Are you looking for a fast and safe way to perform transactions online, move your money around or get the best conversion rates on foreign exchange when you travel? Or maybe looking for a way to fund your forex account?
When you want to perform financial transactions online, you don’t really have that much choice. Usually in this situation you have to rely on banks, and they will charge you a certain amount for every transaction. And most of the time fees are higher and higher according to the amount you want to transfer.
Revolut is a unique, revolutionary system designed to make the process simpler and more convenient, and that’s exactly why you want to give it a shot.
What is Revolut, what does it do?
Revolut is a very distinctive and innovative currency exchange and banking company. They have a mobile app which allows you to send money from one person to the other internationally and without having to worry about any fees. The interesting thing is that they are supporting more than 140 countries and Revolut is always expanding to new countries all the time too!
Revolut comes in the form of a payment card and a banking app. Its primary focus is to become an alternative solution to the regular banking products. Usually these tend to charge you a lot in regards to international expenses. Revolut doesn’t do that. It understands that people have a global lifestyle, and thus they want to make it easy for you to transfer money and pay for stuff without relying on a bank all the time.
The primary focus for them is to adapt to the need of every client. It’s a system that brings in a lot of control for customers, and they definitely want to use the platform in such a situation. And there are no actual fees involved, including any potential hidden fees. The entire service is free and designed to help you create a new way of handling money online.
You can find more than 2 million customers on this platform, and they already completed more than 150 million transactions that are over 15 billion GBP. That’s a huge number, and one that continues to grow as the platform becomes more and more popular.
Brief story of Revolut and how it started
Revolut is a digital bank, established in July 2015 by Nikolay Storonsky. Nikolay is a former trader that worked for Credit Suisse and the Lehman Brothers. So he has all the knowledge needed to transfer money securely and with great success. He partnered up with Vlad Yatsenko, who created financial systems for investment banks.
Initially the Revolut platform was focused on creating prepaid cards and the app. It was designed to help travellers switch from one currency to the other without having to lose a lot of money. But since then Revolut has always tried to expand and bring in more features and benefits to customers. Starting out from nothing basically and taking that business to serve millions of customers and 20000 businesses is spectacular and a great way to show the power of this brand. The idea behind it was unique and refreshing, and it really helped push the brand to new heights too!
What can you do with Revolut?
Revolut can help you do quite a lot of things. The primary reason behind using this platform is that you can spend money abroad with minimal fees, and that really helps you a lot. You can also make transfers to bank accounts in more than 120 countries free of charge. These 2 options are incredible considering the business spectrum right now. Banks are charging a lot for this type of transactions. Which is why a lot of people choose Revolut, because this is the more convenient and certainly the easiest to approach option when it comes to this type of content and stuff.
Another interesting Revolut feature is that you can save spare change using vaults. You can keep your money there and use it at a later date. It’s not exactly an investment, but it does work quite nicely and it features plenty of adaptability and quality in ways you would not imagine beforehand.
Revolut’s app is great since you can easily track how much you spend via their analytics and notifications. It can be easy to spend money on stuff fast, so having a way to track expenses makes a lot of sense.
You can also use the app to get a credit loan, purchase overseas medical insurance and it’s also suitable for acquiring or selling cryptocurrencies. While this platform might not cover every type of transaction you want to complete, it’s definitely very close to that and a clear testament of how powerful this platform is especially at this time. Of course you can also pay friends, hold different currencies and freeze your card or set spending limits. This is very helpful if you are the type of person that spends a lot of money quickly.
How to top up Revolut?
Topping up Revolut is all about understanding the limits of this process and what you expect from it. Thankfully you have multiple options when it comes to topping up your account. There are 4 main top up options. The main one is via card, their website goes into detail when it comes to what cards are supported and what currencies you can use. New cards and currencies are added all the time, and the platform expands very fast, which is great.
Aside from that, you can also use the bank transfer option to top up. There’s even the ability to use cash or cheque top ups, as well as Apple Pay or Google Pay top ups too. Simply put, just about all major platforms can be used, so even if you don’t use Apple Pay for example you can top up via cheque or a card.
Revolut Fees and charges
You can find a complete description of all current fees at https://www.revolut.com/legal/fees/. But the interesting thing is that the Premium or Metal cards will cost you a fixed amount per year. Thankfully the costs are not very high, it will be around $16 per month or $160 per year for the Metal option and $9 per month or $92 per year for a Premium subscription.
However, the mobile app, account management, security features, and issuance charges are all free. That being said, the physical card delivery process will be a paid one, but charges will differ based on where you are located.
Considering other similar platforms, Revolut is not charging a whole lot, and you can easily get plenty of value even as a standard user. You can upgrade your account or downgrade it at any given time, you just have to pick what matters the most for you and then go from there. But yes, fees are not very high, and that becomes an advantage more often than not.
Pros and Cons of Revolut
Revolut is a widely used platform and it does come with some amazing ideas. But it also has shortcomings, just like any platform in this industry would have.
- You have a wide range of money transfer and banking services at your disposal at any given time
- There’s the option to acquire a Revolut card for international spending
- You have an advanced mobile app with lots of features, and that’s great for financial management
- Great exchange rates
- Very adaptable to your needs, it even has cryptocurrency support
- Some services will require you to pay for a Premium account
- Regular money transfers are free, but some transfers require a fee
- Business plans can be very expensive at times
What is Revolut Business?
Revolut Business allows you to manage your company’s finances and also handle currency exchanges within the Revolut platform without having to worry about massive bank charges. You can also perform money transfers fast and there’s the option to transfer money internationally without fees too, something which is impressive and also quite spectacular.
Revolut also has its own set of physical and virtual cards that you can create for your staff, not to mention you can sync these transactions into the desired accounting platform. As a result, you can manage and track your expenses in your accounting, all while getting notifications and receiving a comprehensive report with all the expenses in no time.
The Revolut Business charges will differ based on what type of company you have. Usually the difference will come from how much you have per month in regards to incoming funds. If you have less than 100k GBP, the charge is 25 GBP per month. For 100k to 1 million GBP the charges will be 100 GBP per month and everything over 1 million GBP per month will be charged with 1000 GBP per month. These charges are quite strange, especially when it comes to the huge gap between the Standard option at 100 GBP and the Professional one at 1000 GBP. This is an alternative when it comes to the custom options which usually companies tend to go for.
If you have lots of incoming funds, then Revolut Business might eventually help you save money. But on the other hand, it can be quite expensive in the long run too, so you just have to make the right pick and give it a shot, as you can try it for free for 14 days before committing to any package.
Is Revolut Safe?
Revolut is a very safe platform. They are using the latest encryption methods to ensure all funds are transferred properly and with the right system and approach. That being said, they do offer a lot of features to help you stop any issue yourself. For example, if you see that something is wrong, you can freeze the account, and you can also turn off contactless payments from within the app, something that’s super simple to do and extremely convenient.
Also, Revolut keeps the client money in a ring-fenced segregated client account held by some banking partners. The company is also FCA authorized, so it meets their requirements when it comes to safeguarding funds. As a result, the platform is indeed very secure and you can use it and enjoy all of its benefits quickly! You still need to pay attention in regards to where and how you use the platform, but they do have plenty of features in place designed to help you avoid issues or take action if needed!
How long does a Revolut card take to arrive?
As you can imagine, this will differ based on where you are located. Based on what Revolut is stating on their website, the standard delivery time is up to 9 business days, so quite a lot of time. There is an express delivery option to Canada, Australia, the US, and the UK and that will be 3 business days, with 4 days being the express option for other countries. Normally you will have the estimated time of your card arrival under the Cards section inside the app.
9 days is quite ok, considering that many banks will provide an international card in a similar amount of time. So while it might take a bit for the card to arrive, it’s not a huge waiting time and that’s actually better than expected in most situations.
Does Revolut Charge for transactions?
That will depend on what transactions we are talking about. There are some fees that Revolut will bring in to the table, however for the EUR and GBP local transfers they are not charging anything and the only costs are added by the beneficiary bank here. If the beneficiary bank is outside the EU or the transfer is not in Euros, the transfer is sent via Swift, and that does bring in wire transfer fees.
But if you perform local transactions in the same currency, there won’t be any fees. It’s important to understand the Revolut fee system, which was linked earlier in this article. That will provide a much better insight into the entire system, how it works and how you can adapt it to your own requirements.
How do I transfer money to Revolut?
Revolut’s unique approach is to offer you a simple way to add money to your account. Their focus is to offer a simple way to complete any transactions you want at your own pace. That’s why you have a variety of options such as card, bank account or mobile payments which you can use to top up the account the way you want. It’s comprehensive, convenient and also very professional, which is exactly what you would expect from a system like this.
Is Revolut a bank?
Revolut is not exactly a bank, it’s more of an alternative to banks. It does provide some bank-like services, but most of the interaction with the platform is via a web platform or the dedicated app. You can still talk with professionals that might be able to offer assistance, but Revolut is mostly a platform designed to take banks to the next level by adding specialized features in the online world. And everything is adapted and adjusted adequately to your own requirements.
Why should you acquire the Revolut card? Should you work with Revolut?
The challenge that we all have with current banking systems is that they are very expensive especially if you want to send money to someone else. That’s why Revolut was created in the first place, to help eliminate some of the hassle and just make it easier for people to send money online the way they want. It’s a lot easier than before to complete such a task, and the convenience you get from it all is downright impressive all the time.
That being said, Revolut is all about bringing in the banking system online and lowering fees and charges. The costs can still be a bit high if you use Revolut’s business system and you roll a lot of money through it, but the outcome can be second to none if you tackle this the right way, so try to keep that in mind.
Another unique approach is that Revolut’s card allows you to keep multiple “wallets” with different currencies. So you can easily send money in a currency to your father and use another currency with your loved one for example. And you do all of that from a single account.
They also added flexible payments, which means topping up the Revolut card is super easy and the payments are received pretty fast too. That helps make the experience more exciting and rewarding, and you should totally keep it in mind if possible.
The fact that you receive or send money in just a few seconds is amazing. Most international transactions require hours at a local bank, so being able to cut a lot of waiting time really helps here.
As you can see, Revolut is a very powerful platform and one that has tons of potential. It already has millions of users and more than 20,000 business users, not to mention it’s super convenient and reliable. If you want to transfer money online quickly and with great security, then Revolut is a stellar option to consider. It’s professional, comprehensive and customizable, not to mention extremely safe. Try it out and you will not regret it! Click here to get your free card!