@@jccgold Can’t comment on others, just my own experience which has been outstanding. I know a friend who did not everything correctly at KYC process so that’s why his funds were held until he corrected it, but that would be the same as with any bank. I guess the same can be said about PayPal. Anyhow, if you don’t feel comfortable with it, no need to use. Have an awesome day.
Thanks a million and yes it is, though on the free plan you usually have a certain limit of free FX of around €1000 anything above that will have a small fee. Paid plans don't have that limit. Cheers
How do you use Revolut if it is not available for your country yet? But you want to use it for international travel to country you are visiting that has a currency available on the app?
@@alexboshoff8219 Hi Alex, as long as you can sign up to it, it's no issue, but usually if the currency is not supported by the app, I would assume Revolut also does not support this country yet. You could technically try to sign up from the country you visit, but in the long-term this might cause trouble down the road when they ask you to reconfirm your residency, etc. so if Revolut does not support your country then either wait or look at alternative apps such as Wise. Hope this helps. Cheers.
If only I'd know this a month or 2 before.. I'm going on a trip to the U.S.A next week and the dollar price is now sky-high. But thanks for this informative video!
Hi Frank, indeed, seems most currencies are loosing to USD in recent times, but still great app/card to use for this and any future travels👍 Enjoy the States.
Hi Kai, would you recommend buying the currency at a fixed rate (not sure what is a good rate as im new to this) or to purchase with the base currency and live exchange rate? Thank you
Hi mate, in this case I would not exchange too much just use the live rate. Only if you need to spend on the week in different currency exchange some money before otherwise they will charge you a 1% weekend FX fee. Cheers
But how do you get exact cash? I am going to Greece and I am from the USA. So if I download Revolut and exchange my USD to EURO how do I physically get that Euro money in cash?
Hi there, sorry to hear that. You could have a look here www.finder.com/ca/revolut-alternatives Also, check out Wise, another great app ruclips.net/video/9WlzSU4g9X8/видео.html Cheers
Unfortunately, not every country has been listed there. I want to exchange Indonesian Rupiah to Malaysian Ringgit, but both countries arent there yet 😢
Hi there, I've checked also Wise another great app and it seems they also don't support those two currencies, so I hope for you that they will be added eventually. Cheers
Very helpful. Quick question though - so if I change my GBP inti euros in the app, I then have a eur account and a GBP account both with funds. If I then use my card in Europe, will Revolut automatically know to take funds from my EUR account when I pay? Or do I not even need to exchange currency and just pay on my card and it will do an exchange at the intrabank rate for each transaction?
Hi there and great question. This is the awesome part with Revolut, you don't even need to do the exchange before if you don't want, it will do it on the spot for you. The only reason you may want to do this is if you think a month before your trip the exchange rate is particularly good and you want to look it in, so then it will use the already converted amount. Also, in case you spend money on the weekend, there is a tiny FX conversion fee, but I think it's fair, so if you want to avoid that, then exchange the money during the week beforehand. I usually don't convert before though unless it's a major trip for a longer period.
Hi Roger, thanks a lot and great question. You don't need to, but if you think the exchange rate is very good before then it makes sense to secure a low rate and get more bang for your buck so to say. Also it's better if you plan to spend money abroad on weekend, because then there will be a small fee from Revolut so in this case it's advisable to exchange before. Cheers
Thank you for sharing this insightful information. Please how can I send money from Uk to Chinese currency? I saw in revolut doesn’t have Chinese currency, please which app can I use? Thanks
I have a question. If I exchange my current through the app, when I land in my foreign country would I be able to cash it out? Or will it only work as a virtual card?
Hi Nicole, absolutely, you can withdraw any currency you have in your account and if that is the main currency in the country you are going to, it will give you that particular currency.
Hi there, I don't own Krone, but just look at their website and it looks like it should work. If not, just shoot a quick message to their support, they are usually fast to answer. Cheers
Hi kai, I have a question. Revolut is offering a euro buy rate for 0.8868 and my main bank account current exchange rate is 1.1016. If I buy euro on revolut and transfer it to my main bank would I profit in any sort of way? I would really appreciate any advice you have to give.
Hi James, interesting question though not sure I could see how that would benefit you sending it back to the bank, unless of course from that bank you want to make any transactions with that new currency as you'll basically get more bang for your buck so to say. Cheers
Greetings Kai, 2 quick questions 1. will Revolut allow me to hold funds in Ghanaian Cedis currency, 2. Will it allow me to transfer money to another online wallet like MoMo by MTN, or does it have to be transferred to a traditional bank account? Thanks in advance and awesome video!!! Subscribed.
Hi there and many thanks for your kind words and sub, much appreciated🙏Just checked in my Revolut app, seem though sadly Cedis are currently not offered. You can send funds to most online wallets, I have not tried the one's you've mentioned, but tried many others and never had any issues with that. Cheers
Hi there, not sure as I don't live in the Netherlands but found this here, hopefully it's useful help.revolut.com/en-NL/help/transfers/outbound-transfers/can-i-pay-with-ideal/how-can-i-pay-with-ideal/ Otherwise just do a bank transfer, it take a few seconds via SEPA pay in Europe and usually much cheaper👌 Cheers
Hi Carson, not sure what you mean exactly. You could also transfer it from your Revolut to another account, but for transactions I guess it's the most common way to use a bank card so you can use the physical or digital card, which you can connect to your Apple or Google Pay. That's how I use it, with my Apple Pay & Curve Card for extra cashback. Cheers.
How do you get cash in hand. my local ( rarely used ) bank account was just hacked last month. last thing I want to do is to go to a foreign country do Apple Pay or online banking. Not a real currency exchange if you cannot get cash in hand without ANOTHER FEE
Hi there, absolutely you don't need to exchange and keep it in GBP and Revolut will exchange right in the moment when the transactions happens in whichever currency you choose to. There won't be any fees if you stay under your monthly FX limit depending on your plan, just keep in mind if you do that on the weekend, there is a small FX fee so if you want to avoid this you could exchange it in advance during the week. Cheers
Hi Kai, I have a question, if I need to pay something from my main currency into dollars, is it worth exchanging the money to dollars and then make the payment or paying directly and revolut will automatically switch it to the current exchange rate? Or maybe it is the receiving bank who exchanges to their rate based on my currency? Thank you mate.
Hi mate, if I understand correctly your base currency is not USD but you need to pay something in USD? If that's the case, definitely exchange to USD in Revolut first and remember to do it during the week not weekend to get the best rate and then make a USD transfer, this will be your best and cheapest option. Receiving banks usually rip you off😉 Cheers
@@SmartMoneywithKai hey mate, you are amazing! Thanks for the feedback and the quick answer, this is exactly what I need to do and will follow your guidance. I saw something going wrong with the fees during the weekend and then saw your video and comments, which explained the situation. Cheers and best of luck 😉
Hi Edgar, thanks for your comment. I guess depends on how you define low exchange rate, but for me a 0.05% is very attractive and I don't know any other app that gives a better rate with less friction, if you do, please share, would be happy to try it. Of course, keep in mind that the FX limit is up to €1000 for the free plan and only Mon-Fri, weekend is a slightly higher spread.
Hi, thank you for this informative video! Learned a lot from it. Question: is it possible to use this app for investment? For example I could exchange money from euros to a currency which suffers from a lot of inflation (venezuelan Bolivar), wait a bit and then exchange it back into euros. With that I could make a few hundred dollars a month. Is this realistic and legal? Greetings from Vienna
Hi there, great question. As long as the currency is supported in Revolut you can do that. Of course, you always have the FX risk, same like buying stocks, they might go up...or not. With currency the same but if you believe in it you can definitely go for it. Just make sure to do those exchanges during the week to get the best exchange rate. Totally legal👌Cheers back to beautiful Vienna, love that city💯
@@SmartMoneywithKai Hi Kai, thank you for your detailed answer! Nice that everything’s legal 👌. I still got one question: let’s say, I transfer Euros in the Singapore dollar (as an investment), then I turn them back into Euros after some weeks. How do I get this money back on my main bank account? By remitting to myself? Thank you very much for your time! Greetings to Scandinavia!
@@orienTube01 If I understand correctly you will keep everything in Revolut not to send the Sing. Dollars anywhere else, then it's just a matter of a few clicks, the money never actually leaves your account so if your default currency is EUR you can transfer it to SING $ and then back anytime to EUR and you can just spend it. Even if you happen to be out of EUR and use your Revolut card it would automatically take your SING $ to spend so it's really seamless👌
@@SmartMoneywithKai Thank you for your answer. If there are no taxes in transferring currencies and then transferring the money back to my own account, this is pretty genius! If you are perspicacious and also watch the political news in those countries, this can be a great passive income.
@@orienTube01 Indeed, it can offer great opportunities, but would not call it passive as you really need to follow markets/news, there are professional FX traders and some can make good money, but also know others loosing a lot. I prefer stocks, ETF's, Crypto & Real Estate, but each to their own I guess:) Good luck with it my friend. Invite me to your yacht once you've got it😉 Cheers
So from reading the comments and if I’m understanding correctly..if I get this app and exchange for some euros and then head over to let’s say Germany and I want cash. I would go to an atm and it would take away from my euros on the account right ? But would this atm withdraw cost me a fee ?
Hi JP, you are correct. You don't even need to exchange your currency to EURO before necessarily, if you don't, it will make that conversion at the moment of the withdrawal at the best possible rate, but if that happens on the weekend there will be a little mark-up fee so you are better off doing it during the week in advance the conversion and then you can withdraw fee free on the weekend. On the free plan you can withdraw up to €200 per month and as you upgrade your plan that limit increases. Anything outside your limit will be charged at 2%.
Hi, of course you can;) You can use the Revolut card at any ATM if you wanted to have physical money, otherwise spend with your currency in any currency of your liking. Cheers
Hi. When signing up, the app is wanting me to pick the country where I live and sets the tlerms and services based on country of residense but the USA is not listed. I will assume that folks that live in the US are excluded from using this app then?
Hi Brian, if you live in the US and have a US number then it should work. They launched in the US in 2020 so they are there, so maybe then just a technical issue and would recommend you to write to support to get this sorted, they are usually fast to respond. Cheers.
wait wait so is there a limit on how much you can exchange? can i actually make money with this platform converting my canadian into say american for example if 1cad is .78us and i buy us then wait for cad to become say .75 and convert back to cad i can make money ? or is there monthly fees or other hidden surprises that will screw me?
Hi there and good question. Their free plans do have a limit like most providers do. However their Premium & Metal Plan offer unlimited FX on weekdays. On weekends there is a small margin charged on the FX rate, which is common practice for most providers as markets are closed and their need to secure themselves from selling for less than they would actually get for it. You can check their plans here www.revolut.com/our-pricing-plans You could therefore trade currencies as you suggested, though I personally don't trade currencies, that could be an option using Revolut👍
@@SmartMoneywithKai thank you i will check it out,,one more question perhaps you might know this or not, i am in canada and im wondering what happens if i want to convert a large portion of my bank acc from canadian into us dollars? would this be something done by a mere phone call or online or would i have to create an american acc and then once i transfer money into that acc it becomes us dollars? see i prefer to find a way to make this on my own instead of going to forex or some platform because i see there might be a way for me to make money like this every now and then
Hi there, if you simply exchange currency there is no taxation on it. Unless you are a professional FX trader, but then you would not be using Revolut I guess:)
Can our indian banks allow us to deposit in revolute? And wat if land in foreign country and need cash? Will there be revolute atm ...whr e can withdraw cash?
Hi Ahmed, firstly, well done to you if you have such an amount to exchange. Secondly, it's not clearly written, only found that on the site: For most currencies, there are no limits as for transfer amount. Certain currencies might have limits imposed by our payments partners, which we’re unable to disclose due to compliance reasons. Specific limits apply for: If you are in the UK or EU, transfers British Pounds (GBP) to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days. If you're making a transfer to or from Japan, there is a limit of 1m Japanese Yen (JPY) equivalent per transaction. So you could try, otherwise I would suggest Wise.com or Interactive Brokers, which offer some of the best exchange rates out there.
Is save to transfer bigger amouts of money like 10K euros through Revolut ? I heard that they blocked someone from their acount for no reason and stopped communicating . Thanks
Hi Lukas. As per their website you can transfer as follows: For most currencies, there are no limits as for transfer amount. Certain currencies might have limits imposed by our payments partners, which we’re unable to disclose due to compliance reasons. Specific limits apply: For transfers within the SEPA region, there's only a minimum limit of €2. If you are in the UK or EU, British Pounds (GBP) transfers to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days. If you're making a transfer to or from Japan there is a limit of 1M Japanese Yen (JPY) equivalent per transaction. This should be plenty 😉 I can’t comment on your example. For me it’s be flawless and customer service super responsive and fast. My normal bank instead blocked me so I guess it always depends but Revolut is definitely trustworthy 💯
Hi Louisa, no issue at all, you can send up to €250K in one go. help.revolut.com/en-US/help/transfers/outbound-transfers/are-there-any-fees-or-limits-for-sending-money-from-revolut/what-are-the-transfer-limits Hope this helps. Cheers.
Hi there, most probably. I think Wise is not bad also, but I would only comment on Apps I use myself and can only highly recommend Revolut based on their superb FX fees.
@@SmartMoneywithKai HI Kai, this comment makes me sad. I watched the video and the moment you said "it has 30 currencies, I don't think there is no currency I need that I haven't found" I just knew it would not cater to people in my demography(Africa). A comment above confirmed it was not it Ghana. There are over 30 currencies of the world, it's already a struggle some of ours are usually not supported on platforms like this. However, asking "30 currencies are not enough?" almost sounds like the rest that are not there are inconsequential. If it has 30 currencies, and the one I need aint there, then yes, it's not enough.
@@chekwubeonyeka687 Hi Chekwube, thanks for your comment and I totally hear your point, what I was saying though is that out of 180 curencies in circulation in the world, 30 is quite a high number in one app and personally I don't know an app that has more and I am not familiar with African, South American, Middle Eastern and Asian markets as I live in Europe and can therefore only talk about that, but do feel free to share your recommendations for Ghana specially as that might be useful to others. Cheers
They do have different plans. There is a free plan that allows up to $1000 per month of no fee transactions/currency conversions. Anything above that incurs a small fee percentage on top. If you opt for Platinum (I have that one too) or Metal, the amount is unlimited and no fees are being charged. Hope that helps.
@@SmartMoneywithKai ah ok me and some friends are taking a 2 week trip to Greece and France so I don't think we'd surpass that. Since most things have already been paid
@@TravelSenpaii Sounds awesome and if you stay under it, the free one is perfect. And Greece, sounds amazing especially when the rest of Europe is pretty much grey these days😉Enjoy👍
Hi Kristiana, I guess you can find bad reviews on anything, even the Pope:) I’ve been using the app for years, not paid by them and never had any issues with them, so that’s just my honest opinion and sharing my positive experience with them but of course, the choice is always yours😉 Do you have a better alternative? Cheers
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Yeah and than youll get your money locked in revolut for months if not forever. No thanks
@@jccgold Not sure what you mean. Been using it for 5 years and never any issues with it👌
@@SmartMoneywithKai well go read in the web the horror stories people have with frozen accounts with revolut
@@jccgold Can’t comment on others, just my own experience which has been outstanding. I know a friend who did not everything correctly at KYC process so that’s why his funds were held until he corrected it, but that would be the same as with any bank. I guess the same can be said about PayPal. Anyhow, if you don’t feel comfortable with it, no need to use. Have an awesome day.
@@SmartMoneywithKai It’s too limited on the currency’s that one can choose. I didn’t see Kenya shillings and that is a common currency for Americans.
I loved your video thank you so much!
That's awesome to hear, thank you so much🙏
Planning to travel from SA to UK, setting up my Revolut account as we speak. Thanks for this video!
Awesome. Thanks for your kind words. You will love it. Safe travels ✈️
Great video! Thank you so much 👏🏼🙏🏼
Many thanks Daniel, much appreciated.
such a useful video, thank you sincerely!!
Hi Jada, thanks a lot, amazing to hear🙏
This was a very informative video, thank you so much! This feature is available for all Revolut accounts including the free standard one right?
Thanks a million and yes it is, though on the free plan you usually have a certain limit of free FX of around €1000 anything above that will have a small fee. Paid plans don't have that limit. Cheers
Great video!
Thanks a lot🙏
Thank you so much for this!
Hi Alex, you are absolutely welcome, glad you liked it. Cheers.
How do you use Revolut if it is not available for your country yet? But you want to use it for international travel to country you are visiting that has a currency available on the app?
Good question, I would like to know the answer to this too
@@alexboshoff8219 Hi Alex, as long as you can sign up to it, it's no issue, but usually if the currency is not supported by the app, I would assume Revolut also does not support this country yet. You could technically try to sign up from the country you visit, but in the long-term this might cause trouble down the road when they ask you to reconfirm your residency, etc. so if Revolut does not support your country then either wait or look at alternative apps such as Wise. Hope this helps. Cheers.
@@joshuak8417 Hi mate, indeed, just answered it, see below. Cheers.
Great video thanks for the info
Thanks a lot for your kind words🙏
If only I'd know this a month or 2 before.. I'm going on a trip to the U.S.A next week and the dollar price is now sky-high. But thanks for this informative video!
Hi Frank, indeed, seems most currencies are loosing to USD in recent times, but still great app/card to use for this and any future travels👍 Enjoy the States.
Cheers man
Most welcome mate👍
Hi Kai, would you recommend buying the currency at a fixed rate (not sure what is a good rate as im new to this) or to purchase with the base currency and live exchange rate? Thank you
Hi mate, in this case I would not exchange too much just use the live rate. Only if you need to spend on the week in different currency exchange some money before otherwise they will charge you a 1% weekend FX fee. Cheers
But how do you get exact cash? I am going to Greece and I am from the USA. So if I download Revolut and exchange my USD to EURO how do I physically get that Euro money in cash?
Hi there, you will just use your Revolut card, go to the ATM in Greece and it will give you your converted EUROs, very easy👌
Can I use this to pay for a ticket in a different currency?
Hi there and yes, absolutely you can👌
I don’t see Canada is available as country of residence. Do you have any recommendations for Canadians?
Hi there, sorry to hear that. You could have a look here www.finder.com/ca/revolut-alternatives Also, check out Wise, another great app ruclips.net/video/9WlzSU4g9X8/видео.html Cheers
Unfortunately, not every country has been listed there. I want to exchange Indonesian Rupiah to Malaysian Ringgit, but both countries arent there yet 😢
Hi there, I've checked also Wise another great app and it seems they also don't support those two currencies, so I hope for you that they will be added eventually. Cheers
Very helpful. Quick question though - so if I change my GBP inti euros in the app, I then have a eur account and a GBP account both with funds. If I then use my card in Europe, will Revolut automatically know to take funds from my EUR account when I pay? Or do I not even need to exchange currency and just pay on my card and it will do an exchange at the intrabank rate for each transaction?
Hi there and great question. This is the awesome part with Revolut, you don't even need to do the exchange before if you don't want, it will do it on the spot for you. The only reason you may want to do this is if you think a month before your trip the exchange rate is particularly good and you want to look it in, so then it will use the already converted amount. Also, in case you spend money on the weekend, there is a tiny FX conversion fee, but I think it's fair, so if you want to avoid that, then exchange the money during the week beforehand. I usually don't convert before though unless it's a major trip for a longer period.
Smart Money with Kai amazing, that’s exactly what I needed to know, thank you 🙏
@@yippykayak5842 My pleasure, anytime💯
When travelling to another country it is best to convert money into that cou tries currency to use in that country? Thanks for the informative video.
Hi Roger, thanks a lot and great question. You don't need to, but if you think the exchange rate is very good before then it makes sense to secure a low rate and get more bang for your buck so to say. Also it's better if you plan to spend money abroad on weekend, because then there will be a small fee from Revolut so in this case it's advisable to exchange before. Cheers
@@SmartMoneywithKai thanks for the informative response.
Whats the best way if I need cash and not apple pay or credit/debit card?
Just use the card that comes with the account and go to the ATM and take our the cash you need😉
This apps do not work to Ethiopia.
That’s unfortunate. Hopefully one day 🤞
Revolut not a bank in UK
Sadly not yet. Hopefully soon🤞
What about wise card is this good exchange rate?
Hi there👋 It's also good though I found that Revolut gave me slightly better rates👌
What if I need cash? I am planning a trip to Germany and some vendors there take only cash.
Hi Nikita, then you can use your Revolut card and withdraw cash from the ATM👍
Thank you for sharing this insightful information. Please how can I send money from Uk to Chinese currency? I saw in revolut doesn’t have Chinese currency, please which app can I use? Thanks
Hi there and many thanks🙏 I believe Wise offers exchanges to Yuan wise.com/invite/i/kais23 Cheers
Thank you so much
Thank you for the reply
Which one did you recommend me to use, personal or business account in WISE? Thank you
@@abubakarsaniali9143 Depends on your needs, but if it's for Personal mostly, go with Personal Wise, probably the better option for you👍
I have a question. If I exchange my current through the app, when I land in my foreign country would I be able to cash it out? Or will it only work as a virtual card?
Hi Nicole, absolutely, you can withdraw any currency you have in your account and if that is the main currency in the country you are going to, it will give you that particular currency.
How do you withdraw the money once in the other country do you get a card or do you have to sims specific partner banks in that country?
Can i put my norwegian Krone i bought into a vault? It keeps telling me my limit exceeded
Hi there, I don't own Krone, but just look at their website and it looks like it should work. If not, just shoot a quick message to their support, they are usually fast to answer. Cheers
Hi kai, I have a question. Revolut is offering a euro buy rate for 0.8868 and my main bank account current exchange rate is 1.1016. If I buy euro on revolut and transfer it to my main bank would I profit in any sort of way?
I would really appreciate any advice you have to give.
Hi James, interesting question though not sure I could see how that would benefit you sending it back to the bank, unless of course from that bank you want to make any transactions with that new currency as you'll basically get more bang for your buck so to say. Cheers
Greetings Kai, 2 quick questions 1. will Revolut allow me to hold funds in Ghanaian Cedis currency, 2. Will it allow me to transfer money to another online wallet like MoMo by MTN, or does it have to be transferred to a traditional bank account? Thanks in advance and awesome video!!! Subscribed.
Hi there and many thanks for your kind words and sub, much appreciated🙏Just checked in my Revolut app, seem though sadly Cedis are currently not offered. You can send funds to most online wallets, I have not tried the one's you've mentioned, but tried many others and never had any issues with that. Cheers
@@SmartMoneywithKai Thank you for checking, and for putting out the info that you do. Blessings to you!
@@dbrown5443 Most welcome and my pleasure🙏 Cheers
Can I add a Dutch Ideal card to the revolut app? I want to exchange euros but can't seem to add money with my Ideal card
Hi there, not sure as I don't live in the Netherlands but found this here, hopefully it's useful help.revolut.com/en-NL/help/transfers/outbound-transfers/can-i-pay-with-ideal/how-can-i-pay-with-ideal/ Otherwise just do a bank transfer, it take a few seconds via SEPA pay in Europe and usually much cheaper👌 Cheers
@@SmartMoneywithKai thanks!
How can I get actual physical cash? Is that possible?
Hi. Absolutely you can. You can just order it on the app. Small one off fee on the free plan and for free on the paid plans. Cheers.
Is the revlout card the only way I can use my foreign currency in another country?
Hi Carson, not sure what you mean exactly. You could also transfer it from your Revolut to another account, but for transactions I guess it's the most common way to use a bank card so you can use the physical or digital card, which you can connect to your Apple or Google Pay. That's how I use it, with my Apple Pay & Curve Card for extra cashback. Cheers.
How do you get cash in hand. my local ( rarely used ) bank account was just hacked last month. last thing I want to do is to go to a foreign country do Apple Pay or online banking. Not a real currency exchange if you cannot get cash in hand without ANOTHER FEE
Not sure I follow you. So you want to withdraw funds from the ATM, of course, you can do that with Revolut 👌
Can it work in Africa after I have opened it in Europe?
Hi and yes, once you've signed up, it should work normally anywhere the currency of course is supported👌
What kind of aps are u using bro
Hi Steven, got quite a few:) Made a video on it here ruclips.net/video/ghtO_Kh1BBk/видео.html Cheers
Can i ask, if i have my money in GBP and do not change to Euros, will i still be able to use the card and will i be charged?
Hi there, absolutely you don't need to exchange and keep it in GBP and Revolut will exchange right in the moment when the transactions happens in whichever currency you choose to. There won't be any fees if you stay under your monthly FX limit depending on your plan, just keep in mind if you do that on the weekend, there is a small FX fee so if you want to avoid this you could exchange it in advance during the week. Cheers
Hi Kai, I have a question, if I need to pay something from my main currency into dollars, is it worth exchanging the money to dollars and then make the payment or paying directly and revolut will automatically switch it to the current exchange rate? Or maybe it is the receiving bank who exchanges to their rate based on my currency? Thank you mate.
Hi mate, if I understand correctly your base currency is not USD but you need to pay something in USD? If that's the case, definitely exchange to USD in Revolut first and remember to do it during the week not weekend to get the best rate and then make a USD transfer, this will be your best and cheapest option. Receiving banks usually rip you off😉 Cheers
@@SmartMoneywithKai hey mate, you are amazing! Thanks for the feedback and the quick answer, this is exactly what I need to do and will follow your guidance. I saw something going wrong with the fees during the weekend and then saw your video and comments, which explained the situation. Cheers and best of luck 😉
My pleasure mate, glad to hear that. Have an awesome week ahead💪
Nope, Revolut offers quite a low exchange rates if to compare, for example, with google currency converter - as you mentioned in the video. :(
Hi Edgar, thanks for your comment. I guess depends on how you define low exchange rate, but for me a 0.05% is very attractive and I don't know any other app that gives a better rate with less friction, if you do, please share, would be happy to try it. Of course, keep in mind that the FX limit is up to €1000 for the free plan and only Mon-Fri, weekend is a slightly higher spread.
I want to register from Ghana and it says something went wrong
Hi Emmanuel, I am afraid at this stage they are not yet working in Ghana, hopefully soon🤞Cheers mate.
Hi, thank you for this informative video! Learned a lot from it.
Question: is it possible to use this app for investment? For example I could exchange money from euros to a currency which suffers from a lot of inflation (venezuelan Bolivar), wait a bit and then exchange it back into euros. With that I could make a few hundred dollars a month. Is this realistic and legal?
Greetings from Vienna
Hi there, great question. As long as the currency is supported in Revolut you can do that. Of course, you always have the FX risk, same like buying stocks, they might go up...or not. With currency the same but if you believe in it you can definitely go for it. Just make sure to do those exchanges during the week to get the best exchange rate. Totally legal👌Cheers back to beautiful Vienna, love that city💯
@@SmartMoneywithKai
Hi Kai, thank you for your detailed answer! Nice that everything’s legal 👌.
I still got one question: let’s say, I transfer
Euros in the Singapore dollar (as an investment), then I turn them back into Euros after some weeks. How do I get this money back on my main bank account? By remitting to myself?
Thank you very much for your time!
Greetings to Scandinavia!
@@orienTube01 If I understand correctly you will keep everything in Revolut not to send the Sing. Dollars anywhere else, then it's just a matter of a few clicks, the money never actually leaves your account so if your default currency is EUR you can transfer it to SING $ and then back anytime to EUR and you can just spend it. Even if you happen to be out of EUR and use your Revolut card it would automatically take your SING $ to spend so it's really seamless👌
@@SmartMoneywithKai Thank you for your answer. If there are no taxes in transferring currencies and then transferring the money back to my own account, this is pretty genius! If you are perspicacious and also watch the political news in those countries, this can be a great passive income.
@@orienTube01 Indeed, it can offer great opportunities, but would not call it passive as you really need to follow markets/news, there are professional FX traders and some can make good money, but also know others loosing a lot. I prefer stocks, ETF's, Crypto & Real Estate, but each to their own I guess:) Good luck with it my friend. Invite me to your yacht once you've got it😉 Cheers
So from reading the comments and if I’m understanding correctly..if I get this app and exchange for some euros and then head over to let’s say Germany and I want cash. I would go to an atm and it would take away from my euros on the account right ? But would this atm withdraw cost me a fee ?
Hi JP, you are correct. You don't even need to exchange your currency to EURO before necessarily, if you don't, it will make that conversion at the moment of the withdrawal at the best possible rate, but if that happens on the weekend there will be a little mark-up fee so you are better off doing it during the week in advance the conversion and then you can withdraw fee free on the weekend. On the free plan you can withdraw up to €200 per month and as you upgrade your plan that limit increases. Anything outside your limit will be charged at 2%.
can i use this money in the real world?
Hi, of course you can;) You can use the Revolut card at any ATM if you wanted to have physical money, otherwise spend with your currency in any currency of your liking. Cheers
Hi. When signing up, the app is wanting me to pick the country where I live and sets the tlerms and services based on country of residense but the USA is not listed. I will assume that folks that live in the US are excluded from using this app then?
Hi Brian, if you live in the US and have a US number then it should work. They launched in the US in 2020 so they are there, so maybe then just a technical issue and would recommend you to write to support to get this sorted, they are usually fast to respond. Cheers.
SURE trust an online bank with 10 grand that has technical issues/ Sounds like stranded in a foreign country@@SmartMoneywithKai
wait wait so is there a limit on how much you can exchange? can i actually make money with this platform converting my canadian into say american for example if 1cad is .78us and i buy us then wait for cad to become say .75 and convert back to cad i can make money ? or is there monthly fees or other hidden surprises that will screw me?
Hi there and good question. Their free plans do have a limit like most providers do. However their Premium & Metal Plan offer unlimited FX on weekdays. On weekends there is a small margin charged on the FX rate, which is common practice for most providers as markets are closed and their need to secure themselves from selling for less than they would actually get for it. You can check their plans here www.revolut.com/our-pricing-plans You could therefore trade currencies as you suggested, though I personally don't trade currencies, that could be an option using Revolut👍
@@SmartMoneywithKai thank you i will check it out,,one more question perhaps you might know this or not, i am in canada and im wondering what happens if i want to convert a large portion of my bank acc from canadian into us dollars? would this be something done by a mere phone call or online or would i have to create an american acc and then once i transfer money into that acc it becomes us dollars? see i prefer to find a way to make this on my own instead of going to forex or some platform because i see there might be a way for me to make money like this every now and then
I know this is a bit late but do you have to pay taxes on the exchange since it is on the stock market?
Hi there, if you simply exchange currency there is no taxation on it. Unless you are a professional FX trader, but then you would not be using Revolut I guess:)
How to convert INR to USD while traveling?
Very simple, just use the Revolut App, it literally takes less than a second and few clicks, try it out👌
Can our indian banks allow us to deposit in revolute? And wat if land in foreign country and need cash? Will there be revolute atm ...whr e can withdraw cash?
@@muditgiriii5021 Hi, I don't live in India, but just found this www.revolut.com/en-IN/ seems Revolut will launch in India soon👍
Can you exchange big amounts like 1m AUD with USD using this app?
Hi Ahmed, firstly, well done to you if you have such an amount to exchange. Secondly, it's not clearly written, only found that on the site:
For most currencies, there are no limits as for transfer amount. Certain currencies might have limits imposed by our payments partners, which we’re unable to disclose due to compliance reasons.
Specific limits apply for:
If you are in the UK or EU, transfers British Pounds (GBP) to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days.
If you're making a transfer to or from Japan, there is a limit of 1m Japanese Yen (JPY) equivalent per transaction.
So you could try, otherwise I would suggest Wise.com or Interactive Brokers, which offer some of the best exchange rates out there.
Thanx...Gd advice...BTW got better job offer in Michigan USA & moving entire assets
@@engineerahmed7248 Hi Ahmed, most welcome and awesome, congratulations👏
Ok you showed us an exchange from 100 Eur to USD on Revolut... Now show us 100,000 or large sums.
Happily, once I reach 1 million RUclips subscribers 😉 The principle is the same though. Cheers
Is save to transfer bigger amouts of money like 10K euros through Revolut ? I heard that they blocked someone from their acount for no reason and stopped communicating . Thanks
Hi Lukas. As per their website you can transfer as follows:
For most currencies, there are no limits as for transfer amount. Certain currencies might have limits imposed by our payments partners, which we’re unable to disclose due to compliance reasons.
Specific limits apply:
For transfers within the SEPA region, there's only a minimum limit of €2.
If you are in the UK or EU, British Pounds (GBP) transfers to UK beneficiaries are limited to £250k per transaction, £500k per day, and £1m per week. You cannot make more than 50 transfers in 24 hours, or more than 200 transfers in 7 days.
If you're making a transfer to or from Japan there is a limit of 1M Japanese Yen (JPY) equivalent per transaction.
This should be plenty 😉
I can’t comment on your example. For me it’s be flawless and customer service super responsive and fast. My normal bank instead blocked me so I guess it always depends but Revolut is definitely trustworthy 💯
Are there any risks with larger sums of money? Like 10k and over? I want to send money from my U.S. Bank account to my Mexican bank account.
Hi Louisa, no issue at all, you can send up to €250K in one go. help.revolut.com/en-US/help/transfers/outbound-transfers/are-there-any-fees-or-limits-for-sending-money-from-revolut/what-are-the-transfer-limits
Hope this helps. Cheers.
@@SmartMoneywithKai perfect, thanks!
Are their any other apps
Hi there, most probably. I think Wise is not bad also, but I would only comment on Apps I use myself and can only highly recommend Revolut based on their superb FX fees.
I don't trade but how about an android app that will show the currencies' rate I want? (THB,EUR,PHP,JPY)
Hi Tim, you can also use Revolut on Android for that. Otherwise you can use XE app if you just want to see the FX rates.
I deleted this app because it’s too limited now as far as the variety of currencies one can choose.👎🏼👎🏼👎🏼👎🏼
Hi there, 30 currencies are not enough? Which app are you using instead?
@@SmartMoneywithKai HI Kai, this comment makes me sad. I watched the video and the moment you said "it has 30 currencies, I don't think there is no currency I need that I haven't found" I just knew it would not cater to people in my demography(Africa). A comment above confirmed it was not it Ghana. There are over 30 currencies of the world, it's already a struggle some of ours are usually not supported on platforms like this. However, asking "30 currencies are not enough?" almost sounds like the rest that are not there are inconsequential. If it has 30 currencies, and the one I need aint there, then yes, it's not enough.
@@chekwubeonyeka687 Hi Chekwube, thanks for your comment and I totally hear your point, what I was saying though is that out of 180 curencies in circulation in the world, 30 is quite a high number in one app and personally I don't know an app that has more and I am not familiar with African, South American, Middle Eastern and Asian markets as I live in Europe and can therefore only talk about that, but do feel free to share your recommendations for Ghana specially as that might be useful to others. Cheers
Is there a fee for using the card?
They do have different plans. There is a free plan that allows up to $1000 per month of no fee transactions/currency conversions. Anything above that incurs a small fee percentage on top. If you opt for Platinum (I have that one too) or Metal, the amount is unlimited and no fees are being charged. Hope that helps.
@@SmartMoneywithKai ah ok me and some friends are taking a 2 week trip to Greece and France so I don't think we'd surpass that. Since most things have already been paid
@@TravelSenpaii Sounds awesome and if you stay under it, the free one is perfect. And Greece, sounds amazing especially when the rest of Europe is pretty much grey these days😉Enjoy👍
Read the app reviews, the are HORRIBLE
Hi Kristiana, I guess you can find bad reviews on anything, even the Pope:) I’ve been using the app for years, not paid by them and never had any issues with them, so that’s just my honest opinion and sharing my positive experience with them but of course, the choice is always yours😉 Do you have a better alternative? Cheers
Your video is really an advert for REVOLUT. I am in France for two months and looking for the best place to exchange money.😠
Thanks, well it’s not sponsored (sadly😉) I just love the app and use it myself and in France it works perfectly well👌