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Revolut raises $500M at a $5.5B valuation

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Re: Revolut raises $500M at a $5.5B valuation

#171

Post by zerd »

Aeolun wrote: post #169
virgilp wrote: post #123

Earlier quoted context omitted.

Do you know many other banks that let you withdraw abroad for less? I mean, in Romania there are technically banks that give you zero-cost withdrawals abroad... but only because they figured they could shift that cost into the exchange rate and most people wouldn't notice (although it's far worse, now they charge you for online & offline payments too, not just ATM withdrawals!) Transferwise for instance (which was pr…

> Do you know many other banks that let you withdraw abroad for less? Abroad? Mostly a slight markup on the default exchange rate, which is hard to pin down, but certainly less than 2%. But my problem is mostly this applies on any withdrawal. Not only abroad.

Most European banks add 2% for currency conversion (in addition to non-market rates). Most Canadian banks add 2.5%. https://www.greedyrates.ca/blog/best-foreign-currency-exchan...

Re: Revolut raises $500M at a $5.5B valuation

#172

Post by virgilp »

Aeolun wrote: post #169
virgilp wrote: post #123

Earlier quoted context omitted.

Do you know many other banks that let you withdraw abroad for less? I mean, in Romania there are technically banks that give you zero-cost withdrawals abroad... but only because they figured they could shift that cost into the exchange rate and most people wouldn't notice (although it's far worse, now they charge you for online & offline payments too, not just ATM withdrawals!) Transferwise for instance (which was pr…

> Do you know many other banks that let you withdraw abroad for less? Abroad? Mostly a slight markup on the default exchange rate, which is hard to pin down, but certainly less than 2%. But my problem is mostly this applies on any withdrawal. Not only abroad.

Like I said, Revolut is not suitable as your only bank. But it can be awfully convenient as a second card.

WRT "certainly less than 2%" - you might be surprised, do double-check. Not all banks do, but many do here. It's most obvious here at Raiffeisen, where you can have EUR or USD cards (_with_ ATM fees) - or RON cards with no ATM fees (but if you think about checking the currency conversion rate, you're in for a nasty surprise). And again, bad currency conversion is far worse than 2% ATM fee, because it applies on all your purchases, whereas nowadays in many countries you don't actually need to withdraw money... not in excess of 200E/month, anyway.

Re: Revolut raises $500M at a $5.5B valuation

#173

Post by DoubleGlazing »

rchaud wrote: post #161
DoubleGlazing wrote: post #67

Earlier quoted context omitted.

When I opened my Revolut account I took advantage of their referral scheme. I would get €15 for every customer I referred to them and who used their debit card. The new customers would also get €15. I got five people to sign up, the max. We never saw the money. When I raised the issue over chat they told me that all my referrals took too long to setup their account and make the first payments. They wouldn't tell me w…

The fact that they'd nickel and dime you over a measly 75 EUR is worrying. Customer acquisition for this kind of product should cost far, far more.

They sometimes refer to their referral bonus system as a game or challenge, that says it all really.

Re: Revolut raises $500M at a $5.5B valuation

#174

Post by jericho_jones »

Aeolun wrote: post #168
jermaustin1 wrote: post #103

Earlier quoted context omitted.

I cannot tell if you are being sarcastic or not, but here in the US almost ever ATM that isn't at YOUR bank will charge a $2-$5 fee for withdrawal and then the bank will hit you with another $2-$5 fee. So depending on your bank, if you want $20, it could cost you $10. OR (story time) if you are like me, and you end up needing cash in rural Oklahoma to pay an upcoming cash-only toll, and you pull off at the ONLY gas s…

I’m not being sarcastic. The two countries I have experience with are the Netherlands and Japan, and the cost is 0 and the equivalent of $1.5, regardless of the amount withdrawn, respectively. In the Netherlands I think I pay a $3 monthly fee for the privilege of having an account, but Japan is free.

In Australia and New Zealand other-bank ATM withdrawal fees are $2. International withdrawals depend on where you are but 3% or $5 (whichever is larger) is common. This is additional to whatever forex rate they give you.

It's only recently that newer banks are removing these fees.

However, accounts are generally free.

Re: Revolut raises $500M at a $5.5B valuation

#175

Post by klausjensen »

smcl wrote: post #42
klausjensen wrote: post #38

Revolut closed my business account with them and would not give me any reason why (all documentation was OK, all my clients are lilly-white busineses). It is not clear to me if they would not tell me because they're not allowed to by law - or "just because". Anyway - then the remaining balance on my account - they simply sent that back to the last payment that had been made => They sent my remaining balance to one of…

That’s incredible, did you manage to recover the balance?

Yes, I did - from the client, which I fortunately had (and still have) a good relationship with.

Revolut support could not see what the problems was and refused to help.

Re: Revolut raises $500M at a $5.5B valuation

#176

Post by rchaud »

loceng wrote: post #166
rchaud wrote: post #161

Earlier quoted context omitted.

The fact that they'd nickel and dime you over a measly 75 EUR is worrying. Customer acquisition for this kind of product should cost far, far more.

You're thinking too small: if they nickel and dime a million people that becomes 75mm EUR. How many people are going to cause a big enough stink over 75 EUR though individually? Not really anyone, so they could get away with it - maybe if enough people posted similar stories then it would gain interest from enforcement agencies.

That's still a million customers who went through the friction of setting up a new bank account, and whose first impressions are now net negative.

Re: Revolut raises $500M at a $5.5B valuation

#177

Post by smcl »

klausjensen wrote: post #175
smcl wrote: post #42

Earlier quoted context omitted.

That’s incredible, did you manage to recover the balance?

Yes, I did - from the client, which I fortunately had (and still have) a good relationship with. Revolut support could not see what the problems was and refused to help.

Glad to hear it. That's such an amazingly weird behaviour though, just fire off the balance to the account of the last payment in. I just can't imagine being a developer writing that code or being a customer service agent and executing that payment
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