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Using Revolut in Cyprus

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Harmanjeet Singh

Is it worth using Revolut in Cyprus?


Does anyone have problems using it?

Dee56

I would definitely say it's worth it, I use it all the time and so far have not had any problems whatsoever.

Toon

Revolut is widely accepted but not for immigration and residency purposes....plus may not be accepted for car hire as it's a debit card not a credit card

L and M

We have attempted to open an account with Revolut but were denied as we had no official paperwork from Cyprus , our home since September 2022 , UK passports , ARC and copies of utility bills were not deemed sufficient and Revolut said that we had no proof that we were legal residents of Cyprus. An official Cypriot document with our photographs was necessary to open an account - this we do not have as we still do not have biometric cards and therefore do not have Cypriot driving licences ,

Toon

@L and M


The usual Cyprus incompetence have knock on effects that the CyGov depts don't give a fig about.


Once you have the documents and get the account then it's pretty much plain sailing as long as you stay clear of crypto and P2P stuff.


Just don't put all your eggs in one basket ....


Even the GBP and euro Flexible Investment Savings products are paying 5.14% and 3.86%. Paid daily ... Thats with a metal account..slightly lower rates with lower level accounts ....just be aware that they are investment product and can go up and down like every other investment product but is regarded as low risk...plus be aware they are only covered by way of insurance policy for specific insured events to the value of €22k.. so tread carefully.. unlike the pocket savings  accounts without interest but are covered upto €100k... They are all easy access to instant transfers between accounts

phildraper

I use Revolut a lot to move funds from the UK in GBP to Euro and over to Hellenic. All works well but I would not leave large amounts in there for obvious reasons. I had the account before leaving the UK and have just carried on using it.

Toon

We use Revolut every day for everything we spend. Been with them for 6 years now .. using them as my main account for almost 3 years. No issues so far .. and we can use it at all of the blue and yellow private atms free of charge up to our revolut cash limits 

Harmanjeet Singh

@phildraper What plan are you using?

Harmanjeet Singh

@Toon It is good to hear that. I am trying to find a way convert to Euro with the lowest fee possible.

Toon

Much depends on how often you will exchange currency . We usually exchange when the rate is beneficial....but at least once a month as all our income is in sterling.....  So the metal plan pays for itself along with cashback and the free subscription perks that I use is well worth it ..FT...PicsArt ...NordVPNplus... Sleep cycle ...

Harmanjeet Singh

Did you apply for the Revolut card in Cyprus or in the UK?

SimCityAT


    Did you apply for the Revolut card in Cyprus or in the UK?
   

    -@Harmanjeet Singh


Who are you talking to?

Harmanjeet Singh

@Toon Did you apply for the Revolut card in Cyprus or in the UK?

Toon

@Harmanjeet Singh


In cyprus

Harmanjeet Singh

Thank you very much for all the information.

lshill

We applied for a revolut card in the UK over Christmas as I have been happily using Monzo for many years.  However, I noticed many of the contractors used Revolut so thought we would get one of these too.  Easy and quick to move money from our UK bank to either of these and good interest rates and less banking costs not only in Cyprus but when we travel to other countries too.

Harmanjeet Singh

I am confused about the transfer fees stated on their website. Under the metal plan, if I transfer to a Singapore issued card within Singapore, there will be no transfer fee. Would I be charged a fee if I go to Cyprus, and I do transfer to my Singapore issued card over there? Does this mean that I should get a Cyprus issued card instead?

simoningram

Im guessing thats a question for Revolut. i use their service to transfer money from the UK to Hellenic Bank with zero fees.

Toon

@Harmanjeet Singh


I agree with Simon....


You could try the Revolut Reddit forum ..lots of useful information there provided by day to day users all over the world ..and it's monitored by Revolut support too


I find it very useful on lots of different issues

Harmanjeet Singh

@simoningram You may have just answered my question. Did you get the Revolut card issued in Cyprus or the UK?

Harmanjeet Singh

@Toon I have already emailed Revolut support and am just waiting for their response. I did not know about the forum though. I will check it out. Thank you.

phildraper

I had to upgrade the standard account to premium as I needed to exchange over 1000 per month. I did get some free benefits like NORDVPN thrown in.

simoningram

@Harmanjeet Singh UK ðŸ‘

Harmanjeet Singh

Revolut customer support replied.


They told me that I can link the Singapore issued card to my local bank account. Any spending in Cyprus, they will charge to that account according to the exchange rate.

Harmanjeet Singh

Further update from Revolut customer support:


As for your query, there are no fees for adding money via bank transfer and if you add money using a bank card, processing fees may apply. Additionally, there may also be charges from your bank that are beyond our control. For your kind information, the Revolut app will always give you details of the fees charged during the entire procedure, as well as before the transaction is completed.

Harmanjeet Singh

Just received my Revolut card. A big thank you for all the information provided.

phildraper

Hope it works out. I would not keep much money in there as there is no financial protection.

Toon

I agree with Phil ..it's a tool to be used daily but be wary of holding major funds as the insurance based protection is limited and may even be flawed in a similar way as their travel insurance based product....  Plus the risk albeit low is also there with the Flexible Investment Savings product ... I've used the FIS since August and it works well....and move funds between the FIS and other accounts regularly ..but I have no intention of holding more than a month or two of required day to day funds...

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