Revolut - is it the online bank for you? Personal bank features
Once, not too long ago, you didn’t have much choice at all about who you banked with. Depending on where you were based, there were a handful of institutions that were available. Even more so, if you lived in the countryside, you might only have one bank that you could use, if you were lucky. Then with the internet and online banking, it became easier to use banks that might not have branches in your area. Fast forward to the last decade and there are now a lot of serious competitors to the banking institutions that have dominated the financial sector for decades.
This article is about Revolut, one of the new challenger banks from recent years who have decided to shake up the industry and offer a service the older banks haven’t been able to. Read on below to find out more about Revolut and if it’s the right bank for you.
What is Revolut?
Firmly embedded into the new age of banking, Revolut is a completely digital bank. Users can make the most of its services through an app and card. These help to give people banking with Revolut an experience with improved technology, flexibility and less costs. For people who travel a lot, Revolut’s services are particularly useful because there are no hidden fees when spending abroad or transferring money internationally.
The company was launched 5 years ago in 2015 and now boasts over 8 million customers. The business covers a lot of the services most people use banks for, with some further features included as well. We’ll cover some of these below.
What does Revolut offer?
Banking is an extremely competitive industry, you don’t get 8 million customers in 5 years by offering a poor service. Below we’ve covered some of the best features of Revolut that have helped it become so popular.
Quick and easy sign up
If you decide to go with Revolut for your bank, it’s both quick and easy to sign up. Simply download the app and fill in a registration form. To do this, you don’t need to go through a credit check, or provide a proof of address. You are required to provide a proof of your identity though, by taking a picture of yourself and also sending a photo of a valid ID.
Revolut can be used in a similar way to any other UK current account. When you sign up for Revolut, you’ll get an account number and sort code for the UK. This allows you to pay monthly direct debits, take out cash from ATMs, use contactless pay, and also use Google and Apple Pay.
Worldwide payments and free international spending
With Revolut, you can transfer money to a list of 29 countries, without being charged a fee. Alongside this, Revolut doesn’t charge anything on top of the interbank rate. This is the amount of money banks from different countries charge each other when a payment is international. This means that, as a consumer, you won’t get a better deal.
Multiple Currencies Available
You are not limited to just one country’s currency. Using the app, you will be able to have a balance in 29 different currencies. Alongside this, you can have access to cryptocurrency, which will be covered in the next point.
This is potentially one of the biggest benefits of using Revolut. Since 2017, the company has let its customers use the app to buy cryptocurrency. This makes it quick and easy to have access to cryptocurrency. As a customer, you have access to up to 5 differency coins. This include:
- Bitcoin Cash
If you use Revolut for cryptocurrency, you’ll have up to date graphs giving you data on the latest rates and you can also set up price alerts. Alongside this, you can send cryptocurrency to other people using Revolut for completely free.
Card Freeze and Spending Limits
It’s simple to freeze a lost card and also easy to unfreeze it if you find it again. Alongside this, you can set up spending caps for each month, meaning you won’t go over budget.
If you’re looking for a new bank, Revolut offers a sophisticated banking solution that is easy to use. It has a great range of features, particularly for people interested in cryptocurrency and who make a lot of international payments. With time the features on offer are looking to expand as well, so keep an eye on what the future holds for Revolut.