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Revolut: Global Banking System Review 2020

4.5 / 5

Flexibility, control, global spending with no barriers, international transfers with no hidden charges: these are what today’s bank customers desire. Traditional banking products do not have these all-inclusive packages, but there is an alternative that aims to offer these and more. Enter the Revolut app.

General Information on Revolut

Revolut is a banking application which offers remittance and payment systems that have been designed with today’s globalized banking customer in mind. With a customer base that exceeds 2 million people from across the world, Revolut has facilitated more than 150 million monetary transactions with a net value of £15 billion, all done using real exchange rates without significant markup.

Why Revolut?

Revolut has revolutionized the outdated banking models of the past and aligned them with the demands of a 21st century. The obsolete traditional banking methods anchor their practices on provision of localized financial services, which demand proof of residency, proof of credit balance for transfers, non-inclusion of cryptocurrencies in transactions, exorbitant bank charges, etc. Revolut seeks to discard many of these encumbrances by taking banking global, using cutting edge technology to offer banking services in a faster and more secure environment, while complying with the regulatory environments in which it operates. Revolut does these by cutting through the red tape of banking bureaucracy, and passes on the cost savings to its customers.

For crypto users and traders, Revolut is a good way of gaining exposure to some of the major cryptocurrencies. An early adopter of crypto banking services, Revolut has made the buying and selling of the leading cryptocurrencies a seamless process on their platform. Revolut makes it possible to trade cryptocurrencies for cash, which in turn can be used to pay for daily purchases without stress. The cash can also be transferred from one customer’s Revolut account to another. The conversion-to-cash feature makes it easy to transact with businesses that do not accept direct crypto-based payments.

The cryptocurrency exchange rates on Revolut are transparent. There are no hidden charges. You can buy, hold and exchange Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple as well as 25 more fiat currencies on the platform by a simple pressing of the button. The best part is that you can do these at exchange rates that are as real as can be, without obscure markups.

In addition to the above, one can set up price alerts for specific target values on cryptocurrencies, track performance with cryptos over time and monitor the price fluctuations; a situation that can help with better trading decisions in the future.

Revolut helps you meet your financial goals. As with other finance apps, Revolut makes it easy for you to understand your spending habits. You can track your spending or even set up an account to save up any spare change you have when purchasing.

You can save money automatically on Revolut for the pursuit of personal purposes or targets. This can be done through the Vault. Setting up a vault takes a few seconds and Vaults are not limited to just one. Multiple vaults can be set up to meet different financial goals.

How Revolut Works

Getting a Revolut account running takes less than sixty seconds. Once you register, you have instant access to the platform. You can also get a virtual card if you are a Premium and Metal account holder. This card helps you make online payments securely.

The Revolut registration process gets you a European IBAN or a UK account for free. You can exchange and hold as many as 25 currencies at the real exchange rate.

Sending money internationally has never been this easy. With Revolut, you can send money globally in minutes, with no barriers, at any time. Money transfer with Revolut is cheaper than with a conventional bank.

The Revolut exchange rate is the same as the Interbank Exchange Rate. This pricing model allows you to have cost savings on money transfers rather than enrich the financial institutions with arbitrary money transfer fees.

Revolut charges no fee with the exchange and transfer of any of the 25 currencies. However, this free transfer might require around two working days to complete. Transferring money on Revolut is simple. You choose a recipient and the amount to send. The funds are then sent through your Revolut account – the account can be easily topped up through a bank transfer or using a debit/credit card. No bank details are required to send the money.

Recurring multi-currency payments with adjustments on frequency and amounts are also available. With Revolut, there is no difference between sending money locally or internationally as the process and ease of use is the same.

Revolut also makes provision for easy bill split. All you need to do is select the person you will be splitting the bill with and the application will make the request. Reminders are sent in cases of defaults in paying back by the other party.
Non-Revolut users can also receive money. It is as easy as sending a payment link which the recipient will use to enter their bank details and the money gets delivered in seconds.

Revolut Account Types

Revolute offers different account types. These include the free account, premium account and metal accounts.

Free (Standard) Account Features:

  • A proof of credit balance or address is not necessary.
  • Holds as many as 25 currencies
  • Accesses real exchange rate using Interbank FX rates
  • Free bank transfers in 24 fiat currencies
  • £200 in free ATM withdrawals each month.

 

Premium Account Features:

  • Same as free account but includes higher ATM withdrawals up to £400 a month
  • Unlimited FX transaction volumes which are also free.
  • Immediate cryptocurrencies access
  • Extra card, also free exclusive premium cards
  • Express delivery globally to 180 countries.
  • Free overseas medical insurance
  • 14% discount when fees are paid upfront.
  • Account setup takes three minutes

 

Metal Accounts Features:

  • Increase ATM withdrawals up to £600 a month
  • 23% discount when paid upfront
  • Exclusive and free Revolut Metal card
  • Special offers provided
  • Free domestic and international concierge service.
  • Up to 1% cashback on every card payment in supported currency

Subscription Fees

Premium: If paying monthly (payable monthly in arrears): £6.99/€7.99/$8.99/
Metal: If paying monthly (payable monthly in arrears): £12.99/€13.99/$15.99/

Transaction Charges

Instant transfers: free for all subscription types.
Turbo transfers: £5, 6USD, etc. for standard subscribers and free for Premium and Metal subscribers.
ATM withdrawals: any amount above the limits for any user is charged at 2% of the value withdrawn.
Revolut Bank transfers: Depends on advice before embarking on Bank Transfer

Security

Revolut is authorized by the FCA, so it meets the FCA requirements for safeguarding and managing clients’ funds. In collaboration with Tier 1 bank partners, clients’ monies are held in ring fenced segregated accounts. Revolut also gives users the ability to take charge of their security. Users can freeze and unfreeze accounts in cases of loss or theft. Depending on need, users can turn on or off contactless payments and others etc.

Advantages and Disadvantages

Advantages:

Revolut works with more than 130 currencies/countries.

Top-notch security of funds and transactions.

Revolut gives you real exchange rates even while spending abroad. Users can save as much as 8%.

Users can also use Revolut to set up recurring payments and direct debits as well.

Customers can save money with ease through the use of recurring payment to their savings or vault, rounding off transactions or through one-off contributions whenever they want.

It is easy for users to track their spending and stick to a budget through notifications and categorized transaction analytics.

Revolut offers a physical card.

Revolut card is contactless so you avoid the hassles of proof as it occurs in traditional banking settings.

The Revolut app is available on Android and Apple devices and is easy to use.

Disadvantages:

Low and limited cash withdrawals of £200 only for free subscribers

0.5% cost on Foreign Exchange over £5000

Lack of physical bank facility.

Conclusion

In a world of exorbitant bank charges, Revolut is an oasis that beckons to users who prefer to transfer money without hassles while still paying realistic bank charges. With its ease of use, no paperwork requirements, same rate fees for local and international transactions, and secure banking practices, Revolut is a great alternative banking option. By trying to fill a niche, Revolut offers myriad banking options that are targeted at leaving the user with more money in their accounts. Add to that its revolutionary crypto to cash conversion and you have a banking option that aims to make banking easier for its clients.

Revolut is unique and like everything with a vision will only get better with time. As a customer, you break no sweat while banking because Revolut proves that they have your best interest at heart.

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