Revolut Explained: A Comprehensive Guide to Using Revolut for International Banking and More
Revolut has rapidly become a popular alternative to traditional banking, particularly for international money transfers, travel, and cryptocurrency trading. This comprehensive guide will walk you through everything you need to know about Revolut, from setting up an account to utilizing its advanced features. We’ll cover the different account types, transaction processes, security measures, and even compare Revolut to its competitors.
## What is Revolut?
Revolut is a financial technology company that offers a wide range of banking services through its mobile app. Founded in 2015, it initially focused on providing fee-free currency exchange and international money transfers. Over time, Revolut has expanded its services to include:
* Current accounts with debit cards
* Multi-currency accounts
* Cryptocurrency trading
* Stock trading
* Budgeting tools
* Travel insurance
* And much more
Revolut aims to provide a seamless and cost-effective alternative to traditional banks, especially for individuals who frequently travel, send money abroad, or invest in different markets.
## Getting Started with Revolut: A Step-by-Step Guide
Here’s a detailed walkthrough on how to set up your Revolut account and start using its features:
### 1. Downloading the App
The first step is to download the Revolut app from either the App Store (iOS) or Google Play Store (Android). Search for “Revolut” and ensure you download the official app.
### 2. Creating an Account
Once the app is installed, open it and follow these steps:
* **Enter your phone number:** Revolut will use your phone number to verify your identity and for future communication.
* **Create a PIN:** Choose a strong 4-digit PIN that you’ll use to access your account. Make sure it’s not easily guessable.
* **Verify your identity:** You’ll need to provide some personal information, including your name, date of birth, and address. You’ll also need to upload a photo of a valid government-issued ID (passport, driver’s license, or national ID card).
* **Take a selfie:** Revolut may ask you to take a selfie to confirm that you are the same person as the one on the ID document.
### 3. Choosing an Account Plan
Revolut offers several account plans, each with different features and fees. Here’s a breakdown:
* **Standard:** This is the free plan and offers basic features like a free Revolut card, fee-free currency exchange up to a certain limit, and basic money transfers.
* **Plus:** This plan offers additional perks like higher currency exchange limits, priority customer support, and some travel insurance benefits. It comes with a monthly fee.
* **Premium:** This plan includes even more benefits, such as travel insurance, device insurance, higher limits for withdrawals and exchanges, and access to exclusive card designs. It also has a monthly fee.
* **Metal:** The most premium plan offers all the benefits of the Premium plan, plus cashback on purchases, a metal Revolut card, and access to exclusive concierge services. It has the highest monthly fee.
Select the plan that best suits your needs and budget. You can always upgrade or downgrade your plan later.
### 4. Ordering Your Revolut Card
Once your account is set up, you can order your Revolut card. Here’s how:
* **Go to the “Cards” section:** In the app, navigate to the “Cards” section. This is usually located on the bottom navigation bar.
* **Order a new card:** Tap on the option to order a new card. You can choose between a physical card and a virtual card.
* **Customize your card (optional):** Some plans allow you to customize your card design. If this option is available, you can choose from different colors and designs.
* **Enter your delivery address:** Provide the address where you want your card to be delivered. Make sure the address is accurate to avoid any delivery issues.
* **Confirm your order:** Review your order details and confirm. You may need to pay a small fee for card delivery, depending on your plan.
### 5. Activating Your Card
Once you receive your Revolut card, you’ll need to activate it before you can start using it. Here’s how:
* **Go to the “Cards” section:** Again, navigate to the “Cards” section in the app.
* **Select your card:** Find the card you want to activate and tap on it.
* **Activate the card:** Follow the instructions to activate your card. This usually involves entering the CVV code on the back of the card.
### 6. Adding Funds to Your Account
To start using Revolut, you’ll need to add funds to your account. Here are the different ways you can do this:
* **Bank transfer:** You can transfer funds from your existing bank account to your Revolut account. Revolut will provide you with the necessary bank details (account number, sort code, or IBAN).
* **Debit or credit card:** You can add funds instantly using your debit or credit card. Revolut supports most major card providers, such as Visa and Mastercard.
* **Apple Pay or Google Pay:** If you have Apple Pay or Google Pay set up on your phone, you can use it to add funds to your Revolut account.
* **Other Revolut users:** You can receive funds from other Revolut users instantly and for free.
### 7. Exploring Revolut’s Features
Once your account is funded, you can start exploring Revolut’s various features. Here are some of the most popular ones:
* **Currency exchange:** Convert money between different currencies at competitive exchange rates. Revolut offers real-time exchange rates and allows you to hold multiple currencies in your account.
* **Money transfers:** Send money to other Revolut users or to bank accounts around the world. Revolut offers fast and low-cost international money transfers.
* **Budgeting tools:** Track your spending and set budgets for different categories. Revolut’s budgeting tools help you manage your finances and stay on top of your spending.
* **Vaults:** Save money for specific goals in dedicated vaults. You can set up multiple vaults for different purposes, such as a vacation fund or a down payment for a house.
* **Cryptocurrency trading:** Buy, sell, and hold cryptocurrencies within the Revolut app. Revolut offers access to a variety of popular cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.
* **Stock trading:** Invest in stocks from around the world. Revolut allows you to buy fractional shares, making it easier to invest even with small amounts of money.
* **Travel insurance:** Purchase travel insurance directly through the Revolut app. Revolut offers various travel insurance plans to protect you against unexpected events during your trips.
## Using Revolut for International Money Transfers
One of Revolut’s most popular features is its international money transfer service. Here’s how it works:
### 1. Initiate a Transfer
* **Open the Revolut app:** Launch the Revolut app on your smartphone.
* **Go to the “Transfers” section:** Tap on the “Transfers” icon, typically located at the bottom of the screen.
* **Select “Send”:** Choose the “Send” option to initiate a new transfer.
### 2. Choose a Recipient
* **Add a new recipient or select an existing one:** If you’re sending money to someone for the first time, you’ll need to add them as a new recipient. Otherwise, select them from your list of existing recipients.
* **Enter recipient details:** If adding a new recipient, you’ll need to provide their full name, bank account number, and the bank’s SWIFT/BIC code. Ensure the information is accurate to avoid delays or failed transfers.
### 3. Specify the Amount and Currency
* **Enter the amount:** Input the amount of money you want to send.
* **Choose the currency:** Select the currency you want to send the money in. Revolut supports a wide range of currencies.
### 4. Review and Confirm
* **Review the details:** Double-check all the details of the transfer, including the recipient’s information, the amount, and the currency.
* **Check the exchange rate and fees:** Revolut will display the exchange rate and any applicable fees for the transfer. Compare it with other services to ensure you’re getting a good deal.
* **Confirm the transfer:** If everything looks correct, confirm the transfer. You may be asked to enter your PIN or use biometric authentication (fingerprint or facial recognition) to authorize the transaction.
### 5. Track the Transfer
* **Monitor the transfer status:** After confirming the transfer, you can track its status within the Revolut app. Revolut will provide updates on the progress of the transfer.
* **Estimated arrival time:** Revolut will also provide an estimated arrival time for the funds to reach the recipient’s account.
## Revolut’s Security Features
Revolut takes security seriously and employs various measures to protect your account and funds. Here are some of the key security features:
* **Two-factor authentication:** Revolut uses two-factor authentication to verify your identity when you log in or make transactions. This adds an extra layer of security to your account.
* **Biometric authentication:** You can use fingerprint or facial recognition to log in to your account and authorize transactions.
* **Card controls:** You can freeze or unfreeze your Revolut card instantly through the app. You can also disable online transactions, contactless payments, or ATM withdrawals.
* **Location-based security:** Revolut can track your location and block transactions if your card is used in a different location. This helps prevent fraud if your card is stolen.
* **24/7 fraud monitoring:** Revolut has a dedicated team that monitors transactions for suspicious activity. If they detect anything unusual, they will contact you immediately.
* **Data encryption:** Revolut uses encryption to protect your personal and financial information.
## Revolut vs. Traditional Banks
Revolut offers several advantages over traditional banks, but also has some limitations. Here’s a comparison:
| Feature | Revolut | Traditional Banks |
| ———————- | —————————————– | —————————————– |
| Account opening | Fast and easy through the mobile app | Can be time-consuming and require paperwork |
| Fees | Lower fees for currency exchange and transfers | Higher fees for currency exchange and transfers |
| Exchange rates | Competitive real-time exchange rates | Less favorable exchange rates |
| International transfers | Fast and low-cost | Slower and more expensive |
| Account management | Primarily through the mobile app | Branch visits and online banking |
| Interest rates | May offer interest on savings accounts | Generally lower interest rates |
| Customer service | Primarily through chat and email | Branch visits, phone calls, and email |
| Services offered | Wide range of financial services | Traditional banking services |
**Pros of Revolut:**
* Lower fees for currency exchange and international transfers
* Competitive exchange rates
* Convenient mobile app
* Wide range of financial services
**Cons of Revolut:**
* Limited branch network
* Customer service primarily through chat and email
* May not be suitable for all banking needs
## Revolut vs. Other Fintech Companies
Revolut is not the only fintech company offering banking services. Here’s a comparison with some of its competitors:
* **Wise (formerly TransferWise):** Wise specializes in international money transfers and offers multi-currency accounts. It is known for its transparent pricing and competitive exchange rates.
* **N26:** N26 is a German-based mobile bank that offers current accounts, debit cards, and other banking services. It is available in several European countries.
* **Monese:** Monese is a UK-based mobile bank that caters to individuals who may have difficulty opening a traditional bank account, such as immigrants and freelancers.
**Key Differences:**
* **Revolut:** Offers a broader range of services, including cryptocurrency trading and stock trading.
* **Wise:** Focuses primarily on international money transfers and multi-currency accounts.
* **N26:** Offers a more traditional banking experience with a focus on simplicity and convenience.
* **Monese:** Caters to a specific niche market with a focus on financial inclusion.
## Tips for Using Revolut Effectively
Here are some tips to help you make the most of your Revolut account:
* **Choose the right account plan:** Select the account plan that best suits your needs and budget. Consider your usage patterns and the features you need.
* **Take advantage of currency exchange:** Use Revolut to exchange currencies at competitive rates when traveling or sending money abroad.
* **Set up budgeting tools:** Use Revolut’s budgeting tools to track your spending and manage your finances effectively.
* **Use vaults for saving:** Set up vaults to save money for specific goals and track your progress.
* **Explore cryptocurrency and stock trading:** If you’re interested in investing, explore Revolut’s cryptocurrency and stock trading features.
* **Enable security features:** Enable two-factor authentication, biometric authentication, and card controls to protect your account and funds.
* **Monitor your transactions:** Regularly monitor your transactions for suspicious activity and report any unauthorized transactions to Revolut immediately.
* **Contact customer support when needed:** If you have any questions or issues, don’t hesitate to contact Revolut’s customer support team.
## Potential Downsides of Using Revolut
While Revolut offers many benefits, it’s essential to be aware of potential drawbacks:
* **Reliance on mobile app:** Revolut’s services are primarily accessed through its mobile app, which may be inconvenient for some users who prefer traditional banking methods.
* **Limited branch network:** Revolut has a limited branch network, which may make it difficult to resolve complex issues or access certain services in person.
* **Customer service limitations:** Customer service is primarily provided through chat and email, which may not be as responsive as traditional phone support.
* **Account freezes:** In some cases, Revolut may freeze accounts due to security concerns or compliance requirements. This can be inconvenient for users who need immediate access to their funds.
* **Regulatory risks:** As a fintech company, Revolut is subject to regulatory risks that could impact its operations or financial stability.
## Conclusion
Revolut is a powerful tool for managing your finances, especially if you travel frequently, send money abroad, or invest in different markets. By understanding its features, security measures, and potential downsides, you can use Revolut effectively and make the most of its benefits. This guide has provided you with a comprehensive overview of Revolut, empowering you to make informed decisions about whether it’s the right financial solution for you. Remember to always prioritize security and manage your finances responsibly.