Sending and receiving money is one of the necessities that humans cannot do without regardless of where they live. Unlike before when sending or receiving money abroad was tedious, nowadays many apps and online resources make it easy. One of the latest developments in that industry is the Revolut app which aims at making it easier for people to share money across the world, we dive in and perform a full Revolut review, covering everything you need to know before signing up for your free card
Revolut Testing Period: This review is based on 1 year of testing and normal use in multiple currencies.
What is Revolut
Revolut has been around for a few years as it was launched in 2015. It is a unique application that unlike most of the others only exists on the digital platform. This type of existence and operations has made it a better option to traditional banking methods due to its convenience and affordability among many other features. The convenience stems from the fact that it depends on technology and since technology keeps changing for the better, this banking app also becomes better by offering users better features that they can enjoy wherever they are. This, together with the fact that it can support multiple currencies has already made it a favorite among many users.
The Revolut online banking app was created by people who had experience in how financial systems work and how frustrated they made customers. The app began as a platform that only allowed users to change currencies but it has since grown to be one of the biggest and best online banking apps worldwide. Some of the activities one can use with this app include exchanging cryptocurrencies, sending money to other banks across the globe, making withdrawals from ATMs and getting credits among others. All these services are common and are always needed frequently which makes it easier for those who are traveling to access money and continue transacting as usual.
Anyone can use this app starting from students to business owners. The latter demographic can use the app to manage their transactions and ensure the successful running of the business even when they are on vacation. Apart from money transactions, this app also allows business owners to interact with other business owners and clients alike by offering a platform that can be shared with other apps such as zapier and slack.
How it works
This app has one of the simplest interfaces which not only make it easy to understand but also a very simple app. The first step is downloading it before you can sign up and create an account. The process is simple and fast, usually taking up a few seconds. Although you will not be required to key in your details like address or credit history, you will be required to put in your identification and take a picture for verification purposes. This helps with security measures without inconveniencing you by requesting many unnecessary details.
Your ID should be scanned while the picture can be taken with your phone. Revolut then checks the similarity between the two to prove that you’re the same person. If the verification is successful you will receive a message informing of the progress after which you can proceed.
It’s important to note that they provide you with several options to choose from regarding the type of account you want to open. If you don’t want to spend any money yet then the free account is for you. Those who wish to spend can choose between the premium account and the metal account depending on the amount they wish to spend. You will also be required to send some money to the account from a bank you’re already using even if you open a free account. This is also used as part of the verification process.
Once you complete the sign-up process, you can ask for a revolut card which can either be in hard copy or digital format. The hardcopy card can be used as a normal ATM card to withdraw from ATMs and it can also be used to make online payments. You will have complete control over whatever card you choose which means you can decide what to use it for or how to manage its security.
What you can do with the revolut app
If you’re in the UK, you can use the revolut online banking pp as your main bank. This is made possible by the account number and code that you receive should you choose this option. This means that you can have normal transactions including ATM withdrawal and contactless payments at your fingertips.
The app works in up to 25 countries currently which means that you can use it in any of those countries to make your usual transactions without being charged any fees. Any fees will be at the interbank rates which still gives you the best deals as far as the banking sector is concerned.
The availability of different currencies means that you can keep your money in 16 different currencies.
You can set up analytic tools to help you monitor your spending patterns easily. These tools are designed to focus on the nature of the transaction and the region where the money is being spent.
You can also save money by either saving on the vault which allows you to put extra change regularly or by setting up regular payments. You also have a chance of getting an insurance cover for your medical emergencies or a device cover in case you lose or damage your device.
Since the digital currency sector is continuously growing, revolut gives you a platform to buy any cryptocurrency you’re interested in.
How revolut works abroad
Spending abroad can be a very expensive venture as you get additional charges in addition to what you need to spend. Revolut online banking app eliminates those charges as it allows you to use the premium paid card without any charges. However, you should expect low charges during weekends when the foreign exchange platforms aren’t open. These fees usually range between 0.5% to 1%, rates which are still considerably low.
Withdrawals from ATMs are also free but any amount exceeding £200 will attract a fee of 2%. Monthly transactions that exceed £5000 every month will attract 0.5% of the charges. This applies to those who have snares account but those with premium accounts aren’t limited with regards to the amount they can spend before having to pay interbank rates. The amount they can withdraw from ATMs is also higher at £600.
The app still makes transactions better when you go back to your region of origin. You can exchange the money back to your local currency for free.
Revolut’s auto exchange
This refers to the tool that lets you change your currencies automatically within the app. It does this both locally and abroad by monitoring the applicable rates wherever you go. All you have to do is select the currency you want to change to after which the app will show you the exchange rates. You then wait for your target exchange rate after which the app completes the process for you.
This feature also works with cryptocurrencies similarly. However, if the crypto market isn’t stable the conversion will not be completed.
These differ with every account.
Those who have standard accounts can transact using their cards for free in up to 120 countries. Money transfers are also free for amounts less than £5000 while ATMs take up 2% after £200. This account also protects you by preventing any transactions when you have limited funds in the account. A £4.99 is also applicable to the cards.
To get a premium account you must make monthly payments of £6.99 or an equivalent of £72 every year. Withdrawing from an ATM when you have this account is free up to £400 and you also get a virtual card for free. This account also offers an opportunity to get a medical cover of up to £15 which can be used abroad. It also allows the transfer of money and free exchanges of 26 currencies.
Those who want a metal account can pay £12.99 monthly. Making annual payments is also an option with great discounts being offered. You can buy cryptocurrencies with this account and make free international transfers.
Topping up with revolut
If you connect your regular bank account to the revolut account the latter will be loaded instantly.
To load the account, enter your revolut card numbers as well as a postcode for billing purposes, an expiry date, and a CVC code. Next, select the “Add” icon then key in your bank card number then put in the amount you wish to transfer. Finish by selecting “top-up” and the money will be transferred.
Benefits of revolut app
Whether you open a business account or a personal one, you can enjoy the many features that this banking app offers such as:
Multiple currency choices
This is one of the features that make it possible for people to use this app across the globe. It supports up to 29 currencies ranging from American dollars to euros which means that it is the perfect banking platform even when you travel. You don’t have to worry about time-consuming and expensive currency exchange procedures since everything is within the app.
As shown by the registration process, this app is very fast. As such, you don’t have to worry about your transactions taking too long to clear as it is common with some of the online banking apps. Also, money transfers to other revolut accounts are free. For instance, if you have a business account and a personal account you can exchange money between the two accounts for free. Apart from this, revolut online banking app also creates room for simultaneous payment. You can send money to multiple places with one click, something that enhances convenience to you as a business owner.
Revolut offers business accounts prepaid corporate cards which can be given to employees. With these, you can track how the employees are spending from the app’s interface. This will allow you to manage your finances better and even grow your business. The app also allows business owners to integrate their software with the payment app to facilitate faster and easier payment processes.
Better management of money
For those using it as personal accounts, you can also manage your funds better by using the budgeting tool that inbuilt within the app. The tool shows what you spend on and how much you spend on each item thereby making it easy to track your expenditure and make changes where necessary. Easy management also allows you to set up reminders concerning payments you’re supposed to make. You no longer have to wait for deadlines or deal with the pressure that comes with it. You can also set up the system to make the payments automatically when they are due thus releasing stress associated with such.
One of the major concerns about online banking systems is security and safety but revolut takes care of that by giving you complete control over all operations. If you allow it by turning on your location, they can track the activities of your card and alert you when used in a different location. The app also has other tools that you can use to enhance your security. One of them is the “freeze/unfreeze” tool that you can activate when you lose your card and deactivate when it has been replaced. Security is also promoted further by the fact that the virtual card can be replaced after a few months. This helps prevent theft and fraud on the card.
Being an online platform means that users cannot have a physical interaction with Revolut’s employees when they need help.
The limitations imposed on free withdrawals from ATMs are low and the fees charged on foreign exchanges are also a bit high for some of the users.
Revolut as a bank
Although this banking system isn’t a bank, it may do become one since they already have a banking license. They are still, however, making some changes that will make it the bank for its users.
Apart from the safety measures highlighted above, revolut online banking system is being foreseen by the Financial Conduct Authority, a body that holds client’s money in “segregated accounts” thereby ensuring safety. This ensures that your funds remain safe regardless of what happens to revolut.
One of the factors that make this a great app is that it can be used anywhere. When combined with other features that come with the app, this digit banking platform stands out from similar ones. However, since everyone has different preferences, you can compare it with Sima ones and choose to use one that suits you most.
Who do I get in touch with with any questions?
Their number is +442033228352 if you prefer to call but you can also use the chat tool which is built within the app. Help is available during weekdays from 6.00 am to 20.00pm and weekends from noon to 6.00pm.
Can I use my phone to check my account?
Revolut app is compatible with both Android devices and iOS devices. You can manage your account with either device.
Does revolut impose limitations on the amount to be transacted every 24 hours?
One cannot transact more than £75,000 daily and £125,000 every week. If you’re sending money internationally, you cannot exceed £5000 monthly otherwise you will be charged a fee of.0.5%.
Can revolut account be used together with other online payment systems like PayPal?
No. You cannot use revolut cards on other online payment platforms like PayPal.
Where can I use my revolut card?
Some of the abroad countries include Bulgaria, Croatia, Switzerland, Romania, Slovakia, Norway, Poland, Slovenia, Denmark, Czech Republic, UK, Sweden, Spain, Iceland, Hungary, Malta, Portugal, Finland, Estonia, Denmark among others. Plans are, however, underway to make it acceptable worldwide.
Revolut seems to benefit users. How does it profit?
Revolut makes its money from the paid accounts and revenue from merchants when people use the revolut card. They also earn when people withdraw from ATMs and when users order cards. Business account owners can also pay up depending on the limits they have.
We hope you found this review of Revolut useful, and remember you can get a free card here.