Revolut EU vs US

[Oakgrove]

Looking seriously into Revolut (for personal btw - business is all taken care of) - if one qualifies to open Revolut in either the EU or US:

1. Is it true that Revolut US does NOT provide the LT (Lithuania) IBAN, but Revolut EU does?
2. Revolut EU provides a way to “open” GBP and USD currency buckets WITH bank details (a la Wise “borderless” account details). Is this true? Or can Revolut US have GBP detail in addition to the default USD? (assuming Revolut US customers are still locked out from having an IBAN)
3. I am confused with regards to receiving funds in Revolut - let’s say for Revolut US. Their Support site (Can I get my salary paid into my Revolut account? | Revolut Help Center | Revolut) says “You can receive transfers from your employer, family, and friends directly into your Revolut account in AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR. You can find your transfer details by going to your ‘Home’ tab and choosing your currency account. Select ‘…’ to see more and click on ‘Details’.”. Does that mean I will have access to a Revolut’s bank detail in each of these 28 currencies? Someone wants to pay me in Turkish Lira (TRY) and they can do as if they’re transferring locally? And alternatively I can pay someone in Mexican Peso (MXN) using their (Mexican) bank details as if I’m a local?

I got Wise down to a science but Revolut just befuddled me (but I'm not ready to sign up until I know what I'm signing up for).

Thx fellas!

 

[Martin Everson]

Is it true that Revolut US does NOT provide the LT (Lithuania) IBAN, but Revolut EU does?

No idea on US side.

Revolut EU provides a way to “open” GBP and USD currency buckets WITH bank details (a la Wise “borderless” account details). Is this true? Or can Revolut US have GBP detail in addition to the default USD? (assuming Revolut US customers are still locked out from having an IBAN)

You basically get a single multi-currency IBAN that is applied to each currency with exception of GBP which has the multi-currency IBAN plus a local sort code and account number.

1. I am confused with regards to receiving funds in Revolut - let’s say for Revolut US. Their Support site (Can I get my salary paid into my Revolut account? | Revolut Help Center | Revolut) says “You can receive transfers from your employer, family, and friends directly into your Revolut account in AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TRY, USD, ZAR. You can find your transfer details by going to your ‘Home’ tab and choosing your currency account. Select ‘…’ to see more and click on ‘Details’.”. Does that mean I will have access to a Revolut’s bank detail in each of these 28 currencies? Someone wants to pay me in Turkish Lira (TRY) and they can do as if they’re transferring locally? And alternatively I can pay someone in Mexican Peso (MXN) using their (Mexican) bank details as if I’m a local?

Revolut is not like Wise where you get a domestic payment account method for GBP, USD, AUD, SGD, TRY, NZD, CAD etc. You can only get a domestic payment method for GBP it seems but I have not looked through all currencies to confirm this. The rest are international payment method in form of Swift with an IBAN. Remember its all the same IBAN number i.e a multcurrency single IBAN number you get with Revolut.

 

[Oakgrove]

Thanks @Martin Everson - so it's a multicurrency IBAN kindof like what The Currency Cloud Ltd (TCCL) does - unless Revolut uses them. For the Revolut EU where you get an LT IBAN, can that be used for domestic (SEPA) payment method?

The Revolut Card works the same way as Wise Card correct? (you carry multiple currencies and they charge the appropriate currency unless you have zero bal and they use whatever your default currency is...GBP, USD etc).

Aside from the (potential) lack of LT IBAN, does it sound like there's no other difference/advantage between Revolut US vs Revolut EU?

Slightly a different question then, does LeuPay work kindof the same way as Wise or is that closer to Revolut (where it's multicurrency IBAN for the various currencies they service: EUR, USD, GBP, CHF, RON, HRK, JPY, BGN, PLN, CZK)?

Just trying to diversify from Wise, for personal travel/spending use, no funny business (no crypto/gambling etc).

Thx!

 

[royalflush]

Revolut runs on TCCL under the hood. Revolut Case Study | Currencycloud

 

[kkein]

Does TCCL offer also B2C services directly? And Is it known what other EMIs are based on TCCL?

 

[Martin Everson]

For the Revolut EU where you get an LT IBAN, can that be used for domestic (SEPA) payment method?

Yes

The Revolut Card works the same way as Wise Card correct? (you carry multiple currencies and they charge the appropriate currency unless you have zero bal and they use whatever your default currency is...GBP, USD etc).

Yes

Aside from the (potential) lack of LT IBAN, does it sound like there's no other difference/advantage between Revolut US vs Revolut EU?

No idea on that part

Slightly a different question then, does LeuPay work kindof the same way as Wise or is that closer to Revolut (where it's multicurrency IBAN for the various currencies they service: EUR, USD, GBP, CHF, RON, HRK, JPY, BGN, PLN, CZK)?

Don't use Leupay, Leopay, icard or whatever they keep changing their name too and moving country. Satabank saga which was part of the group should have been warning enough to avoid laundromat businesses.

 

[royalflush]

Does TCCL offer also B2C services directly? And Is it known what other EMIs are based on TCCL?

Not a comprehensive list, but this Google search returns quite a few: https://www.google.com/search?q="are+provided+by+The+Currency+Cloud+Limited"

 

[Oakgrove]

Does TCCL offer also B2C services directly? And Is it known what other EMIs are based on TCCL?

@kkein , not an EMI but Bunq (in the Netherlands) use TCCL to make non-EUR currency buckets available for their customers..this is pretty recent. They now have BGN, USD, GBP, CHF and PLN buckets available (in addition to their standard NL IBAN for EUR). All of those 5 currencies use the GB TCCL's IBAN. May sound kinda weird if you give this out to someone planning to (for example) pay in USD (from the U.S.) since they will be expecting ABA routing number and account number (but you won't have one) - so they'll have to transfer via SWIFT. And no direct debit (yet) for Bunq.

 

[SoNewToAllShit]

if no US transfers needed you simply go for Wise, fast, cheap and ultra good support.

 

[Oakgrove]

Thanks @SoNewToAllShit - my goal at least is to see what's out there besides Wise so I'll be looking for that list of EMIs somewhere on this forum. =)

 

[Oakgrove]

Did it. Opened the EU version of Revolut (Standard/Free version), passed KYC & ID, Ok so far. But why am I seeing such crappy ratings for them in Trustpilot, should I be worried if I'm solely using these as a prepaid Visa card for travel spending? (I don't plan to make this be my "main" account, don't play on crypto or any other funny business). Seems like lots of stories of accounts closed with no warning, no rhyme nor reason. Maybe I'm being paranoid...

 

[leaveNet]

I use Revolut in exactly that way. But I don’t trust them to become my main account. Other than that, it just works.

Had one issue with them in Peru. They blocked transactions. I used the support and they opened things up again.

It does it’s job but as I said, I wouldn’t use it for any serious stuff.