Revolut Review
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Review
Revolut is a digital banking app card, quite friendly for users. Unlike traditional banks, Revolut aloes you to set up a current account with flexibility. Revolut prepaid card and app used by 4.5m+ customers across Europe and Australia, to make massive savings on fees when spending and sending money globally at a minimal cost. Using Revolut comes with multiple benefits like making no cost transfers to bank accounts in over 120 countries, spending money abroad with low fees, hold exchange & transfer crypto (Bitcoin, Litecoin, Ethereum, Ripple & Bitcoin Cash), track your monthly expenses and a variety of settings and recommendations to help you keep your account secure. With individual GBP and EUR IBANs auto-savings, cutting edge budgeting and analytics, Revolut is also perfect for spending at home.
Once you have decided that Revolut is suitable for you, it is very easy to sign in.
Opening a free current account takes just minutes and you set one up directly from your phone. The first step that the app asks you is to verify your account providing proof of identity and proof of residency. Revolut accepts the following documents for identification purposes: id, passport or driver's license for proof of identity and a recent bank statement or utility bill for proof of residency. You will also need to take a picture of yourself. The app is simple and easy to navigate.
To deposit or withdraw money, Revolut offers three different ways:
Load your account with a Debit card.
ATM. Access over 55,000 AllPoint ATMs for free as long as it’s within your monthly limit.
Transfers. You can transfer to other Revolut account holders and to bank accounts outside of Revolut.
With Revolut you can :
Manage your money
● Get instant spending notifications after every card payment
● See how much you spend each month on things like groceries and transport
● Set up monthly spending budgets for things like restaurants and bars
● Round up every card payment and save up your spare change
Spend money abroad
● Spend abroad in over 150 currencies with the real exchange rate
● Hold and exchange 24 currencies in the app with the real exchange rate
● Protect yourself abroad with our affordable overseas travel insurance
Transfer money abroad
● Transfer money abroad with the real exchange rate
● Send and request money from friends and family at the touch of a button
● Set up direct debits and recurring payments in seconds
● Split the bill with friends and family and we’ll take care of the math
Security the way you want it
● If you lose or misplace your card, just freeze/unfreeze it from within the app
● Turn on and off things like contactless, e-commerce and swipe payments
● Speak with one of our friendly agents with 24/7 customer support
Revolut has tree tiers and each one offers different benefits standard (free), premium (euro 7.99 per month), metal (euro 13.99 per month) .
Hold and exchange 29 different currencies and spend anywhere with no fees in over 150 countries with a contactless MasterCard or Visa.
Withdraw £200 per month free from international ATM (2% fee thereafter).
With individual GBP and EUR IBANs auto-savings, cutting edge budgeting and analytics, Revolut is also perfect for spending at home.
The Premium plan offers exclusive card designs, overseas medical insurance, £400 free monthly ATM and unlimited FX transfers.
The Metal plan offers an exclusive metal card, up to 1% cashback, £600 free monthly ATM and more.
Although Revolut comes with a lot of benefits and features, it’s not without its disadvantages:
If you use a credit card, the merchant pays a commission. This is usually around 1%. This commission is the only thing Revolut currently earns from.
Revolut was founded in 2013 and so far there has not been a fee increase, but of course, this can change at any time.
The only “account statement” is the app, although the display is quite clear, in the absence of pdf export you can not use the card professionally.
The card can only be used via the app. There is no web interface of any kind.
Customers some times complained about poor support.
Pricing Plans
Standard, euro 0/m:
Free UK account
Free Euro IBAN account
Spend in over 150 currencies at the interbank exchange rate
Exchange in 30 fiat currencies up to €6,000 per month without any hidden fees
No fee ATM withdrawals up to €200 per month
Most people that sign up for Revolut starts with the standard card because it’s free and still offer the perks of 0% fees for exchanging currency. You can also enjoy up to €200 free ATM withdrawals per month. Since the Revolut Standard is 100% free, it’s really a no-brainer and something that every traveler should have in their wallet. The card you get is a debit Mastercard that allows you to pay all over the world without extra surcharges when paying in the local currency. Also, you can always start out with the free standard card and upgrade later on once you realize all the benefits of upgrading and using Revolut on a daily basis.
Open a Standard account
Premium, euro 7.99/m:
Free UK account
Free Euro IBAN account
Spend in over 150 currencies at the interbank exchange rate
Exchange in 30 fiat currencies - no monthly limit
No fee ATM withdrawals up to €400 per month
Overseas medical insurance
Delayed baggage & delayed flight insurance
Global express delivery
Priority customer support
Instant access to 5 cryptocurrencies
Premium card with exclusive designs
Disposable virtual cards
LoungeKey Pass access
Free lounge passes for you and a friend if your flight is delayed by >1 hour
Generous top brand discounts with Perks Plus
Revolut Junior accounts for up to 2 kids
Revolut Premium is the mid-range choice and is great if you’re traveling throughout the year and want access to free ATM withdrawals up to €400 per month, and 0% in currency exchange fees. Just like Metal card customers, the Premium card includes free travel insurance. It’s a regular debit card without credit which you can use all over the world.
Open a Premium account
Metal, euro 13.99/m:
Free UK account
Free Euro IBAN account
Spend in over 150 currencies at the interbank exchange rate
Exchange in 30 fiat currencies - no monthly limit
No fee ATM withdrawals up to €600 per month
Overseas medical insurance
Delayed baggage & delayed flight insurance
Global express delivery
Priority customer support
Instant access to 5 cryptocurrencies
Exclusive Revolut Metal card
Disposable virtual cards
LoungeKey Pass access
0.1% cashback within Europe and 1% outside Europe on all card payments
Get access to a concierge to help you manage your lifestyle
Revolut Junior accounts for up to 5 kids
It’s a great card if you travel a lot and want to get the most benefits. With the Metal card, you can withdraw up to €600 from ATMs around the world, without any fees. Then you also have unlimited currency exchange with 0% fees at the realtime market rate. Unlikely most regular banks will add a surcharge of at least 1-3% when exchanging foreign currencies.
Open a Metal account
Virtual Card
Premium customers – who pay £6.99 a month – can now add a virtual card option to their banking app. Disposable virtual cards are available only to Revolut Premium customers. Simply go to the 'Cards' section in the app, select 'Virtual' and choose a disposable virtual card. This card will instantly appear in your app and can be used right away for online purchases. Revolut has rolled out the cards to its customers to be used on a one-time basis for online purchases. Once the payment is made, the card details regenerate, thus adding an extra layer of security for online transactions and protecting you against online card fraud. When you’re shopping online, you won’t need to use your plastic Revolut bank card and can instead generate one-time card details – including a 16-digit card number, expiry date and CVV. After you use it for a purchase, the virtual card will be destroyed and a fresh set of details will be generated.
Register a new account – you’ll find the link to the page here
Revolut for Business
Revolut for Business is an account option for freelancers and companies about domestic & international payments that you can hold, exchange and transfer currencies with low fees. Customers of Revolut Business can receive, hold and exchange money in 28 different currencies with low charges, transfer money for free between Revolut accounts (business & personal), issue pre-paid cards to employees, approve and schedule payments and connect with software with Revolut. Revolut for Business offers two types accounts, company, and freelancer. Their most important difference is that the company account can be used by multiple employees. The two Business plans have the following common features. They allow you to send and receive money in 28 different currencies. Money transfers in the Eurozone and UK, but also global, are low cost or are included on the paid plan.
Continue reading "Revolut for Business Review"
Account Opening
Opening an account at Revolut is available for a selected group of countries. Make sure that you are eligible before starting to register.
Revolut is currently supporting legal residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United States. The EEA includes Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
History
Revolut was founded by Nikolay Storonsky and Vlad Yatsenko. Mr. Storonsky is a British-Russian entrepreneur, but carries a British passport born in Russia and has lived in the UK since the age of 20. He studied for a master's degree in physics at Moscow Institute of Physics and Technology, and during this time became a state champion swimmer. He completed a separate master's in economics at New Economic School in Moscow. Mr. Yatsenko is Ukranian British and has lived in the UK since 2010. Mr. Yatsenko and Mr. Storonsky created start-up Revolut and launched it in July 2015 at the Level39 tech accelerator in Canary Wharf. Prior to setting up Revolut, Mr. Storonsky worked for Credit Suisse and Lehman Brothers, while Mr. Yatsenko spent five years building financial systems for major investment banks. The duo said that they started Revolut because they were frustrated with the fact that traditional banks were taking so long to introduce digital banking services for younger customers, who prefer to access most services through their smartphones.Mr. Yatsenko serves as Revolut's chief technology officer, while Mr. Storonsky is the chief executive of the firm.
Revolut Ltd is authorized in the UK by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011, Firm Reference 900562. Revolut is a legitimate company and a secure option to send money abroad.
See relevant articles here:
Revolut raises $500 million at a $5.5 billion valuation
Five tips for managing your SME's budget from Revolut for Business
Revolut has officially announced that launches in Singapore
