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What is Revolut and Who should use it?

Perhaps it is not too surprising to anyone that the arena of commerce, shopping and sales is increasingly shifting to the digital space, i.e. the internet.

Virtual purchases have reached unprecedented heights during the COVID-19 crown virus epidemic, but little talk about how many online transactions cost us.

Revolut is a unified digital and physical platform known for its so-called pre-paid card. This means that the card cannot be tied to any bank, and the amount placed on it can be used without restrictions. But why is it all worth it, as countless banks offer a virtual card or web card that can be linked to your account?

What is Revolut?

Revolut was created in 2015 and named after two Russian businessmen, Vlad Yatsenko and Nikolay Stronsky. The advantage is that all the necessary banking services are available free of charge, so it does not cost money to maintain the bank account, bank card and IBAN.

In addition, there are no annoying hidden costs, untraceable exchange rates, and you can forget about the unaffordable maintenance costs of foreign currency accounts.

Another great feature of Revolut is that you can convert your money into almost any currency for free.

In other words, you can pick up almost any currency anywhere in the world and pay with your Revolut card at the regular interbank rate without incurring any fees for the transaction. Therefore, this solution can be self-evident for those planning a trip abroad or shopping online.

The question may rightly be, how is all this possible? The main reason why Revolut can keep its services free is that it has no physical branches, so they do not maintain expensive buildings, banks, departments, financial institutions.

Therefore, they offer their various services to their customers free of charge in return. (Of course, it’s possible to request a Revolut Premium card, but in the vast majority of cases, free essential services include everything you need.)

How to get a Revolut card?

Revolut and the cards it issues are available around the world. They have recently set foot in the United States and Australia, but from January 2021, they will also be officially present in the European Union. But if there are no physical bank buildings, how is the administration done?

Instead, the question is, how many times a year does an average customer visit their bank in person?

Well, right! Revolut has discovered that banking has also mainly been transferred to the internet, so personal customer service has been moved to the airwaves: you can manage your clever and troublesome banking-related things through Revolut’s phone app. Accordingly, you can also apply for a free Revolut card online.

The reference to the account is identical in all respects to a traditional banking transaction. The difference is that Revolut does not charge a fee for the transaction, with a few rare exceptions.

So, if you’ve already transferred money online, you can be pretty sure that transactions related to Revolut won’t be a problem either.

What does the Revolut card and account look like?

Various cards are available as part of the service. Still, Revolut offers a free Mastercard, Visa or Maestro card for the primary account, depending on which are accepted in the area (all three here).

You don’t have to be afraid to hear about the basic account package, as it includes all the necessary features and, despite being free of charge, you probably still have more services than most bank accounts. Let’s look at the benefits in Europe without claiming completeness:

  • Free account and account management (UK account)
  • Free euro IBAN account
  • Payment option in more than 150 currencies at the interbank exchange rate
  • Up to € 6,000 per month for conversion to 30 coins without any hidden costs
  • Free ATM cash withdrawal up to EUR 200 per month
  • The card is perfect for online shopping

All this is quite impressive, and you don’t have to pay a forint for it. Of course, for example, a monthly cash withdrawal of 200 euros may not be enough, and you would need extra services.

In this case, it may be worth subscribing to the Revolut Premium package, which even includes foreign health insurance and cryptocurrency options and costs only 6.93 Euro per month to maintain.

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