- Posts: 1450
- Joined: Wed 10 Aug 2016 8:20 am
Whenever you make an exchange using Revolut, we use simple and transparent pricing:
You get the real exchange rate;
We add a small, transparent exchange fee (if one applies); and
You see the total cost, with no hidden mark-ups or surprises.
This pricing applies to exchanges in money currencies, cryptocurrencies and precious metals. We’ve explained it in more detail below.
The only time you will pay more than this is if you exceed the exchange fair usage limit for your plan. If you do, you will be charged an exchange fair usage fee on any exchange above the limit. All of our plans allow you to make at least £1,000 of exchange per month without an exchange fair usage fee. However, after that, an exchange fair usage fee of 0.5% applies for Standard and Plus plans. You can avoid this completely by upgrading to a Premium or Metal plan (if you haven’t already), which don’t have any exchange fair usage limits.
- Posts: 3382
- Joined: Mon 09 Apr 2012 2:43 pm
You can load as much as you like, think of it like this - it's a non-interest current account - so you are lending them money at zero-interest, why would they want to discourage you?
Where the limits come in are ATM use £200 pcm and foreign exchange transactions £1,000 pcm.
To avoid lending them too much, transfer-in from your other bank accounts in amounts you think are sufficient at any one time, by using on-line banking you can always top-up as you need. Don't put too much into TL at any one time as its value is too dynamic... do not do exchanges over the weekend - that is from Friday noon to Monday am... the rates then are less attractive due to closed exchange markets and you may incur charges.
Of course there's also the option to upgrade your account to 'Metal' and these restrictions do not apply.. we've never needed to do this and have never paid exchange fees.
You can put Sterling on and pay a TL bill by dynamic exchange and the rate will still be better than the exchange bureaus. i.e. you don't need to have already converted the GBP to TL.
Investigate setting-up orders to exchange when the TL dips, this is done via the 'star features' in the Revolut app. You can set-up for example a future exchange of GBP to TL when the Lira drops below a certain value, you decide how much and at what exchange rate and the order just sits there waiting to fire-off as soon as the Lira drops.... nb it could carry on dropping so use this feature judiciously.
- Posts: 1929
- Joined: Mon 09 Apr 2012 12:21 pm
Yes, that's what we do. You can either change it in the app first, therefore easier to work out what £200 is in Lira or it will do a dynamic exchange if your card has Sterling on it. Beware not to do dynamic exchanges at weekends - rubbish exchange rate and fees may apply. Only certain ATMs don't charge you when using a Revolut card here, the Turk Bank (white and orange signage), the Limissol Bank and Iktisatbank. There may be more but I've not tried them, definitely not Bankomatic machines as they do charge.