Revolut’s promo states: “One app to manage all your finances.” Is Revolut really as versatile as it claims?
Revolut
Revolut enables simple and secure fund transfers
Revolut is a mobile application that serves as an alternative to traditional debit cards. Essentially, it is a form of an online wallet, but it is more advantageous than the standard in several respects. There are no fees for account management, transactions, or ATM withdrawals. Revolut has become particularly popular for traveling abroad because it exchanges at more favorable middle rates.
What is Revolut?
Revolut is an application that primarily serves as a bank account or electronic wallet, allowing you easy financial management – from standard payments through travel to investments and more. The application is connected to a debit card, which, however, has no hidden fees. A huge advantage is the breadth of coverage of world currencies. Apart from Czech crowns, you have the opportunity to manage funds in nearly 30 world currencies, including popular cryptocurrencies.History
Revolut was established in July 2015 with the goal of building a maximally fair financial platform to provide monetary services to people. The founders are Nikolay Storonsky and Vlad Yatsenko, who through their application sought to eliminate all unnecessary bank service fees. Now, it can be stated that their vision has been fulfilled, and in 2018, Revolut even received official European certification and has since been a “classic” neobank. Currently, with a Revolut card or through their mobile application, it is possible to manage your finances, make payments, and withdraw money for free, regardless of where in the world you are.Who owns it?
Revolut is a British company focused on finance and technology based in London, whose CEO is one of its original founders, namely Nikolay Storonsky. Currently, it has around 6,000 employees and over 28 million users.How does Revolut work?
As already outlined, Revolut operates as a completely standard virtual wallet, into which you can deposit the amount of funds you choose. It also covers services of an investment platform and thanks to a wide range of currencies, it also serves as a cheap exchange office. The standard version, which includes most of Revolut’s features, is completely free of fees and therefore you pay nothing for its use. This basic tariff does not charge anything for ATM withdrawals (up to a certain limit) or for transactions made. Premium and above-standard functions are the only chargeable features.How do Revolut packages differ?
Within the use of Revolut services, you are not limited to just the standard, basic package. You have several advantageous options to choose from, just like at any other bank. Individual packages differ mainly in the set limits and the number of services provided. The most advantageous package, for which you pay €120 annually or €10 monthly, is the Revolut Metal account type. It provides a cashback service of up to 1% on card payments, a 40% discount on international transactions, free card delivery, and much more. At the opposite end, we have the Standard package type, which is free to set up and maintain. The only charged service is the delivery of the debit card to your address, which may range from approximately €4 to €8. Within this basic plan, you can exchange up to €1,000 and have ATM withdrawals up to €180 per month completely free of charge.Revolut registration
Registering in the Revolut app takes just a few minutes, is tremendously simple, and what’s more – it can be completely handled from the comfort of your home, so you don’t have to go anywhere. All you need is a mobile phone with internet access and any identity document.- The first step you need to do is download the Revolut app to your smart phone. You can do this via Google Play or the App Store.
- Start the app and enter your phone number. Then, you will receive a code by SMS, which you will need in the next step.
- Choose a password for your account and enter the code you received.
- Enter the personal information that the app requests (e.g., name and email).
- Once you have entered the information, you need to make a verification payment of at least €10.
- Finally, the last step involves verifying your identity. In this step, take a photo of the prepared document with your phone along with a selfie and upload it to the app.
Frequently asked questions
1️⃣ Why use Revolut?
There are several advantages. The most frequently mentioned is the clear mobile app that allows you to make quick payments, advantageous transfers, invest, and other financial services. Moreover, managing an account does not have to cost you even a dime.2️⃣ What is needed to set up a Revolut?
Basically, you just need a mobile phone and an identity document. Start by downloading the Revolut app to your phone, start it, and follow the instructions for setting up an account. You will need to enter your phone number, choose a password, provide the required personal information, and make a verification payment. Finally, you will need to verify your identity, and for this, the aforementioned identity document will be useful.Don’t miss:
Sources: www.revolut.com
Michael Cermak
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