Why I Am Leaving Revolut Premium

[@SmartMoneywithKai]

👇 ALL MY FAVOURITE TOOLS smartmoneywithkai.com/tools

[@KazuyaYuza]

Watched 1 video of yours and already learned about 2-3 great services (curve, Bondora, etc.)

[@SmartMoneywithKai]

That's so nice to hear, many thanks indeed🙏

[@mikkelkjaerstad9026]

I just started the 3 month free plan, and I barely noticed the fact that you have to pay for the premium card once you cancel the subscription. They don’t say how much it is for the card, so that’s a bit sketchy

[@SmartMoneywithKai]

Hi Mikkel, what do you mean you pay for the card after downgrading? I did the same and don’t remember seeing any kind of charges for that.

[@mikkelkjaerstad9026]

@@SmartMoneywithKai I didn’t see anything either until I read through one of their emails concerning their free trial

[@SmartMoneywithKai]

@@mikkelkjaerstad9026 Ah yes, for free trial could be. But I had paid Premium and downgraded and they didn’t charge anything.

[@JHamid-qh1nx]

I'm a new user of Revolut. I was looking for a replacement for Bunq and another prepaid credit card. Did research about other possibilities and settled on Revolut. Created an account a couple of months ago. Right off the bat I really, really liked the layout of the app and it doesn't take long to find what I'm looking to do. Compared to the Bunq app which I've had for years and still to this day have to search and search to find things. Bunq layout is pretty bad in my opinion. So I was really happy with Revolut so far. My favorite functionality is being able to have a clear overview of my subscriptions and I can setup separate virtual cards for different payments. Then one day I received an error while logging in. I contacted their customer service and checked what the issue could be. Did all the necessary things and it still wasn't working. I decided to be patient since it's technology and these things happen. I believe it was resolved within a day. Everything was working fine again until this week when I made a top-up with iDeal and usually the money would be on the account within minutes. After an hour nothing. I could see in the app it was pending. Once again I chose to be patient. The day after still pending. I contacted customer service and was told there was a technical issue. The money is now on the account but it took 2 days. Just pointing out the obvious, this is not ok. Not being able to have access to one's money for that long is ridiculous. I feel that is fair to say. So I'm going to research again what other options there are. If they resolve this issue I would highly recommend Revolut but not at this moment.

[@SmartMoneywithKai]

Hi Hamid, many thanks for sharing your detailed feedback. Never used Bunq, but I agree with you on the amazing interface and features of Revolut. In terms of depositing money to your account that does indeed sound worrying, luckily I've never had that experience. Did you try other methods as well? I personally use regular bank transfer and it takes 10 seconds, probably even less, literally near instant and free of charge which is amazing. Since 6 years, never any issues. Give it ago. Otherwise there are also apps like Monzo and N26, but I never used them as I am just super happy with Revolut. Cheers.

[@JHamid-qh1nx]

@@SmartMoneywithKai I usually use iDeal and that takes seconds as well but there was some issue that time that took 2 days to fix. I'm guessing some people use Revolut as their primary bank and if it was an emergency at that moment, one would not have access to their money. Since then there has been an update which I hope has fixed the issue. Time will tell. It's good to hear from someone that has used Revolut longer than I have that they are pleased with it. I'm pretty happy with the service as well (as long as I have access to my money). Thanks for the reply. Have a good one.

[@SmartMoneywithKai]

@@JHamid-qh1nx Thanks for the feedback and good to hear. Cheers and happy weekend☀

[@sethennis3316]

I think the US one is the best better than the UK and I use my US only solely in the UK and the saving is nice for American accounts

[@SmartMoneywithKai]

Hi Seth, thanks for sharing and great to hear that the US version is so good. Happy to see them expanding globally, just such a great app👌

[@robertniebieski]

9:49 Crypto withdrawals are only available to UK users. Outside of UK you can only send crypto to other Revolut users.

[@SmartMoneywithKai]

Amazing insight Robert, didn’t know about this distinction between UK & other users. That’s a great benefit for those with access to it👌Thanks for clarifying🙏

[@bobbyjimenez4482]

Is the max withdrawal of crypto is only £1k a month??

[@robertniebieski]

@@bobbyjimenez4482 I have no idea. cheers

[@PhilipMarcYT]

I haven't had problems with Revolut, however, I'd avoid them as they're not an FSCS/FDIC member. Rather, they rely on EMI (Electronic Money Institution). And I did ask what if Revolut would close down, she [Rev CS] told me the clients would get their money back, but due to the fact they're not FSCS/FDIC that doesn't guarantee it's true. I'm going to close my account today. I've got others which are reliable and money protected. E.g. Chase.

[@SmartMoneywithKai]

Hi Philip, not sure where you got that info from that they are not. Just checked and it seems they are. ‘We work with partner banks and your money is FDIC insured up to $250,000’ www.revolut.com/en-US/how-we-keep-your-money-safe/ So I feel very safe and comfortable with them👌

[@luciek7831]

@@SmartMoneywithKaiWOULD THAT CAUNT ON HAVING THE MONEY IN REVOLUT INVESTING ACCOUNT YOU ARE INSURED OF 250 000?

[@SmartMoneywithKai]

@@luciek7831 No, sadly your investment protection is next to nothing anymore following their recent changes.

[@674henk]

Hello I have a question, if you downgrade from premium to standard can you still continue to use the premium card? Or do you then get a standard card? Greetings from the Netherlands😊

[@SmartMoneywithKai]

Hi Henk, great question and indeed, you can always continue using your cards regardless of your current level, that's the beauty of Revolut, so yes, no issues at all👌 Cheers

[@bavers]

Love your Revolut videos. Can I ask if you have booked via Revolut stays? Did you have any issues? I have heard a few stories. Just wondered what your experience was like. Thanks

[@SmartMoneywithKai]

Hi there and thanks a lot🙌 I did book once, it went smoothly, it goes through Expedia so quite legit travel partner. As a booking interface I still prefer Booking com but I usually still always check them to see if I get a better deal through them. Cheers

[@RS_]

Why on Earth would someone choose to have limits on their cash withdrawal and. Fees , fees, fees ? I dont get it

[@SmartMoneywithKai]

Hi there, not sure which bank has zero ATM withdrawal fees these days, especially internationally, if you do, please let me know. But personally I don't use cash so for me it doesn't actually matter. In terms of fees not sure what you mean? Again, FX fees I would be pleased to learn from you which bank offers lower fees than Revolut. Cheers

[@Ikaash]

Great video - Do you get Revolut stays with a standard/basic account (not paying for premium)?

[@SmartMoneywithKai]

Thanks a lot and yes, you have access to Revolut Stays with the free plan👍

[@megannicole8878]

Great video! I just got an email that Revolut is changing their terms and services. Any idea what that is all about?

[@SmartMoneywithKai]

Hi Megan, thanks for your comment. I haven’t received it yet so can’t comment. Happens quite frequently though so I wouldn’t too worried. If something major they usually really clearly outline it, which I like. So if it’s something major will definitely do a video on it. Cheers.

[@marimar2491]

Have you tried sir from revolut to bank but you did not receive the money transfer?

[@SmartMoneywithKai]

Hi there, yes, I've send many times from my bank to Revolut and back to my bank again and it works flawlessly well👌

[@kosovokfor5503]

So the Standard Revolut card is free right only u nead to pay for shipping and u don’t nead to pay monthly for the card right 🙌🏼🔥some on tell pls

[@SmartMoneywithKai]

Hi there and yes, you are correct. The card is free and you pay online delivery, but you can also use the virtual card only and add it to your Apple or Google Pay so you don't need a physical card to use Revolut if you don't want to pay the delivery fees. The rest is free, but of course certain limitations compared to other plans, but for now I am still on the free standard plan and happy with it👌

[@Inspiración_Diariatv]

🙏 thanks

[@MarbledKing]

Thank you for this video. What is your opinion on Revolut Trading safety for an EU citizen like you and me? In the case of insolvency, do we get compensated? Do we keep our stock portofolios or do we lose them? In your opinion, how much money would you feel safe to invest with Revolut?

[@SmartMoneywithKai]

Hi Sami, thanks a lot, much appreciated. I feel very safe, as it is separately registered in the UK (Lithuania) it's technically covered up to €100K of your funds by Bank of Lithuania, plus for your stocks, they usually have asset segregation in place, meaning they are held by two different entities so even if one goes bust, the other might still operate or otherwise usually is taken over by a new company. Technically they don't hold that money but the rights to the ownership to those shares so those could be easily transferred to another broker. So if you asked me, I had up to €25K at the most with them, but would not mind keeping more, just now that I prefer buying and holding stocks on Interactive Brokers, I use Revolut more to transact rather than invest.

[@MarbledKing]

@@SmartMoneywithKai Thank you very much for your reply. I know that the 100.000€ guarantee has to do with savings in cash. Are you sure it also refers to stocks?

[@SmartMoneywithKai]

@@MarbledKing Good question. Just had a quick look this is what it says in there T&Cs Investment Protection The Third Party Broker is a member of the Securities Investor Protection Corporation (SIPC). All Instruments held in your Account with the Third Party Broker are eligible for protection by SIPC. If the Third Party Broker becomes insolvent, then your Instruments may be protected by SIPC coverage up to $500,000. However, SIPC does not protect you against losses caused by a decline in the market value of your Instruments. www.revolut.com/en-DE/legal/trading/ So it looks pretty reassuring 👍

[@MarbledKing]

@@SmartMoneywithKai This is really reassuring, yes. Thank you again for your high-quality replies and videos

[@SmartMoneywithKai]

@@MarbledKing You are absolutely welcome and thanks a lot🙏

[@luizaivn7672]

I have basic revolut starting February.. daily market shopping online and in store, and transfers , bill payments. This week i was annoyed by face recognition and dropped off this setting. When I wanted to check my account I needed password and I failed because I didn’t remember. So now I can’t even open app . When I chose change password, send me to gmail to change it and when I go to app is blocking loading- I can’t acces app. I have iOS 15.6.1. What can I do? I depend if revolution .!please help me I made my revolut in Europe.

[@SmartMoneywithKai]

Hi Luiza, sorry to hear that. Never happened to me but found this online www.revolut.com/en-US/business/help/managing-my-business/profile-and-settings/why-am-i-unable-to-reset-my-password#:~:text=If%20you've%20attempted%20to,Check%20your%20spam%20folder. Hopefully that will help. Fingers crossed🤞

[@Walkwithpriya2125]

hi please clear me small doubt i rember that i installed revolut long back and uninstalled the same not i got a tex mesg some galaxy gb has logged in to my acct if its not me call to this number is this scame

[@SmartMoneywithKai]

Hi there, first off Revolut is certainly not a scam. They are a registered bank who has been trading for many years successfully and legit. Of course, there are always scammers out there who are after your money and details, so not sure what happened there, maybe somebody trying to phish you, but it's not Revolut trying this, just malicious people, but they try this through other banks as well. Hope you'll give them another try as the app and bank is fantastic💯

[@Xbit001]

You said that you use nexo like you receive money with nexo as you did with revolut, I'm confused because nexo doesn't allow third party deposit its an exchange?

[@SmartMoneywithKai]

Hi there, not sure I said that exactly. What I meant is that I still use my free Revolut account to get paid from other Revolut users, get international payments or easily split bills, etc. and then any money I have on Revolut I just send to my Nexo account. Indeed, you can't get FIAT from random people send to your Nexo, only Crypto😉👍

[@fatmirhyseni8982]

Hi.. i have a question? He closess this account without doing anything..

[@_RockShine]

There some stocks you have on yours that I don't have on my own. I don't know why. Like the Apple stock and some others

[@SmartMoneywithKai]

Hi mate, that's very strange, they should be universal to all users🤔Maybe best to write to their support and ask as it seems rather odd. Cheers.

[@luciek7831]

Hello Kai u did mention some othe account ideas where on euros or USD, UK pounds you get interest 6%, WAU 😮 CAN I ASK YOU THE NAME OF THE BANK APP PLS THANK YOU

[@SmartMoneywithKai]

Hi there, I think I was referring to a P2P lending platform which I used where I received 6.75% interest, but this has zero protection nd high risk. I much prefer Lightyear kzbin.info/www/bejne/fpyVcnuAltFjr9k or Trade Republic kzbin.info/www/bejne/emWnhZeQpbiLqNE for that, which protects your funds up to €100K and pays 4% interest on your EUR. Cheers

[@lorenzotreglia1724]

Hi! What about now? Your premium card is still working o you received a standard one?

[@SmartMoneywithKai]

Hi Lorenzo, amazingly I can still use my Premium card until it's expiry date which is only in a few years, which is awesome👍

[@lorenzotreglia1724]

@@SmartMoneywithKai Thank you very much for your answer Kai, that’s amazing btw! Metal cards are way too cool

[@SmartMoneywithKai]

@@lorenzotreglia1724 Most welcome Lorenzo. Fully agreed, Metal Cards feel nice and super Premium, just ended up with 3 at some stage and a super heavy wallet:) Since then went fully cardless via Apple Pay & Curve Card👌

[@JC-File7es]

hey, i have 1month free from premium plan. can i get the card and after that switch to standard and still get the card without paying nothing? eheh aand btw, for my first deposit, i sent 10€ via bank transfer.. how many time usually take to get the money on the account?

[@SmartMoneywithKai]

Hi. Good question but I think the plans are usually on an annual basis so you would need to pay for the full year, even if you cancel right away your benefits would stay in place for that year. As for bank transfer, if you are sending from the same country where your Revolut account is it should be instant, to other countries max 2 days.

[@starxd5697]

You can't get card on complimentary free upgrades for a month.

[@JenJenJeny27]

Can you still use the premium card even if you downgrade to standard plan?

[@SmartMoneywithKai]

Hi Guibang, I can confirm it works for me after downgrading, my Premium Card still works, I guess until the end of the validity date on the card👌

[@NikolayMegdanov]

Hey. The cards work after downgrading. Even after expiration, you can get the same card no matter the plan. I got the Metal card once they released them and then downgraded my plan to Standard. After a few years the card expired and I renewed it and got another metal one.

[@SmartMoneywithKai]

@@NikolayMegdanov ​ Awesome, thanks for clarifying this Nikolay, very useful👌Cheers mate.

[@jimvog1775]

If I buy stock in revolut i own them ? They are in my name?

[@SmartMoneywithKai]

Hi Jim, indeed you do, it's actually managed through DriveWealth finovate.com/drivewealth-powers-commission-free-trading-for-revolut-cardholders/ So you could even send your holdings to another broker one day if you wish which is great to have this option👌Cheers

[@amirrozkin9730]

How do u deposit paper Checks?

[@SmartMoneywithKai]

Hi Amir, you can find the answer here. www.revolut.com/en-US/help/adding-money/with-mobile-check-deposit/how-do-i-deposit-a-check-in-the-revolut-app Cheers.

[@Sam-pn2kc]

you will still use revolut basic?

[@SmartMoneywithKai]

HI Sam, indeed. As I mentioned in the video, it offers me most the benefits I need and for free. Day to day I anyways use Nexo with Curve, but still certain times, I prefer Revolut.

[@osumjak]

Which app to you also recomend and for whta?

[@SmartMoneywithKai]

Definitely Nexo app, for Crypto, getting daily interest on my EURO and Crypto and 2% cashback whenever I use my Nexo card to buy anything. Also Curve Card, is a must I think. 1% additional cashback in addition to Nexo, plus I can keep all my card under one card, definitely amazing.

[@Sam-pn2kc]

I thought you would just get metal then you have all the benefits as you travel slot

[@SmartMoneywithKai]

For Curve Metal maybe, but only If I didn't had 1% cashback rewards on every transaction from referrals, but since I have that, Curve Black makes more sense for unlimited FX together with my Nexo Card. Revolut Metal doesn't make sense to me and too little benefits for that monthly price, plus I use my Nexo card more.

[@Sam-pn2kc]

i use Wise now like it better

[@SmartMoneywithKai]

Hi Sam, thanks for the tip. I will also check them out. Especially for international transfers I think they might offer great benefits👍

[@LittleSteps000]

I was making transfer with wise but for 3k Eur I see wise charge 10-11 Eur extra than revolut . As I make monthly transfer so still I am able to save 2-3 Eur avg after premium fee. 😊

[@SmartMoneywithKai]

@@LittleSteps000 Oh wow, that’s quite a difference in costs, great to know. Thanks for the feedback👍

[@LittleSteps000]

@@SmartMoneywithKai yes np...that why i was sad that I made this analysis late. If I would have onboarded to revolut earlier then by now I could've saved 200 + eurs .but now with the same amount I am premium member and still save 2-3 Eur monthly 😊

[@SmartMoneywithKai]

@@LittleSteps000 👏👏👏Fantastic👌