Here we’ll provide you with a quick overview of this payment service and address some common questions about it from your existing customers. At the end of it, you may even be tempted to sign up yourself.
Please note that this page does include some affiliate links.
What is Revolut and how does it work?
Revolut is an innovative smartphone payment application that offers a range of prepaid debit-style cards for users. It is available to customers based in the United Kingdom and Ireland, as well as, the rest of the European Economic Area, Australia, Singapore, Switzerland, and the United States of America.
Revolut works like any other payment processing service you may be more familiar with like PayPal, Stripe, etc. However, it is much more than these dinosaurs.
If it sounds like we are trying to sell you Revolut, that’s because, in a way, we are. We love the app and its features and would love to spread the message to anyone who is willing to listen.
The main benefit of having a Revolut account is the ability to spend and send money (or indeed receive) in your home or foreign currencies anywhere in the world at very low fees. At the time of writing, this is possible in over 30 different currencies and 200+ destinations.
With a Revolut card, you can even withdraw money abroad or spend it in shops as if you have a local bank account. While you may find some vendor’s banks can’t accept it, the vast majority will.
The company launched in 2015, and, to date, has 15 million and growing customers around the world.
With a Revolut account, you can also buy and sell securities like shares, trade-in selected cryptocurrencies, and set up savings accounts all in one place. Words cannot really describe how much easier this makes your life if you are looking for a simple way to invest your hard-earned cash.
Is Revolut safe and trustworthy?
It most certainly is. We’ve been using Revolut for several years and find their system easy-to-use and hassle-free. We’ve used other low-cost app-based banking companies over the years, but find Revolut’s to be the slickest and intuitive.
It is also very secure as it uses some of the best end-to-end security of any payment app around.
The company is authorized by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 too, which means they must adhere to very strict banking rules and regulations just like any high street bank you are probably more familiar with.
The problem with high street banks is that they tend to charge hefty fees for transferring money abroad or paying in other currencies. While some may quote low fees, or even now fees, on currency exchanges, there are many hidden costs to this process, most notably the exchange rates they use.
Revolut allows you to exchange currencies at the “spot” price of currency for the day, meaning you get the exact international exchange rate. Most other banks will take a cut from the exchange rate by offering you a lower one than the actual rate for the day.
This could mean quite a bit of cash for large money transactions.
What currencies can I pay with through Revolut?
At present, you can pay and exchange money in any of 30 different currencies. The process is very quick, and can all be done through the mobile app so long as you have an internet connection.
Once exchanged, you can pay or withdraw the foreign currency immediately. It really is that simple.
How can I get my own Revolut account?
If you are in any of the areas serviced by Revolut you can get an account in minutes — and for free.
To do so, follow this link and get started. Using the link we’ve provided you can some additional benefits that you may not otherwise get by signing up “cold” as it were.
Once you’ve signed up, and gone through all the usual identity requirements for opening a bank account, you can begin to transfer money worldwide for ultra-low fees.
Revolut also offers a range of paid account levels including “Plus”, “Premium,” and “Metal”. Each has an increasing premium per month but opens up new benefits for you from lower fees on exchanges or trading fees for investing features, to a physical metal card that earns you cash back on purchases.
They also offer a Business service that offers most of the benefits that a private user has, with the added benefit of acting as a payment processor for your business.
If any of this sounds of interest, we recommend you sign up to Revolut today. You will not regret it.