Do you want to get rid of the cumbersome processes of traditional banking? You might want to live a free and global life. Revolut provides you complete freedom in nagging your finances, whether in the UK or abroad. Also, it saves you from the hassle of traditional banking.
With changing landscape of the services sector and innovations, many new changes are expected in the banking sector. Though you cannot say that Revolut is something completely new, it is an improved version of services previously available. Let’s uncover it in detail.
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Which Revolut card type is the best option for you?
There are three card types that Revolut offers to its customers. These are
1. Revolut Metal cards
2. Premium cards
3. Virtual cards
When it comes to which card is the best option for you, it’s the metal card. Though it costs you more, you get additional benefits that can cover costs easily. You will get a higher ATM withdrawal limit, cash back, and travel benefits.
What is Revolut?
Revolut is a virtual banking service that names itself a digital banking service. It started in 2015, intending to transform how people manage their finances. Its founder is Nikolay Storonsky, who has hands-on experience in trading, and Vlad Yetsenko, who has built financial systems.
Revolut started its journey as a prepaid card and app. Now it is the fastest-growing digital bank with over 25 million customers. It includes a wide range of features that help customers easily switch currencies while traveling and set up an account without any paperwork.
You can open an account in a few minutes. You’ll get a virtual or physical Revolut UK card, a prepaid contactless Visa card that you can use in the UK or abroad. You can order a physical card from the app with only postage charges, while delivery is free for premium plans.
Managing accounts is a piece of cake using the Revolut app. You can download it free on your smartphone. Revolut allows you to pay online using Apple pay or contactless card payments. Ensure your phone is free from malware or viruses before using the app.
What are the Key Features of Revolut?
Revolut is famous for many additional features not present in traditional banking. It gives more flexibility and freedom in managing finances. Below are some of the features of Revolut:
- Revolut came with a new and stunning offer for new customers in 2023. Newcomers will enjoy a three-month free premium membership after signing up. The offer is valid until 31st march 2023.
- If you own a Rervolut account, you’ll get complete weekly insights about your spending. This way, you can keep track of your expenses
- One lace banking feature of Revolut allows you to connect your other bank accounts through opening banking for easy and one-place management
- A monthly budget setting keeps your finances in check and stops you from overspending
- You can easily cancel unwanted subscriptions and payments using end-of-trial notifications
- With Revolut, you get instant notifications about in-and-out transactions. Further, you can set reminders to get notified about low balances
- You can even benefit from rewards and cashback from exclusive retailers when using a Revolut card for purchases
- Sending money abroad is a handy feature that allows you to send money in over 30 currencies at iter bank exchange rates
- There are no hidden charges when spending abroad ( only a 0.5% fee for a balance greater than a thousand euros)
- You can earn interest on your savings in an FSCS protected bank account
- Round up spare feature allows you to save when you spend, and also you’ll get your salary a day early in your Revolut account
- You can set up on-demand pay, and also you can make pockets for different bills and subscriptions. So, money is automatically moved from your account on payday and paid from a pocket. In this way, you don’t need to worry about missing payments
- You can pay online using Google pay and Apple pay
- Also, you can protect yourself from online fraud using Revolut virtual card. Its account number changes each time you buy something online
- You can manage your investments via the app and make pet insurance.
What are the Plans and Pricing of Revolut?
Revolut gives its customers four different plans. You can choose any one of them best suiting to your needs. The below table shows a comparison of these plans.
|No fee ATM withdrawal within limits||£200/m or 5x||£200/m limit||£400/m limit||£800/m limit|
|Personalised cardsFees apply||❌||✅||✅||✅|
|Exclusive Metal card||❌||❌||❌||✅|
|Discounted Transfers abroad||❌||❌||20%||40%|
|Revolut <18 accounts||1||2||2||5|
|Full access to <18 features||❌||✅||✅||✅|
|Free card delivery||❌||✅||Free Express||Free Express|
|24/7 priority customer support||❌||✅||✅||✅|
|Daily interest on GBP savings||Up to 1.18% AER||Up to 1.25% AER||Up to 2.11% AER||Up to 2.5% AER|
|Daily interest on USD savings||❌||1.28%||2.34%||2.75%|
|Daily interest on EUR savings||0.9% AER||0.95% AER||1% AER||1.15% AER|
|Crypto Exchange Fees||1.99% with minimum £0.99||1.99% with minimum £0.99||1.99% with no minimum fee||1.99% with no minimum fee|
|Commodity Exchange Fees||1.5%||1.5%||0.5%||0.5%|
|Travel savings and protections|
|Flight Insurance||❌||❌||£5000/y limit||£5000/y limit|
|Baggage loss/damage||❌||❌||£1000/y limit||£1000/y limit|
|Winter sports cover||❌||❌||£3000/y limit||£3000/y limit|
|Free lounge access with smart delay||❌||❌||You +1 friend||You +3 friends|
|Discounted airport lounge access||❌||❌||✅||✅|
Revolut is OK when it comes to travelling abroad as it provides discounts and currency exchanges at interbank exchange rates. Moreover, its easy for management and the easy-to-use simple mechanism is a plus compared to traditional banking.
However, its ATM usage limits are problematic, especially when you travel to a country where you need to carry cash. Also, there are spending limits on standard plus plans. Overall it is best to bet to go. Feel free to join it and share your experience in the comments. Visit somquestblog to learn more.