Revolut

by Mel
Mar 15, 2021 | 0 Votes | 87 Used | 0 Reviews Your vote
Revolut - rate Revolut is a British financial technology company that offers virtual banking services as an alternative to physical banks, in particular, mobile app-based current accounts, prepaid debit cards, stock trading, fee-free currency exchange, cryptocurrency exchange, and peer-to-peer payments.
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Summary


Revolut is a British financial technology company that offers virtual banking services as an alternative to physical banks, in particular, mobile app-based current accounts, prepaid debit cards, stock trading, fee-free currency exchange, cryptocurrency exchange, and peer-to-peer payments.

What You Get


As millennials who came of age in the age of the smartphone, Revolut founders Nikolay Storonsky and Vlad Yatsenko explained that the idea behind the tech-financial company arose from their shared frustration with the fact that traditional banks were dragging their feet at introducing full-service digital banking services for younger customers such as themselves who unanimously preferred to do their banking completely online through their mobile phones.

Thus, the Revolut mobile digital banking app and card was born. Designed for those who travel and offering multiple, easy ways in which to manage and spend your money all over the world, including international money transfers with no hidden transaction fees; Revolut allows ATM withdrawals in 120 currencies and sending in 29 currencies directly from the app. It also provides customers access to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and XRP by exchanging to or from 25 fiat currencies.

An extremely convenient and helpful complementary app/card to your regular credit and debit cards—especially in places where you still can only pay in cash—Revolut is a great way to withdraw money without bank charges and pay with your smartphone as well as to avoid any transaction fees or expensive exchange rates (ideal for holidays outside the EU).

With Revolut, you can easily create an account online by providing your name, photo, phone number, email address, date of birth, identity documents, and bank/card information. What’s more, you don’t need proof of address and there are no credit checks involved. Upon approval of your account, you can use two methods of payment: a Revolut Debit Card Card (free of charge) that you can use to make regular payments and withdrawals at cash machines in 120 countries sans transaction fees, and its App which makes paying for purchases quick and easy simply by scanning your phone on a barcode reader.

Revolut membership tiers also offer a range of digital banking services that tech-savvy users will appreciate, including: International money transfers in 29 currencies at the interbank exchange rate (the same rates banks give each other) letting users save as much as 8%; commission-free New York Stock Exchange & NASDAQ stocks trading (for Metal members); a cryptocurrency exchange where you can convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP; money vaults for budgeting and saving money; ability to set monthly spending limits and enable additional security; mobile phone and overseas medical insurance; cash back privileges, a travel and concierge service, and more.

Revolut has recently been granted an EU banking licence by the European Central Bank so that its transactions are fully guaranteed and monitored by EU banking regulations. With the formalization of the UK’s separation from the EU, however, it has yet to acquire a full UK banking licence.

In the US, Revolut has partnered with Metropolitan Commercial Bank to hold client funds, giving customers standard FDIC insurance on balances up to $250,000, and debit card transactions are protected by Visa, Mastercard or Maestro card processing rules.

Terms


Revolut has three tiers: Standard, Premium and Metal. All plans are available in the UK and EU, while only the Standard plan is currently available in the US (with full rollout of services coming soon).

Revolut Standard is FREE, but comes with the following surcharges according to the service availed, such as:

Weekend markup on all foreign exchanges to adjust for interbank rate fluctuations between the previous Friday and the beginning of the new Monday business week. Markup is pegged at 0.5% for the 15 major currencies and 1% for others.

Bank transfers are not charged a fee at the interbank rate in 29 fiat currencies but will incur a 0.5% transfer surcharge in excess of £5,000/$6,500 a month.

Withdrawals at ATMs are FREE up to £200/$300 per month with a 2% fee for every withdrawal past the monthly limit.

No overdrafts as all purchase transactions exceeding available funds will automatically be declined.

Card delivery fees of £4.99 or currency equivalent for standard delivery and £5 or currency equivalent per replacement card fee (plus delivery fees).

Revolut Premium, meanwhile, for £6.99/$9.99 a month comes with all of the perks of Standard plus Free ATM withdrawals of up to £400/$600 per month, peer-to-peer cryptocurrency transactions, FREE overseas medical insurance, and FREE disposable virtual cards (a virtual card that you create to make an online payment that is secure. The card number automatically changes with each payment, helping to protect against fraud).

Revolut Metal, finally, for £12.99/$14.99 a month, is the company’s premium card with all of the perks of Premium plus Free ATM withdrawals of up to £600/$900 per month, Airport lounge access through LoungeKey (access to over 1,000 airport lounges located in over 120 countries for £25 per lounge access per person); concierge service; 1% cashback on purchases abroad; and comprehensive travel insurance covering worldwide emergency medical and dental treatment and compensation for delayed flights and luggage.

As for security, the Revolut App is protected by a password or fingerprint ID so that only you can access it. From there, you can immediately freeze or unfreeze your account details as well as activate or deactivate contactless payment and online payments in the app within seconds in case your card has been misplaced, lost, or stolen. It also takes advantage of location-based security in which you’ll get a notification if your card is being used in a different location than your phone, and the purchase can be blocked immediately.

In addition, the app sends notifications with each payment made and the balance is displayed on your screen so you can track usage in real time.

Trustworthiness


Apart from minor complaints about the weekend markups and relatively low threshold of the ATM monthly withdrawal limits set by Revolut, the banking app has generally been rated by users as highly satisfactory, trustworthy, secure, and relatively controversy free. There have, however, been reports according to the Telegraph newspaper that in the summer of 2018, Revolut disabled a system designed to automatically halt transactions to individuals who matched against sanctions lists (names of individuals whose assets have been frozen and include those connected with chemical weapons violations as well as members of the Islamic State), meaning that bad actors were potentially using Revolut to get around economic sanctions.

There have also been several instances where Revolut allegedly misplaced or lost client funds, though the company specifically claims that no fraud had occurred, and that the misplacement was due to incorrect details entered during payment stage.

Conclusion


Boasting of being a “world beyond banking, working for those who never stop moving forwards,” Revolut aims to revolutionize the way people bank and transact their money online. Offering a full slate of banking services at the touch of your smartphone, Revolut’s convenience, surcharge-free international money transfers, low interbank currency exchange rates, and robust cryptocurrency market is making the switch to fully online banking more attractive than ever before.

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by Mel Mar 15, 2021
Revolut is a British financial technology company that offers virtual banking services as an alternative to physical banks, in particular, mobile app-based current accounts, prepaid debit cards, stock trading, fee-free currency exchange, cryptocurrency exchange, and peer-to-peer payments.
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