Revolut Review - Digital bank with mobile application and debit card

• Download the app from Revolut, the app store or the Play store.
• Enter your mobile number (Revolut will send you a verification code.)

• Register an account with Revolut - they will need your name, address, contact information and proof of identity. Verification takes a maximum of 5 days.
• Choose the services you need from Revolut, such as money transfers, a current account or an international card.
• You determine the currencies between which you want to exchange money.

Revolut application

The application offers a better alternative to the regular banking system in terms of services such as customer support and privacy. The application has an easy-to-use user interface that is designed to suit all users.

The application also supports trading a number of stocks and top cryptocurrency and ensures that you get the best cryptocurrency rates because it has access to the largest liquidity fund in Europe. Along with Bitcoin, other digital currencies such as Ethereum, Ripple and Litecoin are supported on Revolut. The company promises to add more digital currencies soon.

Revolut does not charge any administration fees. This means you can buy cryptocoins or tokens immediately without having to worry about bank fees.

Other key features of Revolut include:

• Availability on iOS and Android platforms
• With the app, you can transfer funds globally 24 hours a day, 7 days a week and send money to friends, family or merchants at a low price of up to 0.5 percent.
• Users can make international transfers, get real-time exchange rates, free ATM withdrawals, and free virtual cards.

Revolut card

Revolut also offers its clients the Revolut card, which allows its users to shop around the world. The card facilitates purchases in more than 30 national currencies. This is a great feature for spending real time overseas without having to go through expensive banks that charge disproportionate exchange rates.

The card also makes it easy to buy cryptocurrencies, which you can exchange for any of the 30 supported national currencies for the best cryptocurrency rates on Revolut.

The card works as a standard bank card and is available as a Visa or Mastercard. However, it has subtle differences as it seeks to provide customers with the best possible level of flexibility and allows users to make payments and transfers in both traditional currencies and cryptocurrencies.

Key features of the Revolut card:

• The card is accepted at more than 3 million locations worldwide and works just like a bank card. However, you pay a standard fee (1.5 %, which the bank usually forgives for free) for withdrawals from ATMs in a foreign currency.
• Revolut charges zero fees for foreign transactions and cash withdrawals no matter where in the world you are. This makes it easy to avoid expensive bank fees that would otherwise absorb your local purchasing power. The card can also be used as a replacement for travel cards, as it is available as a VISA and Mastercard.
• Transactions take place in real time, so you will never have to worry about the bank working to settle after your business trip. Easy access means you don't have to queue at other people's ATMs and spend unnecessary time waiting to withdraw cash.
• If you lose your card, the company will issue you a replacement without any bank or fee fees so that your travel is not disrupted by any unfortunate event. If a card is lost or stolen, you can also report it to Revolut so that he can block your card in case someone tries to use it.

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Other options

Revolut Insurance for Premium and Metal accounts

This overseas insurance comes from Revolut Travel Limited. It includes:

• Emergency dental and medical treatment abroad, access to an extensive network worldwide and fast reimbursement of costs on behalf of Revolut.
• Travel insurance Delayed flight and baggage insurance covers delays of more than four hours (in any situation). There are no co-payments and this service also comes from Revolut Travel Limited.
• For delayed flights longer than four hours, you will receive GBP 80 per hour, up to a maximum of GBP 320. Baggage delays of more than four hours will give you up to £ 320 to cover changing clothes, toiletries and medicines.
• Users of Metal accounts will receive a 20% discount if they decide to get phone insurance. This insurance includes global protection against damage caused by fluids, falls and more.
• Pet insurance - Revolut pet insurance covers:
  • Veterinary fees and medical treatment
  • Missing / lost pets, including ads and rewards
  • Depository, including cremation and funeral
  • Cancellation of leave and shortening of the trip due to unexpected illness or injury of the animal
  • Liability insurance (dogs only)

Expenditure analysis

We don't care much about our bank balances until we can buy groceries, and retirement savings are like going to the gym; we know we should, but we just don't.

Revolut joins other new financial companies in an effort to make it easier to understand your spending habits. Not only do they allow you to keep track of how you spend, but you can also set up your Revolut account to save any replacement changes you make during purchases.

The simple fact is that money is simply not very interesting, especially when it comes to tracking expenses. Revolut has an easy-to-use analytical system that shows you where and how you spend your money. No receipt storage or need to work backwards from lots of monthly statements.

Automatic savings

One of the biggest innovations that companies like Revolut bring to the next generation is the ability to automatically save money. It's no secret that the younger you start saving, the less you can start worrying about work and money.

The vast majority of people have difficulty saving actively for old age, which is why so many companies are introducing compulsory pension contributions and countries require their citizens to pay into social security plans.

Revolut has several different ways that you can automatically save and then do what you want with money. There's also a whole new kind of "robo advisor" that makes investing your money extremely easy.

What are safes?

Safes are a way to save money to achieve financial goals quickly. Setting up a Vault takes only a few seconds and you can set up as many as you want, each for a different financial goal. Let Revolut know what value you want to store and name it. You can then either transfer money directly from your main Revolut account to the Vault, or set up another method.

One of the popular options is to round all transactions made with the Revolut card upwards and save the difference in your safe. You can actually use this feature to save on cryptocurrencies by automatically purchasing BTC or other cryptocurrencies for an amount that would automatically go to your vault. Alternatively, you can set up a recurring payment for a specific amount that will come to the Vault each week or month. When you make a transaction that rounds up to save in your vault, you will receive a push notification that tells you the amount you have saved so far and the value in the vault.

Disposable virtual cards

Free one-time virtual cards are an advantage that Premium and Metal account holders receive. This is a virtual card that you create to make a secure online payment. The card number changes automatically with each payment, which helps protect against fraud.

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Deposits and withdrawals

Revolut offers several deposit options, including bank transfer, credit or debit cards, and e-wallets such as Apple Pay or Google Pay.

1. Click on the 'Accounts' tab
2. Click on the 'Add Money' button
3. Enter your debit card or bank account information and click 'Continue.'
4. Enter the amount you want to deposit and click the "Add Money" button.

You can withdraw money from your Revolut trading account by following these steps:

• Go to 'Payments'
• Select 'Bank Transfer'
• Add your bank account
• Select the currency and amount you want to withdraw

You can send up to € 1,000 each month without having to pay exchange fees, in addition to which a fee of 0.5 % will be charged. If you use Revolut Premium or Revolut Metal, you can transfer unlimited funds globally without forex fees.

Withdrawal by bank transfer takes one business day.

Safety

Although Revolut operates as a bank in the above countries, you should use multiple layers of security to keep your funds safe when using its platform. There are many problems with online banking, and although Revolut is legitimate and secure, breaches of customer data remain a persistent risk factor.

As a result, the company has strengthened its security features to include fingerprint identification when attempting to log in to your account. Revolut also provides easy customization for its users, allowing them to turn off certain features that increase the risk of phishing attacks.

Other security features include:

• The "Revolut Security" application is available for both Android and iOS users. This application provides protection against malware that attempts to gain access to the device.
• The application can also be used as a safety net if you lose your phone or someone steals it from you. This feature allows you to lock and delete your account remotely using only the official Revolut software.
• The "Revolut Vault" application allows you to encrypt your data so that only you can access it. It can be used on a wide variety of devices, but you will need to download the application from the web.
• Revolut vault provides four layers of protection: PIN and password, two-factor authentication, fingerprint, and face recognition.
• You also have the option of using virtual cards that can be used for one-time online payments and destroy them immediately. This prevents hackers from later using your card number to access your account.
• In case of loss or theft of the card, you can easily freeze and thaw through the application.
• You can also use the app to turn off contactless payments, use ATMs, and online payments, and then easily turn them back on when you want.
• In terms of fund security, Revolut holds client money in separate client accounts, in first-class banks
• The revolution is also approved by the FCA, which means that it meets the requirements of the FCA for the protection of funds together with the Payment Services Regulation of 2017 and the Electronic Money Regulations of 2011.

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FAQ

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