Revolut question

Banking & Financial
1

My daughter gave me her Revolut card to use when I left my credit card at home and she said just destroy it when finished and she can get another one for free. I am now interested in getting one just for shopping. As I understand it, I will only be liable for any money I have loaded it with from my CA account in case of loss or fraud (especially internet purchases).
My questions are:-
a) Is my understanding about loss or fraud correct?
b) Do I have to declare it on my Impots return.

2

If it’s a VISA card you should be covered by VISA’s fraud guarantee;

Google says this:

Key Protections & Features:

  • Visa Zero Liability: Like most Visa cards, unauthorized charges on your Revolut Visa are typically covered, protecting you from financial loss.
  • In-App Security: AI monitors for suspicious activity, sending alerts and requiring verification for risky transactions or new payees.
  • Virtual Cards: Single-use virtual cards add a strong layer of defense for online shopping.
  • Self-Destructing Details: Card numbers refresh after each purchase, limiting exposure.

I can’t answer the second question.

3

Thanks for that Chris. That was exactly whet I was hoping. When I had a fraudulent purchase on my CA account I had a lot of palaver cancelling my credit card and getting a new one.

Now, if I don’t have to declare on mes Impots …

5

If you sign up on the French site then, no, though you will have to declare any interest of course.

6

Thank you John, that is good news. I was not aware that when you put money on your card, it was entitled to interest. The interest on my CA account appears on impots automatically. Is it the same with Revolut or do I have to tot it up separately?

7

I don’t know as I don’t keep any money in it, just transfer in and out.

8

I don’t use the interest side of revolut, but I have been a customer since the very early days, and it may be one of the only crowdfunding projects I’ve invested in that may see me make a couple of quid, and it always used to be that to earn interest you had to put it in a specific vault, pot, whatever they call it these days, just by having money in the main account didn’t earn interest, and the sub accounts needed to be declared. But that may be out of date information.

9

Revolut (and other banks and fintechs) do different types of card.

What follows may be obvious to most, but perhaps bears repeating.

There are “debit” cards linked to a current account. The card itself is just a means of withdrawal - you may or may not get interest on the balance in the account.

Then there are credit cards where the bank is not going to pay you any interest, quite the reverse - you pay them at a hefty rate unless you pay off the balance in full each month (leaving aside interest free “balance transfer” deals designed to entice you from other card providers.

Then there are “prepaid” cards where you load the card up with an amount of your choice and you spend it. These are aimed more at holidaymakers who just want a card short-term. Again, I doubt you would get interest on the balance on such a card.

10

With regards Impots - you declare any non French accounts (so if you have a Sterling account/wallet that has a UK RIB for example.

But after that Revolut is a bit how many choices …

You can have multi currency accounts - linked to these are standard physical card - a virtual card and a single use disposable card. The standard and virtual cards have pretty much the same caveats as any debit card

Revolut also do pre paid cards - physical and virtual - which won’t allow anything more than the balance to be “stolen”. Not sure if you need an account or can have them as a stand alone

11

Does that apply even if you’ve signed up to French Revolut? Do you have to declare each wallet individually?

12

You don’t need a physical plastic card, which is free but you have pay the postage, in order to use a virtual card. I’ve done it.

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13

I think so… It’s partly easier to do it than wonder if you should. When I opened Revolut the Euro account was Lithuanian anyway so that had to be declared so mine just get ticked as continuing these days.

The guidance reads to me that you should

14

Ditto, AFAIK. If the Rev a/c IBAN # begins FR… it is within ‘Impots’ purlieu and they’ve got your number, so to say.

Since I’ve had a Rev a/c and their ‘Savings a/c’ in particular, Impots appears to have got it covered. My annual tax submission has it all on auto - because it’s a FR a/c.

They know where the bodies are buried :grinning_face_with_smiling_eyes:

I think that’s covered if, as above, your a/c is FRxxxxxxxx

No. Because the main a/c is FR, as with other non-FR a/cs - HM DWP payments, for example - they have that covered.

Correct. Any a/c that have an IBAN or equiv that is not FR xxxx has to be declared.

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15

Thanks for that Captain, I think I have finally got my financially challenged head sorted with this problem.

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16

Shopping on your daughter’s account sounds like a winner. And payback for all those years of funding her​:rofl::rofl:

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