The banking app of the future
Finder.com came out with the review of Revolut, the banking app that has registered more than 2 million users in 3 years. Here is our summary of the progressive banking solution.
What is Revolut?
It’s a digital service that promises to make your global spending hassle free. The app itself is simple, clear and elegant.
International money transfers are free, global spending is free, too, and it offers an option to exchange your fiat currencies to crypto-currencies.
How does it work?
You sign up and you order your contactless Revolut card. The app is absolutely practical. The most important and most useful functions, as finder.com summarizes, include:
“Accounts: View the balance and transaction history on your accounts. You can hold a physical balance on the app in 16 currencies.
Payments: The app enables you to transfer money to 23 countries, fee-free, at the interbank exchange rate (the same rates banks give each other).
Pay friends: Pay friends with ease or use the split bill feature to divide a group spend.
Analytics: View your spending habits, categorised by type of transaction, merchant or by country.
Manage your cards: Freeze a card if you lose it, unfreeze your card if you find it, set monthly spending limits and enable additional security.”
Travellers’ number one question: How to use Revolut abroad?
What makes Revolut outstanding is that using its services, you can manage your spendings in 120 currencies at the interbank rate, fee-free.
When you use any other card abroad you normally have to calculate with transaction fees and hidden, complex, complicated charges that add up to a significant percentage of your holiday funds.
Here is a list of Revolut fees and some important terms, according to finder.com:
“Card Transactions: Free in 120 countries.
Bank Transfer: Fee-free, at the interbank rate, in 23 currencies.
At weekends, when the markets are closed, Revolut applies a mark up of 0.5% on major currencies and 1% on other currencies on its rates.
Withdrawals: Free ATM withdrawals of up to £200 or more per month (depending on the card that you choose). After the monthly limit there is a 2% fee.
Overdraft: You cannot enter an overdraft. If a purchase exceeds your available funds the transaction will be declined.
Delivery: Free with premium subscription, £4.99 with standard subscription.
The card can take up to nine working days to arrive, so you need to be prepared if you’re travelling!
Premium Subscription: £6.99 per month or £72.00 annually in advance (saving £11.88).
Revolut is regulated by the Financial Conduct Authority (FCA), protecting your money if Revolut face problems.”
In addition to its standard services, Revolut now offers a premium level and a brand new “metal” account with more advantages and a fully metal contactless card.
The coinvasion team is not financially interested in promoting Revolut, we simply support crypto-related innovations that make our life simpler.