Revolut is a fintech company that predominantly delivers an array of financial services via its mobile app. Recognized for providing users with convenient and economical tools for international spending, currency exchange, and diverse banking services, Revolut has established itself as a prominent player in the financial technology landscape.
How to Open an Account?
Revolut ensures a user-friendly experience by offering a straightforward account opening process, making international money transfers accessible to a diverse range of users. The simplified procedures not only enhance ease of use but also broaden the accessibility of international financial transactions to a wider audience.
Download the Revolut App
To initiate the account opening procedure, you must download the Revolut mobile application. Revolut primarily functions through its application, which is accessible on both iOS and Android devices.
Create an Account
When you install the app, you will be guided on how to create a Revolut account. This involves providing vital information such as your personal details and email address, along with the setup of a secure password.
Identity Verification
Similar to numerous financial institutions, Revolut mandates identity verification to adhere to regulatory standards. You might receive a request to provide images of identification documents, such as a passport or driver’s license, as part of the identity verification process.
Choose Account Type
Revolut provides a range of account options, encompassing Standard, Premium, and Metal accounts, each presenting distinctive features and advantages. When setting up your account, you have the flexibility to select the account type that best aligns with your preferences.
Order a Revolut Card
Based on your selected account type, you may be given the choice to request either a physical or virtual Revolut card. This card is connected to your Revolut account and is applicable for both transactions and withdrawals.
Deposit Funds
To begin utilizing your Revolut account, you must add funds to it. Revolut accommodates diverse funding methods, encompassing bank transfers and payments via debit/credit cards.
Explore the Revolut Features
After establishing and funding your account, you have the opportunity to delve into the myriad features provided by Revolut via its mobile app. This could encompass currency exchange, budgeting tools, cryptocurrency services, and additional functionalities.
Types of Fees
Revolut offers a transparent fee structure, providing users with clarity on various charges, including card, transfer, currency exchange, ATM, and deposit fees.
Card Fee
To receive your initial physical card, you’ll only need to cover the delivery fee. Subsequent replacement cards incur a £5 charge under the Standard Plan.
Transfer Fee
Transferring money from your Revolut account to any international bank via standard wire transfers incurs no fees, and the same holds true for transfers within the same currency. However, please note that there is a charge associated with utilizing the SWIFT payment method.
Currency Exchange Fee
During weekdays, Revolut provides competitive exchange rates characterized by a narrow spread between the buy and sell prices, sourced from third-party providers and applicable to both international transfers and ATM withdrawals. For weekday currency exchanges, there is no fee up to €1,000/£1,000 per month. Beyond this threshold, a 0.5% fee applies. However, the exchange rates are fixed on weekends and include a markup, impacting both free and paid account plans. It’s essential to be aware of this variation in rates depending on the day of the week.
ATM Fee
There is no fee for withdrawing money from any ATM for amounts up to €200/£200 per month. Beyond this limit, a 2% fee applies to withdrawals.
Deposit Fee
Revolut does not impose any fees when you fund your account through the use of another bank card. Additionally, there are no charges associated with topping up your Revolut account using a card from a different financial institution.
Available Features
Revolut provides clients with numerous valuable features.
Categorized Spending
Every expenditure is systematically classified based on the specific nature of the transaction, encompassing various categories like shopping, dining, and more. Each type of spending is meticulously categorized for enhanced tracking and analysis.
Interest on Your Savings
Revolut provides the opportunity for your savings to earn interest. With this feature, your deposited funds have the potential to grow over time, allowing you to maximize the benefits of saving with Revolut.
Sending & Requesting Money
You have the ability to swiftly and effortlessly transfer funds to fellow Revolut users at no expense, ensuring instant transactions. Furthermore, you can initiate a money request, allowing seamless and convenient transactions between users.
Monthly Budgets
You have the capability to establish monthly budgets and set spending goals, both on a comprehensive level and for specific spending categories. This feature enables you to manage your finances effectively by defining limits for overall expenditures as well as allocating budgetary constraints to individual spending areas.
Saving Stored Separately
Your savings can be conveniently segregated for a more streamlined overview and effective management. By keeping them stored separately, you enhance your ability to monitor and control your finances with greater precision and organization.
Direct Debits
Direct debits are supported by the system, albeit exclusively in EUR. This functionality allows for the automatic deduction of authorized payments directly from your account, streamlining the payment process for added convenience.
Customer Support
Revolut provides its clients with an easy-to-use Help section as well as customer support through:
Live Chat Support – Instantly connect with a dedicated agent who is readily available to provide you with all the information or assistance you may require. Access a seamless communication channel, ensuring prompt and comprehensive support tailored to your specific needs.
Email Support – In the majority of instances, you can expect a response within a day, receiving precise and relevant information tailored to your specific inquiry. Our commitment is to ensure timely and accurate assistance, addressing your needs effectively.
Phone Support – The phone support operates in an automated capacity and is exclusively designed for the purpose of card blocking. This functionality allows users to efficiently and promptly secure their cards through automated assistance via phone.
