What is the daily maximum I can pay someone on Revolut?

[Brendan Burgess]

I need to pay someone £600

The screen says

Transfer to xy : £600
From Balance: -£100

Add money to spend or withdraw later
Total amount £500

Then details of my AIB account (from which I fund Revolut)

The account has over €1,000 in it so that should not be the problem.

Now it tells me that I have paid £600

It's very confusing.

Brendan

 

[Brendan Burgess]

OK,

So it's still showing that my account has over €1,000 in it.

I just assumed that it would take it from this balance.

It was trying to take it from my sterling balance which was zero. So they have taken £500 out of my bank account?

Brendan

 

[24601]

I think you need to exchange your Euros for Sterling by clicking on the Exchange icon in the Accounts Tab. Once you have enough Sterling in your Sterling Wallet, click Payments, find the person you want to send money to in your contacts, click on their name, click send and click the dropdown arrow beside EUR to the left of the screen to change to your Sterling wallet. Enter the amount and click send.

If you don't have sufficient sterling in your Sterling wallet it probably does just fund the amount from your bank account. It should have prompted you to confirm this beforehand though.

 

[Brendan Burgess]

Thanks 246 - It wasn't clear to me that I was funding this from my bank account, but that is presumably what I did.

OK, I have figured it out.

I had a balance of £100 in my sterling account which I was not aware of.
I paid out £600
So they took €574 from my AIB account to fund the £500 shortfall.

I just assumed that they would take it from my Revolut euro account.

Brendan

 

[Hooverfish]

I am finding your Revolut posts great Brendan, as it's clear there are a lot of usability issues still with the service, although also very useful.

Never be a pioneer, as the early Christian said to the lion. But someone has to find these things out!

 

[Brendan Burgess]

Hi fish

I think that the issue for me is that I do most of my work on my pc and not on my phone.

So I find it hard to get answers via my phone rather than my pc.

And of course, there is much more room on a large screen for the provider to explain what is happening.

If Revolut was available online, I would probably have figured these all out by now.

brendan

 

[24601]

Thanks 246 - It wasn't clear to me that I was funding this from my bank account, but that is presumably what I did.

OK, I have figured it out.

I had a balance of £100 in my sterling account which I was not aware of.
I paid out £600
So they took €574 from my AIB account to fund the £500 shortfall.

I just assumed that they would take it from my Revolut euro account.

Brendan

I can understand why this doesn't happen. You can have as many currency wallets as you want on Revolut so the app wouldn't really have a way of knowing which wallet to fund the currency exchange from if you have a number of currencies at a given time, and this could cause disputes in terms of exchange rates. They should have a simple pop-up asking if you would like to fund the exchange from an existing wallet or top-up your account.

 

[The Oggster]

I know with purchases, Revolut will not take money from 2 different currencies to complete the transaction. It may be the same with transfers. Although if I'm sending Sterling, I will always exchange first so I know it's the exact amount.

 

[torblednam]

I have to say, the real news for me here is that Brendan does work...

 

[bbari1]

So they took €574 from my AIB account to fund the £500 shortfall.

By doing this, you didn't take advantage of the good/free exchange rate which Revolut is known for. Perhaps now you know this anyway but the correct way to do it was, top up your Revolut € balance by transferring £500 worth of € from your AIB. Now you have € in Revolut, exchange € to £ (you would have got a better rate) and then pay £600 to XY.
Even if you have hadn't done the 2nd part i.e. exchanged € to £ and had transferred £600, Revolut would have taken the £100 from the transaction's currency wallet and the balance (£ 500 equivalent) from your home currency (€) wallet, if there was still shortfall, it would have looked in your other ($ etc) wallets.

from Revolut:

The card selects which currency to use in the following order:

1. The currency of the payment (e.g. if you are in the UK carrying out a transaction in Euro, we will deduct funds from your Euro balance)
2. Your base currency (GBP), which is determined by your home address
3. The next active currency (including any cryptocurrency) with a sufficient balance

HTH

 

[RedOnion]

By doing this, you didn't take advantage of the good/free exchange rate which Revolut is known for.

Are you sure about this? So @Brendan Burgess shoukd see a GBP transaction on his AIB statement?


As for the 2nd part Revolut, as far as I know, will not take funds from different wallets for the same transaction. But it could have used the EUR balance in this instance.

 

[Brendan Burgess]

So @Brendan Burgess shoukd see a GBP transaction on his AIB statement?

Unfortunately, that is exactly what happened.

They took £500 from my AIB euro account.

Lesson learned.

I hate AIB getting one over me!

Brendan

 

[RedOnion]

Ah. I was going to ask how you managed to do that, but I can see now how it's quite easy to do.

I use the card a lot more than the App and I didn't realise I could add GBP from an already set up card. One to watch out for.

 

[bbari1]

I hate AIB getting one over me!

We all do.

Another point... if you withdraw cash from atm using your AIB or other bank credit card, bank charges interest on that. however if you top up your revolut and withdraw cash using revolut, there's no interest

 

[bbari1]

But it could have used the EUR balance in this instance

But i think there wasn't any € there in this instance.

 

[RedOnion]

But i think there wasn't any € there in this instance.

There was over €1,000 if I've read it correctly. But he chose to pay from GBP balance, where there wasn't enough.

Another point... if you withdraw cash from atm using your AIB or other bank credit card, bank charges interest on that. however if you top up your revolut and withdraw cash using revolut, there's no interest

Be careful with this. Revolut's merchant classification code has been updated in the past few months, but not all banks are currently treating consistently. It should be treated as a cash transaction when the banks update their codes.

 

[bbari1]

There was over €1,000 if I've read it correctly

Sorry i read that as there was over €1k in AIB.

 

[NoRegretsCoyote]

Hi fish

I think that the issue for me is that I do most of my work on my pc and not on my phone.

So I find it hard to get answers via my phone rather than my pc.

And of course, there is much more room on a large screen for the provider to explain what is happening.

It's probably not obvious to veteran internet users like us on AAM, but most internet time is now done from the phone. Many people don't even own a PC or laptop but spend hours a day on a mobile or tablet.

I agree that there are just some things that need a large screen or a keyboard, but most internet services are developed on an app-first, PC-second basis now.

 

[The Oggster]

The card selects which currency to use in the following order:

1. The currency of the payment (e.g. if you are in the UK carrying out a transaction in Euro, we will deduct funds from your Euro balance)
2. Your base currency (GBP), which is determined by your home address
3. The next active currency (including any cryptocurrency) with a sufficient balance

HTH

That's definitely how it works with a purchases, but an it's an either, or situation. It won't take payment from more than one currency.

Not sure if it's the same for transfers.