Revolut (2024)

Revolut info

Coincub Score

Revolut Review

Revolut is a financial platform that was started in the UK as a means for people to transfer and exchange funds for personal and business use. As part of their platform they use an advanced mobile app along with offering current accounts as part of their services as well as many others.

It was started in 2015 by founders Nik Storonsky and Vlad Yatsenko. Within a year of launching, Revolut had over 100,000 personal customers and secured $15m in Series A funding.

In 2017, Revolut Business was launched as a branch of the company dedicated to helping businesses scale faster and launched their crypto trading platform.

The years to follow saw Revolut expand their company globally to Australia, Europe, Singapore, Japan, Canada, and the United States while hitting milestones such as having over 10 million personal users worldwide.

Revolut remains a flexible, convenient, and practical banking service that is especially useful for travel, card services, and premium accounts. Its unique features position it as one of the better platforms in the financial space. Depending on where you are, there are Revolut cryptocurrency wallets available.

The paid membership levels can initially be off-putting for new users, but the benefits can make up for the cost.

Revolut is great for people who want to manage their finances and access their funds worldwide, and it offers a level of flexibility that makes it worthwhile to try out.

They continue innovating and improving, making it a strong contender in the competitive fintech space. Whether you’re a traveler looking for a hassle-free way to manage your money abroad, a trader cub interested in buying cryptocurrencies, or simply someone who wants more control over your finances, Revolut might be worth considering.

Sign up to Revolut Business!

Revolut Security

How secure is Revolut? All card transactions are processed by the Mastercard or Visa network and are protected by Mastercard or Visa rules.

Their policies and procedures are designed to protect personal information. All information is stored and processed using third-party servers located in secure data centers, protected by firewalls and with restricted access in compliance with applicable regulations.

All data passed between Revolut mobile apps, servers, and third parties are 2048-bit SSL encrypted. Revolut itself has not yet been hacked, though Revolut customers have been subject to phishing attempts.

Sign up to Revolut Business!

Opening an Account and Trading

Revolut allows people to exchange traditional fiat currency (like dollars or euros) for several popular cryptocurrencies like Bitcoin, Ethereum or Litecoin. Revolut makes this process very quick and simple compared to other methods for purchasing cryptocurrency.

To open an account:

1. Use this link to open an account: Signup to Revolut Business!

2. Register an account with Revolut—they will need your name, address, contact details and proof of identification.

3. Choose the services you need from Revolut, for example money transfers, a current account or an international card.

4. You decide the currencies that you want to exchange money between.

5. Use the Revolut mobile app to transfer money to your intended account.

6. Revolut then converts the money and sends it to the recipient.

Additional Services

Revolut offers services that set it apart from traditional financial institutions and other fintech companies. Here’s an in-depth look at some of the key features you might not know about:

Budgeting and Analytics

Revolut has built-in budgeting tools that allow you to track your spending in real-time, set monthly budgets, and receive instant notifications when you pay. The analytics feature categorizes your transactions so you can see where your money goes, from groceries and restaurants to transport and utilities. It’s a great way to monitor your spending habits and find areas where you could potentially save.

Revolut Junior

Revolut Junior is a safe and fun way for young people aged 7-17 to learn about money. It comes with a parent-controlled app and a prepaid debit card, so kids can learn financial responsibility under the supervision of their parents. Parents can transfer money to their child’s account, set spending limits, and receive real-time notifications of their child’s transactions.

Perks and Rewards

Revolut offers a variety of perks and rewards for its users. These include cashback on purchases, discounts at certain retailers, and access to airport lounges with a premium account. They also occasionally run promotions that offer bonus rewards for referring new users.

Donations

Revolut has partnered with a number of charities, allowing you to round up your card payments and donate the spare change. You can also set up recurring donations or make one-off donations whenever you want. It’s a simple and effective way to support causes you care about.

Revolut Trading

Revolut Trading allows users to buy and sell stocks without leaving the app. You can start investing with as little as $1, with no account minimums. However, this service is currently only available to legal residents of certain countries and comes with its own set of fees, so it’s important to read the terms and conditions before you get started.

How-to Guides

Finally, we have prepared some detailed guides on how to use Revolut’s services:

How to Exchange Currencies

1. Open the Revolut app and tap on the “Exchange” button.
2. Choose your currency and the currency you want to exchange it for.
3. Enter the amount you want to exchange.
4. Tap on the “Exchange” button to confirm.

How to Trade Cryptocurrencies

1. Open the Revolut app and tap on the “Wealth” tab.
2. Choose the cryptocurrency you want to trade.
3. Enter the amount you want to buy or sell.
4. Tap the “Buy” or “Sell” button to confirm your trade.

Remember, investing involves risk and you should only invest what you can afford to lose.

Security Enhancements

One aspect that sets Revolut apart from its competitors is its commitment to user security. Here are some of the latest updates they’ve made in this domain:

Disposable Virtual Cards

Revolut has introduced disposable virtual cards to enhance security for online payments. After every online transaction, the card details are destroyed and the app instantly generates new details.

Anti-Fraud Measures

Revolut has implemented sophisticated machine-learning algorithms to detect and prevent fraudulent transactions. They also offer advice on how to avoid scams and what to do if you’re a victim of fraud.

App Security

The Revolut app has several security features you can customize according to your needs. These include setting up a unique passcode for the app, enabling fingerprint or face recognition, and automatically locking the app if your phone is lost or stolen.

Sign up to Revolut Business!

Customer Service Updates

Customer service is an important aspect of any financial service. Here’s what Revolut is doing to improve their customer support:

24/7 Customer Support

Revolut offers round-the-clock customer support via their in-app chat. This means you can get help with your queries or issues any time of the day or night.

Improved Response Times

Revolut has been working to improve their response times. They’ve recently added more customer support agents and improved their training to ensure customers get the help they need as quickly as possible.

Revolut Supported Currencies

You can add money to your Revolut account with a card in AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, JPY, NOK, PLN, RON, SEK, USD, ZAR. Make sure to add money in the currency that your card is held in. For example, if you have a US bank account make sure you add USD. If you don’t, your card will convert the money for you and charge a conversion fee.

Revolut currently supports Mastercard® and Visa® cards. American Express is not supported.

AUDBGNCADCHFCZKDKKEURGBPHKDHRKHUFJPYNOKPLNRONSEKUSDZAR

FAQs

Can I trust Revolut?

Yes, Revolut is a legitimate company and a secure option to send money abroad with features that allow for the easiest way for users to manage their finances.

What happens if my Revolut card is stolen?

If your Revolut card gets lost or stolen, you can easily freeze and unfreeze your Revolut card via the application so you have some level of protection there. You can also use the application to turn off contactless payments, ATM use, and online payments, then easily turn them back on when you want. This does give a level of control, which is reassuring for users.

Is Revolut a crypto exchange?

No. Revolut allows users to buy crypto within the app, but they cannot withdraw crypto. Revolut also does not support individual cryptocurrency wallets. Users have no control over the cryptocurrency they buy, and cannot actually use it – it is only a speculation vehicle. Cryptocurrency held by Revolut is also not covered by the Financial Services Compensation Scheme, so users have no legal recourse for compensation if funds are stolen.

Revolut recently announced that Revolut Metal subscribers can withdraw a limited amount of bitcoin (£1,000 per month max) to an external wallet.

Is Revolut a bank?

Depends on where you are. Revolut does have a banking license in Lithuania, Poland, Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia. However, they are not a full-fledged bank in many countries, including the UK, where they are based.

Can I withdraw bitcoin on Revolut?

If you live in the UK you can withdraw bitcoin and other cryptocurrencies to a an address or select a previously added one, next, specify the amount, and then, tap ‘withdraw’! Withdraw up to £1,000 monthly or £500 daily. These limits are subject to review…

What is Revolut Business?

Revolut Business is a specialized financial platform designed to cater to the banking and financial needs of businesses. It offers features such as multi-currency accounts, expense management via employee cards, and seamless integration with accounting software, providing a comprehensive solution for modern enterprises. Open a Revolut Business account for free!