I’ve had one for a number of years....load currencies onto it when a decent exchange rate. Link direct to my current account. So far so good.
Previously I’ve transferred euros to my normal rental letting company....easy peasy. Since leaving the EU the bank whom the Spanish letting company use levy a charge on transfers in from banks outwith the EU.
I owed the agent €245. Transferred, at no charge to me, from my Revolut ‘euro’ balance. The agents Spanish bank charged them €18, which I’ve had to reimburse. I was told that a Swiss customer ( Schengen not EU) paid the company €50k and there was a bank fee of €1750.
My fault. I’d never considered it....should have paid cash from a local ATM...still ATM fees levied on my Revolut card but fewer than the agents bank charges.
You live & learn
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Brexit dividend no. 7,462
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Tell me about it....for those fortunate enough to be retired ( and in good health and with a few bob) the 90/180 rule is a real PITA.
Even worse for the Brits who own property in the EU, don’t hold residencia and customarily spend their winters in warmer climes. They’re really stuffed.
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A "digital nomad" visa could provide a solution for some.
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While it’s a right pain in the ar**, they’re not complete stuffed, are they? Sure, the visa waiver scheme only allows for 90/180, but as with everyone from outside the EU they can apply for a long stay visa in many (most? all?) countries. I know a few Americans (I know, I know…) who have properties in France and Italy, and that’s what they do for long spring / summer breaks. They still then have the ability to visit other EU countries using the visa waiver scheme for Schengen countries. Not idea what the long stay visa costs, but I’ll ask if I remember!
Back on topic though, I also use the revolut card when travelling, but have noticed over the last few years the rates, while still competitive, not as competitive as they used to be so do keep a close eye on it now than I used to
Edited to add: Google says €90 for a long stay visa for France.
Last edited by: PeterS on Mon 21 Feb 22 at 21:24
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Think there is a ‘Golden Visa’ if you purchase a property for €500,000+ in Spain.
I’m meeting several Spanish home owning Brits tomorrow on a walk, who do not have residencia here in Spain. I’m certain there’s no such visa waiver here. I’ll ask.
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The visa waiver is the current 90/180 situation for U.K. passport holders. Staying longer requires a visa. A quick google shows that Spain doesn’t offer a long term tourist visa, though it does offer a non lucrative residence visa which only requires you to have €27k in the bank and an income of €6,778 per person. So not a very high hurdle, but undoubtedly comes with tax complications. Having said that,we have a double taxation treaty so it shouldn’t actually cost anything, assuming they can speak Spanish well enough to navigate the system. And if they’re there for more than 90 days at a time and own property I’d hope they can!
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Another attempt to bring this back on topic… ;) Is there any reason you didn’t just make a card payment with the revolut card rather than a bank transfer? That wouldn’t have attracted any fees would it? Certainly when I used mine last week there were no fees and I’m pretty sure EU law is the same as U.K. and suppliers can’t add a card supplement for consumer purchases.
Though, as an example of the declining competitiveness of revolut, the rate I got for € spend was €1.192404 on a transaction on the 16th (taxi) compared to Santander’s €1.1882 on the same day (hotel). 0.3% better with revolut with no fees on either, but the Santander card has 0.5% cash back. I didn’t clock that until I got back, and always assumed that revolut had much better rates, but it appears that’s not necessarily the case, especially at weekends when revolutes rates do have a surcharge (FX markets closed?) which is why I checked in with the Santander card anyway
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PeterS
I must have made at least 15 payments, deposit then balance, using my Revolut card to this company. Often sat in their office via my phone. Their bank details are on my list of Revolut accounts with all details...until we left the EU they never had any charges imposed by their Spanish ( unknown) bank.
Now they do....obviously if they had a Revolut card there would be no charges.
I’ve used my Revolut card in various supermarkets, bars, restaurants...no charge to me but I wonder if the vendor has a charge imposed, as per the letting company.
I withdrew €200 from BankInter a few days ago...they did charge me a €4 fee which I expected.
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Oh yes, I get that since BREXIT banks have taken the opportunity to add on extra charges - I did t mean to downplay those. What I meant was that, from a vendor perspective when used in hotels, restaurants etc the revolut card is treated as a debit card so the vendor will just be charged whatever the interchange % is for debit cards in Europe. Tiny I expect. I’d expect most businesses geared up for tourists to accept cards so wondered why you wouldn’t just make a card payment anyway. I guess over a few k€ that could add up, so the accommodation provider might prefer a bank transfer, but would they accept a card payment instead?
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In Portugal if you go to a "proper" bank (like Santander) there is no charge at the ATM (well, there wasn't in Oct).
ATM limit on a regular Revolut is £200 (or is it 200) in a calendar month. So we land on 28th and will draw out max cash. Many of the bars and restaurants in the area we will be are cash only but it's so cheap the 400 will last us most of the 6 week holiday I hope. We don't eat out too often or spend that much time sitting round in bars on the long holidays.
You can withdraw more than the 200 but there is a charge. Or you can get a premium card which has a higher limit (at a cost)
Last edited by: smokie on Wed 23 Feb 22 at 00:30
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Revolut card - Lygonos
