Revolut Introduced Gold Balance In 2024 [Access Gold In App]

Updated On: 09/28/2023
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If you’re keeping a finger on the pulse of the finance world, odds are you’ve heard some buzz about Revolut's latest offering. Yes, Revolut introduced gold balance, and it's about time. This innovative step is shifting paradigms and blurring lines in the financial ecosystem.

In an age where diversifying your finances has become more paramount than ever, this new feature could be what you were looking for.

It presents a unique opportunity to spread your investment wings further. Whether you're a seasoned investor or simply looking to branch out from your usual strategies, there’s something to glean from this move by Revolut. Aren’t we all eager to maximize our earning potential?

Revolut Introduced Gold Balance

Revolut's Gold Balance is a feature introduced by the UK-based fintech company Revolut. This feature allows users to hold, manage, and sell gold directly from the app. The gold bought through Revolut is stored in a secure and insured Swiss vault. It also allows real-time trading where users can buy gold at live market rates updated every second.

What Is Revolut Gold Balance?

Revolut is already well-known for shaking up the traditional finance sphere, and its introduction of the Gold Balance is yet another step in a refreshing direction.

What Is Revolut Gold Balance?

First, what is the newly introduced "Gold Balance" by Revolut? In a nutshell, it's a feature offering you an entirely fresh avenue for investments. This platform lets you diversify your portfolio by buying and selling gold directly from your Revolut account.

You might ask, "How is this different from just investing in gold stocks?" That's a fair question!

The difference lies in the accessibility and real-time trading capability. Traditionally, trading gold required hefty fees and lengthy processes. Revolut has streamlined this with its user-friendly app interface where Gold Balance lives.

Your gold investment mimics real-time market changes—meaning its value can increase or decrease depending on how gold prices perform globally! Remember, all investments come with certain risks; please make informed decisions accordingly.

Also Read: Degiro Vs Revolut 2024 [Stocks, Forex Fee, ETF Fees & Tools]

What are the fees to get Gold through Revolut?

Investing in gold through Revolut can be a game-changer for your financial portfolio. However, it's worth considering the associated fees before diving in. The cost of getting the 24-carat real gold-plated card is £79.99 (around $99).

This price seems reasonable, given the uniqueness and prestige of owning a gold card. However, purchasing and selling gold also involves a fee based on the market price offered by Revolut's trusted partner, London Bullion Market Association (LBMA) Precious Metals Prices.

It's important to note that gold transactions aren't protected under the Financial Services Compensation Scheme but are backed by physical gold held by Revolut's partner bank.

Revolut Pricing Plans for Gold Balance

Revolut Pricing Plans for Gold Balance

If you've been wondering how to unlock the potential of gold balance with Revolut, the answer lies in their subscription plans. Your key could be the Standard, Premium, or Metal plans. Let's unpack each one.

The Standard Plan ($0.00/month)

Revolut's Standard plan offers various features when your account is free of monthly charges. It opens opportunities to access your money conveniently without worrying about unexpected fees.

  • Free Withdrawals: You can make withdrawals at more than 55,000 ATMs across the globe without paying any fees. This feature enables you to access your cash anytime and anywhere you want.
  • Personalized Card: The Standard plan allows you to add a personal touch to your Revolut card. Isn't it wonderful to have a card that reflects your personality?
  • Revolut for Under 18s: Financial literacy is crucial even for young people. This plan allows individuals under 18 to open an account, helping them adapt early to smart money management.
  • Travel Spendings: Say goodbye to hectic currency exchange before traveling. With this plan, you could spend in over 150 different currencies without paying exchange fees, up to $1,000 each month.

Premium - Redefining Banking at $9.99/month

The Premium plan is a $9.99 per month offering that packs a punch with numerous features. You may ask, "Why would I want to pay for banking services?" Well, you'll be pleasantly surprised by what's in store.

  • Exclusive Solid Steel Metal Card: Isn't it time to own a banking card as robust as your financial growth? The solid steel metal card offered in the Premium plan adds an edge of durability and exclusivity to your banking experience.
  • 20% off International Transfers: Unleash the potential of truly global banking. With a 20% discount on international transfers, sending funds abroad becomes easier and cheaper.
  • 5 Accounts for Under-18s: Empower future generations with the wisdom of sound money management. The Premium plan allows for up to five accounts for individuals under 18.
  • Priority 24/7 Customer Support: Your needs come first with Revolut's Premium plan. Access the best customer service round-the-clock and get your queries attended pronto.
  • Everyday Protection: Safeguard your hard-earned money with purchase, theft, and accident coverage for up to 90 days. Enjoy ticket protection up to $1,000 annually and a generous 90-day return protection policy.
  • Unlimited Disposable Virtual Cards: Mitigate the risk associated with online shopping by generating unlimited disposable virtual cards— an intelligent way to protect your data.
  • Investment Opportunities: Revel in a substantial Annual Percentage Yield (APY) interest on savings of 3.25%, along with no commission stock trading—an investor's delight!
  • Travel Benefits: With no fee exchange of up to $10,000 monthly and inclusive medical insurance, trip delay/cancellation, and baggage protection—all your travel-related financial worries are covered. And if your flight is delayed more than one hour? Enjoy lounge access, not only for you but for one guest, too.

Revolut Metal Plan ($16.99/month)

Revolut's Metal plan is a step up from their already feature-rich Premium offering. Available at $16.99 per month, it includes additional perks to make your financial management even smoother and more efficient.

  • International Transfers: With the Metal plan, transferring money overseas becomes a breeze and easier on the pocket as you now enjoy a discounted rate of 40% off on all international transfers. It's an excellent feature for those who frequently send money abroad.
  • Savings Interest Rate: Your savings account earns an attractive APY (Annual Percentage Yield) interest rate of 4.25%. This ensures your money works for you around the clock, even when it just sits in your account.
  • Currency Exchange: Forget worrying about limits! The Metal plan offers unlimited currency exchange without any fees attached. Perfect for frequent travelers or those dealing in international businesses.
  • Extended Lounge Access: Should you encounter any flight delays, breathe easy knowing that extended lounge access is available not only for yourself but also for three other companions, providing everyone with a comfortable environment while waiting at airports.

Also Read: Revolut Review 2024 [Detailed Review By Finance Experts]

How Safe Is Revolut's Introduced Gold Balance?

Investors need assurance that their assets will be safe. For the gold balance addition of Revolut, your gold is secured under the safety measures implemented by Revolut's partner, Brink.

They are one of the world’s renowned secure logistics providers and ensure that your precious metal is stored safely in vaults.

It's good to know that although the Financial Services Compensation Scheme doesn’t cover gold transactions, the physical amount purchased through Revolut is held by a trusted bank.

Revolut Gold Balance operates with high transparency and commitment towards safeguarding your assets. Nonetheless, as an investor, conducting further personal research or consulting a financial advisor for a comprehensive risk assessment before diving into such investments is essential.

Revolut Launches 24-Carat Gold-Plated Card

Presenting a rather ritzy entry in the card lineup, Revolut has released a limited-edition 24-carat gold-plated card. Created with utmost meticulousness, this masterpiece of craftsmanship is custom-designed and precision-engraved for optimum luster.

The card is restricted to premium customers, meaning there are specific eligibility requirements to get your hands on one of these golden beauties.

Revolut aims to provide an elevated banking experience that satisfies both functional and aesthetic demands with this specialized edition.

Moreover, it showcases Revolut's commitment to innovation and customer satisfaction by offering unique products that shake up conventional banking norms. This certainly paints an impressive picture of modern banking - bold, elegant, and indulgent.

Will you be joining the glittering ranks of Revolut's gold-plated cardholders? It promises to be an experience worth its weight in gold.

Also Read: Revolut: Bitcoin & Other Cryptocurrencies 2024 [Complete Guide]

FAQs About Revolut Introduced Gold Balance

What is Revolut's Gold Balance feature?

The Gold Balance feature allows Revolut users to buy, sell, and store actual physical gold from within the app.

How does buying gold through Revolut work?

Users can buy gold based on live market rates, and their purchase will be digitally represented in their account, backed by physical gold held by Revolut's partner.

Is the Gold Balance feature available to all Revolut users?

Only premium and metal customers in the European Economic Area and Switzerland can access this feature.

Can I withdraw or request delivery of my physical gold through Revolut?

No, the physical gold cannot be withdrawn or delivered; it remains with Revolut's partners but represents a real asset you own.

How does selling gold through Revolut work?

Users select ‘Sell’ from within the app, and their gold's equivalent value will be converted back into their chosen currency at live market rates.

Conclusion

In conclusion, Revolut's introduction of the gold balance has positioned them at the frontier of financial innovation, boosting their status in the competitive fintech industry.

This bold move presents you, the consumer, with another versatile option for managing and diversifying your investments.

Despite certain fees and safety concerns, it is undeniably a fascinating proposition. Let's not treat it as an end-all solution but as a worthy addition to your financial toolbox.

Exciting times are unfolding in our financial world, with Revolut’s gold balance leading us into uncharted territories.

Michael Restiano

I support product content strategy for Salt Money. Additionally, I’m helping develop content strategy and processes to deliver quality work for our readers.

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