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Re: Cheap way to transfer money?

August 1st, 2018, 1:15 pm

One friend of mine suggested me to have a look at Revolut . Have you heard of it?  Any feedback? Merci!
 
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katastrofa
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Re: Cheap way to transfer money?

August 1st, 2018, 1:56 pm

It looks very similar to Monzo, which I use for paying abroad. You can top it up from your smartphone any time you want and immediately see all transactions. There's a monthly limit on cash withdrawals without a fee (£200 afair). I only have some problems with it in Japan. I'm not sure how transferring money to Colombia would work (if that's your question), though.
 
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ppauper
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Re: Cheap way to transfer money?

August 1st, 2018, 2:00 pm

transferwise is becoming more mainstream, but a round-trip GBP-EUR trade will still cost about 1% (I changed 1,000 pounds to Euros and then back again on their calculator and was left with 990.79 pounds, so averaging out, it costs 0.5% per leg
with revolut, the 1,000 pounds becomes 999.58 pounds after a round-trip trade, so much better
 
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Re: Cheap way to transfer money?

August 6th, 2021, 10:39 am

hello friends. what are the risks associated with leaving one's money on his/her Revolut, Wise and friends account? would you say it is "safe"? all comments on this much appreciated. thank you.
 
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katastrofa
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Re: Cheap way to transfer money?

August 6th, 2021, 12:40 pm

I used Revolut before I opened a bank account in Norway and had constant issues with them (I wouldn't safe they are not safe, but definitely faulty). I used Transferwise several time to transfer larger sums. It went fast and smoothly, but it was years ago.
 
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bearish
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Re: Cheap way to transfer money?

August 6th, 2021, 1:14 pm

The answer is going to be dependent on geography and the setup of your account. If you are in the EU and your money is treated as a deposit in Revolut Bank, then it looks like you are covered up to 100,000 EUR by a Lithuanian deposit insurance scheme. US customers are covered up to $250,000 by the FDIC, which would give me slightly more comfort. Needless to say, I’d expect a lot of headaches in case Revolut disappears or otherwise misbehaves badly.
 
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Re: Cheap way to transfer money?

August 6th, 2021, 1:43 pm

thank you for your replies. in my case it would be a temporary solution to avoid rates some Swiss banks are applying to deposit accounts. In the past months several local banks have lowered the ceiling at which those rates start to apply (e.g.  UBS has started off to apply 0.75% per annum to deposit account reaching 250K on July 1st, arguing low interest rates have impacted overall bank profitability over the past few years, blabla...)   So the plan would be to "top up"  (i think youngsters say that) my Revolut, Wise or the like account and leave the money there while I get with a plan to avoid (100% legally) those fees.
I was using Wise at the start, then Revolut came in with cheaper overall fees, but it (Revolut) has become a bit catch-all service company and there are several layers of fees now that makes it less interesting in my view.   Still, whatever it is Revolut, Wise, or the like I can't say I feel 100% secure from both IT and business perspectives and usually go with small amounts only. Wealthy people issue, I know.
 
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Paul
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Re: Cheap way to transfer money?

August 6th, 2021, 4:38 pm

How much $$$ are we talking about?
 
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Re: Cheap way to transfer money?

August 6th, 2021, 7:12 pm

In the tens K