Are you fond of doing bank transactions with the usual physical banks? Are you already satisfied with those high fees and the time you spend on visiting those traditional banks? If your answer is YES, you will find in this Revolut bank review article that this bank is not for you. Why? As for this bank, it is not only easy to use, but it also offers cheap rates and you don’t have to make time visiting a physical bank. Right on your mobile phone, you can do whatever transactions you needed which you can’t see in a usual Traditional bank.
Getting to know Revolut
Generally, Revolut is a fintech company based in the United Kingdom, extended its service not only across Europe Union but also in Singapore, Australia, and other countries. It offers primarily banking services right on your personal mobile phone. This banking app also works with a prepaid debit card, consumer-friendly currency exchange, and cryptocurrency. As it works as an app, it is ideal for people who want to secure a bank account hassle-free and loves traveling across different countries.
Although it is a digital bank, you can be assured that it can protect money up 100,000 euros like what a physical bank can offer. Revolut bank is now under the European Deposit Insurance Scheme (EDIS). One difference is that this digital bank can save you from dealing with lots of fees when exchanging foreign currency abroad.
Although it is a digital bank, you can be assured that it can protect money up 100,000 euros like what a physical bank can offer. Revolut bank is now under the European Deposit Insurance Scheme (EDIS). One difference is that this digital bank can save you from dealing with lots of fees when exchanging foreign currency abroad.
This banking app is designed for people who wish to have more flexibility that they can’t get from the usual banks. It is also perfect for people who wish to manage their funds physically and virtually. The goal of Revolut bank is to meet the needs of their clients and “control” is one of those needs. Revolut can effectively work for consumers and businesses.
As of now, Revolut has more than 6 million customers and accumulated many transactions. According to its website, 150 million transactions have a total value of more than 17 billion Euros. With Revolut, clients saved approximately 660 million Euros in fees from exchange rates.
Where is Revolut accessible?
In order to sign up and enjoy the benefits of having a Revolut, you need to legal residents of the following European countries;
Other residents from countries like Switzerland and Australia can also sign up for Revolut. Its services are also extended to countries like the United States, Singapore, Canada, Japan, and other countries.
How to sign up for Revolut?
If you think you’re qualified to sign up in Revolut, you can open an account in a few minutes only. Here’s the step-by-step procedure;
To start, you need to download and install the Revolut app. Here’s the link. Once you got the app, you need to visit the Revolut’s site and enter your mobile number to get an invite. The app only works with iOS and Android mobile devices only. You can also customize your Revolut app according to your language. Now, the Revolut app comes with a variety of languages that make it suitable for many nations.
Provide the needed personal information. As it is considered as a financial-based application, you are required to enter your personal information. It is usually composed of your full name, residency status, address, date of birth, email address and mobile number. When it comes to the mobile number, you should ensure that you entered the right set of numbers, generally, it is composed of 6 digits. Your mobile number will be needed when verifying transactions or when you forgot some of your login credentials.
Set your PIP number. When accessing your Revolut app, you need to enter your PIN number. When setting your PIN number, it should be something unique and easy to remember on your part.
Verification of your identity.
In signing up for the banking app, you will need to enter your EEA phone number and your valid EEA address. After entering these details, you need to verify your account. The verification process enables users to utilize a Revolut account. This process is in line with UK banking regulation policy and it is identified as “KYC” or “Know Your Customer”. When we say KYC, a certain business verifies the identity of the customer or client. It is a precautionary measure for fraud and anti-corruption. All clients should complete this process in order to bound by the Revolut’s General Terms of Service.
At this step, you need to take a photo of your government-issued identification cards like a driver’s license or passport. Make sure that it is clearly taken or else the system won’t validate it. After your ID, you need to take a picture with you and your ID. This is to assure you that you owned the ID taken.
Deposit some funds. As you create your account, you need to deposit a minimum of €10 in your Revolut account. You can have this step through a debit card or bank transfer.
Choose your plan
Aside from the standard plan, you can select the other two plans – the Metal and Premium plans. You can stay with your existing plan which is the standard plan. You can check which plan suits your needs as you continue reading.
Get your debit card. Once your application becomes successful, you can request a contactless Revolut Card. This card is issued by Visa or MasterCard. With this card, you can freely control your account. You can freeze or unfreeze it by only touching a button to your app. You need to pay €5 for the delivery fee or you can take it from the €10 you have deposited.
Features of Revolut App
The app is very simple and easy to navigate. Here are some features of the Revolut app;
Payments
Here, you can transfer money using up to 24 currencies by using the interbank exchange rates. You only need to pay a 0.5% fee for payments or transactions amounting to more than $6,500 per month. This fee can increase during weekends or to specific currencies.
Manage your cards
It is the feature where you can freeze your card once you lose it. You can simply unfreeze it when you found it. Here, you can also set your limits of spending and add some additional security to your funds.
Accounts
In this feature, you can view your balance and your transaction history on your accounts. You can also set up your monthly budget in this feature.
Pay Friends
It is a feature in the Revolut app where you can pay a part of the bill when spending as a group.
Analytics
Here, you can view how you use your funds. It can be categorized by type of transaction, country or merchant.
Cost of Having a Revolut Account
Generally, a standard Revolut account has no cost. Hence, Revolut also offers various accounts with a monthly subscription. In getting the app, you can get for free at the Apple or Google Store. There’s no need to pay an amount upon opening an account or monthly fees as long as you’re a standard user. However, you need to pay for €4.99 for the delivery of your debit card across Europe.
Keep in mind, loss Revolut debit card can charge you €6 per card and additional corresponding delivery fee as well.
Fees in Receiving & Sending Money in Revolut
There is no cost if you do the local bank transfer and it works through a Faster Payment Network and money will arrive at your receiver in minutes only. If you choose to have an EU to EU transaction using SEPA, there’s a free of charge. However, money might take a few business days to arrive. Usually, it arrives at the next business days.
You’ll pay a corresponding fee once you use the Swift Network. Usually, receiving or sending funds using SWIFT can cost your €15 or it may vary to the other bank included in the transaction.
Fees When Using the Revolut Debit Card
When using the Revolut Debit Card, you can utilize the card for regular payments with no extra charge. In addition, you are free from fees when you transact with a debit card or in a store provided that you only use local currency.
Hence, if you need to redraw money from an ATM, you can enjoy your first €200 withdrawal from an ATM free of charge. After accumulating this amount, there will be an additional redraw fee of 2%. If you will use your debit card abroad, you need to settle the fees that you can see in the foreign exchange section.
The Pricing Plans of Revolut
The Standard
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As you sign up for Revolut, you usually start in a standard plan. It offers 0% fees when converting foreign currencies.
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It also covers €200 ATM withdrawal for free monthly. As it is FREE, it is a necessary plan that should be with starters or first-time travelers.
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As it is a debit Mastercard or a debit VISA, it enables you to pay around the globe without extra fees when paying using the local currency. If you think you need to upgrade to Metal or Premium, you can request for it and extend your benefits. In order to have this account, you only need to sign up and there’s no need to pay for monthly subscriptions.
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Aside from the usual and free standard account, Revolut offers two pricing plans - the Metal and Premium accounts. In this section, you’ll be able to identify each pricing plan.
The Premium
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This type of plan is identified as a mid-range pricing plan. It is a perfect choice for people who wants an upgrade and wants to explore more about Revolut.
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In this plan, account holders can enjoy up to €400 ATM withdrawals per month for free.
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Like the Metal plan, it also offers free fees when exchanging currencies.
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It also gives holders travel insurance.
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If you choose to have a Premium plan, you need to pay €7.99 per month.
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And, it has a debit Mastercard only.
The Metal
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It is the most exclusive card. It is an ideal card for people who frequently utilize bank transactions like paying bills or withdrawals. Unlike the standard account, metal account holders can withdraw cash up to €600 from various ATMs around the globe for free.
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Also, you can enjoy the unlimited currency exchange for 0% fees. That makes this card unique because typical banks usually charge a 1 to 3% fee when converting foreign currencies. Metal card owners can also access more than 1000 concierge and lounges services and get 1% cashback on every purchase you’ve made.
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As it is ideal for travelers, it also gives its holders free travel insurance which best works when your baggage of flight is delayed. It also covers emergency medical assistance and dental fees abroad. Upon choosing Metal Card, no need to settle for delivery fees worldwide. Like the premium plan, it has only a debit Mastercard.
Is my money safe with Revolut?
Nowadays, where most people depend on technology. There are no issues with converting from the usual banks to the mobile-based banking app. Probably, people nowadays take this as the most comfortable way to control funds. However, it is important to explore how is your funds or money safe with the Revolut.
Revolut works with a tier-1 partner bank that holds the customer’s funds. As Revolut’s tier-1 partner is known as FCA authorized institution, your money or funds will be safe and be paid in case of insolvency. Also, debit card transactions are protected with MasterCard and Visa card processing security rules.
The Revolut app is protected with a fingerprint ID or password. When you accidentally misplaced your card, you can easily freeze and unfreeze your card using the app. It is best to turn your account online for more control. You can also modify your account by turning on or off ATM and contactless payments.
If in case your card is used in different locations, you will get a notification through your mobile and transaction made without your consent will be blocked. Revolut has location-based security and it can detect the unusual activity of your debit card.
Meeting Your Financial Goals with Revolut
Let’s all admit, not everyone is good at managing money. There are instances that you only check your bank balance when you can’t buy your needs. In Revolut, you can improve your spending habits and track how you spend your funds. While using this account, you can set your spending and saving.
In Revolut, you can view an analytics system where you can see the manner how you spend your money. As you understand the way you spend, it will be easier for you to manage your money. This app will not control you but it will help you to become responsible for handling your money every week.
What is an Automatic Savings?
Aside from helping you sort out too many fees, Revolut is developed in enabling users to save money automatically. There’s no age in saving, the earlier you start it, you don’t have to worry about your money or work in the future.
It is indeed hard to save money, especially when you reach old age. While working, many companies used to ask for retirement contributions and some social welfare plans which can be useful in the future.
In Revolut, you can have many options to save money automatically. You can ask the “Robo adviser” and see for yourself the best way to save money.
What are Revolut Vaults?
This type of vaults is one of the ways to rapidly meet your financial goals. It is easy and it takes a few minutes to set up a vault in the Revolut app. You can set up as many vaults as you want. You can rename each vault according to your goal. In funding your goals, you can either transfer funds from your Revolut account or set up a way on how to work your goal.
One of the ways to work on your financial goal is through cryptocurrency. You can buy Bitcoin or crypto with a certain amount that will automatically be credited to your vault. Another way is through setting up a certain amount that will go directly to your vault either weekly or monthly. You will receive a notification once your vault received an amount.
What is Cryptocurrency in the Revolut?
When talking about cryptocurrencies, Revolut works well from its competitors. Last 2017, Revolut became the first challenger bank to let clients purchase cryptos using the app. Some users in the United Kingdom can buy and sell five main cryptocurrencies and be able to track market variations in the app. However, clients in the United States don’t yet confirm if they can experience the same benefits.
Advantages & Disadvantages of Having a Revolut Account
Advantages
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There’s a lot to be in list when it comes to the Pros of Revolut. One of the basic pros of Revolut is it offers 0% fees when converting foreign currencies. You can exchange for a total of 29 currencies and you can get accurate market value without hidden costs.
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It is a perfect partner for people who are tired of dealing with traditional banks like answering a lot of forms in order to have a bank account. It is also ideal for people who love to travel. It can give you from 200 to 600 euro ATM withdrawals abroad per month. You can utilize a standard debit card which can be applied around the globe. As you choose to pay using your card, you can pay through the local currency which can save your money.
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Like the physical banks, Revolut can also protect accounts up to €100,000 and has a banking license that is protected by EDIS or European Deposit Insurance Scheme. As for Premium and Metal account holders, they can have free travel insurance and access for more than 1000 lounges and concierge services.
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Once you misplaced your debit card, you can temporarily block your card and unfreeze it once you found it. The Revolut app is easy to use and it has a simple design. It can also help you manage your budget. You can view your budget analytics on how you spend your funds like trips, clothes, etc.
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Lastly, you can check current foreign exchange real-time in the app. Revolut Customer support works 24/7.
Disadvantages
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If there are advantages, there will be disadvantages. As it is a digital bank, Revolut doesn’t have a physical bank and it is not quite ideal for elder people who don't know how to explore mobile phones. However, Revolut has online support that works 24/7 which is quite better for typical banks.
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Another disadvantage is the exchanging currency fee is increased by 0.5% due to the market is closed. There is an additional undefined increase in some foreign currencies. Hence, regular banks usually charge 1 to 2 % during weekends when converting foreign currencies.
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Another thing, there are limited free ATM withdrawals and it depends on your pricing plan you chose. Lastly, there is no credit option.
Overview
Traditional banking seems to be the old-school way of managing money. People consider this form of banking due to it offers a wide range of choices. You can open personal savings, checking account and many more. Also, most traditional banks have brick-and-mortar locations not only for the physical bank branches but also with their ATM machines.
However, although these banks have branches nearby, it only works with limited hours and sometimes you have to expect them to be crowded. It will take plenty of your time in doing basic bank transactions. You have to allot of huge time in doing banking matters with traditional banks.
In terms of rates and terms, traditional banks are expected to cover higher fees in order for them to stay in the business and to cover the overhead expenses of the banks.
When it talks about convenience, Revolut can be the best pal for people who wish to have their own bank account right on their mobile phone. As it is hassle-free and easy to control, it is also ideal for people who love traveling as well. Imagine, you can convert 29 currencies without spending too many fees. It is a digital bank that can be a great contender for the typical banks and famous credit cards worldwide.
It is highly recommended to be added to your existing bank accounts. You can start on the standard Revolut account and try to see if you can settle for its benefits. You can upgrade it to Premium or Metal and enjoy the perks of these paid accounts.
As time goes by, Revolut extends to many countries and surely, there will be a lot of people that will use it. If you’re looking for a bank that is hassle-free and easy to manage, you should meet Revolut. This digital bank will save you from extensive hidden fees and too much foreign exchange fees. Also, the app comes in different languages which can be a high advantage for everyone.
You should be mindful of the weekend’s extra foreign exchange charges – 0.5 percent for major currencies and 1 percent for others and plan your converting transactions accordingly.
You must also not want the card to take 7-14 days to arrive, so make sure you order it well in advance if you need it for a scheduled holiday.
If you’re looking for a bank where you fully manage your funds not only physically but virtually, you got the right place with Revolut. No need to go to a physical bank, by simply tapping your app, you can freeze or unfreeze your card. You can also do contactless payments, and online transactions as well.
If you think it will be more convenient on your part to deal with the traditional banks – Revolut is not suitable for you. If you think you want to enhance your banking experience easy and comfortable, feel free to click the link and experience the wonderful benefits of using Revolut.