Revolut Review
Company info & Overview:
Revolut is one of the fastest-growing apps since 2015. The app's success is due to its simple user interface and no charges for the majority of its services. Revolut offers all the usual features that a current account provides, such as sending and withdrawing money. Additionally, you can use its other impressive features, including free international money transfers, fee-free global spending, and access to cryptocurrency exchange.
Revolut is redefining personal finance with its innovative current account and card offerings. Combining ease of use with powerful features, Revolut is designed to meet the needs of today’s tech-savvy individuals.
Pros & Cons
Pros:
-
You can set a spending goal and put money aside in a Vault. Group Vaults are also available.
-
No credit checks required, and the setup process is effortless.
-
Control over accounts and cards with a user-friendly app.
-
A multi-currency current account available for free.
Cons:
-
Free cash withdrawals are limited to £200 per month.
-
Revolut applies a mark-up of 0.5% on major currencies and 1% on other currencies on its rates at weekends when the markets are closed.
-
No physical bank branches are available.
Who is Revolut For?
Revolut is perfect for:
- Frequent Travelers: With multi-currency support and no foreign transaction fees, Revolut is ideal for those who travel frequently and need to manage finances across different countries.
- Tech-Savvy Individuals: If you prefer managing your finances through an app with advanced features and real-time updates, Revolut is for you.
- Budget-Conscious Users: Revolut’s budgeting tools and spending insights help you manage your money effectively and save more.
- Cryptocurrency Enthusiasts: Easily buy, hold, and trade cryptocurrencies within the Revolut app, making it a convenient option for those interested in digital assets.
Revolut for Business is a business account platform for domestic and international payments. Businesses can enjoy multi-currency accounts that allow people to hold, transfer, and exchange money in over 20 other currencies. Their advanced mobile app lets you transfer money quickly, receive notifications, and split bills.
On-boarding process
-
Download Revolut app from the app store or play store
-
Sign Up
Quick and Easy Registration: Click here to sign up for a Revolut account. The registration process is simple and can be completed in minutes.
-
Verify Your Identity
Secure Verification: Complete the identity verification process by uploading a photo ID and a selfie. This step ensures the security of your account.
-
Order Your Card
Free Card: Once your account is verified, order your free Revolut card. You can start using the virtual card immediately for online purchases.
-
Load Your Account
Multiple Funding Options: Load money into your Revolut account via bank transfer, debit card, or other supported methods.
-
Start Using Your Account
Seamless Experience: Begin enjoying all the benefits of your Revolut account and card, from fee-free spending to real-time spending notifications.
Accounts & Pricing
- Standard - £0.00 per month
- Plus - £2.99 per month
- Premium - £6.99 per month
- Metal - £12.99 per month
Key features
1. Multi-Currency Support
-
Hold and Manage Multiple Currencies: With Revolut, you can hold and manage over 30 currencies in a single account. Exchange currencies at interbank rates and avoid hidden fees.
- Real-Time Exchange Rates: Get access to real-time interbank exchange rates, ensuring you always get the best deal.
2. Fee-Free Global Spending
- No Foreign Transaction Fees: Spend abroad with your Revolut card without worrying about foreign transaction fees.
- Free ATM Withdrawals: Enjoy free ATM withdrawals up to a certain limit each month, making it easy to access cash wherever you are.
3. Advanced Security Features
- Instant Card Locking: Lock and unlock your card instantly through the app if it's lost or stolen.
- Two-Factor Authentication: Enhance your account security with two-factor authentication (2FA).
- Real-Time Transaction Alerts: Receive instant notifications for every transaction, helping you keep track of your spending and detect any unauthorized activity.
4. Budgeting and Analytics
- Spending Insights: Get detailed insights into your spending habits with Revolut’s analytics tools. Track your expenses by category and stay on top of your budget.
- Budgeting Tools: Set monthly budgets and monitor your progress, helping you manage your finances more effectively.
5. Additional Features
- Cryptocurrency Support: Buy, hold, and exchange cryptocurrencies directly within the app.
- Savings Vaults: Create savings vaults to set aside money for specific goals. Earn interest on your savings with Revolut’s competitive rates.
- Instant Peer-to-Peer Payments: Send and receive money instantly to other Revolut users, making it easy to split bills and manage shared expenses.
Frequently Asked Questions (FAQs)
Q: How much does it cost to open a Revolut account?
A: Opening a Revolut account is free, and you can get your first card for free as part of the current promotion.
Q: Can I use Revolut for online purchases?
A: Yes, you can use your Revolut card for online purchases just like any other debit card.
Q: Is my money safe with Revolut?
A: Yes, Revolut uses advanced security measures, including two-factor authentication and real-time transaction monitoring, to ensure your money is safe.
Q: How do I contact Revolut customer support?
A: You can contact Revolut customer support 24/7 through the in-app chat feature.
Q: Can I hold multiple currencies in my Revolut account?
A: Yes, Revolut allows you to hold and manage over 30 currencies in your account.
To sum up
Revolut is an alternative to traditional banking, offering specific benefits for those who conduct transactions in multiple currencies. It is particularly useful for travelling. If you're planning a holiday or travel frequently for work, you can easily move the cash you need to your Revolut account and forget about extra fees. The app is well-designed and straightforward to use, so you should have no trouble getting used to it.
Top8NeoBanks Editor's Note:
"Revolut is transforming personal finance with its feature-rich current account and card. Whether you’re a frequent traveler, a tech-savvy individual, or someone looking to manage their money more effectively, Revolut has something to offer. With competitive exchange rates, low fees, and advanced security features, Revolut provides a seamless and secure banking experience."
*Exclusive Promotion for Top8NeoBanks Users*
Revolut
|
98
|
- 3 months Revolut Premium Free trial
- UK current account / European IBAN
- Early salary feature
- Manage your money & card via app