Overview
Do you just happen to be a crypto user who loves traveling? Well, here is some good news for you. You are now able to withdraw your money in almost every part of the world.
Revolut, a mobile-based app wants you to travel with ease. You will be able to spend your money, knowing no financial borders. You can actually spend over 150 currencies and all you have to pay as a fee is 0.5% if you withdraw anything above £5,000 monthly. You will also have insurance at the touch of a button. According to their official site, insurance will cost you as little as £1.00 per day and the insurance service is provided by the Revolut Travel Company.
About Revolut
Revolut is a banking app that also offers a payment card with the aim of being an alternative to traditional banking services. The app is designed to fit in with the lifestyle of those who travel around the world or simply those who want a flexible option rather than the monopoly offered by banks. The aim is to adapt to the needs of the users and therefore giving them more control. The app offers accounts for businesses and individuals.
Currently, the app boasts of more than 2 million users and according to the official Revolut site, they have conducted more than 150 million transactions totaling to over £15 billion.
Revolut was founded by Nikolay Storonsky and Vlad Yatsenko. They launched their start-up in 2015. The two of them stated that they started Revolut because of the frustrations they have experienced with traditional banks especially when it came to incorporating digital services so as to accommodate the youth segment of the market.
Mr. Storonsky is the Chief Executive Officer of Revolut while Mr. Yatsenko is the Chief Technology Officer.
A Revolut account is managed via the app. The app can be downloaded for free onto an Android or iOS device. While paying, customers can use Contactless or ApplePay. Revolut also has an Apple Watch App that will always notify you on the watch face but even without such a watch, notifications will still be sent to your phone. Some of the things that Revolut users will be able to do are:
- Free bank transfers in over 120 countries
- Use vaults to save spare change
- Set up direct debits
- Track spending via analytics and notifications
- Spend money abroad
- Buying and exchanging cryptocurrencies
- Purchase overseas medical insurance
Social Media Links
Facebook- https://www.facebook.com/revolutapp
Twitter- https://twitter.com/RevolutApp
Instagram- https://www.instagram.com/revolutapp/
Dribbble- https://dribbble.com/revolut
Services/Products
Revolt has several products on offer.
Money transfers. When it comes to money transfers, Revolut allows you to transfer money abroad with the interchange bank rate. You can also set up recurring payments and send and request money in seconds.
You can transfer upto £5,000 abroad every month and you will only be charged 0.5% if you withdraw anything above this figure. If you will be sending or requesting money then you can have great conversations by adding images or gifs just to spruce up things.
The Revolut vault service allows you to meet your fimnacial goals by rounding up your spare change. You can also use the vault to set up a recurring payment.
Revolut just take their services a notch higher. They offer mobile phone insurance for just £1 a week. You can protect your phone from:
- Liquid damage
- Touchscreen mulfunction
- Battery failure
- Cracked screen
Other products offered by Revolut are:
- Perks
- ApplePay
- Budgeting
- Cryptocurrency
- Overseas medical insurance
- Donations
- Open banking API
Revolut offers you three accounts to choose from. Owning an account gives you the ability to exchange and hold as much as 25 currencies. The standard account is a free one. With it, users can have free bank transfers in 24 fiat currencies. The premium account goes for about £6.99 per month and has the same features as the standard one but now the withdrawal limit is higher whereby in standard it was £200, premium allows you to withdraw upto £400. The premium account also has instant cryptocurrency access, 24/7 customer support, delayed flight and baggage insurance, free global express delivery, among other features. The metal account costs £12.99 per month and its withdrawal is increased by £600. This account comes with a free exclusive Revolut Metal card, access to special offers, 23% discount for upfront payment and free exclusive concierge service. It only takes seconds to set up the standard account while the premium account could take about three minutes or so.
Fees/Pricing
The Revolut pricing is dependent on the type of account you settle for. The Standard account attracts zero charges per month while the Premium and Metal accounts attract £6.99 and £12.99 per month respectively.
Every account type has different features that also determine what users can pay. For more information on Revolut fee and pricing, you can check https://www.revolut.com/our-pricing-plans
User Experience
Revolut is the the platform that garnered 180,000 users in 90 days. That is not an easy feat to achieve but they did thanks to delivering trust to their customers. They ensured they offer what they advertise. Yes, there have been issues with the card but everyone knows that hackers aim at anything these days. Revolut had MasterCard and Visa competing for its attention. Again, that is something that does not happen regularly. Revolut has ensured that it only gives the best to its users and they gave their best back.
Overall Conclusion
Honestly, the banking sector should be in chaos now because if they haven’t realized it, their disruption is here. Almost everyone is spending time on their smartphone these days and if they can actually access their money outside a banking hall and border, then Revolut is a revolution.
Pros
- Account varieties to choose from
- Spending analytics
- Automatic saving
Cons
- No brick and mortar branches
- During the weekends they charge low fees
- They have several online rumors to clarify
