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Revolut saves you money – Revolut review
Picture this:
You’ve just returned from holiday. You’re unpacking your cases and your mind wanders back to the great time you had. Suddenly, you remember your bank balance…
This Revolut review is for you!
How did you manage to spend all that money on holiday?
Why does your bank have such bad exchange rates and charge such high fees?
… Isn’t it strange that we don’t think about those issues before we go on holiday?
Whether you’re thinking “I need to change my bank account”, or you’re just now planning your holiday and preparing your finances….
Here’s what you need to know:
The best way to save money whilst on holiday, is to use Revolut – it’s also the ideal card to use when you’re at home.
The multi-currency prepaid RevolutCard works like a local debit card, regardless of which Country you’re in.
RevolutCard is the only card you need at home
and abroad – it’s free!
Revolut review – use worldwide for free
Revolut is the new app and multi-currency prepaid card that’s great for saving in the money transfer market and cutting the cost of hidden banking fees.
It’s so easy and convenient to use:
- no fees when paying for goods in any currency
- no fees when using or withdrawing from any ATM [Edit: see update below]
- no fees when transferring money
- ability to convert currency at any time
- best available exchange rates
Here’s an excerpt from Revolut’s website:
“Revolut is your personal money cloud cutting your hidden banking fees to zero. It allows you to exchange currencies at interbank rates, send money through social networks and spend with a multi-currency card that is accepted anywhere. All this is done at the touch of a button in a beautiful mobile application.” [source: www.revolut.com ].
to easily see the pros and cons of using Monese, TransferWise, Saving Stream and Revolut
Revolut has no fees at all!
Revolut has no fees, but to avoid any fees from your bank, always top-up Revolut in the same currency as the bank account/card from which you’re debiting the money.
The RevolutCard works like a local debit card worldwide. Use it to pay in-store, online or withdraw cash from any ATM, completely without charge.
Revolut | your money transfer information
Money transfers in EUR, USD and GBP are instant between Revolut account holders (free to all users regardless of whether the recipient has joined Revolut).
The multi-currency RevolutCard is accepted globally at all MasterCard® locations. Revolut automatically converts the required amount into the local currency at the perfect interbank exchange rate, and at the instant of transaction.
Your money is safely protected in Barclays’ ring-fenced account, operated under the Barclays Bank e-money licence.
Recent Revolut updates
UPDATE: as of 2016 Q1, Revolut’s had to pass on a few costs to its customers (don’t worry, the majority of transactions remain free to use). These are the only changes:
- ATM usage – FREE to withdraw up to £500 / €650 / $700 (or equivalent) a month, after which there’s a 2% fee applied to further ATM withdrawals until the end of the month. For example, if you withdraw £550 in one month, this would only cost you £1. Note, this fee only applies to ATM withdrawals – you can still spend as much as you want with your RevolutCard
- USD debit card top-ups – 3% fee per USD top-up via debit card, so it may be cheaper to top up via bank transfer – spending, sending and exchanging USD is still FREE
- Illiquid currencies – Revolut will provide their best rate rather than the interbank rate for illiquid currencies difficult to trade, eg Thai Baht and Russian Ruble – all of which will be clearly shown on the app
UPDATE: as of 2016 Q2 Revolut has additional security features in app to reduce fraud:
- disable magstripe payments (optional) – most European countries use “Chip & Pin” ATM technology instead of magstripe (the black strip on the back of your card), so you can disable this feature in Revolut. However, if you’re travelling to SE Asia or USA, you may need to leave it enabled as they still use the magstripe
- location based security (optional) – once activated, Revolut will use your phone’s location to determine if your card has been compromised. For instance, if your card is being used in a different country to your phone’s location, Revolut will stop the transaction as it assumes your card’s like to have been stolen. This feature doesn’t effect international online shopping
UPDATE: as of 2016 Q3, you can use Visa and MasterCard credit cards to top up your Revolut account.
The many features of Revolut that can save you money
Revolut promises lots of exciting features including the ability to pay with bitcoins in any shop via the multi-currency RevolutCard.
But, it’s not just any card:
- it can be used as a multi-currency “wallet”
- it locks today’s currency rate if bought in advance, giving you the convenience of not having to switch cards when you travel
- it’s easy to withdraw money to your bank account. This is useful if, for instance, you have different currency accounts and want to withdraw/deposit using the best exchange rate
- quickly arrange international money transfers from the Revolut app to your contacts. The recipient decides whether to receive the money in their bank account or via Revolut
With features such as these, Revolut’s ideal to use for day-to-day shopping at home and abroad.
to easily see the pros and cons of using Monese, TransferWise, Saving Stream and Revolut
Who founded Revolut?
Revolut came out of BETA and launched in July 2015.
The founders of Revolut are a group of entrepreneurs with a strong product design, technology and financial services background. Their aim is to provide an alternative way of transferring money and paying for products abroad without excessive banking fees.
Here’s how to start using Revolut
Visit Revolut’s website for more information and to benefit from its amazing features and fair exchange rates via the free Android and iOS app.
Follow on Twitter (@RevolutApp) for the latest developments.
What’s it like using Revolut?
I’ve used Revolut for about a year now, and love how easy and convenient it is.
Brilliant exchange rates, and all without any hidden banking fees.
Why use other currency exchange businesses?
I don’t understand why people would use other currency exchange businesses to convert their holiday money, when Revolut’s interbank rates are invariably cheaper. Compare and check the rates.
Instant transactions – convenient and easy to use
I’ve successfully used Revolut to transfer, withdraw, top-up and exchange money. Transactions are immediate, instantly updating the balance information on the Revolut app.
You can use the app to purchase online, or use the physical RevolutCard at the shops. It’s very easy to link a bank card to top up the balance, and you can instantly transfer money in either EUR, USD or GBP to any of your contacts. The contacts list is automatically imported, for convenience.
It’s a quick process to upload cash to Revolut (and just as simple to spend it!) with transactions clearly listed in-app.
As soon as you’ve downloaded the Revolut app and uploaded cash, you can start using it.
Virtual and Physical RevolutCard
multi-currency RevolutCard cuts hidden banking fees
Your own virtual RevolutCard details are available for immediate online use, if required, and the physical RevolutCard is delivered within 2 days – ordered via the app which also generates your PIN.
Helpful customer services
I was impressed by the speed and the beautiful packaging in which the RevolutCard arrives.
The Revolut app lists all your transactions in a live feed, allowing you to add notes and receipts, if needed. It also lets you block/unblock or request a new card, if your card’s been lost or stolen.
Contact customer service via the in-app live chat, email or twitter.
Supercard uses visa exchange rates which adds 0.25-0.55% (or 3% if for a minor currency) to the interbank rates.
It’s only available to UK residents.
It can be used worldwide for free although it charges £2 on all UK ATM withdrawals and 50p per UK POS transaction via debit card – a credit card will not work for UK ATM/POS transactions.
Currency conversions are at the point of transaction only.
You can earn cashback on both debit and credit card transactions.
The app is only used to link your card and list transactions.
RevolutCard uses interbank exchange rates and is available for free to residents worldwide.
Free worldwide ATM withdrawals less than £500 per month, and free worldwide POS transactions
Currency conversions are either at the point of transaction or EUR, USD, GBP can be bought and “locked” in advance.
You can earn cashback on debit card transactions and Revolut is looking to include credit card cashback transactions too.
[EDIT 2016 – you can top up Revolut via bank transfer, debit and credit card]
The app is used for free instant EUR, USD, GBP transfers between Revolut users, as well as linking your card and listing transactions.
Note: this review is a general resource and does not constitute professional advice. PeasOnToast.co.uk is not authorised by the Financial Conduct Authority with whom you should seek financial advice.
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