Revolut started out as a mobile application in 2015, which allows users to create and run a current account. Revolut accounts work like the traditional current accounts, allowing users to send and receive funds via SEPA and SWIFT.
With over 2 million customers and more than 150 million transactions totaling about £15 billion, Revolut is definitely one of the biggest names in the digital banking world.
Who can open a Revolut Account?
A prospective Revolut Account holder must be a legal resident from the UK, European Economic Area (EEA), Switzerland, and Australia. Other countries outside these jurisdictions may not be allowed to create an account with Revolut.
Getting a Revolut Prepaid Bank Card
The first step is to register an account with Revolut. The download link is sent to your device once you input your phone number on their website. You get a debit card automatically once you open an account with Revolut.
UK users get Visa-issued cards, while European users get MasterCard-issued cards. Either of these card types can be used for online payments or cash withdrawals worldwide.
You do not need to provide supporting documents or fill forms to access a prepaid bank card. The app will only ask for a picture of your valid identity document and a photo of your face.
What can you do with your Revolut account?
Send Money with Revolut
You can send or request money in over 29 currencies, both at home and abroad. Revolut charges only 0.5% for amounts above the £5,000 monthly threshold. The charges may increase slightly on weekends or certain currencies. There is also a recurrent payment feature that allows you to make repetitive transactions.
Foreign Withdrawals with Revolut
With the Revolut prepaid bank card, you can withdraw up to £2000 in ATMs abroad for free. Subsequent transactions after the £200 limit attract a 2% charge. You can choose from over 150 currencies for foreign transactions, although the interbank rates apply.
Receive Wages and Pensions with Revolut
A Revolut Multicurrency Account allows you to receive your salary, wages, or even bank transfers from other banks and in other currencies. In this case, Revolut assigns a special account number and sort code for such payments, provided they are in the UK. The app also offers a Euro IBAN account for accepting Europen payments.
Revolut Security
The Revolut app and its operations are designed to prevent fraud and fraudulent activities. You get notifications for every money spent on the card – a handy feature for international travelers. You can also change your PIN any time via the Revolut mobile app. You can also block the card on your app if you ever lose it.
Bottom line – Is Revolut right for you?
If you are looking to cut costs significantly on currency exchange and money transfers between different currencies, then Revolut is right for you. Click the link below to get your Revolut prepaid bank card.
