Revolut is a UK fintech with a banking app that offers bank accounts in EUR, GBP, cryptocurrency, a MasterCard/Visa debit card, a virtual card, money transfer and currency exchange services. The company was established in London in 2015 by Nikolay Storonsky and Vlad Yatsenko. In this article, we will review services offered by the Revolut.
Benefits of Revolut Virtual Bank
Signing up for Revolut financial services comes with a number of benefits such as:
- You can order a virtual card that cannot be lost as well as debit cards (MasterCard and Visa) for online/offline purchases and withdrawals.
- You can buy cryptocurrencies such as Bitcoin and Ethereum.
- When travelling, Revolut allows you to withdraw money using ATMs up to £200 a month without transaction fees. A 2% fee will apply for anything above the limit.
- You can send money abroad for free or with a 0.5% fee for anything above £5,000 each month.
- There is a 24-hour live chat customer support.
- Revolut offers health and mobile phone insurance to its customers for £1.00 per day.
How to Sign Up for Revolut Account
To sign up for a Revolut account, you first need to download the app for Android or iOS. Then you will be required to provide your name, date of birth, email and home address, and phone number. For identification, you need to take a selfie and an image of your passport. After setting your password, you will receive a six-digit code in phone to confirm your account.
Opening an account with us takes just minutes, and because we don’t believe in branches, you can set one up directly from your phone.
Type of Accounts
Revolut offers individual and business accounts. With these account, you will will have a multi-currency account, a GBP account with unique sort code and account number and EUR account with IBAN and BIC details. You will also be able to exchange and transfer your money in 29 other currencies using SWIFT or SEPA.
You have to the option of subscribing to a Standard account, which is £0/m, Premium account for £6.99/m and Metal account at £12.99/m. Revolut Junior is available for ages 7-17 through a parent or guardian with a Revolut Premium or Metal subscription.
If your company is registered in Poland or Norway, we can provide you with unique local account details for inbound transfers in PLN and NOK respectively (outbound transfers will be sent as SWIFT payments).
All Revolut accounts have buit-in budgeting feature that shows customers where their money is going each month. They can also set up monthly budgets for things like restaurants and groceries.
Cryptocurrency on Revolut
Revolut cryptocurrency service allows account holders to instantly exchange 29 currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple. The bank works with cryptocurrency exchanges such as Coinbase and Bitstamp. However, cryptocurrency transactions are not safeguarded under the UK Electronic Money Regulations 2011 or covered by the Financial Services Compensation Scheme. Moreover, Revolut’s cryptocurrency service is not regulated by the Financial Conduct Authority, a UK financial regulatory body.
You can receive cryptocurrencies sent by another Revolut user. However, you will not be able to receive cryptocurrencies sent from outside of the Revolut platform, eg. external wallets. This is a closed offering whereby you can buy, sell, exchange, and transfer within the Revolut platform.
Revolut Money Transfer
Revolut uses interbank exchange rate for money transfer in over 29 currencies. If you have signed up for Premium or Metal account, money transfer is free. Revolut supports both SWIFT and SEPA transfers to or from customers’ Revolut account.
Banks will charge you when you spend or transfer money abroad. We’re not about hidden fees or rubbish exchange rates, and that’s why 10M+ people already use Revolut.
Revolut services are available in the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the United Kingdom.
Revolut in the US
Revolut officially launched in the US in 2020. The fintech operates in the US in partnership with Metropolitan Commercial Bank (MCB), which holds clients’ funds and provides FDIC insurance for up to $250,000. Account holders in the US have access to AllPoint ATMs. Free withdrawals, however, are limited to $300 a month under the standard plan, $600 a month under the premium plan and $900 under Metal plan.
Is Revolut Safe?
Revolut is a safe company to store and send money. The company is authorized by the Financial Conduct Authority (FCA) and regulated by the European E-Money Licence. It has a banking licence in Lithuania and operates in Ireland on a freedom of services basis. Money for Revolut cusomers in Ireland is kept in a segregated account in Lloyds bank and Revolut has no access to the money.
Revolut has a dedicated team of security experts who work to make your account safe. Its products and services are designed with customers’ accounts safety in mind. For example, you have the option to freeze or unfreeze your card in the app in case it is lost or stolen. If it happens that your card is used in a different location apart from your phone, you will receive a notification through its location based security feature so you can instantly block its use. You have the option to log into your account using your fingerprint and its disposable cards can be used once for online payments and destroyed to prevent future use.
Your money is not covered by the Financial Services Compensation Scheme in the UK while up to $250,000 is insured in the US.
Revolut has received 4 and a half–star on Trustpilot from 60,187 reviews.
Revolut is one of the fastest growing virtual banks in the world. If you frequently travel internationally, send money abroad and regularly buy cryptocurrencies such as Bitcoin, Revolut is a good fintech company for you.