Revolut in a nutshell – what is Revolut, how does it work and is it worth it?
Revolut card – what is it? This innovative application for multi-currency payments (and more!) Is winning the hearts of consumers world wide. Below you will find all the information about why Revolut is useful – you will learn how to use it and whether it is worth creating an account in the application.
Revolut – what is it? Basic information
Revolut is a British startup that dates back to 2015. It focuses its activities on the FinTech industry – modern financial technologies that allow you to manage your capital, using innovative, convenient and cost-effective solutions. Revolut currently offers the possibility of setting up an account with a virtual multi-currency card (with the option of ordering its physical version), currency conversion at the international banking rate without additional charges, no commissions and many other additional features – including the cryptocurrency investment module, saving money using “safes” or easy settlement of shared bills with friends.
The history of Revolut’s creation perfectly illustrates the goals pursued by the British startup. The company’s CEO, Nikolay Storonsky, came up with the idea after a trip to Las Vegas. While spending his vacation in the United States, he used to pay with his British card all the time and occasionally withdraw cash from ATMs. After returning from vacation and analyzing the expenses, he found with dismay that the costs of currency conversion accounted for as much as 20% of all fees paid during his stay in the USA. It was then that the idea was born to create a service that would minimize these commissions and avoid banking hooks inherent in international payments.
Revolut card, virtual card, account and logging in – how can you use Revolut?
In the case of Revolut, login is possible on a computer or using the mobile application. If you decide to set up an account, you will be asked to verify with a photo of your ID card and your own face. As soon as your identity is confirmed, you will have access to a virtual card that you can use immediately. When it comes to topping up your Revolut wallet – you can top up your account using PayPal and instant transfers, thanks to which you can easily start using your new virtual card.
Types of Revolut cards, setting up an account, commands
Logging in to the application and setting up a Revolut account is very simple. It only requires a telephone number and data needed to set up an account. The entire process only takes a few minutes. It also involves opening a free UK account and an IBAN account in Euro. The Standard Package also allows you to order a free physical Revolut card – its manufacturing is free, but you have to pay for shipping costs.
In the case of Revolut, the virtual card is ready for use as soon as the account is created (you can connect it to the Apple Pay and Google Pay payment systems). In addition to it, you can order a physical card and choose its type and design depending on the service package. In case of the Standard plan, only the plastic version of the card is available, but if you choose one of the paid options, you will be able to personalize it. Buying the Revolut Premium package for £ 6.99 per month will also allow you to choose one of the exclusive card designs, and the most expensive subscription, Metal, paid £ 12.99 per month, will allow you to order a Revolut Metal card free of charge, much more durable than standard plastic versions.
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Interestingly, you have the option of using the Revolut loyalty program. Recommending it to your friends will make you receive attractive bonuses. If someone sets up a new account using the unique referral link received from you, you will receive EUR 25 after that user makes the first 3 transactions using Revolut – a physical card. The recommendation will result in the impact of the mentioned bonus each time, so recommending the services of a British company may be not only convenient for you (due to the possibility of easy settlements with friends later on), but also profitable.
Paying with Revolut, transfers to friends
After activating your Revolut account and card, you can use all its functions without restrictions. Perfect as an everyday card. It supports contactless payments, withdrawing money from ATMs around the world and many other functions that are useful both at home and abroad. The great advantage of the system is the ability to divide payments between several Revolut users. The app will automatically split the bill, saving you from any calculations. You can also send notifications to other users to remind them to complete the transaction.
Revolut abroad – exchange rates, ATM withdrawals
The purpose of Revolut, a multi-currency card, was from the very beginning to enable transactions in the local currency of the country in which the user is located. Therefore, one of the flagship functions of the card is the ability to convert the currency into one of the 150 available on offer. What distinguishes Revolut from other services of this type is the lack of a commission charged – currencies are exchanged at an interbank rate, much more favorable than those offered to clients by other financial institutions.
The same applies to withdrawing money in foreign countries. With Revolut, withdrawals from an ATM up to £ 1000.00 will be carried out without additional fees related to staying in a foreign country. If you regularly travel abroad and need a higher limit of free cash withdrawals, it is worth choosing one of the paid Revolut service packages.
Revolut fees – is it really free?
Technically speaking, using a Revolut currency card can be free if you choose the Standard plan, which does not require any monthly fees. Unfortunately, some restrictions apply to you then. The free option will not allow you to personalize your card, will impose limits on commission-free withdrawals at foreign ATMs and will make you have to pay for foreign transfers when using the currencies specified in the regulations. Revolut Premium or Metal increase the limits and offer many more options than the Standard package, but then you have to pay a monthly subscription.
Revolut cryptocurrencies and other services – some basic information
If you are interested in the cryptocurrency market, you can invest in them using your Revolut account. Bitcoin is one of dozens of virtual currencies that you can invest in using your account. In addition to it, you will also find Litecoin, Ethereum and Dogecoin. Using Revolut, you can buy cryptocurrencies for as little as $1. The purchase costs depend on the current exchange rate of a given currency and the margin charged by the application for handling transactions – it is displayed each time when making an exchange.
However, it is worth remembering that the cryptocurrency market is extremely volatile and prone to manipulation. Moreover, due to the fact that some investors still do not know much about it, many more or less suspicious companies have appeared on the network, offering help in acclimatization to the cryptocurrency exchange. If you are afraid that you will be cheated by using this type of service, you can use the Revolut single-use currency card – this is an innovative option that allows you to make a single transaction with the card, which will expire immediately after its completion. Thanks to this, even if the data falls into the wrong hands, the fraudsters will not be able to use it against you in any way.
Interesting facts about Revolut – these options are worth knowing!
It’s worth knowing that when you use Revolut, promotions are an integral part of your purchases – all thanks to the Rewards program. It is a rebate package that will give you a refund of some of the money spent, provided that you use the services of one of their partners. Offers are personalized and regularly updated, so you will quickly find the stores you use on a daily basis. You will receive your money back directly to your account.
Interestingly, along with your account, you will also receive a Revolut Junior card – a controlled account where your child will be able to store money. Thanks to your full control, you will be able to easily and risk-free teach your kids financial management. Your expenses will also be under constant supervision – the Revolut account offers a system of weekly reports and constantly analyzes your expenses. You’ll also get instant notifications when you make a transaction, so you’ll always know exactly how much you’ve spent and what your budget currently looks like.
When it comes to Revolut’s security, user feedback is extremely positive – and for good reason. You can immediately block your card and withdraw funds to another bank account at any time. You can do all this from the application level, without the need to make tiresome calls. If you turn on the option of verification using your location, the system will automatically block your card in the event that the transaction is carried out away from your place of stay. The algorithms that catch suspicious transactions are also constantly working – research has confirmed that they are 7 times more effective than in banks.
Opinions about Revolut – is it really worth it?
Revolut – is it worth creating an account? It all depends on your expectations and needs. However, if you regularly travel abroad or make international payments, using the British FinTech services can save you many costs that you usually incur when performing multi-currency operations. Revolut has a reputation for being a great financial app that you can use for free – of course, by accepting some of the limitations of the Standard package.
So if you are looking for a way to easily manage your finances, and international transfers and multi-currency payments are your bread and butter, Revolut (exchange rates are a great confirmation of this) is the perfect proposition for you. It will also work well when you are planning a vacation abroad, and you do not want to spend additional money resulting from unfavorable local currency rates. Thanks to the innovative method of payment, which is Revolut, payments abroad will cease to be a problem and visits to the exchange office will no longer be necessary. The perfect solution to avoid unnecessary stress related to trips.