If you’re looking for a comprehensive overview of Revolut – what it is, the pros and cons, and everything else you need to know – you’ve come to the right place. In this blog post, we’ll discuss what Revolut is, how it works, the features it offers, and more. We’ll also take a look at some of the pros and cons of using Revolut so that you can decide if it’s the right banking solution for you.
What is Revolut?
Revolut is a digital banking platform that is well known for its low foreign exchange fees and its ease of use. The platform offers a variety of features including a prepaid debit card, currency exchange, peer-to-peer payments, and mobile phone top-ups. Revolut also offers a Metal card which is made of metal and has some great perks such as cashback and VIP airport lounge access.
How does Revolut work?
Revolut is available as a mobile app and also has a web-based platform. The Revolut platform is designed to be simple and easy to use. To get started, you’ll need to create an account and link your existing bank account. Once your account is set up, you’ll be able to hold, exchange, and transfer money in multiple currencies. You can also use the Revolut prepaid debit card to spend money in multiple currencies. And, if you need to manage your account on the go, you can use the Revolut mobile app.
Revolute Pros
-A multi-currency account that allows you to hold, exchange, and transfer money in multiple currencies: this one can be particularly handy if you travel frequently or if you have relatives living overseas.
-Low foreign exchange rates: with Revolut, you can get up to 8x better exchange rates than what you would get with a traditional bank. For example, if the mid-market rate for EUR to USD is 1.20, you would get 1.16 with a traditional bank. With Revolut, you would get 1.19. It may sound like a small difference but it can add up, especially if you’re making a large transfer.
-A prepaid debit card that can be used in multiple currencies: this can help you avoid foreign transaction fees when you’re spending money abroad. This card can also be used to withdraw cash from ATMs.
-A mobile app that makes it easy to manage your account on the go: the Revolut mobile app is available for both Android and iOS devices. The app has a clean and user-friendly interface that makes it easy to view your account balance, transfer money, exchange currencies, and more. You are sure to appreciate the convenience of being able to manage your account from your mobile device.
-Investment features: with Revolut, you can easily invest in a variety of stocks and ETFs. The platform offers a great selection of investment products and makes it easy to get started.
-End-to-end Security: Revolut takes security seriously and offers a number of features to keep your account safe. For example, all data is encrypted and stored on secure servers. In addition, Revolut offers two-factor authentication and fingerprint/Face ID login for an extra layer of security. They also watch over your account for suspicious activity and will notify you if anything looks out of the ordinary.
Revolute Cons
-A monthly fee for some account types: depending on the type of account you have, you may be charged a monthly fee. For example, the Standard account has a monthly fee of $1.99. If you need to send or receive payments in multiple currencies, you may find that the fees start to add up. This can be solved by upgrading to a Revolut Premium or Metal account, which doesn’t have monthly fees.
-No physical branches: since Revolut is a digital bank, there are no physical branches that you can visit. This can be inconvenient if you need to talk to someone in person about your account. To our delight, there is excellent customer service available via the Revolut mobile app and website.
-No joint accounts: currently, Revolut does not offer joint accounts. This can be inconvenient for couples or families who want to share an account.
-Not available in all countries: unfortunately, Revolut is not available in all countries. Currently, Revolut is only available in Europe, the United Kingdom, and Australia.
To sum it up, Revolut is a great choice for anyone who wants a digital bank that offers a great selection of features and benefits. While there are a few drawbacks, such as monthly fees and limited customer support options, the advantages far outweigh the disadvantages. If you’re looking for a digital bank that offers great value, Revolut is definitely worth considering.
