Among the big names when it comes to financial transactions is Revolut.
Revolut is a reputable financial service that provides accounts for global fee-free spending. If you are not familiar with Revolut, worry not. After reading this article, you will be more than clued up on Revolut.
Here is everything you need to know about Revolut.
What’s Revolut?
Revolut is a website and application-based platform specialising in finance and related activities, mainly transactions. Launched in 2015 by Vlad Yatsenko and Nikolay Storonsky, Revolut now has over 10 million users. In this time, it has carried out over 350 million transactions totalling to £40 billion.
Revolut’s services are offered across Europe, Australia, and even the UK. Revolut is popular for its card that allows holders to transfer money internationally. The card also supports global spending.
Revolut is headquartered in the UK, albeit it has offices in Melbourne – 152 Elizabeth St, Melbourne, VIC, 3000. It began its operations in Australia in June 2019. The company provides both individual and business solutions.
For a while now, it has been a star player in the fintech field. In this period, the company has established itself as a global neobank.
Revolut Australia Products
Revolut offers its services via two different packages, i.e. Standard and Premium account. Both packages have a prepaid card connected to the Revolut app.
Once loaded with funds, you can withdraw cash from the ATM using the card. However, to deposit money to your card, you need an external source that can either be a debit or credit card.
Using the Revolut app, cardholders can set up automatic top-ups to their cards.
Other products offered by Revolut include sending and requesting payment, secure vault and also budgeting.
Revolut Personal Account
Through the personal account, Revolut users can spend money throughout the world at a specified interbank exchange rate.
Below is a quick summary of the available account options.
| STANDARD | PREMIUM |
| Free | Costs AUD 10.99/month |
| Over 110+ currency options at the real exchange rate | Over 110+ currency options at the real exchange rate |
| Comes with virtual cards that are disposable for better security | |
| You can transfer up to AUD 9000/month in 15 currencies with no exchange fees | Allows unlimited money transfers in 15 different currencies |
| Regular customer support | Prioritised customer support |
| Maximum free ATM withdrawal amount of $350/month after which a 2% fee is applicable | Maximum free ATM withdrawal amount of $700/month after which 2% fee is applicable |
| LoungeKey Pass access up to 1,000 airport lounges | |
| Global express delivery of your card |
Both Standard and Premium accounts are multi-currency accounts. Note that Revolut is still new to the Australian market. As such, it is yet to be fully established.
Revolut’s Smart App Features
Revolut takes things a step further with their smart app (available for both Android and iOS) that has several useful features. The app makes it convenient for users to manage their activities.
Personalised transfers
With the app, you can easily send money both locally and internationally. It comes with an automated recurring payment tool for users that make regular transactions to the same account.
This tool is especially handy in paying for subscription and bills. All you have to do is set it, and the rest will be done for you. The app has a built-in function that allows you to attach images, notes and GIFs, making the sender/recipient interaction even fun.
Savings vaults
As the name suggests, this is a unique savings tool included in the app. Here, you can set regular or random deposits. You can also link a saving goal and name to your personal vault.
Budgeting tool
You are provided with an option to track and manage your savings using the app. You can set your budget and daily spending limits. The analytics tab on the app helps you to keep an eye on your spending.
Revolut Features
Here are some of Revolut’s features:
- Easy transactions: Revolut allows you to spend and transact funds without difficulties around the world at a real exchange rate.
- Availability of multiple currencies: You can trade and hold 20+ currencies.
- Recurrent payment option for making regular payments.
- Has an intuitive app with an easy to use interface.
- Offers various security options such as freezing and unfreezing your card within the app. Another security measure is location-based security. If set, your card payment are blocked should the card be used in a location different from where you are.
Pros & Cons
If you are undecided on whether Revolut is right for you, you can weigh its pros and cons.
| PROS | CONS |
| Easy sign-up process | Has a monthly limit on the free transaction amount |
| Low-cost global spending | |
| Multiple currencies support | Lacks free express delivery in the standard account |
| Easy to analyse your spending | No interest accrues on the saved money |
| Services are available in many countries |
Is Revolut Safe?
It is imperative to confirm that the company whose services you are about to sign-up for is safe. In Australia, Revolut is licensed by the Australian Securities and Investment Commission (Revolut’s local ARBN is 626 390 065). Besides, the company is licensed by Australian Financial Services and operates through an unnamed bank.
The security measures set by Revolut ensure that your funds remain safe at all times.
Note that Revolut doesn’t operate as a bank. For this reason, it can’t carry out banking activities.
On TrustPilot, Revolut has an excellent rating (4.5 out of 5 by over 58,000 reviewers) a clear indication of its reliable services. Majority of the complaints against Revolut are due to minor issues such as technical glitches. On the brightside, they have all been addressed in time.
How to use Revolut
To use Revolut, you need first need to sign-up. Visit the company’s website and click on the ‘Get App button’ on the top right corner. After installing the app, you will join the waiting list.
As soon as your name comes to the top of this list, Revolut will send you a notification to ask you to create your account. For the premium account, you will need your payment details in addition to your name, phone number and address.
Revolut will send you the card via the address. To use the card, you need to activate it via the app.
Transfer time
The transfer time varies depending on your account and the recipient of the funds you are transacting.
When transacting to other Revolut users, the transfer time is instant. Money transfers to UK banks can take between a few hours to 2 days. For standard account users, international money transfers take between 3 to 5 days.
Customer support
Revolut offers all around the clock customer services through its line (+61 1300 281 208.). You can alternatively reach customer support via the in-app chat service. In case of a problem you can contact Revolut through:
- Help Centre: https://www.revolut.com/help
- Website: https://www.revolut.com/en-AU/contact-us
Verdict – Is Revolut for you?
For people that make a lot of transactions on the move, Revolut is an ideal platform for you. The flexibility in options offered, low exchange rates, budgeting tool and multiple currency support make it an even better choice.
On the other hand, if you prefer the physical bank experience, Revolut may not be ideal for you. The lack of loan services is another significant drawback.