What is Revolut?
Revolut is a financial technology company offering banking services. In other words, it’s a digital bank that allows you to create an account and get a card for your transactions, even from your mobile. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, it’s headquartered in London. With Revolut, you can make money transfers and purchases worldwide, with no fees for transactions in 30+ supported currencies. You can transfer up to €5,000 monthly and withdraw up to €200 per month from ATMs.
What Revolut Offers
Revolut provides electronic banking services, including:
- Money transfers in 30+ currencies.
- Prepaid debit card for cash withdrawals in 120 countries.
- Currency conversion to Bitcoin, Litecoin, Ethereum, Bitcoin Cash, or XRP.
- Solutions for better money management with personal “vaults.”
- Mobile device insurance or medical coverage.
- The Revolut wallet helps you organize your accounts, save money, and track payments.
- Revolut offers a Junior account for users aged 7 to 17, with a €40 monthly top-up limit, to teach financial management or provide pocket money.
How Revolut Works
Creating a Revolut account is easy, paperless, and takes just 60 seconds. With a free standard account, you can order a physical card for a small fee, while subscribers receive it without extra charges. The physical Revolut card can be used for purchases, ATM withdrawals, contactless transactions, and more. A digital card and disposable virtual cards are also available for safer online purchases. Each customer has their own IBAN account for receiving money.
Revolut’s account is user-friendly, accessible through a free mobile app for both Android and iOS devices. Additionally, there’s an application for Apple Watch, which displays notifications from your Revolut account.
Creating a Revolut Account
Creating a Revolut account is a process that takes just 60 seconds. The steps required are as follows:
Step 1: Creating a Revolut Account
Visit the official Revolut website at “www.revolut.com/en-US/” and create an account by adding your phone number.
Step 2: Verification of Details
Fill in your full name, address, contact phone, and some other information. Attach two photos of the front and back of an official document, such as an ID card, passport, driver’s license, etc.
Step 3: Service Selection
Depending on the intended use, select a specific service, such as money transfers, international cards, etc.
Step 4: Currency Selection
Choose the currencies you want to use for your transactions.
Step 5: Money Transfers and Transactions
Once your details are verified, you can start making transactions with other Revolut users or with other banks.
After creating your account, you can download the app on your mobile or tablet. The service will provide you with a link to directly download the application.
Advantages of Revolut
The advantages of this service are quite significant, and it’s worth highlighting them:
- Easy to use application
- Free international and national money transfers
- Purchases in 130 countries with the card, without hidden fees and charges
- Free European IBAN
- Free account in England
- No fees for cash withdrawals at ATMs up to €200 per month
- Free physical card + €5 bonus* (when you refer a friend) + free card delivery to your address
- Instant and free notifications of your expenses on your mobile
- Immediate card blocking through the app if lost, and unblocking if found
- Cashback with the Metal subscription
- Travel insurance (costs €1 per month)
- Location-based security, automatically blocking the card if it’s in a different place
- Free money transfers
- Real-time transaction insights
- Capability to buy stocks, silver, and gold
- Money protection, as it has had a banking license since 2018.
Disadvantages of Revolut
On weekends, Revolut uses the Friday exchange rate, incurring a small cost (usually 0.5%). To make truly free transactions, it’s preferable to convert on weekdays from Monday to Friday.
Transactions up to €6,000 are free within a 30-day period without hidden charges. For larger amounts, there’s a 0.5% fee, unless you opt for Premium or Metal subscriptions.
A 2% fee applies to ATM withdrawals exceeding €200 per month, with a limit of €400 per month for Premium and €800 per month for Metal subscription.
You cannot take out loans.
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