Why Is Revolut So Interesting?

Table of contents

I. Introduction

What is Revolut
History of Revolut

II. Features of Revolut

Banking services
Foreign exchange
Budgeting and saving tools
Investment options

III. Revolut Premium and Metal

Features of Revolut Premium
Features of Revolut Metal

IV. Revolut Business

V. Spend management at Revolut

VI. Pros & Cons

VII. Alternatives to Revolut

VIII. Conclusion

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Introduction

Revolut is a digital banking and financial technology company that was founded in 2015. It offers a range of banking and financial services, including foreign exchange, budgeting and saving tools, and investment options. In this article, we will discuss the features of Revolut, the pros and cons of using the platform, and some alternatives to consider.

Features of Revolut

Banking Services:
Revolut offers a range of banking services, including the ability to open a current account, hold and manage money in multiple currencies, set up direct debits and standing orders, and make and receive payments using a debit card.
Foreign Exchange:
One of the key features of Revolut is its ability to facilitate foreign exchange at competitive exchange rates. Users can hold and manage money in over 150 different currencies, and make and receive payments in those currencies using the Revolut app.
Budgeting and Saving Tools:
Revolut offers a range of tools to help users budget and save money, including the ability to track spending, set up custom budgeting categories, and round up transactions to the nearest whole number and save the difference.
Investment Options:
Revolut also offers users the ability to invest their money, with a range of options including stocks and ETFs.
Condition to open an account with Revolut:

Own a phone with a phone number.

Present an ID card.

Be 18 years of age or older.

Revolut Premium and Metal

In addition to its standard account, Revolut also offers premium and metal subscription options.

Revolut Premium:
Revolut Premium includes all of the features of the standard account, as well as additional benefits such as travel insurance, discounted foreign exchange rates, and higher ATM withdrawal limits.
Revolut Metal:
Revolut Metal includes all of the features of the premium account, as well as additional benefits such as a concierge service, exclusive airport lounge access, and a metal card.

Revolut Business

Revolut Business is a digital banking platform specifically designed for small and medium-sized businesses. It offers a range of features and tools to help businesses manage their finances, including:

Current accounts in multiple currencies:
Businesses can open current accounts in a variety of currencies, including GBP, EUR, and USD, and hold and manage money in those accounts.
Debit cards for employees:
Revolut Business allows businesses to issue debit cards to their employees, which can be used for making purchases and withdrawing cash.
Expense management:
The platform includes tools to help businesses track and manage employee expenses, including the ability to set spending limits and create custom categories for expenses.
Invoicing and payments:
Revolut Business allows businesses to create and send invoices, and receive payments from clients.
Foreign exchange:
As with the personal accounts, Revolut Business offers competitive exchange rates for foreign currency transactions.
Integration with accounting software:
The platform integrates with popular accounting software such as Xero and QuickBooks, allowing businesses to easily track and manage their finances.

Overall, Revolut Business provides a range of features and tools to help small and medium-sized businesses manage their finances and make payments.

Spend management at Revolut

Revolut offers a range of features to help users manage their spending. These include the ability to track spending and set up custom budgeting categories, as well as tools to help users save money.

One such tool is the “Round-Up” feature, which allows users to round up their transactions to the nearest whole number and save the difference. For example, if a user makes a purchase for $4.50, the Round-Up feature will automatically round the transaction up to $5.00 and transfer the remaining $0.50 to a savings account.

Revolut also offers “Spaces,” which are virtual sub-accounts within the app that users can create to save money for specific goals or expenses. Users can transfer money into their Spaces and set savings targets, and the app will track their progress towards reaching those targets.

In addition, Revolut has a feature called “Pots” that allows users to set aside money for specific purposes, such as bills or travel expenses. Pots can be created for one-time or recurring expenses, and users can set custom notifications to remind them to transfer money into their Pots.

Overall, Revolut provides a range of tools and features to help users manage their spending and save money.

Pros & Cons of Revolut

Pros:

-Wide range of banking and financial services

-Competitive exchange rates

-Budgeting and saving tools

-Investment options

-Premium and metal subscription options available for additional benefits

Cons:

-Some users have reported poor customer service experiences

-Some fees for certain services, such as ATM withdrawals and foreign exchange outside of the interbank rate

Alternatives to Revolut

There are a number of alternative digital banking and financial technology platforms available, including:

-Monzo

-N26

-Starling Bank

-TransferWise

Conclusion

Revolut is a digital banking and financial technology platform that offers a wide range of services, including banking, foreign exchange, budgeting and saving tools, and investment options. It has both standard and premium subscription options available. However, some users have reported poor customer service experiences and there are fees for certain services. There are also a number of alternatives available to consider.