All you need to know before using Revolut

Revolut is an innovative banking and currency exchange business that uses an advanced mobile app and several other interesting approaches. They offer current accounts and a wide range of money transfer and other services to personal and business customers.

For personal accounts, they provide an international Visa or Mastercard card. They also offer largely fee-free international money transfers at competitive rates to over 140 countries.

Please note that if the beneficiary bank is located outside of the EU or if the transfer is not in Euros, then your transfer will be sent via SWIFT and you may incur international wire transfer fees. The beneficiary bank and intermediary banks may also charge fees to receive or process your transfer. These fees are likely to be similar to the following amounts — these fees are charged by banks, not by Revolut: 35 AUD, 20 CAD, 50 AED, 16-32 EUR (outside of SEPA), 7500 JPY, 35 NZD, 20-40 USD.

Cross-currency exchanges are free up to £5,000 or currency equivalent per rolling month, after which a 0.5% fair usage fee applies. Turbo transfers may also attract an additional fee, unless you have a premium Revolut account.

When you’re travelling, you can withdraw money from ATMs without a fee, up to a specific amount.

Both individuals and businesses can enjoy multi-currency accounts, allowing people to hold, transfer and exchange money in 24 other currencies. These intra-account transfers are made at close to the baseline exchange rate. Their advanced, feature-rich mobile app lets you transfer money quickly, receive notifications and split bills.

Revolut currently serves around 20,000 businesses. In addition to multi-currency accounts, they also provide fast international money transfers to other businesses, corporate cards, integration with accounting software and platforms, instant settlements and expense reports.

Revolut has over two million customers and has managed over 125 million transactions with a value of over £14 billion. They estimate that they have saved customers over £740 million in fees.

Revolut is available to residents 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.

The service is also launching in the United States.

The Revolut Card

One of Revolut’s main innovations is the Revolut card. This is a card you can use to make purchases around the world. You can spend in multiple currencies and get automatic money conversion at close-to-baseline exchange rates. This makes international purchasing very fast and easy

Revolut Cryptocurrency Conversion and Exchange

Revolut allows people to exchange traditional, fiat currency (like dollars or euros) into several popular cryptocurrencies like Bitcoin, Ethereum or Litecoin. Revolut makes this process very quick and simple, compared to other methods for purchasing cryptocurrency. It should be noted that cryptocurrency is very volatile and speculative, so make sure you understand any risks before purchasing it.


Author: jegav

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