Beginner’s Guide to Revolut: Complete Review

Revolut App Review

Revolut is banking app and payment card that is aiming to be an alternative to traditional banking products, that is designed to fit the lives of those with a global lifestyle, or anyone who wants the flexibility that you cannot get from regular banks.

Revolut’s goal is to adapt to the needs of clients, giving them control. There are accounts for businesses and consumers, and Revolut offers global spending without fees and free international money transfers.

Visit Revolut

Revolut has more than 2 million customers. According to its website, these customers have completed more than 150 million transactions for a total value of over £15 billion. Revolut has saved customers £560 million in fees thanks to its real exchange rates and lack of global fees.

What Can You Do with Revolut?

Those who use Revolut can spend their money abroad without having to pay any fees thanks to the contactless Revolut card. It works with more than 130 currencies, giving you the real exchange rate without any fees.

Revolut also offers the ability to send money around the world for free. This feature also works in more than 130 countries and provides free, fast, and secure money transfers. It also relies on the real exchange rate, which can let users save as much as 8 percent. You can use this feature to easily split bills with your family or friends or get paid back; they do not even need to download the app for you to receive the money.

Revolut Card

Additionally, Revolut makes it easy to buy, hold, or exchange cryptocurrencies. You can swap Ether, Bitcoin, and Litecoin with one of 25 different fiat currencies, and like the other services, you always get the best rate.

Revolut even offers convenient methods for users to save money with ease. You can do this via a recurring payment to your savings or Vault, one-off contributions when you want, or rounding up each transaction. On a related note, users can utilize Revolut to track their spending via instant payment notifications as well as simple-to-understand analytics that categorize transactions, so you can stick to a budget.

Use Revolut to set up recurring payments and direct debits, as well. There is already support for this function in EUR, and it is coming soon for GBP.

Revolut Accounts

You can get a UK current account or a European IBAN for free, without any credit check or proof of address. With those accounts, you can exchange and hold as many as 25 currencies, always getting access to the real exchange rate. The free account is also known as a Standard Account. It still delivers interbank FX rates, free bank transfers in 24 different fiat currencies, and £200 or €200 in free ATM withdrawals each month.

Premium accounts cost £6.99 per month and have similar amenities but increase the withdrawals to £400 or €400. This account also adds:

  • Free turbo transfers
  • Free overseas medical insurance
  • Free unlimited FX volumes
  • Delayed flight and delayed baggage insurance
  • Free global express delivery to 180 countries in one to three working days
  • Spare card to be activated with a tap
  • Instant cryptocurrency access
  • Exclusive priority 24/7 customer support
  • Free disposable virtual cards
  • Free exclusive premium cards

There is also a 14 percent discount on the fee if you pay upfront.

Metal accounts are new and cost £12.99 per month, increasing the ATM withdrawals to £600 or €600. They also add:

  • Free exclusive concierge service
  • Free exclusive Revolut Metal card
  • As much as 1 percent cash back on every card payment in any supported currency (including cryptocurrencies)
  • Access to special offers

There is a 23 percent discount for paying upfront. The Metal card is even made from one sheet of reinforced steel and weighs 18 grams. The concierge services include service at home and while abroad, including aid with flight bookings, hotel reservations, and exclusive events, among other things.

Setting up a Standard account takes seconds, while a Revolut Premium account only takes three minutes.

Revolut Prices

Revolut Insurance for Premium and Metal Accounts

That medical insurance overseas comes from Revolut Travel Limited. This includes emergency dental and medical treatment while abroad, access to the extensive network worldwide, and rapid reimbursement into the Revolut account.

The delayed flight and baggage insurance apply to delays of more than four hours (in each situation). There are no deductibles, and this service also comes from Revolut Travel Limited. For delayed flights of more than four hours, you receive £80 per hour with a maximum of £320. Baggage delays of more than four hours give you up to £320 to cover replacing clothing, toiletries, and medication.

Finally, those with Metal accounts receive a 20 percent discount if they choose to get device insurance. This insurance includes global protection against liquid damage, drops, and more.

What Are Vaults?

Vaults are a way of saving money to quickly reach financial goals. It takes just a few seconds to set up a Vault, and you can set up as many as you want, each for a different financial goal. Let the Revolut app know the value you want to work toward saving in the Vault and give it a name. Then, you can either transfer money directly from your main Revolut account to the Vault or set up another method of working toward the goal.

Revolut Vaults

One popular option is rounding up all transactions made with the Revolut card and saving the difference in your Vault. You can actually use this feature to save in cryptocurrencies by automatically buying Bitcoin or another crypto with the amount that would automatically go into your Vault. Alternatively, you can set up a recurring payment for a specific amount to go to the Vault every week or month. When you make a transaction that rounds up to deliver savings in your Vault, you will get a push notification that tells you the amount you saved and the value in the Vault so far.

Disposable Virtual Cards

Free disposable virtual cards are a perk that Premium and Metal account holders receive. This is a virtual card that you create to make an online payment that is secure. The card number automatically changes with each payment, helping to protect against fraud.

Cryptocurrency on Revolut

Revolut delivers a quick and easy way to buy, exchange, and hold Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple with access to top exchange rates. Revolut prides itself on never including hidden fees when buying or selling cryptocurrency, instead providing a single transparent rate. You can use the Revolut application to buy and sell any of the above cryptocurrencies and 25 fiat currencies by just pressing a button.

There is no need to wait days for approval to start using Revolut for buying and selling cryptocurrency since crypto support is standard for accounts. Since your account can be opened in just 60 seconds, buying or selling crypto with Revolut is simple and quick.

Revolut Cryptocurrency

You can also use the Revolut application to follow the rates of cryptocurrencies in real-time via the converter section of the app. The application also lets you track your performance with a crypto over time and compare the historical price changes, the latter of which can give you a better idea of when to buy or sell a given cryptocurrency. There is also the choice to set up price alerts when a crypto reaches a specific target value; you then receive a push notification at the appropriate time.

Additionally, you can use cryptocurrency on Revolut just as you would any other currency. This means that you can send or receive crypto to contacts instantly without any concerns. Or you can spend cryptocurrency via the Revolut card, which will automatically convert the amount spent into the local currency.

How to Fund Your Revolut Account

There are multiple methods for funding your Revolut account. You can use a bank transfer, including topping up via your salary. You can also top up your account with a card, either in a one-time instance or automatically. There is even the option to add money to your account via Google Play or the Apple Pay, including with Apple Watches. Currently, the Apple Pay support is for 35 countries, but this list will expand soon.

Sending Money Internationally with Revolut

One of the major features of Revolut is the ability to send money internationally and do so up to 10 times cheaper than you would with a bank. Revolut offers free, fast, and secure money transfers to a bank account within one of more than 130 countries, and this is done using the real exchange rate. That comes in sharp contrast to the typical exchange rate offered by banks, which builds in a profit for the financial institution. The pricing for Revolut exchange rates is the same as the Interbank Exchange Rate, which is the figure that banks actually use to trade among themselves.

Revolut Foreign Payments

There is no fee associated with exchanging and transferring one of the 24 currencies in the Revolut application. The free transfers can take up to two working days. If you need the transfer completed within one working day, you can upgrade to a turbo transfer, which is free for Premium account holders and costs £5 for Standard account holders.

The money is sent from your Revolut account, which you can load using your debit or credit card or a bank transfer. Transferring is as simple as choosing the recipient and the quantity to send. You can also set up recurring payments that involve multiple currencies, with the ability to adjust when and how often in addition to the amount. Revolut also stands out with the fact that you do not need to share bank details to send money; you just tap a button.

Payments with Revolut

Sending a payment with Revolut is similar to making a transfer, including being simple and only requiring a tap. Additionally, the process for sending and requesting money domestically is the same as doing so internationally. You can use Revolut to send or request money by tapping the relevant phone contact within the application. You can even send money to someone if you do not know their phone number. Revolut can use GPS to show the other Revolut users by you, letting you just tap their name to send or request money.

There is also a built-in feature in the application to let you easily split a bill. You select who you are splitting it with, and Revolut sends the request. If the person does not pay you back, the app will send them a reminder.

A unique feature of Revolut is the ability to receive money from those who do not have the application. In this case, you send a money request to the person in question via a payment link. They use that link to enter the details of their bank card, letting the money send in seconds.

Is Revolut Secure?

Revolut is secure and also puts users in control of their security. You can easily freeze and unfreeze your Revolut card via the application if you lose it or it gets stolen. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turning them back on when you want.

In terms of fund safety, Revolut holds client money in ring-fenced segregated client accounts that are held by Tier 1 bank partners. Revolut is also authorized by the FCA, which means it meets FCA requirements for safeguarding funds, along with the Payment Services Regulations 2017 and Electronic Money Regulations 2011.

Revolut Customer Support

The Revolut customer support is very good. There is a dedicated support team available, and you can easily reach someone via the website or the mobile application in a chat.

Conclusion

Revolut aims to offer an alternative to traditional banking, including specific benefits for those who conduct transactions in multiple currencies. You can create an account with Revolut for free or opt for an account with a monthly fee for more perks. Revolut always uses real exchange rates and does not charge hidden fees, delivering a great value. It works for users in more than 130 countries and is available for both Android and Apple devices.

Visit Revolut

Revolut

8.6

Ease of Use

9.0/10

Fees

8.0/10

Reputation

8.0/10

Customer Support

9.0/10

Design

9.0/10

Pros

  • Instant Exchange Between Currenices
  • No Fees Abroad
  • Easy to Use App
  • Physical Card
  • 24-hour Customer service

Cons

  • Cash Withdrawals Limited to $200 Per Month
  • Extra Fees on Weekends
  • No Physical Branches

Oliver Dale is Editor-in-Chief of MoneyCheck and founder of Kooc Media Ltd, A UK-Based Online Publishing company. A Technology Entrepreneur with over 15 years of professional experience in Investing and UK Business. He built Money Check to bring the highest level of education about personal finance to the general public with clear and unbiased reporting.


oliver@moneycheck.com
http://twitter.com/olidale
http://www.linkedin.com/in/oliverdale

Content on Moneycheck.com is provided for general informational purposes, and shouldn't be seen as an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed on this Site do not constitute investment advice and independent financial advice should be sought where appropriate. All our articles fact-checked by a relevant professional with expertise in that area of finance and we regularly update guides as necessary.

Leave a Reply