 pm
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Sr. Member
Feb 4, 2019
526 posts
695 upvotes
BC
Bull Dog wrote: So I just had 24 hr taken out of my life with responding to this ridiculous company's way of handling things. I'm near retirement age, so although I am reasonably tech savvy, I don't have the patience to deal with this. I would much rather deal with Transferwise and not have all these hassles, even if it costs me a little bit more. Again I advise everyone ,STAY WAY from this company! There are many many people on the chat forums who have lost a lot of money and gone through incredible hassles with them.
Fair enough. I agree Transferwise seems more professional and reliable and ease of mind can be worth a small fee.

One thing I do with both Revolut and Transferwise is always only transfer to and from local bank accounts in my own name. If I need to send or receive money to/from someone, I use my local bank account in Europe or the US to send or receive to/from the other person or business.
Sr. Member
Mar 30, 2011
534 posts
131 upvotes
North York
Just had 2 accounts banned within my family.

Another warning though, back from March. Friend withdrew $1k during that time Revolut had the glitch and they refunded everyone about $3 for every transaction they did with a CC due to cash advances. My friend was one of the unlucky ones in that glitch and that $1k disappeared into oblivion. Bank didn't receive it and Revolut lost it. He sent to this bank account numerous times in the past successfully.

He tried to escalate it to the best of his ability but it didn't up anywhere, Revolut was pretty much "sorry our fault, tough luck we can't do anything about it and won't refund you". Left a bad taste in his mouth dealing w/ Revolut.
Deal Addict
Aug 1, 2006
1201 posts
883 upvotes
Toronto
TENSEVEN wrote:

Sorry for your painful experience with Revolut.

But I've used Revolut services extensively without issues and they continue to provide greater value than what's currently available here

So I would't go as far as "recommend everyone to STAY away at all costs" that's just my objective 2¢
I hope things continue to go well for you. Everything went well for me too, for months, until they didn't, although I did nothing unusual to get my account frozen and under investigation. I'm warning everyone to be prepared to go through a major hassle, and if they lack patience, don't bother with Revolut. And, don't use them for single transactions greater than 2500.00 to avoid extra fees, and just in case transfer gets lost. Also don't keep large sums of money sitting in Revolut in case you get frozen.
Deal Addict
Jul 15, 2009
1830 posts
941 upvotes
rhw123 wrote: Fair enough. I agree Transferwise seems more professional and reliable and ease of mind can be worth a small fee.

One thing I do with both Revolut and Transferwise is always only transfer to and from local bank accounts in my own name. If I need to send or receive money to/from someone, I use my local bank account in Europe or the US to send or receive to/from the other person or business.
How do you transfer from a Canadian bank account into Revolut?
Newbie
Nov 27, 2010
24 posts
5 upvotes
I have USD account in Scotiabank. After my recent travel to Florida I have some few hundreds USD left on my EU Revolut card. I wish to transfer them back to Scotiabank US account. The question is : Do I link Scotiabank US acc as regular can $ account ( transit+institution+account ) ?When I pick up from drop down country Canada and US Dollars funds they asking me for account number and BIC/SWIFT. I'm not sure which way to go. This should be domestic transfer or not?
Sr. Member
Feb 4, 2019
526 posts
695 upvotes
BC
bubak wrote: How do you transfer from a Canadian bank account into Revolut?
The only way to do this right now would be with a Visa or MC debit card.

What I meant with "only transfer to and from local bank accounts in my own name" is that I don't transfer to/from bank accounts that are not my own. For example, I need to transfer to/from a relative in Europe. That is done in local currency as a local transfer between their and my local bank accounts over there. I only use TW or Revolut for the FX and the transfer between my own accounts on both sides of the Atlantic.
Sr. Member
Feb 4, 2019
526 posts
695 upvotes
BC
domptg wrote: I have USD account in Scotiabank. After my recent travel to Florida I have some few hundreds USD left on my EU Revolut card. I wish to transfer them back to Scotiabank US account. The question is : Do I link Scotiabank US acc as regular can $ account ( transit+institution+account ) ?When I pick up from drop down country Canada and US Dollars funds they asking me for account number and BIC/SWIFT. I'm not sure which way to go. This should be domestic transfer or not?
It should work but most likely it will be a SWIFT transfer and you'll pay Scotia's incoming wire transfer fee and possibly additional fees from intermediary banks. So YMMV.
Your other options are:
1. Convert to CAD (on a weekday to avoid 0.5% markup) and transfer to Canadian CAD account, this should be EFT without any fees.
2. Transfer to US-domiciled bank account.
3. Leave the money in your Revolut account for your next trip.
Personally I'd just go for option 1.
Newbie
Nov 27, 2010
24 posts
5 upvotes
When I was buying USD from KnightbridgeFx they used my Scotiabank reg. canadian account details to transfer the USD.
Sr. Member
Feb 4, 2019
526 posts
695 upvotes
BC
domptg wrote: When I was buying USD from KnightbridgeFx they used my Scotiabank reg. canadian account details to transfer the USD.
Yes technically it's perfectly possible to do a domestic EFT to a Canadian USD account but from the scarce DPs in this thread, apparently Revolut had not implemented this as such and used SWIFT instead. Maybe they improved in the meantime, if you try it out let us know how it went.
Newbie
Nov 27, 2010
24 posts
5 upvotes
rhw123 wrote: Yes technically it's perfectly possible to do a domestic EFT to a Canadian USD account but from the scarce DPs in this thread, apparently Revolut had not implemented this as such and used SWIFT instead. Maybe they improved in the meantime, if you try it out let us know how it went.
Tomorrow I'm going to go on chat with KnightbridgeFx people and ask them if they used some special coding/way to transfer USD EFT into canadian USD account
Deal Addict
Aug 1, 2006
1201 posts
883 upvotes
Toronto
domptg wrote: I have USD account in Scotiabank. After my recent travel to Florida I have some few hundreds USD left on my EU Revolut card. I wish to transfer them back to Scotiabank US account. The question is : Do I link Scotiabank US acc as regular can $ account ( transit+institution+account ) ?When I pick up from drop down country Canada and US Dollars funds they asking me for account number and BIC/SWIFT. I'm not sure which way to go. This should be domestic transfer or not?
I agree with everything @rhw123 said . ( Don't transfer the money into your Scotiabank US dollar account as you will incur the SWIFT fee. If you wish to retain it in US dollars just leave it in Revolut or transfer it to a bank account in USA if you happen to have a bank account there. If you don't mind converting to CAD within Revolut, do that and then transfer to your Scotiabank CAD account).

If you want to get the money out of Revolut because you don't trust them, without incurring fees, and keep the money as USD, then open a Transferwise Borderless account and transfer the USD from Revolut to your USD account at Transferwise. You won't be able to transfer the USD out from Transferwise to your USD bank account at Scotiabank, but you can transfer it in CAD at anytime to a CAD account at Scotiabank or transfer the money in USD to someone's bank in USA if you owe money there.
Deal Guru
User avatar
May 8, 2009
12667 posts
9564 upvotes
Leask
Bull Dog wrote: I agree with everything @rhw123 said . ( Don't transfer the money into your Scotiabank US dollar account as you will incur the SWIFT fee. If you wish to retain it in US dollars just leave it in Revolut or transfer it to a bank account in USA if you happen to have a bank account there. If you don't mind converting to CAD within Revolut, do that and then transfer to your Scotiabank CAD account).

If you want to get the money out of Revolut because you don't trust them, without incurring fees, and keep the money as USD, then open a Transferwise Borderless account and transfer the USD from Revolut to your USD account at Transferwise. You won't be able to transfer the USD out from Transferwise to your USD bank account at Scotiabank, but you can transfer it in CAD at anytime to a CAD account at Scotiabank or transfer the money in USD to someone's bank in USA if you owe money there.
I think that's inaccurate. Afaik you can transfer USD from TW to an account outside the US but it'll be a SWIFT wire transfer (BNS might charge fees).
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Deal Addict
Aug 1, 2006
1201 posts
883 upvotes
Toronto
titaniumtux wrote: I think that's inaccurate. Afaik you can transfer USD from TW to an account outside the US but it'll be a SWIFT wire transfer (BNS might charge fees).
I just transferred 5K USD last week to a family member's USD bank account in USA and it only cost me 1.49 for the transfer. I'm pretty sure that's too cheap for it to have been a SWIFT wire transfer, and AFAIK Transferwise keeps accounts in all the countries they deal with, so it's a local transfer. Are you thinking about a transfer of USD from Transferwise to a local Canadian bank USD bank account? Because that would be a SWIFT transfer and cost you SWIFT fees,
Deal Addict
Aug 1, 2006
1201 posts
883 upvotes
Toronto
rhw123 wrote: The only way to do this right now would be with a Visa or MC debit card.

What I meant with "only transfer to and from local bank accounts in my own name" is that I don't transfer to/from bank accounts that are not my own. For example, I need to transfer to/from a relative in Europe. That is done in local currency as a local transfer between their and my local bank accounts over there. I only use TW or Revolut for the FX and the transfer between my own accounts on both sides of the Atlantic.
I think if you keep transferring money out of the country or into Canada from another country, even if all the accounts are in your name, Revolut is going to freeze your account. Because they want to make sure you're not money laundering, ie. taking ill gotten gains and washing it, so they will freeze your account till you upload every credit card statement and bank statement showing you put legitimate money into Revolut. That isn't OK to me for small sums of money, and I'm not prepared to deal with their faulty fraud algorithm that flags your account. And then they shouldn't have the gall to only deal with you over chat once that happens, and in my case, freeze the chat for 24 hr not allowing me to respond.
Deal Expert
Jan 7, 2002
19654 posts
12753 upvotes
Waterloo, ON
rhw123 wrote: The way I see it, one of the reasons why fintechs like Revolut can offer things like free international transfers at interbank FX rate is that they rely on AI/algorithms, rather than humans, for things like AML and initial support (chat bot). So a transfer might trigger an AML algorithm resulting in temporary account lock and documents request and you may need to make a little effort to get customer support on your case. In return you get the cheapest transfers and best FX rates anywhere. It's a trade-off. For me personally, I find this acceptable for certain use cases and I'll continue to use Revolut for those.
Bull Dog wrote: I think if you keep transferring money out of the country or into Canada from another country, even if all the accounts are in your name, Revolut is going to freeze your account. Because they want to make sure you're not money laundering, ie. taking ill gotten gains and washing it, so they will freeze your account till you upload every credit card statement and bank statement showing you put legitimate money into Revolut. That isn't OK to me for small sums of money, and I'm not prepared to deal with their faulty fraud algorithm that flags your account. And then they shouldn't have the gall to only deal with you over chat once that happens, and in my case, freeze the chat for 24 hr not allowing me to respond.
[my bold in both quotes]

I could see them doing that for transactions over CA$10,000. That's no different than travellers who have to declare cash (or equivalent) when they cross the border under the laws of most developed countries. But it generally makes no sense for smaller amounts. ("Generally" because of smurfing. But that should be relatively easy to detect.)

If nevertheless they feel they have to set lower thresholds then it's inexcusable not to offer 24x7 live, human customer service to deal with the people they catch in their overly-wide nets and resolve those issues in a timely manner. Stranding people out of country with their assets frozen is simply unacceptable.

They can't have it both ways. They can't claim they can't afford to offer responsive customer service because it's too expensive. To make that argument is to admit that they don't have a viable business model.
veni, vidi, Visa

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