Revolut – Digital Banking

Revolut card

Revolut – Digital Banking 

We live in a time where world travel has never been easier. Our world has changed so quickly over the past 20 years with many benefits for anyone that has been bitten by the travel bug. Companies are now hiring the best employees from other countries, or in some cases the cheapest. Never the less it still gives people the opportunity to travel with ease for pleasure or business.

As the world becomes more technologically advanced, safer and developed,  people are choosing the international lifestyle. They want to be the person who is in one country one day and then another a few hours later. With this expansion in technology, our population is growing at a rapid rate and this making travelers and companies in need of better services worldwide.

An area that has also been a pain in the arse has been the international banking scene for travelers and businessman/woman. With many banks ripping the arse out of people with ATM Fees and losing extortionate amounts through exchanging currencies.  Although we have had the likes of travelers’ checks ( before my time of traveling I must add ) and credit cards, and more recently pre-paid credit cards, the fees to go with these services have usually been just a little OTT.

Finally and thankfully the FinTech revolution has finally extended its reach to the world of international travel with a much better offer than any of these old, and often annoying solutions.

Welcome to the new area of banking… Digital Banking

Digital banking is the digitization (or moving online) of all the traditional banking activities and programs that historically were only available to customers when physically inside of a bank branch. This includes activities like:

Money Deposits, Withdrawals, and Transfers
Checking/Saving Account Management
Applying for Financial Products
Loan Management
Bill Pay
Account Services

Revolut is a new FinTech company that offers a travelers’ card that does what no other card or service has done to date: it eliminates all exchange fees and gives you instant access to a multi-currency bank account wherever you go and if you are a crypto investor or collector then you can also buy cryptocurrencies through the app in real time. Currently, there is just Bitcoin, Litecoin, and Etherum coins which you can buy and exchange however there are talks of adding Ripple in the very near future.

Revolut launched in July of 2015 as a digital banking and payment solution,  unlike other prepaid and travel card services, Revolut was first designed as a smartphone app. The app lets you make purchases online through an electronic credit card without ever needing to get a real card. If you still want the physical card, you can apply for the pre-paid MasterCard and then use it to pay abroad and withdraw up to 200GBP fee-free every month. If you want to go past the limit, you will pay a fee of 2% until the end of the month when your limit is reset or you can upgrade to their premium account for £6.99 a month which gives you up to £400 a month and then unlocks a host of more features.

The biggest selling point for me was that it allows you free international money transfers, fee-free global spending, and the ability to spend in more than 130 currencies at the interbank exchange rate and in 120 countries. Drum Roll,  yes you heard correct! Because of the absence of fees and the spot exchange rate, Revolut has helped customers save $150 million in fees in just two and a half years. Currently, there is no other service like this on the market right now.

STANDARD
£
0
/m

Free UK current account

Free Euro IBAN account

Interbank FX rates

Free bank transfers in 25 currencies

£200/€200 Free ATM withdrawals per month

PREMIUM
£
6.99
/m

Free UK current account

Free Euro IBAN account

Interbank FX rates

Free bank transfers in 25 currencies

£400/€400 Free ATM withdrawals per month

Free unlimited FX volumes

Free exclusive Premium cards

Free overseas medical insurance

Free global express delivery

Exclusive priority 24/7 customer support

Exclusive Premium promotions

Free disposable virtual cards

My personal experience so far has been nothing short of fantastic. I am a premium member and my card arrived within in 2 days of signing up. I have done 1 international transfer at the time of writing this, it was done from the UK to South Africa and was completed in around 24 hours. The best part was I saved on all the fees.

With most traditional banks the way they make money is in the fees of the transfer. The first way is by marking up the exchange rate, sneaky bastards I know.  They earn the difference between the interbank exchange rate (the rate banks use to trade between themselves) and the rate they offer you.

Revolut changes the game on this one and gives you the exact interbank exchange rate – not the marked-up price, but the bank’s spot price! You will get the same exchange rate you see on Google because both Google and Revolut use Live Bank to determine their exchange rate.

The second way traditional banks make money from your international transfers is by charging high fees.  Revolut is free when you let the transfer take 2 days or if you want the money faster you can “turbo-boost it” for a tiny fee. This fee is still a lot cheaper than I used to pay a bank for a normal international transfer. If you are a premium user you get the turbo boost transfers free.

To top up your account you need to use a credit/debit card or bank transfer. Within the app you can set up accounts in the countries you intend to travel to and this will let you avoid additional charges. If you have £1000 in your £GBP account, you could make a purchase in South Africa and the app would instantly transfer the correct amount from your GBP account to ZAR without marking up the exchange rate or charging any fees.

The Revolut app takes digital banking and social media to a new level by letting you transfer money to other accounts via SMS, email, WhatsApp, and even Social Media, as long as the person you are sending money to also has the Revolut card and app.

Revolut will not charge an international ATM fee or an exchange fee and you will receive the interbank exchange rate. The only time you will be charged a fee is if you go over your monthly limit of 200-400 GBP. Your Revolut card also acts as a local card so you wouldn’t be charged the local banks fees either.

Buy cryptocurrency with no hidden fees

With cryptocurrencies being on the tip of the world’s tongue it’s a good thing that revolut as dived in the crypto world. You can now buy and exchange cryptocurrencies with No deposit fees, No subscription fees, No exit fees and they only charge a simple, low-cost 1.5% markup on the average exchange price.

Some of the cryptocurrency features are:

Buy cryptocurrency in 25 fiat currencies
It’s easy to exchange between Bitcoin, Ether, Litecoin and 25 other fiat currencies at the touch of a button. You can open a Revolut account in 60 seconds, and activate Cryptocurrencies to hold and exchange Bitcoin, Ether, Litecoin and 25 other fiat currencies.

You can track your performance by comparing historical price changes to see how your cryptocurrency performs over time. Use your account to send free, instant transfers. Just select one of your revolut contacts on your phone and send instantly.  What if you wanted to buy into Bitcoin, Litecoin or Etherum but are super busy for the day to keep an eye on the charts. Simple, set yourself cryptocurrency price alerts to never miss that trade.

Revolut’s contactless card is the perfect travel companion. They automatically convert your balance into the local currency, allowing you to spend fee-free with the real exchange rate in over fiat 130 currencies.

Get your FREE Revolut Account Here

A world beyond banking – a secure, mobile-based current account that allows you to hold, exchange and transfer without fees in 25 different currencies.

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