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.
- 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.
- 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.