Update to Revolut's fees and terms

Banking Personal Banking
1

I just received the following email from Revolut…

We’ve made some changes that will take effect on August 14, 2021.

Exchanging money currencies, crypto, and commodities

Currently, we may add a percentage (mark-up) to exchange rates or charge you a fee.

Going forward:

  • You’ll always see the real exchange rate, based on foreign market data feeds from a range of different independent resources. We won’t add mark-ups to any exchange
  • We’ll show you exactly how much we’re charging you in fees in the app before you confirm a transaction (if applicable)
  • You’ll see the total cost of your transaction, with no hidden fees

Exchanging commodities only

Currently, we charge different fees for exchanging commodities on weekends.

Going forward:

  • Our commodities fees will drop to a 1.5% rate for Standard and Plus users
  • Premium and Metal users will be charged a 0.5% fee

We’ve clarified our Retail terms

We’ve also made changes to our Retail T&Cs:

  • We’ve made some changes to reflect how we provide our services to you through our web app, browser extension, and other platforms, no longer just through our mobile app
  • We’ve made some clarifications to explain more clearly that personal accounts cannot be used for business purposes
  • We’ve clarified how you can access your transaction information, and retrieve your money, after you close your account
  • We’ve added some more details about how payment links work (you’ll be able to see the expiry time in the app when you create the link)
  • We’ve clarified that section 20 of our terms about when we will refuse or delay a payment relates to both inbound and outbound payments
  • We’ve clarified how SEPA payments work
  • We’ve simplified the structure of our T&Cs overall

The new version of our Retail terms and conditions and the fees pages included in those terms for each plan will take effect on 14 August 2021. If you’d like to close your account because of these changes, you can do so before 14 August 2021 without charge, but we’ll be sad to see you go.

Thanks,

Team Revolut

3 Likes
2

What were the commodity fees before? 1.5% seems very high still

No FX fees again now though? Makes sense

3

I didn’t read it that way. Sounds to me like they’ll show you the exact exchange rate, then on the next screen you’ll see the total amount you’ll pay, including fees. No “hidden” fees.

1 Like
4

They said they won’t mark the exchange rate up, before it was between 0.5%-2%

5

But was that markup where they hid their fee?

6

Yes, rates had a 0.5-2% fee built in. They said they’re using mid market with no markups now

7

Sounds to me like they’ve swapped the rate markup for a fee. Suppose we’ll see! I don’t use them anyway :slight_smile:

1 Like
8

I bought some Euros (£5’s worth) last night on the Revolut account app, and it warned me I had a further £995 to exchange this month commission free, after that a 0.5% “fair use”
charge would be levied. Not sure if this is a new thing, or something recent.

9

It was built into the exchange rate before, so guessing @Dan was right and they now just charge a fee

10

Fee isn’t loading, though