Revolut is one of the most popular mobile banking solutions, and it’s available in multiple countries. This guide explains what Revolut is, how to sign up for an account, and how to send money.
What Is Revolut?
Revolut is a UK-headquartered mobile-only bank founded in 2015. It’s cheaper to send money abroad with the app than using traditional banking services, and you can also pay for items in other countries with fewer fees.
Revolut has a free plan with card customization, free withdrawals, and 24/7 customer support. There are two paid plans.
| Subscription | Price | Benefits |
|---|---|---|
| Premium | $9.99/mo | Premium app subscriptions (e.g., NordVPN and Headspace), card personalization |
| Metal | $16.99/mo | Insurance, 40% discount on international fees, exchange unlimited money |
Revolut also lets you store money and invest in stocks and cryptocurrency.
What Can You Do With Revolut?
Revolut lets you simplify international payments in several ways.
1. Make International Payments
If you’re living abroad, use the Revolut app to change funds into the recipient’s native currency. You get a local bank account to transfer money and speed up the process.
When using Revolut, you can open multiple accounts to spend money online and in person. For example, if you’re planning a summer trip through England, open an account in Pounds and waive fees you’d normally pay in your native currency. Commonly used currencies include USD, GBP, and EUR.
International transfers can take up to five days, but from personal experience, they’re normally much shorter. Same-currency transfers normally arrive within 24 hours.
2. Place Your Money in Pockets
Revolut is also a handy place to store money in different pockets (previously known as vaults). You can use these pockets to save money for upcoming trips and put aside the cash you need to pay your monthly bills.
When making pockets in Revolut, you can choose savings goals and name them whatever you want. The app also lets you create individual pockets for yourself, and group versions if you’re putting away money with other people.
You can add to and withdraw from these pockets whenever you want. Revolut lets you add money to your account via bank transfer, debit/credit card, Google Pay, or Apple Pay. If you struggle to do so via Google Pay, check out this guide to fix Google Pay not working.
3. Investing
Revolut lets you invest in major company stocks from the mobile app. You’ll find a list of popular first-time buys and the biggest gainers and losers each day. Once you find a stock you’d like to invest in, you can add money to your account and purchase it.
In addition to company stocks, Revolut lets you trade commodities like gold and silver. You also have access to exchange-traded funds (ETFs).
Revolut also offers a Robo-Advisor feature, which lets you automate your trading. The feature charges minimum monthly fees of $0.25.
4. Extra Benefits
From the Revolut app, you can get an eSIM for traveling and choose how much data you want. Moreover, you have the option to book hotels for your trip.
Revolut also lets you create disposable virtual cards that are good for one online purchase. If you’re worried about others obtaining your personal information, you may find that this is useful for protecting yourself.
You can also order a physical card for your Revolut account. The card will work everywhere that accepts VISA or Mastercard. Although a physical Revolut card is free, you will need to pay for delivery.
Do you know: Wise is another banking app similar to Revolut. Check out how they compare against each other.
How to Sign Up for and Use Revolut
To sign up for Revolut, you’ll need to download the iOS or Android app. You’ll have to verify your phone number and confirm your identity. Depending on where you live, you may also have to enter your tax ID number.
After your account is verified, you can transfer money to your account and start spending:
Open the Revolut app, and make sure that the Home tab is selected. Tap + Add money.
Choose your preferred payment method. Enter how much money you’d like to transfer, and choose the right currency. Confirm that you’d like to pay at the bottom of your screen, and verify if needed.
In addition to Revolut, there are several other PayPal alternatives for online payments. Examples include Payoneer, Venmo, and Wise.
Revolut is a convenient digital bank for international transfers and spending money while traveling. You can also invest in stocks and cryptocurrencies if you’re interested in trading. Considering that you can also hold money in your accounts, it’s a great alternative to traditional banking methods. It’s also worth checking out other virtual card financial services before choosing an alternative payment option.
Image credit: DALL-E 3. All screenshots by Danny Maiorca.
