What is Revolut?
According to the Revolut website (https://revolut.com/) “Revolut is working to build a fair and frictionless platform to use and manage money around the world. Revolut brings freedom to your money with our multi-currency card and mobile app. With Revolut you can now send, spend and exchange money instantly with intuitive ease.Using the Revolut App you can set up an account in 30 seconds, enabling you to instantly transfer money globally through SMS, WhatsApp and social media using the best possible exchange rates, the spot interbank rates.Once you’ve topped up your Revolut account you can use your Revolut MasterCard® at millions of locations worldwide using the real exchange rate. The card automatically converts into the local currency at the real exchange rate so you don’t have to worry about it.”. The Revolut App and MasterCard are effectively a multi currency, Pre Pay credit card solution offering transfers between currencies at the interbank rate. Added to this, the application allows you to transfer money between friends, saving the need to do complicated bank transfers or using multi cards when “splitting the bill”. The card can also be used to withdraw money in cash machines worldwide that support MasterCard.
How does it differ to using your bank?
Many banks and credit cards charge for every aspect of multi-currency transfers and all of them give you less than the current interbank transfer rate to exchange your money. A full and current list of charges from UK banks and CreditCards can be found here; Overseas Card Charges. Using Revolut removes all of the aforementioned fees, I personally prefer to spend my money than donating it to a bank!
How does it work?
Setting up a Revolut account and ordering the card couldn’t be any easier. Simply download the Revolut app to your smartphone or tablet, add all the requested information and they will send the card out to you. You can start using the app instantly and within a short few days your card will arrive. I would recommend you approve your identity as soon as you can and before you travel. Its an anti-corruption measure and will unlock your account to allow spending up to £30,000 yearly.
What currencies are supported?
Revolut currently supports spending, and ATM withdrawals in 90 currencies. The current list of supported currencies include: AED, ALL, ARS, AUD, AWG, AZN, BBD, BGN, BND, BOB, BRL, BWP, BYR, BZD, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, DOP, EGP, EUR, GBP, HKD, HNL, HRK, HUF, IDR, ILS, INR, ISK, JMD, JPY, KGS, KHR, KRW, KZT, LAK, LKR, MAD, MGA, MKD, MNT, MUR, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, SAR, SBD, SCR, SEK, SGD, SOS, SRD, SVC, SYP, THB, TRY, TTD, TVD, TWD, UAH, USD, UYU, UZS, VEF, VND, XCD, YER, ZAR.
So no charges at all?
Spending with the Revolut multi-currency card in store or online is free. Using the Revolut app to transfer money is free. Withdrawing cash from an ATM with your Revolut multi-currency card is free for £500 (or equivalent) each month after which there is a 2% charge. Topping up via bank transfer within the Single Euro Payments Area is free. Topping up via bank transfer outside of SEPA may incur a third party fee, please reference. SEPA comprises the 28 E.U. member states as well as Switzerland, Norway, Iceland, Liechtenstein, Monaco and San Marino. Topping up via debit card in EUR or GBP is free, in USD there will be a 3% charge. Revolut provides the real interbank exchange rate for 88 out of 90 currencies which work on the Revolut card. 2 of 90 currencies (THB/RUB) are difficult to provide and will be provided at the best available exchange rate.
Any other insights?
If you are doing a bank transfer to your Revolut account, I would recommend transferring your funds at least a week before to avoid any issues. I prefer to top up my account via a debit card. Although its limited to £1000 per day, its more than enough for my needs. I try to avoid withdrawing more than £500 in cash any month and pay for everything on my card where possible. If I’m visiting Thailand I like always carry my my Revolut card as a backup, due to the volatility in the currency its advisable to exchange currency locally to get the best rates.
For more information on Revolut visit; https://revolut.com/FAQ