As Revolut moves toward its 2025 objectives, the neobank has revealed plans to set up its own ATMs, beginning in Spain. These machines will not only dispense cash but will also serve as systems for issuing payment cards. This means that individuals without a card can obtain one right from the ATM, although the specifics of how this will operate are still under wraps. Revolut aims to enhance security by incorporating facial recognition technology and identity checks to confirm the identity of users interacting with the ATMs.
Future Cash Deposits
Looking ahead, Revolut has intentions to enable cash deposits at these ATMs. Currently, the process is a bit challenging since the bank mainly depends on digital transactions to fund Revolut accounts or methods like Apple Pay for cash collection. This new feature could simplify cash handling for customers.
Focusing on Merchants
Revolut is also set to innovate in merchant services, introducing options like "pay later" credit features and something called "Revolut Kiosk." Additionally, the bank plans to roll out real estate loans, starting with Lithuania, then expanding to Ireland and France.
Dynamic Currency Conversion Issues
Frequent travelers may have noticed that many card readers, even outside the eurozone, allow payments in euros. While this may seem convenient, it can lead to hefty fees for customers. Revolut is addressing this issue, as highlighted by Marc-Oliver Schaake from nocash.blog.
Schaake points out that this practice, known as dynamic currency conversion (DCC), can add surcharges as high as 8%. This is not favored by card-issuing entities, nor by the companies managing the card networks. Notably, Mastercard has even prohibited DCC below the NoCVM threshold, which is the limit for contactless transactions that don’t require a PIN.
According to Schaake, Revolut has eliminated DCC, making their cards particularly beneficial for use in foreign currencies from Monday to Friday, which helps users avoid extra expenses while traveling. While there are fees on weekends, they are significantly lower than DCC rates.
Additional Costs at ATMs
It’s important to note that DCC regulations do not apply at ATMs, as Schaake further elaborates. Choosing DCC at these machines can lead to additional charges of up to 11% just to see the euro amount directly on the card statement. Such scenarios are rarely beneficial for users.
