Revolut Review 2024 [Detailed Review By Finance Experts]

Are you looking for a new and innovative way to manage your finances? If so, you should consider using Revolut, an award-winning financial technology company that offers online banking, payment processing, and money transfer services.

This blog post will provide an insightful Revolut review to help you decide whether it is the right solution for your needs. We'll also discuss how Revolut can save you time, money and energy when dealing with foreign currencies and transfers.

What Is Revolut?

Revolut is a digital banking platform that allows you to manage your finances from the convenience of your mobile phone. It's essentially an app-based bank that offers a range of financial services, from international money transfers and currency exchange to budgeting tools and even cryptocurrency trading.

What makes it different from traditional banks is that it operates entirely online, with no physical branches. This means you can do everything from opening an account to managing your money without ever having to set foot in a bank.

Revolut has gained popularity due to its user-friendly interface, competitive exchange rates, and innovative features that cater to the needs of modern-day consumers. It also prides itself on its security measures, such as two-factor authentication and the ability to freeze and unfreeze your card instantly in case of loss or theft.

Using Revolut: An Overview

To start with Revolut, you must create an account on their website. Once your account is set up, you can add funds using your debit/credit card or bank transfer.

You can then use the funds in your account to exchange currencies, make payments, and transfer money abroad.

When making payments with Revolut, you can take advantage of their interbank exchange rate, a dynamic rate that constantly changes without any markups. This means you won't worry about hidden fees when making international payments. You can also use your card at any store, restaurant, hotel, or ATM.

Creating A Revolut Account

Revolut's account opening process is quick, easy, and convenient. The mobile app-based process takes only a few minutes to complete and requires minimal documentation. The app guides users through the process, making it easy to understand and complete.

Creating a Revolut account is easy and takes just a few minutes. You only need to download the Revolut app and enter your phone number and required details.

Once you have done that, you will be asked to verify your identity and proof of residence, add funds to your account by bank transfer or debit card, and then start using the app.

• Download the Revolut app from the App Store or Google Play Store.
• Open the app and select the "Sign Up" option.
• Enter your personal details, including your name, date of birth, and phone number.
• Next, you'll need to verify your identity by taking a photo of your government-issued ID and a selfie. This is an important security step to ensure that your account is secure.
• Once your identity is verified, you can choose which type of account you want to create. Revolut offers three account types: Standard, Premium, and Metal. Each account type offers different features and benefits, so make sure to choose the one that's right for you.
• Set up your payment method by linking a bank account or debit card. You can also use one of Revolut's top-up options such as Apple Pay or a bank transfer.
• Finally, create a PIN code and set up any additional security measures you want, such as two-factor authentication.

Revolut's Savings Vault For Your Nest Egg

Revolut Saving Vault is a digital savings feature offered by the Revolut mobile banking app. It allows users to set aside money in a separate account within their Revolut app, specifically designed for saving purposes.

With the Revolut Saving Vault, users can easily create and customize their savings goals, set up automatic transfers from their main Revolut account, and track their progress toward their goals. Additionally, users have the flexibility to withdraw their savings at any time without any fees or penalties.

This feature is designed to help users cultivate healthy savings habits by making it easier to set and achieve financial goals. With the Revolut Saving Vault, users can stay motivated by tracking their progress toward their goals and enjoy the peace of mind that comes with having a dedicated savings account.

What Are The Benefits Of Revolut?

Revolut offers a wide range of benefits that make it a great choice for managing your finances. Here are just a few:

• Convenience: With Revolut, you can manage your finances from the comfort of your own phone. No more waiting in long lines at the bank or dealing with clunky desktop banking interfaces. Everything you need is right there in the app.
• Competitive exchange rates: Revolut offers exchange rates that are often better than what traditional banks offer, which means you can save money when traveling or making international purchases.
• Money management tools: Revolut offers a variety of tools to help you manage your money, including budgeting tools, spending analytics, and savings options.
• Cryptocurrency trading: For those interested in investing in cryptocurrency, Revolut offers a convenient way to buy and sell various cryptocurrencies within the app.
• Security: Revolut takes security seriously and offers a variety of measures to keep your money safe, including two-factor authentication, the ability to freeze your card instantly, and real-time transaction notifications.
• Rewards: Revolut offers various rewards and perks for using the app, such as cashback on certain purchases and discounts with partner companies.

Is Revolut Safe?

Revolut takes the security of its users' money very seriously and has implemented a variety of safety features to protect its users' accounts. Let's take a closer look at some of these measures:

• Two-factor authentication: When logging into the app or making a transaction, users are required to enter a unique code that is sent to their phone via SMS or generated by an authentication app. This adds an extra layer of security to prevent unauthorized access.
• Real-time transaction notifications: Users receive a notification on their phones as soon as a transaction is made. This allows users to quickly identify any fraudulent activity and take action to freeze their card or report the transaction to Revolut's support team.
• Freeze card: If you lose your card or suspect fraudulent activity, you can instantly freeze your card within the app. This prevents any further transactions from taking place until the issue is resolved.
• Location-based security: Users can set up location-based security, which means that their card will only work in certain locations or regions. This prevents fraudulent transactions from taking place if someone gains access to your card details.
• Secure banking technology: Revolut uses 256-bit SSL encryption, which is the same level of encryption used by banks and other financial institutions. This ensures that all data transmitted between the app and Revolut's servers is encrypted and secure.
• Fraud detection: Revolut has a dedicated team that monitors user accounts for suspicious activity and alerts users if any fraudulent transactions are detected.

Is Revolut Free?

Yes, you can use Revolut free of charge. A paid subscription model is available, but it isn't necessary to use all the features Revolut offers. Free Revolut users will have access to basic features such as unlimited currency exchanges, held funds up to certain limits, and transfers to other Revolut customers.

The free version also gives you access to contactless payments with your phone or card, allowing you to purchase wherever Visa is accepted.

For additional features, such as international bank transfers and direct deposits into a Revolut account, three premium packages are available: Revolut Premium, Metal, and Business. These subscriptions offer more features than the free version but are more expensive than the basic plan.

What Advantages Does A Revolut Premium Account Provide?

With Revolut Premium's unlimited foreign exchange at interbank rates, higher ATM withdrawal limits and dedicated travel insurance package, you can save money when you travel abroad and make payments in different currencies.

Premium account holders have access to exclusive discounts, such as discounted gym and meditation memberships, a dedicated customer service line for priority support and the ability to open multiple accounts with separate spending limits in different currencies.

Revolut Premium offers a range of features that make it stand out from the competition. You can enjoy up to £10,000 in damages and theft protection, up to £1,000 for cancellations and a 90-day return window for purchases made with Revolut Premium Cards. Plus, you get a choice of three card designs and 20% cash back on select retailers.

Does Revolute Allow International Payments?

With Revolut, you can make instant payments worldwide with credit or debit cards, Apple Pay, Google Pay and more.

You can also send money abroad in over 140 currencies without hidden fees. Plus, you can organize your subscriptions in one place with Scheduled Payments. Revolute allows you to transfer money internationally in more than 30 currencies.

International Payment: Bank Transfers And Card Payments

Revolut allows international payments. You can make payments in multiple currencies, with fees depending on the currency and payment method.

For example, bank transfers are generally charged at 0.35%, while debit or credit card payments carry a 3% fee. Revolut also allows you to send money abroad through a third party if needed.

What Are The Currency Exchange Charges Of Revolut?

For customers whose base currency is USD, up to $1,000 of exchanges can be made at no charge monthly.

Customers on the Standard plan who exchange more than this amount will be charged an exchange fair usage fee. The fee is 0.50% for each additional exchange (1.50% on weekends).

Revolut charges $3 per additional transfer and a 0.4% markup above the free FX rate for foreign exchange fees for international transfers. There are no overseas ATM charges or ATM withdrawal fees when using Revolut.

How Do I Pay With Revolut Abroad?

With Revolut, you can spend abroad like a local with excellent exchange rates and wire money internationally at excellent exchange rates. You can also use virtual cards in-store, Apple Pay or Google Pay by linking a virtual card to your Apple or Google Pay account.

To activate a Revolut card, pay with the card at any store, restaurant, or hotel. You could also use the card at any ATM since this requires you to enter your PIN.

Does Revolut Charge Fees For Its Card Services?

Revolut offers various card services, some of which come with fees. Standard users are charged a 1.5% fee for currency conversions, while Premium and Metal users are charged 0.5%. There is a $10.00 fee for U.S. Domestic Wire transfers for each transfer to or from each account.

There is a 2% fee for ATM withdrawals over €200 per rolling month (or five withdrawals). The Revolut standard debit card is free, and the Revolut Metal account comes with an exclusive metal card with a monthly fee of USD 16.99/month.

How Revolut Generates Revenue?

Revolut generates revenue by charging fees for its services, such as foreign exchange fees, ATM withdrawal fees, and premium account fees.

The company makes money through its business accounts which offer additional features such as virtual cards, international transfers, and access to an online marketplace. Revolut earns interest from customers' deposits in its savings vaults.

Revolut collaborates with third-party companies to offer additional services such as travel insurance and car rental discounts. These partnerships generate revenue for the company as well.

What Are The Alternatives Of Revolut?

Some of the alternatives to Revolut are Transferwise, N26, Chime and Monzo. All these companies provide similar features to Revolut, such as international payments and overseas transfers. However, each company offers a slightly different range of features and services.

For example, N26 can open joint accounts, while Transferwise allows users to make international transfers in more than 40 currencies. Ultimately, deciding which company best meets your needs is up to you.

Revolut Vs Transferwise

Revolut offers many features, such as international payments, multi-currency accounts, and debit cards. It also has a 1.0% fee for foreign currency transactions. Transferwise offers lower fees than Revolut and supports more currencies for international transfers.

Wise provides a more user-friendly experience with its simple interface and customer support options.

Revolut Vs N26

N26 is a fully-featured bank account that offers a range of services, including free withdrawals worldwide. On the other hand, Revolut's primary offering is its prepaid debit card and multi-currency functionality.

N26 premium accounts are more expensive than Revolut premium accounts. But if you're looking for a feature-rich money management account, Revolut may be the better choice.

Revolut Vs Chime

Chime is an online bank offering no-fee checking and savings accounts, instant access to funds, no overdraft fees, and an easy online setup. It also offers budgeting tools and spending alerts.

At the same time, Revolut is a prepaid card service that allows users to make payments in multiple currencies, as well as ATM withdrawals and transfers.

Regarding cost, Chime has the edge over Revolut with its free checking and savings accounts and lack of fees.

Revolut Vs Monzo

Monzo offers up to 1.63% interest on savings accounts, while Revolut does not provide any interest for savings. Monzo allows you to send money abroad through a third party while Revolut processes international transfers.

Is Revolut A Bank?

Revolut is a neobank and financial technology company that offers banking services. Revolut Bank UAB is licensed and regulated by the Bank of Lithuania, meaning it is considered a bank in the European Union.

It provides features such as money management, spending, investing, card payments, money remittance, and foreign exchange.

FAQs Regarding Revolut Review:

Conclusion

Revolut provides a comprehensive solution for those needing an alternative to traditional banking services. With a quick and easy setup, no overseas fees, access to cryptocurrencies, and generous rewards programs for frequent travelers, Revolut has built strong customer loyalty over the years.

Revolut is a reliable, secure, and cost-effective financial service provider with many services that make banking effortless with improved cost efficiency. Whether shopping online, transferring money overseas, or looking for the best exchange rate on foreign currencies - it’s all possible at Revolut.

With several pricing plans tailored towards different needs and preferences, anyone considering using their money more imaginatively should give this product another look. This Revolut review will undoubtedly come in handy to those looking for or considering using the services of Revolut.