Revolut allows you to send, receive and save money in more than 150 currencies. There are no fees for international transfers. It also offers savings interest starting at 2.29%.
Easy to install
The Revolut app makes it simple to spend, save, and transfer money. It is designed to remove any friction that may prevent you from achieving your financial goals.
Revolut does not offer banking services in the UK but offers similar services. It holds your cash as something called an e-money institution and is licensed to offer such services in the EU. The firm plans to expand in the US, Australia and Singapore in the future. It has also attracted a lot of attention from investors and is now a “unicorn” company worth more than $1bn (PS740m).
Revolut accounts are quick and simple to create. Once you have signed up, all you need to do is add your personal details and select an @revtag. You’ll then be prompted to link your account to your current bank account and to make an initial deposit. You can also use a Revolut debit card to withdraw and pay cash at many different locations.
You can use Revolut to send money to friends who don’t have an account by creating a payment link in the app. The friend can then enter their bank account details to receive the money.
Revolut has five different personal account levels, including one that is free and three others which charge a fee per month in exchange for added features. Also, it offers travel insurance, savings interest and a metal credit card. The company was founded by Nikolay Storonsky, who has a Russian passport, and Vlad Yatsenko in London in 2015. It has a number big investors backing it and was named one of the top 10 fintech start-ups for Europe.
Easy to use
Revolut is an online challenger bank which offers a wide range of services for individuals and businesses. Its app offers a secure and easy-to-use payment and banking platform, even though it isn’t covered by the UK Financial Services Complaint Scheme (FSCS). Users can purchase goods online and in stores using virtual cards that are only valid for one use. This protects their real card information from fraudsters. The app allows users to change currencies, so they can receive the most current interbank exchange rate rather than the less favorable retail rate.
Create a payment link to transfer money to a friend who doesn’t have Revolut. The friend can add their bank details to the link, and complete the transaction. This can be completed in seconds, making it ideal for sending small amounts of money.
The app has a user-friendly interface and was designed to be as intuitive as possible. You can use the app to manage your finances and monitor your spending real-time. It also has a feature that classifies your transactions, helping you to discover and control your spending habits. It can also be used to set recurring payments and consistent savings.
Revolut is an excellent option for those who travel frequently or wish to save money for a rainy-day. Its fees are low, its rates are competitive, and it supports a number of different currencies. It’s a great alternative to high street banks and has a strong reputation in the industry. However, it hasn’t been immune to controversy due to the revolut scam money back.
Access your money from anywhere
Revolut offers a wide range of banking products and services through its app. It has a virtual card and a physical one, as well as a money transfer, exchange rate calculator and cryptocurrency wallet. It also offers a loyalty programme that allows its customers to earn cashbacks and free travel insurance. Its customer support is available 24/7.
Revolut is one of the more flexible cards available on the market. It allows users to have their money in 150 different currencies. It uses an interbank exchange rate that is more competitive than what you would get from a traditional bank. This feature is great for travelers who want to avoid high currency conversion fees.
Save for rainy days
Sending money to friends and relatives is easy with Revolut. Just use the Revolut app to instantly transfer funds to a friend’s card, in their currency of choice. You don’t need to mess around with IBANs and bank details. Just give them your Revolut Number and you’re good to go. The real-time exchange rate and the speedy process make it much faster than traditional banking transfers.
Customers can also save for the future with Revolut’s Savings Vault. You can create several Savings Vaults within the Revolut App, each dedicated to a particular goal. You can give each vault a name, adding personal touches to make it feel more like your own account. The Savings Vault’s personalised nature encourages users to track their progress and satisfy their intrinsic motivation to achieve their savings goals.
Revolut encourages its users to save with a daily interest rate that is automatically credited into their Revolut Prepaid Cards Account. The interest you receive will always be as stated in the Revolut app and your Deposit Information, with no hidden fees or deductions. If you close your Savings Vaults, the interest will be forfeited. This is outlined in the Terms and conditions of the Savings Vault Service.
Send money to friends
Revolut makes it easy to send money to friends and family. They have a built-in messaging system that lets you quickly contact your contacts and send them instant transfers to their account. You can avoid using third party apps or websites for money transfers. Revolut only works if your friends or family members are also Revolut users.
Tap on a Revolut account and select “Send” to send money. You can search using phone number or email address. You can also use RevTags and QR codes. You can create a payment link for your recipient to make it easier.
Revolut allows you to view all the instant transfers sent and received by simply tapping the Transfer section. The app shows you any outstanding requests. Revolut’s messaging service allows you to chat with your friends.
Revolut has a high chance of returning your money if you’re not happy with their service. Remember that they can’t help you if your bank is unable or unwilling collaborate with them.
While Revolut has recently been in the news for a possible lapse in compliance, it seems that they are making steps to fix this problem. This could be a positive thing in the long run, as it shows that they take security seriously. The company is also known for its excellent customer service.
