Revolut

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fone

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My experience of getting banned:
For those transferring to SG accounts consistently (for cash advance), they will give 2 warnings before fully banning the account.

The limit on the account only kicks in at the end of the day. No actual need to top up $5k and transfer $5k. You can top up more than that (if you have set up your external account), just that anything above S$5k at the end of the day, will be auto converted back to SGD and transferred to your bank. I just transferred US$10k to US yesterday, so definitely do-able.

Revolut only likes it, if you transfer to overseas account, local ok (esp if non-self), if you do it once in a while.
 
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someusername

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plustwo said:
in the first place, revolut has no appeal these days with the mcc code change. instarem has better value by passing on the original mcc which allows full rewards earning. compared to the benefit of drawing down the full card limit for cash advance, nothing of value is lost by getting suspended?
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Revolut is a debit card which uses money in your wallet. Topup $5K -> Try cash advance trick -> Transaction fails and get suspended -> Waste time getting $5K back. Better ways to get free cash advance than Revolut. Anyway using cash advance to generate returns is IMHO a lot of effort for very little return - sort of like picking up pennies in front of a steam roller.
 
plustwo

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fone said:
My experience of getting banned:
For those transferring to SG accounts consistently (for cash advance), they will give 2 warnings before fully banning the account.

The limit on the account only kicks in at the end of the day. No actual need to top up $5k and transfer $5k. You can top up more than that (if you have set up your external account), just that anything above S$5k at the end of the day, will be auto converted back to SGD and transferred to your bank. I just transferred US$10k to US yesterday, so definitely do-able.

Revolut only likes it, if you transfer to overseas account, local ok (esp if non-self), if you do it once in a while.
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like that even easier what.. don't even need to withdraw just max out the card and park the money there so that they auto transfer to bank account for you :s13:
 
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assiak71

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Have a qn on adding local sgd bank External Account

Mine is ocbc. Do i enter OCBCSGSGXXX or OCBCSGSG in the BIC field?
 
blueboat

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Has anyone got this transaction "Bird & Bird ATMD" charged to their card? Is it actually foodpanda?
 
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crystalnox

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plustwo said:
limit should be 25k per transaction, nothing stopping one from doing multiples of that. 1mth of cash advance can be turned into 2 months if drawn on the first day of the billing cycle. many ways to get a good return on 60 days interest free loan. anyway, just putting it up for discussion. no need for it yet but if one day i decide to close out the account might as well go out with a bang.
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As mentioned above, you'll only get to do it once before you're suspended..
 
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hwmook

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Anybody transferred USD to Interactive Brokers using revolut? Does it work? Seem to make sense if I got small amount to transfer.
 
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fone

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duhduhduh said:
received it as well
the plan is at 9.99 or 19.99 per month
is it worth it? i dont find the point...
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Depends on how often you do transfers. Each overseas transfer maxes out at S$9, so if one does 2 or more overseas transfers per month, then it is worth it.
 
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someusername

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fone said:
Depends on how often you do transfers. Each overseas transfer maxes out at S$9, so if one does 2 or more overseas transfers per month, then it is worth it.
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The fee is 0.3%, so $9 fee is for $3000 transfer, which means transferring $6000 per month. But annual limit for Revolut is $30,000 unless you are transferring to yourself. There is also 1% cashback on metal card but it is marginal at best as to whether Metal Plan is worth it. Also paying yearly up front reduces the metal plan cost.
 
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fone

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someusername said:
The fee is 0.3%, so $9 fee is for $3000 transfer, which means transferring $6000 per month. But annual limit for Revolut is $30,000 unless you are transferring to yourself. There is also 1% cashback on metal card but it is marginal at best as to whether Metal Plan is worth it. Also paying yearly up front reduces the metal plan cost.
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My use case, definitely worth it. Transferring more than $20k to myself monthly, in at least 2 batches (on the transfer fee alone). Not to mention the currency exchange limit. (free account gives $5k free, Premium S$15k free, metal unlimited). I cannot remember the fees for exchanging over the limit, but at 0.5%, extra S$5k will mean S$25 in these fees.

Max use case for free account like S$5k or less monthly. Even for your case of S$6k a month, this amounts to $5 for free account in exchange fees. $5 + $9 (assume you do all at once) = $14, might as well you get premium plan ($15k exchange limit, and 1 free transfer). Use case for metal will prob be at least 1 transfers monthly and total at least S$17200 monthly ($11 in exchange fees). But I believe all plan comes with 12 months contract, so you'd have to do the transfers regularly. Unless you get a friend (like me), who has a metal account, to exchange currency for you.

1% cashback on card spend is just bonus, esp payment for foreign currency on education where SG cards all exclude.
 
ashethen

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Just now I tried to convert sgd to USD, but saw there's an extra 0.5% fee, with a notice saying I exceeded the exchange limit of 5k.

I haven't even done any exchange this month, and did less than 1k last month.

Is it because it's a weekend, so they imposed an extra fee for exchanges due to forex market closure?
 
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fone

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I don't think weekend surcharge is displayed. Exchange limit goes by rolling 30 or 31 days. You should be able to check your limit under your profile (ie, when it resets).
 
ashethen

ashethen

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fone said:
I don't think weekend surcharge is displayed. Exchange limit goes by rolling 30 or 31 days. You should be able to check your limit under your profile (ie, when it resets).
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No extra fees now. I think it's really due to forex market closure
 
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