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Hey guys,
Is there anyone out there using any electronic bank like Revolut or N26 even though they are no longer European residents?
I am planning to leave Europe and I wonder if they actively check if you are still a resident or not.
I could keep an active address in Europe but I guess that if they see payments being made out of Europe they will request me to prove I am still a resident.
I plan to live in Thailand so trust a Thai Bank and EMIs seems a bit scary to me.
Should I change most of my money for BTC? It also scares me a bit the increase control Governments will exercise over DEXs and P2P plataforms.
I live in Thailand and I have been regularily using my Revolut account for many years now. So far no issues. I only keep small amounts of it however and I still maintain my bank account at my country of birth. I also have a TransferWise account, which I believe is better if you live in Thailand (better FX rates for THB and seems better to transfer larger amounts from another bank account into Thailand).
I have a local bank account with a local debit card. I then use TransferWise to send money into Thailand and use that debit card for offline purchases and to withdraw money. This has proven to be the most cost efficient way so far.
I use my revolut mainly for online purchases, because Thai banks are 10 years behind in terms of ebanking (though it has gotten a bit better lately). Amounts are debited in THB so Revolut probably knows I haven’t been “home” for a while now.
I still have my old bank account with credit card. I use that to instantly charge my revolut account (no more than €500 at a time). Frankly I could live without Revolut, I just like the app and the instant notifications.
Revolut is a terrible idea for Thailand. They have a 1% markup specifically for THB conversions (and a whopping 2% markup on weekends), plus 0.5% for anything over €1K/mo (basic plan). Even (Transfer)Wise is slightly better at a spread of "only" 0.4-0.5 % depending on volume. So unless you have better options (see below) you should use your thai card to pay online in THB (usually requires flipping a switch in your thai banking app to enable online purchases) or simply use the promptpay system (QR codes) at zero fees.
Better options than Revolut/Wise:
* You are usually better off with a traditional zero fees card that uses the base MC/Visa rates, which are at around 0.1-0.3 % spread (e.g. N26).
* You are much better off with a zero fees card that actually pays you back for purchases (1-3 % cashback) so you not only cover the tiny MC/Visa spreads, you also make some back every time you buy (e.g. any zero FTF/AF card with cashback from the US).
I know that Revolut is a bad idea in Thailand. I even mention that TransferWise + local debit card is better (if not best?). The only thing that might beat is, is to bring in large amounts of cash and exchange it in Thailand at Superrich. I am not sure of this is still the case though.
I still use my Revolut card out of convenience, mainly because the app is better and you don’t need to get an SMS code for a simple purchase. That’s why I limit it to “small” online purchases. If I am buying a computer or a macbook, I’ll use my local debit card of course.
It also scares me a bit the increase control Governments will exercise over DEXs and P2P plataforms.
