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Revolut is a UK-based platform, which provides financial services such as currency exchange and money transfers. You can use a mobile app to handle your finances or spend and withdraw the cash from ATMs using the card. Recently, they’ve introduced cryptocurrency support, and you can even exchange and spend Bitcoin or Ethereum. The main feature is the cheap exchange rates, as there is no additional markup to them.
The card is connected with your Revolut account, depending on the offer you’ve chosen. There are standard, premium, and metal accounts, which offer different features at different prices. The standard account is free of charge, and you can easily use it to make international payments in different currencies. Moreover, you can also exchange and spend cryptocurrencies.
Apart from having a physical revolut card, you can also issue a virtual one if you need to make card payments online, but don’t actually need to have the card in your hands.
Recently, they have introduced Revolut Perks, which act as cashback and reward system for card payments. After each 10 transactions, you can win a unique discount code or cashback.
For the standard account, it’s free to apply for the card. However, you may need to pay a delivery fee to receive it. It costs 5GBP to issue a replacement card if you lose or destroy yours. It’s free to top-up your account, send and spend money. However, you may need to pay a 0.5% fee if you spend more than 5,000GBP in a month.
You can withdraw up to 200GBP from ATMs each month. If you exceed this amount, there will be a fee of 2% of the withdrawing amount.
The main feature of Revolut international transfers is that they use regular market exchange rates without any additional hidden markups. However, if you need to convert your currency during the weekends or holidays, you may need to pay an extra 1%-2.5%. It’s also worth noting that apart from regular world currencies, you can also exchange and pay with cryptocurrencies.
There are no spending limits on your Revolut card. You can’t withdraw more than 3000GBP per day. Depending on your card type, you may withdraw for free up to 200GBP, 400GBP, or 600GBP. After exceeding this amount, a fee of 2% is applied.
The card connected to your Revolut Account can hold multiple foreign currencies, which makes it very easy to use internationally. The overall fees are quite satisfactory, and Revolut can easily compete against mainstream banks with their offer. It’s easy to register the account and apply for the card. Moreover, unlike big banks, Revolut introduces new technologies and adds support for cryptocurrencies, which are becoming more and more popular for online payments.
Set up a personal Revolut account and order your card. You may need to pay the delivery fee, and they ship internationally. After that, all of your finances and settings can be handled through the mobile app.
There are no physical branches of Revolut, so the whole process takes place online. You need to download their mobile app from Google Play Store or AppStore. You can also fill in your phone number on the Revolut website, and they will send you an SMS with the details on how to get started.
Revolut is regulated by FCA and needs to comply with all of the financial laws. Client funds are stored in segregated trust accounts, major UK banks. Visa, Mastercard or Maestro network handle card transactions, and they are experienced and reputable card issuers. All of your personal information is protected by special encryption, as all the data passed between Revolut mobile apps, their servers, and any third parties are 2048-bit SSL encrypted.
The platform is relatively new. However, there are already 4 million users who exchange and spend money with Revolut. The low fees are quite attractive as for most of the features, there are no additional charges. You can exchange money at midmarket rates, which none of the banks can offer. Apart from regular currencies, there are also popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, or XRP. The platform and mobile app are well-designed and are easy to use. You can conveniently manage your finances on your smartphone. The card makes it easy to withdraw money from ATMs or simply make purchases at various stores, as it works just like any regular bank-issued debit card. As you can use it for overseas payments, it can also be a great alternative for travel cards. You don’t need to worry about high currency conversion when making a transaction abroad.
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