About Revolut

Mobile banking has revolutionized the way people transact and spend their money. Through digitalization and the use of hand held mobile devices, global citizen can easily transact their money.

Revolut claims that it is an alternative to alternative to old-fashioned banking processes. Therefore, this review will enlighten curious minds on Revolut products and services as well as its advantages and disadvantages.

What is Revolut?

Revolut Limited is a financial technology company based in the United Kingdom. Revolut offers banking services in areas such as pre-paid debit card (Visa and MasterCard), peer-to-peer payments, cryptocurrency exchange, as well as currency exchange.

The services are offered through the Revolut mobile app which supports spending and ATM withdrawals. Users can transact in 120 currencies and send in 26 currencies through the app globally. In addition, customers gain instant access to cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Cryptocurrencies can be exchanged to or from 25-fiat currencies. However, cryptocurrencies are locked on the app meaning that users cannot transfer their cryptocurrencies from their wallet to that of another user.

Revolut does not have charges fees for most of its services currently. The only exception is the charges for a capped usage as the app uses interbank exchange rates on currency exchange on weekdays. However, markup charges between 0.5% and 1.5% during the weekend.

How To

Customers are able to access Revolut services through a mobile app. The user needs a smartphone and mobile number to be able to access their accounts globally and enjoy fair prices after choosing a plan with preferred features. The plans are as follows:

Standard Account

Users can enjoy this account free of charge with the following benefits.

  • Free UK current account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • No fee exchange in 24 fiat currencies up to £5,000 per month
  • No fee ATM withdrawals up to £200 per month

Premium Account

Users can transact using this account for only £6.99 per month with the following perks:

  • Free UK current account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Unlimited exchange in 24 fiat currencies – no monthly limit
  • No fee ATM withdrawals up to £400 per month
  • Overseas medical insurance
  • Delayed baggage & delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Instant access to 5 cryptocurrencies
  • Premium card with exclusive designs
  • Disposable virtual cards

Metal Account

Users can transact using this account for only £12.99 per month with the following perks.

  • Free UK current account
  • Free Euro IBAN account
  • Spend in over 150 currencies at the interbank exchange rate
  • Unlimited exchange in 24 fiat currencies – no monthly limit
  • No fee ATM withdrawals up to £600 per month
  • Overseas medical insurance
  • Delayed baggage & delayed flight insurance
  • Global express delivery
  • Priority customer support
  • Instant access to 5 cryptocurrencies
  • Exclusive concierge service
  • Exclusive Revolut Metal card
  • Disposable virtual cards
  • Up to 0.1% cashback within Europe and up to 1% outside Europe on all card payments

Revolut Products

Revolut card

The app works in conjunction with the card which allows users to make purchases around the world. Users can spend in multiple currencies globally as the app allows automatic money conversions at a close-to-baseline exchange.

Money transfer

Through this service, users can transfer money globally in 24 currencies with interbank exchange rate. This allows users from around the world to access services that banks do not necessarily offer at a lower price.

Vaults

Through this service users can save for their financial goals through recurring payments, rounding up transactions, or start saving immediately. This is especially beneficial for young users who may have a dream they are saving towards for example, a home.

Budgeting

Users can set monthly budgets and take back control of their finances. The app helps in tracking user’s progress in real time, ensuring that one does not spend above target. This helps users to remain accountable of their spending habits.

Perks

Users are able to earn cash rewards just by spending on their everyday needs. These perks are only available for selected users during the beta period. While this is dependent on the amount of money a user spends, it encourages the users to keep transacting.

Cryptocurrency

Users can instantly access cryptocurrency at a touch of a button. Revolut cuts the crypto exchanges time as well as its complexity for the benefit of the user. In addition, most banks and banking apps do not offer these services.

Mobile phone insurance

The app offers instant, global coverage against all accidental damage. This is 56% on average as compared to other mobile phone insurance plans. This product is beneficial especially in cases of an unexpected accident.

Overseas medical insurance

Revolut offers Pay-per-Day overseas medical insurance using geolocation technology. Users get charged for the days that they are actually abroad, with a medical and dental coverage from as little as one pound.

Pros

Accessibility

Revolut products and services are accessible through a smartphone which the majority of the target market can easily access. This allows users to access their money and make purchases at various locations globally.

Encourages Budgeting

Users have the option of setting spending limits for their accounts to avoid overspending. For the most disciplined users this can help one keep track of their spending. Further, Revolut helps one remain on track through reminders.

Ease in currency exchange

While travelling abroad, changing currencies can be difficult. With Revolut, this service is automatic with geolocation. This allows users to enjoy their travels as well as sending money to their friends and loved ones.

Revolut has a product or service for everyone

Revolut has various options available for users. Depending on the features and products one needs, the app provides to the maximum. Therefore, users can use their accounts to meet their needs wherever they are globally.

Offers easy way of transferring money

The mobile app allows users to share money with others at all times. This eliminated the banking process where a day was designated to go to the banking hall. Users of Revolut can transact in just seconds and move on with the daily chores.

Users can access cryptocurrency with ease

Cryptocurrency is hard to come by and Revolut is aware of this hence offering a few options to choose from to meet your needs. Such options allow users to trade and benefit, as they would have if they engaged the services of a bank.

Cons

Overspending

Users are able to access their money throughout the day even when travelling the world. This may lead to spending money unnecessarily on things that one might not need. This requires self-discipline and clear financial goals.

Hacking

Mobile apps like any other type of technology can be hacked leading to losses for Revolut customers. The use of technology has brought about the rise of cybercrimes with many losing account details and money online.

Buying into fads

Two years ago, cryptocurrency was termed as the currency of the future. However, this has not really come to fruition. Revolut offers access to cryptocurrency which uninformed users may buy into and lose their money.

Technological failure

While using the app, one may experience problems with their mobile device limiting their access to their money. In addition, if Revolut was to experience technological issues on their end, then customers would be left stranded with bills to pay.

Higher weekend rates

Markup charges increase to between 0.5% and 1.5% during the weekend. Weekends are filled with activities where people send and receive money constantly. The increased rates are a disadvantageous as users have to transact when need arises.

Customers are responsible for their own security

Every day, people lose their phones which limit the privacy levels of mobile phones. If a customer loses their credentials then they can be hacked and lose their money abroad.

Inflation rates

While exchanging money through this app is thought to be revolutionary, there are instances where the inflation rates abroad may affect users. Users may end up losing money when they use the app to save some money.

 Additional Information On Revolut

Revolut Limited was founded to ease the rigid way of accessing money from the bank. Therefore, the Revolut card was the initial creation of the founders Nikolay Storonsky and Vlad Yatsenko.

The idea came to the founders after they discovered the amount of money a regular traveler wastes abroad on foreign transaction fees and exchange rate commissions. Therefore, the idea of having a multi-currency card was hatched but it did not materialize.

Instead they ended up with a debit card (Visa and MasterCard) and a mobile app that had the ability to convert currencies automatically. Users worldwide can now access their money on their mobile phones.

In addition, the mobile app is easy to use as it has simple options to choose from in terms of account features and products. The registration process is also easy, as one requires their mobile phone number only.

Third Party Reviews

Revolut is a revolutionary financial products and services provider that has had an impact on different people. Therefore, looking at various reviews online provides a better understanding of the app. Listed below is links to different reviews on Revolut:

https://www.trustpilot.com/review/www.revolut.com

https://www.monito.com/en/send-money-with/revolut

https://moneycheck.com/revolut-review/

https://www.capterra.com/p/179092/Revolut-for-Business/

https://www.moneyunder30.com/revolut-review-the-best-way-to-exchange-currencies

Social Channels

Revolut is on social media on the following accounts:

Twitter: https://twitter.com/revolutapp


Company Details
  • Company Name: REVOLUT LTD
  • Registration Number: 08804411
  • Incorporation Date: 2013-12-06
  • Status: Active
Loan Details
  • APR See Website
  • Loan Amount See Website
  • Repayment Duration See Website
Contact Revolut
  • via Phone: 02033228352 Call
  • via Post: 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN