Revolut

Revolut – Virtual banking services provider

The banking industry is now revolutionizing due to its advancement and modernization in every sector. Information Technology (IT) has played a key role to transform traditional banking into a modern-day’s state-of-the-art banking system. Now the trend of walking into your local branch to open a bank account with multiple documents has gone. Modern technology has transformed the banking system into a digital banking system full of facilities, efficiency, and feasibility.

Managing time for the most hectic activities e.g. paper statements, acquiring a checkbook, cashing a cheque, physically supported customer support, standing in queue for hours & hours for transferring and receiving funds is a story of the past now.

Modern banking system like Revolut (A British financial technology company, offering digital banking services across Europe and many other countries) allows its users to perform their all banking transactions at the click of a button by staying anywhere they want. A simple and easy to use mobile app facilitates its users by every single facility from opening an account quickly, sending and receiving money, transaction tracking & monitoring, user account analytics, exchange currencies, and even manage cryptocurrencies.

As it’s a modern technology providing you easiness regarding banking solutions, but can it be trusted and reliable from each angle? It is the thinking of every person before opening an account on this magnificent digital banking platform. So, before starting and making transactions; a detailed and comprehensive discussion is required to resolve all of your queries.

So, in this article we are trying to clarify each of your queries to facilitate you in taking decisions like either this app can be used or not. Suggestions and experiences regarding the app working process, account registration requirements, transaction fees, features, safety, pros & cons, eligibility, withdrawal and deposit options, support services, and more importantly, your privacy and security will be covered properly here.

Introduction

Revolut is offering its banking services on a mobile application that facilitates operating a current account. Revolut was created in July 2015 by two Russian developers named Nikolay Storonsky and Vlad Yatsenko that is now being controlled and operated by its headquarter; based in London, England, and with more than 20 offices worldwide. It is offering its key services like current accounts, stock trading, debit cards, foreign exchange insurance, and currency exchange by a peer-to-peer payment system.

In 35 countries, Revolut has more than 12 million customers and supports users and due to one of the best online payment service providers, the company claims to have 7000 new account openings every day and assisting almost $3 billion transaction volumes monthly. As of FY 2018, the company has made $58.2 million in revenue, and more than $1.7 billion market valuation was calculated.

Key Features

Here are some key features of Revolut, defining how effective and productive it will be for your banking needs:

  • Facilitation of finance management in one place

To track and monitor all your finance in one place, just connect your bank account using the Open Banking platform.

  • Analytics Insights

Revolut app offers all spending analytics with proper categorization.

  • Receive instant spending and receiving notifications

Receive quick alerts for in and out account transactions.

  • Set your monthly budgets

For finance management, control and plan your monthly.

  • Get money awards from Revolut’s rewards feature

On performing exclusive transactions, get cashback and rewards from Revolut.

  • Now send your money abroad easily

Now you can send money to more than 30 countries on Interbank Exchange Rate as per standard rate.

  • Upon saving, earn interest

Upon saving money in the Revolut vault, you will be awarded interest on the account balance.

  • Manage your cryptocurrency (Buy crypto and gold in seconds)

Buy and hold famous cryptocurrencies including Bitcoin, Ripple, Ethereum, Litecoin, and Bitcoin Cash. You can also buy gold here.

  • Medical and phone insurance facility

Now get insurance on your mobile phone against any unexpected damage and also avail from medical insurance.

  • Daily cashback and discounts

Get money on using in traveling and restaurants and also unlock new offers upon using Revolut cards.

  • No hidden fees and send money worldwide

Now send & receive money, pay bills and share with your family/friends without any hidden fees almost globally.

Account Opening and Registration

If you are living in any of the authorized countries then it’s quite easy to open an account on Revolut. Here is step-by-step procedure to be part of Revolut:

  • Step 1: Download and install the Revolut App:

Firstly, visit the official site (https://www.revolut.com/) and put your phone number for receiving the app invitation link. You must have an Android or iOS to use the Revolut app.

  • Step 2: Provide your personal information:

As personal information is required to proceed with any finance-based application. So, you will need to provide personal details e.g. first name, last name, residency status, address, date of birth, mobile number, and email address. Here, the mobile phone number is so important as it is used to verify every transaction to move forward.

  • Step 3: Select a PIN number:

Choose a memorable PIN number as it will be required to access your Revolut app when you need to use it.

  • Step 4: Identity Verification:

For this process, you will just have to provide a photo of any government-issued ID, passport, or driving license using your smartphone. But make sure, the picture should be visible and easy to identify.

  • Step 5: Deposit your funds:

Using any bank or debit card, firstly you will need to deposit at least £10 into your Revolut account to get facilitated from its all features.

  • Step 6: Choose your plan:

Choose any of the available plans e.g. standard for a free plan; or paid Premium or Metal plans. There is no cost to open an account and remain as a standard user.

  • Step 7: For receiving the card, pay the delivery fee:

To get a Revolut card, provide a proper and accessible address and you will have to pay £4.99 delivery charges (deducted from £10; you have deposited in your account). Now there, you can enjoy Revolut’s fully-fledged current account almost globally.

Deposit and transfer on reasonable fees:

After registration, now you can use Revolut for receiving and transferring money. The amount can be deposited by any bank transfer or debit card. Users will be provided Revolut Debit Card issued by Visa while for European account holders a MasterCard will be offered. The card can be operated as a traditional bank-issued card for transferring funds. The card can be used on ATMs accepting Visa or MasterCard both internationally and domestically to make transactions. Revolut cards can also be used for online shopping to buy goods or services over your mobile phone. In the case of UK-to-UK transactions, the Faster Payment network will deal with it, which is much quicker. Similarly, for EU-to-EU transfer, the transaction can be performed most probably within the next day via SEPA with no cost.

Using the Revolut card for the amount withdrawing from an ATM, for the first £200; no fee will be charged. However, a fee of 2% will be charged if the amount is more than that. Moreover, no charges are implemented on using your Revolut debit card online or in-store even you are making transactions in your local currency. In the case of using cards abroad, fees are charged under the foreign exchange section rules.

Revolut – a cryptocurrency supporting platform

Revolut also offers services to buy and hold cryptocurrencies like Bitcoin, Ripple, Ethereum, Litecoin, and Bitcoin Cash. Quite reasonable fees are charged for saving your crypto asset and all the charges are transparently mentioned in detail within the app. Revolut also facilitates crypto users to follow the rates of cryptocurrencies and also set alarms with push notifications in certain conditions as per their needs. On Revolut, you can just deposit and spend your digital currencies (cryptocurrencies) but can’t be withdrawn or transferred to other wallets or exchanges. So, it’s the right platform for spending and maintaining your crypto asset.

Revolut pricing plans and fees

Besides standard account, Revolut also facilitates two additional pricing plans, making Revolut a well-established platform. Premium and Metal pricing plans provide more flexibility to this platform. Moreover, a business account is also offered that is outside of the current account.

If your banking requirements are comparatively more, then you can consider the Revolut Premium account where £6.99 is charged monthly with a bunch of key offers and benefits. Now, the top tier service provided by Revolut is provided in its Metal account which costs £12.99 monthly where no ATM fees are charged upon first £600 per month and there is cashback on all debit payments (inside Europe 0.1% and outside of Europe is 1%).

Revolut card in Finland

Revolut provides opportunity to acquire a metal debit-card. Revolut-card works like just any other debit-card, and it does not include credit. You can conveniently order the card directly from the Revolut app. The Revolut app works on all the most common mobile devices, with significant application-changing benefits brought by Revolut!

There are 3 different options for Revolut debit cards, two of which are metallic. The ones that come with the card are independent of which card you end up with. For more information on the benefits of Revolut, see the table below:

Revolut Standard

standard

Revolut Premium

premium

Revolut Metal

metal

Annual fee

0 €

96 €

168 €

Cashback

0 %

0 %

EU 0,1%, Outside EU 1 %

Currency exchange expenses

Free up to 5 000 €

No feeNo fee
Travel insurance

✔️

✔️

Instant cryptocurrencies

✔️✔️
Cash withdrawalFree up to 200 €Free up to 400 €

Free up to 600 €

Lounge access

✔️

Experiences with Revolut debit card

Our experience with the Revolut card has been very good and it has brought nice additional services to everyday travel. The card has been in use for more than a year at the time of writing and the only downside to the card is that payment service providers read the card in Finland as a “credit card” even though it is not. The cards are made of metal and the stylish look brings its own extra feel! Enjoy everyday extra services and get a Revolut card today!

Who can avail of services by opening a Revolut account?

Residents of the European Economic Area (EEA), UK, Australia, and Switzerland are eligible to avail of Revolut’s services. Moreover, here is a list of countries whose residents are allowed to come and join the Revolut platform.

United Kingdom, Portugal, Slovakia, Bulgaria, Switzerland, Greece, Slovenia, Romania, Sweden, Spain, Latvia, Poland, Luxembourg, Liechtenstein, Norway, Lithuania, Netherlands, Malta, Denmark, Italy, Estonia, Croatia, Ireland, Finland, Iceland, Germany, France, Hungary, Australia, Czech Republic, Austria, Republic of Cyprus, and Belgium.

Privacy, security, and is your money safe with Revolut?

Nowadays, people generally think either their amount would be safe and secured on digital platforms like Revolut. But don’t worry, Revolut is a safe, secured, and reliable platform. Revolut has well-known partners authorized by UK’s FCA (Financial Conduct Authority), moreover, all debit card transactions are well-protected and operated by Visa card and MasterCard by following all security rules. So, it means all processings are being conducted in secure, safe, protected, and reliable environments.

More than that, for better security, your account is protected with a strong password or fingerprint ID. Similarly, if you lose your card mistakenly then you can freeze your card using the app. Even in case of any threat as you feel, you can also turn ON or OFF your ATM processes for unknowing transactions to control your account just by using the Revolut mobile app.

Revolut Customer Support Service

In traditional banking, customer service is so full of hassle and unacceptable as retail customers have to wait for long telephone delays and no proper guidance is provided. In the case of Revolut, it is offering satisfactory customer services but it’s not to a sufficient level being a well-established platform. Sometimes, customers have to wait for days to have the response to their queries, the reason is, Revolut is growing exponentially welcoming more than 7,000 new customers by every passing day. A live chat facility is also there. However, Premium or Metal account holders are apparently facilitated properly and are given priority support. But it is reported that Revolut is taking it seriously and working to speed up its customer support capabilities.

Revolut Pros & Cons

PROS

  • Use a physical debit card
  • Quite easy to use application
  • Supporting multiple currencies
  • Save fees on international transaction
  • Quik currency exchange facility
  • Upon premium subscription, enjoy handy perks and offers
  • Crypto supported platform

CONS

  • Poor customer support service
  • Due to security concerns, customer accounts can be temporarily frozen.
  • No physical presence

Conclusion

Due to providing revolutionary and innovative services almost globally, Revolut is appearing as a leading digital bank in European countries. There are a few improvements needed to make it a quality platform like customer care and some actual existence in leading countries. But if you want to avail yourself from efficient, quick, reliable, and secure domestic and international transactions, then you are just at a distance of a single click on your screen and you will be in the world of “money flying all around the world”.