Revolut – Everything you need to know

Revolut is an e-money institution platform that provides a wide range of banking and financial services through its mobile app and web platform. Launched in 2015, Revolut initially started as a service for managing multiple currencies but has since grown into a comprehensive financial platform used by millions of people globally.

Moreover, one of Revolut’s main features is its multi-currency accounts, which allow users to hold, exchange, and spend in various currencies at competitive exchange rates. This service is particularly popular among frequent travelers and those who need to manage money across different countries.

Beyond traditional banking services, Revolut also enables users to engage in cryptocurrency trading, stocks and comodities directly within the app.

Revolut is currently available for residents of the following countries:

Belgium, France, Germany, Netherlands, Spain, Austria, Bulgaria, Croatia, Cyprus, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Australia, Brazil, Japan, New Zealand, Singapore, Switzerland, United Kingdom and United States.

Revolut is regulated by the Financial Conduct Authority (FCA) as an e-money institution.

Additionally, this ensures that your money is kept separate from the provider’s other assets, so it is protected in case the provider goes bankrupt.

Revolut differs from your bank in several significant ways, particularly in its approach to banking, customer experience, and the use of technology:

1. Digital-Only Platform

• Revolut: Operates entirely online, with no physical branches. All your banking is done through a mobile app, making it convenient for those who prefer managing their finances digitally.
• Your Bank: Likely has physical branches where you can go for in-person service. This can be beneficial if you prefer face-to-face interactions for certain transactions or advice.

2. Customer Interaction

• Revolut: Interaction is primarily digital, using in-app chat, email, and a customer service hotline. They also provide online resources like FAQs and blogs.
• Your Bank: Offers a broader range of customer service options, including in-person support at branches, phone support, and online assistance.

3. Technology and Innovation

• Revolut: Leverages the latest technology to offer innovative services like integrated investments, multi-currency accounts, and advanced budgeting tools. It is typically faster at introducing new features and responding to customer feedback.
• Your Bank: Uses more traditional banking systems and may adopt new technologies more slowly. While it may offer digital services, these might not be as advanced or user-friendly as those from fintech companies like Revolut.

4. Cost and Fee Structure

• Revolut: Often has lower fees or fee-free options due to its digital-only model. You might benefit from free ATM withdrawals, no foreign transaction fees, and better interest rates.
• Your Bank: May have higher fees due to the costs associated with maintaining physical branches and a larger staff. You might encounter fees for account maintenance, overdrafts, and other services.

5. Product Offerings

• Revolut: Focuses on simplified, user-friendly banking products, such as basic checking and savings accounts, cashback rewards, and easy investment options.
• Your Bank: Offers a wider range of financial products, including loans, mortgages, insurance, and business banking services. This might be more suitable if you need a comprehensive suite of banking products.

6. User Experience

• Revolut: Prioritizes a sleek, intuitive user experience, with features like real-time notifications, instant money transfers, and easy management of finances through their app.
• Your Bank: While it may offer online and mobile banking, the experience might not be as seamless or modern as what Revolut provides. Complex transactions might still require branch visits.

7. Regulation and Security

• Revolut: Is regulated by financial authorities like the FCA, and partners with established banks to ensure deposit protection. It uses strong security measures like encryption and biometric login.
• Your Bank: Is fully regulated and insured by local financial authorities (e.g., FDIC in the U.S.), offering comprehensive security and a long-standing reputation.

8. Innovation and Flexibility

• Revolut: Being a fintech, Revolut is more agile and can quickly introduce new features based on customer feedback.
• Your Bank: Larger and more bureaucratic, making it slower to innovate and adapt to new trends.

Revolut provies multiple services to personal users and also to businesses in more than 35 countries, some of them are:

Free bank account: No matter which type of account you choose, you’ll receive an account based in the UK that benefits from Revolut’s partnerships with established banking institutions, ensuring secure and reliable service under their regulatory protections.

Convenient payments: Paying with Revolut is fast, simple, and it is also possible to schedule payments, recurring requests, and direct debits through the app.

Diversified investment opportunities: Seamlessly invest in a wide range of assets, including cryptocurrencies, stocks, and commodities, all from a single platform.

Automatic purchase categorization: Whenever you make purchases with Revolut, the payments are automatically organized into categories, making it much easier to manage your finances.

Budgeting tool: Set spending limits for each category, and you will receive an alert notification whenever you approach the established limit.

Super offers program: You can earn everyday benefits and travel benefits (depending on your plan).

Interest rates available: Enjoy a interest rate from 2.29% to 4.75% AER/Gross depending on the plan you choose.