Revolut is a financial technology corporation that is headquartered in London, England. Founded on July 1st, 2015 by Nikolay Storonsky and Vlad Yatsenko, this payment card and handy app is a convenient substitute for traditional brick and mortar banks, as they offer worldwide finance flexibility with real exchange rates and no hidden fees, which can rack up when shopping or living abroad.
Boasting over 12 million personal customers worldwide, 400,000 business accounts, 35 supported countries and over 30 available currencies to work with, Revolut’s reputation lives up to the hype. In this article we will discuss the things you need to know before committing to a Revolut prepaid debit card.
Opening an account with Revolut is simple and straightforward, with the signup process taking mere minutes from your mobile device. Revolut is a strictly online bank, so there are no physical locations. However, thanks to their handy app, you can easily track your spending and conversions as well as manage your finances from anywhere in the world. Revolut believes in giving their customers full control of their finances, whether your spending or budgeting for your next big trip.
Besides savings your change, Revolut’s instant spending notification is another great feature of this prepaid debit card. The company will send you a notification to your device, indicating a purchase has been made immediately after the payment has gone through. They provide details such as the amount spent, date of the transaction, and where the shopping took place, allowing for an easy tracking system.
Revolut’s user-friendly app allows clients to set up recurring payments, send and receive funds, freeze and unfreeze your card in case of emergency, and set up location-based security, which adds an additional layer of protection to your card.
Their app has a built-in budgeting system, that lets you set total amounts allowed to spend for necessities such as groceries and gas. You are also able to round up every card payment to the nearest whole number, and Revolut will automatically stash spare change and put it towards your saving goals.
Revolut makes spending abroad simple and convenient, with over 150 currencies available to choose from and with no inflated exchange rates. Revolut utilizes the interbank exchange rate and will only charge a 0.5% fee for purchases exceeding their monthly maximum of US$6,500. However, a small mark-up may be charged to get access to certain currency, as well as on weekends.
Customers have the ability to send and exchange between 30 currencies, both at home and while abroad. Revolut offers their clients a US$300 ATM withdrawal allowance per month. Any withdrawals above that amount will be subject to a 2% fee.
Overall, Revolut is a reliable company with an exceptional reputation, which focuses on filling a niche, and some of their additional services are definitely unique to the world of online banking!
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