What is Revolut?
The digital bank first launched in 2015 as a travel card that allowed travellers to exchange money without having to pay higher exchange rates. If you travel frequently, you know that exchanging currencies can be more of a hassle than it's worth.
That is why a travel card like the one offered by Revolut would be so useful. It has evolved from a travel card to a digital bank since its inception. As a result, there are more reasons to use the bank, particularly when travelling.
Now that you have a better knowledge of what Revolut is, let's look at the benefits available when you use their services. Trust us when we say that you won't want to miss this.
The capacity to manage one's finances and spending habits is one of the most serious problems that people face today. That's where Revolut comes in, because it allows you to create a money management plan that will help you keep track of everything you've spent for the month.
This is referred to as a budget. You'll set aside particular amounts of money for various aspects of your budget, such as bills, internet, savings, and so on. You'll get an alert when you've reached the monthly amount of money set aside for that section of your budget.
The alert will notify you when you're approaching or have exceeded your spending limit. You can go back and change the details of your monthly budget at any time while using the digital bank. Knowing where your money goes each month is another advantage of having a budget.
It enables you to place money aside each month for activities you want to accomplish in the future. You are not required to utilize this function, but it is encouraged if you want to set aside extra money each month to pay down other debts.
Data About Your Spending Habits
How can you know where your money is going if you don't know what you're spending it on if you don't know what you're spending it on? Another option available to Revolut customers is the ability to view information about your spending habits.
For example, if you spend money frequently on retail throughout the month, the digital bank will track this and provide you with a detailed report of your spending habits. When you have a better understanding of your spending habits, you'll be able to change them to prevent yourself from spending more money than you have.
And there are times when you spend money and have no idea where it's gone, but that ends when you start using digital banking. Each month the bank will provide a detailed report of your spending habits throughout the week, and when you make changes the way you did with the monthly budget, you'll begin to see these changes reflected in this area.
If you're not sure how to change your spending habits, you can always speak with a financial advisor. They can help you focus on your financial future and learn healthier ways of managing money.
Reviewing this data is crucial to your financial health.
Spending Notifications When Purchases are Made
If you're tired of using banks that allow you to spend money without alerting you, those days are over. When you use Revolut each time you spend money from your account, it will give you a spending notification.
Being able to use expenditure notifications is advantageous since it can notify you when a transaction is made that you have not approved. If this occurs, you can immediately cancel the order.
If you've given someone close to you access to your money, it will alert you when they make a purchase using the card. When you sign up to use the bank, ensure that you turn your notifications on; if at any point you don't want to receive notifications anymore, you can always go into your settings and turn the notifications off.
Everyone enjoys receiving rewards for saving or spending money, and Revolut allows you to do just that. You may get discounts and cashback from some of your favourite brands if you use Revolut.
The amount of the incentive varies depending on the bank's current promotions.
Makes Transferring Money Easier
If you've got family or friends that live abroad and you need to send money to them, you can transfer money without the hassle. Not to mention you'll only face a 0.5% transfer fee when it comes to exchanging currencies.
The second best thing about transferring currencies from one location to another is that you can do so in more than 30 different currencies. You also won't have to worry about incurring any foreign transaction fees, as you would with other banks.
When you're spending abroad, there are some limitations that you will experience, but overall you'll be free to use your card and money as you please.
Most banks offer this feature, and that's the ability to earn interest while your money is sitting in your savings account. Each month the bank will analyze the amount of money added to your account and apply interest accordingly.
You need to be aware that the amount of withdrawals you can make from your savings account to your checking account is limited. Because after all, you're trying to save money, not spend it all.
Take time to ask the representatives at Revolut bank what the interest rate is when you place money into your savings account. They'll be able to give you a more accurate explanation of how the interest and savings process works when you choose to open an account with their digital bank.
These are all the features that you need to know about, but how does it work you may be wondering? We've got the answers that you're looking for.
How Does Revolut Work?
As a customer of Revolut, you have two alternatives when it comes to opening an account. The first alternative is to create a free account, which will grant you access to some functions. A premium account, which starts at $9.99 a month or $94.99 for a full year, is the next sort of account you can apply for.
There is also the metal account that you can open, which's offered at $16.99 a month. Each membership has its own set of features that it provides to clients.
When you have a premium account, you get access to the web app and can transfer and spend money using the MasterCard that they issue to consumers.
Not to mention the opportunity to swap money without incurring any exchange costs anywhere in the world. You'll be given an extra card when you get your MasterCard in case you need to hand it to someone else.
If you require medical insurance when traveling, you won't have to worry because this bank will provide you with the coverage you require. You also get unrestricted access to the customer service centre if you require assistance or have additional inquiries.
Revolut's metal card is the company's most recent improvement. When you use this card, you'll have access to all of the features included in both the basic and premium packages, giving you twice as many options.
You'll be able to withdraw up to $1200 every month from an ATM without paying a surcharge. If you need assistance with your finances, the 24/7 concierge service available to clients who choose the metal card option is available to you.
Every month, you will have one free SWIFT transfer and earn 0.14% APY on your savings with Revolut Metal. Additionally, all Metal users will have instant access to 2 cryptocurrencies.
The more money you spend, the more money you're going to get back. There is an increase in price when you opt for this card, of $16.99 a month.
After Selecting Your Card
After you've decided on which card to use, you'll need to utilize the app to upload a scan of your ID. After that, you'll proceed to the next step, which is setting up the rest of your account.
Within minutes of uploading this information, you'll receive a message from the bank validating your identity. You can then order a real card for your personal usage once you've finished this.
After you've received your card, you can then move forward with setting up your pen, which you'll use at the ATM.
With every set of pros that are offered by the bank, there are a few cons that you need to consider.
Poor Customer Service
Although the bank advertises that it provides clients with 24-hour customer assistance, some customers have complained that the service isn't up to par. This could be due to the fact that they provide services to people all around the world.
But, one thing that we do know is that based on the reviews posted to TrustPilot, the customer service quality has improved as time has gone on. Customer service will eventually be included among the benefits rather than the drawbacks.
Increase Exchange Rate
We know the bank's exchange rates are low, but there are some exceptions. During the week, there are no markups on top of the interbank exchange rate, with the exception of the Thai Baht (THB), which has a 1% markup. A 0.5 percent markup will be imposed to any sum over $1000 per month.
The stated rates are fixed on weekends. A 1% markup is also expected, with the exception of THB, which has a 2% markup.
While this is still lower than other banks' rates, it is nonetheless an increase.
Frequently asked questions about RevolutWe’ve compiled some answers to questions we often get. Should you have any other questions, feel free to reach out below in the comments.
Can I buy Bitcoin and other cryptocurrencies with Revolut?
You can buy into the price of Bitcoin and other cryptocurrencies, however, you can’t buy and own Bitcoin and other cryptocurrencies.
This means you can’t store and transfer the asset. This is a serious problem if purchasing Bitcoin and other cryptocurrencies is a priority for a variety of reasons.
- If Revolut goes out of business, you can’t move those assets from Revolut to another wallet or platform
- Should you want to transfer your crypto assets, you’ll first have to sell them on Revolut and then purchase them elsewhere. This will create a taxable event.
Is Revolut available in the US?
Is Revolut FCA or FDIC insured?
Pros and cons of Revolut
- Best-in-class product that is easy to use and has every feature you could want
- Easy to invest in stocks and crypto all from within the banking app
- Fast international payments with a variety of currencies
- Incredibly fast moving with constant updates
- Beautiful cards with very fast international deliveries
- You can invest in cryptocurrencies but you don’t really own them. You can’t store of transfer your cryptocurrencies, you only invest in their price.
- Can be expensive if you want all the best features
- No ability to earn interest on your cryptocurrencies
A Complete Revolut Review
If you were seeking for a comprehensive Revolut review, we hope you found it above. From the good to the horrible, and everything in between, there's something for everyone. This is the bank you'll want to use if you plan on travelling throughout the world.