Reply With QuoteAs it can’t be sent anywhere from Revolut, buying Bitcoin through them can only be for speculation, no? Also quite the fee. They certainly make it easy to buy though. Not sure on security?
I’ve been using Revolut for a few years now mainly for the ease of managing multiple currency accounts for travelling.
It’s been interesting to see how they have evolved the app.
Now in a couple of clicks I can buy stocks, Tesla is the top of the list of available stocks, obviously.
Also in two clicks I can buy Bitcoin.
It’s incredible how easy it is compared to say opening a Hargreaves Lansdown account to buy stocks.
I’m wondering how much the growth of some of these hot assets are driven by how these new banks are making access to these assets so easy.
As it can’t be sent anywhere from Revolut, buying Bitcoin through them can only be for speculation, no? Also quite the fee. They certainly make it easy to buy though. Not sure on security?
Yes, it’s just for exposure to the asset, I’m not sure on the terms or fees. I think the majority who buy Bitcoin are only doing so for speculating.Originally Posted by Justin Case
The real point is how this app makes it so easy to buy ...
How about selling again with them?
My brother was a victim of fraud, the fraudster used a Revolut account to accept the funds he sent. Over 2 years later, and a monthly reminder, they’re still looking into it. He sends a monthly message now just for the fun of it.
It’s a no from me.
I’m a big fan of Starling / Transferwise though
Last edited by demonloop; 1st May 2021 at 21:15.
As easy as buying.
I really like Revolut, works well with a junior account to easily send small amounts to my daughter.
Not good to hear such poor service.
The point of the post was really to highlight how these new apps make the ownership of investment assets so easy and how they lead with the hot ones.
+1 starling
Revolut are currently ‘holding’ a friend of mines money as pending without explanation, no customer service phone line and a stupid chat bit.
He really needed his money to pay rent and it’s left him with an issue with landlord and no money for food. Obviously I’ve bailed him out but Revolut still haven’t released his money.
Personally I wouldn't touch Revolut but they do offer a lot of services. I'm a fan of Starling but don't use them for my main account.
Unfortunately making it easier to invest doesn't lend itself to educating the potental investors about the true cost of investing. They see "free" & don't stop to work out how the platform is covering it's costs & making money. They don't realise that they aren't getting the true market price when they buy a share; for instance their buy order is passed to one of the large institutions who buy the shares on the open market & then sell them to the sucker for a profit. All this happens in milliseconds. Some platforms actually use the shares you hold to trade without you knowing.
This instant gratification makes it easy to dispense with any sensible level of due diligence & just buy what seems to be "hot" with a tap just because some pothead CEO tweets he's feeling happy today.
The acknowledged primary aim for many of these platforms is for the mark to lose all his money because they know they can get them to reload at least a couple of times before dropping out.
I currently use a Revolut account. For foreign currency exchange or for minor transactions it is very convenient, however, their customer service is joke and stories mentioned above of freezing accounts/money for the likes of small businesses are all too common. That in itself would stop me from using them as a main banking service or for anything major.
Happy Revolut user here. 1-2 times I had to use their customer support service (for minor issues) they have been very prompt and helpful.
That pretty much sums up the situation, seems a bit of regulation would help with the education.
I’m only using Revolut as a cash card, my main banking is elsewhere, with a bank with great service.
Revolut has it's uses, it's handy for small contactless payments (it stops your main current account getting clogged of small purchases) and for smaller purchases on holiday abroad - would never have more than £100 in it at anytime (no need to really as it's so easy to top up) Great for abroad when you don't have to worry about it getting nicked.
Revolut is a dream for international transfer...
Quick follow up on this for the Revolut enthusiast.
Revolut failed to submit their accounts by the due date of December 31st.
The accounts are now delayed following review by auditors.
https://www.altfi.com/article/10237_...til-early-2023
The best bank out there by a country mile is Starling.
Quick follow-up for the Revolut fans from todays FT.
“Revolut’s auditor warned that the design of the fintech’s IT systems meant there was a risk that the bulk of its 2021 revenues were materially misstated even as it turned a profit for the first time that year.”
Only just started using Revolut it will be just for multi country hols which will prove it’s worth
I still use Revolut every day, works perfectly and is great when overseas.
I only use it as a money card so exposure to any issues they may have is limited.
I would not put my life savings with them but it’s fine for what it is.
In due course I expect they will get a banking license.
Wouldn’t touch them. Starling or Chase for me when travelling or buying/selling on TZ.
Wise (formerly Transferwise) primarily for me - they even give interest on GBP / EUR / USD cash accounts. Super service too - used them to transfer funds to EU for house purchase - money transfer instant between UK / EU - unlike the banks which hours or some days.
Also use Starling Bank - as cash card limits are much higher before fees kick in. good customer service via chat as well.
I just cleared out my UK Revolut - they now have presence in Portugal so may get an EU one - trying to become integrated with the Portuguese Multibanco system.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
"Approximately a third of its revenues in 2021 came from its cryptocurrency trading business, Revolut said. The fintech first made a move into crypto in 2017, ahead of most of its rivals."
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