Thanks to digitalisation, digital solutions are being created and developed in several sectors, including banking. Thus, every year, online banks are gaining ground because of the many benefits they offer. Indeed, there are several online banks, including Revolut Bank. This British neobank enjoys a great reputation in Europe especially for its mobile app and attractive offers. But what is Revolut Bank and what services do they offer its customers?
Revolut Bank: What is it?
Revolut is an online bank created by Vladyslav Yatsenko and Nikolay Storonsly in 2014. The mobile bank was created with the aim of enabling users to conduct online transactions and benefit from a reduction in exchange charges. When it was established, Revolut was at first glance a neobank offering multicurrency bank account services. It was accessible via a smartphone and does not charge a fee. For foreign payments, rates are directly converted at market prices.
Naturally, since its launch, fintech has been a huge success and has managed to generate a turnover of several million euros in its first years. Thanks to these funds, Revolut Bank has been able to expand its services and offers. Currently, Revolut is a fully mobile bank located in several countries including France and on several continents, including Asia, and Europe. Similarly, the bank targets 100 million users in the next 5 years. Each payment is highly secure.
The advantages of the Revolut bank
The Revlout application is well known because of its ergonomics and ease of use. It has a number of advantages which have made it a reference in the field of payments abroad. These include:
- Of its registration conditions: indeed, registration on the platform and the creation of a bank account Revolut is fast, simple and does not require proof of income.
- From its mobile app: The majority of users of Revolit's mobile app are unanimous: the application is ergonomic, easy to use. In addition, it offers useful features for optimal management.
- From its reduced costs: indeed, another advantage that made the bank's success is thereduction of applied feeson each operation in particular for operations abroad.
Services offered by Revlout Bank
Revolut Bank offers several fully mobile bank account formulas. These accounts are entitled to a credit card allowing payments in local currencies and, above all, payments abroad.
Indeed, for individuals, the bank offers four different types of bank accounts giving entitlement to an IBAN associated with a MasterCard card:
Standard offer
This service also called free offer is useful for accessing the basic services of the neobank. The MasterCard card is free and allows you to make free withdrawals of less than or equal to 200 euros. The standard Revolit account is multicurrency. In addition, it uses exchange rates and allows transfers up to 1000€ per month at no extra cost.
More
With this offer, you benefit from the same basic services as the standard offer to the difference that it is possible to have virtual cards in addition to physical cards for 2.99 euros per month. With this offer it is also possible to access the 24/7 priority customer service available. You also benefit from insurance. Each transfer is secure and free up to 1000 euros per month.
Premium offer
Revolut Premium is available from 7.99 euros/month and allows its user to have two cards including a premium card and a free credit card accessible only on request. The free credit card can be a standard card or a premium card. Free withdrawals are around 400 euros per month and currency exchanges are free and unlimited except on weekends. The offer gives access to the protection of purchases less than or equal to EUR 2500. Also, having a premium revolving account means having access to priority customer service, insurance and reservation service in airport lounges.
Metal supply
Apart from the first three offers, Revolut also has another offer called Metal available at 13.99 euros per month. The Metal offer gives access to ametal card, made of steel allowing to make withdrawals of money up to 800 euros at no cost each month. Metal also gives the user the opportunity to earn 0.10% cashback in Europe each time he makes a card payment. You also benefit from the protection of purchases against theft and damage up to 10000€. In addition to its advantages, Metal gives access to all the advantages of the Premium formula.
Whatever offer is chosen, no overdraft is allowed and cash and cheque deposits are impossible. All transactions (transfer or withdrawal) from the bank are dematerialized. The main advantage of the card is to allow its users to realizefree international transfersin any currency. In addition to international payments, the online bank also offers free SEPA instant transfers. The Revolut account feeds either by transfer or by credit card.
To avoid overdrafts, Revlout offers an automatic addition function that allows you to reload the account with money as soon as the balance goes to zero. In addition, the bank also makes available to its customerssavings tools. Through its tools, customers can program recurring transfers to a safe. In addition to the savings tools Revlout Bank offers a monthly budget planner that allows the customer to get an overall picture of their financial situation. However, all its services are accessible only if you subscribe to a Revolit offer.
Drafting opinion
Revolut is a UK mobile bank accessible to a large number of users. Fintech offers a number of services that make it perfectly suited to foreign currency payments. Most of its customer reviews are positive, reflecting its efficiency and good faith vis-à-vis its customers.
In short, Revolut is a UK online bank especially suitable for people who are abroad or who often travel. It offers its customers an ergonomic mobile app that facilitates the management of their finance, responsive customer service, withdrawals and free foreign transfers.