What is Revolut?

If you’re looking for an alternative to traditional banks, you must find many options for online banks. They are convenient, have lower fees, have global access, and are usually faster and easier to use. You probably have heard about Revolut, one of Europe’s most popular online banks. Countries like the United Kingdom, Ireland, France, Spain, and Poland have substantial Revolut user bases. This article will tell you everything you need to know about Revolut. Let’s dig in!

What is Revolut?

Revolut is a British fintech company that offers a range of banking services through an app-based platform. The company was founded in 2015, and its products include a prepaid debit card (MasterCard or Visa), peer-to-peer payments, currency exchange, and cryptocurrency exchange. Revolut’s mobile app supports spending and ATM withdrawals in 120 currencies, allowing money transfers in 29 currencies directly from the app. The app also provides users access to cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP.

In Revolut, you can find four different plans. Each has various benefits, and you can compare them on their website. The plans are:

Standard – Free

Whether you’re looking to save money spending abroad or sticking to your budget with our built-in budgeting, get more from your money, get more from your money from the Standard account.

Plus – €2,99 / month

Give your everyday finances a boost. Get More out of your money for less than the cost of a coffee.

Premium – €6,99 / month

Upgrade to a global lifestyle. Get the confidence to spend, invest, and save smarter globally.

Metal – €12,99 /month

Unlock your money’s potential. Make your money work for you with 3% interested paid daily on savings, cashback, low-fee crypto and much more.

Why use Revolut?

There are some excellent reasons why you can benefit from Revolut. The app is easy to use since it was designed to be user-friendly. You can manage your money and control your budget like a pro on your smartphone. Besides that, Revolut also supports over 150 currencies, making it convenient for travellers.

Speaking of travelling, another benefit of this bank is that it has no foreign transaction fees, so that you can spend in the local currency without worries. It lets users buy, hold and sell cryptocurrencies directly from the app.

Why not use Revolut?

Revolut is the ideal bank for most people searching for an online bank. But it doesn’t mean that there aren’t disadvantages. Here are some of them:

• Customer service is only in English;
• You have a limit of free withdrawals, and it is pretty low;
• For Standard and Plus subscriptions, the delivery of a physical card is chargeable;
• You can only exchange in more than 30 currencies from Monday to Friday.

If you require a prepaid credit card, you can go to Recharge.com. You can buy without a subscription by following the instructions in seconds.

Is Revolut safe?

Yes, without a doubt! The company uses a unique award-winning security system, which is embedded in each one of its products. These are some of the strategies the bank uses to keep your money safe:

• Two-factor authentication: When you access the app, you’ll be asked to enter a PIN or use facial recognition, and you’ll receive an SMS with a one-time code. This way, Revolut can verify your identity.
• Single-use disposable cards: This virtual card is created for a single transaction. After that, it becomes invalid. This process is designed to provide an extra layer of security to prevent unauthorized charges and fraud.
• In-app review of transactions: You can control every transaction of your account via the app. The app also has a system of instant freezing any suspicious operation and the relevant card. You can instantly unfreeze it if you find it’s a safe transaction.

Revolut is an excellent option if you’re looking for an online bank. You can manage your budget directly from the app, besides exploring the bank’s other benefits. You can learn more about them on the Revolut website. We hope this article has helped you understand what Revolut is and if it is safe to use. If this is still different from what you’re looking for, check this article about Skrill and Paypal, other two financial solutions that might meet your needs.