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Revolut Digital Banking

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Reading Time: 5 minutes

Do you still give away money

The startup from London attracts numerous new customers with a modern app and many sophisticated, free services.

Credit card

A small piece of plastic with a chip that costs almost nothing to produce. It enables money transfers that de facto cost nothing at all. The credit card allows the issuer to generate horrendous fees, usurious interest and other income without anyone lifting a finger. In short, a typical credit card is a real rip-off!

Revolut Account

Open your personal bank account now.

Revolut(ion)

Fortunately, there are dark clouds over this business, and the storm front has a name: Revolt. The young company from London is fighting the classic rip-off banks and their credit cards and convinces with fresh ideas.

However, the term “credit card” is not entirely correct, because there are no credits; instead, they are prepaid cards that are topped up in advance. This leads to a very comfortable and quick handling of the service because it omits a credit check. Hence, the whole papering work, it takes less than five minutes between registering in the app and handing out a virtual credit card (ingenious for online shopping) — no matter what time it is dear traditional banks.

Physical and virtual credit cards

Once you have completed the registration process, you will receive a virtual credit card that is as good as any other. It carries your name, a number, an expiration date and a three-digit security code. You can now load money onto this card and use it for online shopping. The physical card will arrive in our case within two days.

Revolut’s best arguments include the flexible cost structure and low prices. In the basic package, all services are free of charge – from the first plastic card to the use of the app and most money transfers. Account management is also free of charge.

Revolut Exchange Rates

Revolut always uses the interbank rate, i.e. the rate the banks quote for trading between themselves. If you pay in US dollars in the USA, Revolut uses the best possible conversion rate to your home currency, whereby the rate is frozen almost to the second.

What’s more, if the US dollar is weakening and you want to create a cushion for your next holiday, you can add a dollar account within seconds and feed it at the current rate – at no cost at all.

Standard Revolut Card

The standard plastic card is used in real life to pay – just as you do today. Each card is NFC-enabled, so it is ready for contactless payment. For security reasons, enter the PIN the first time you use the card.

Tip: In Switzerland and even more so abroad, the rule is quite simple. If you always pay in the local currency, Revolut will charge you the best possible interbank rate.

This is because terminal operators like to use their conversion rate, which is a little more profitable for them.

With the physical card, the security features go even further. For example, you can block the card with a tap if you misplaced it and fear that it has been lost. If you find the card two days later, you can reactivate it using the App. Even better is the option of excluding the card from online retailing – the best way to do this is to use the virtual card.

A dishonest finder won’t be able to order anything with the card. Even more radical is the possibility of rejecting the use of the credit card, if the smartphone is in another location – but then you must allow your position to be checked by GPS each time you use Revolut.

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Spotify Payments

We only encountered a problem once when we wanted to deposit the card with the music service Spotify. Spotify uses various measures to ensure that subscriptions link your own country. 

Noteworthy, the Revolut card is registered in England and got therefore rejected. However, we were able to deposit the card with PayPal, which was accepted by Spotify.

Tip: You can block and unblock the card at any time: open the card in the “Cards” section and tap the “Block card” button. You can also change the PIN-code on the same menu.

Revolut Metal

Revolut Metal is the contactless Mastercard made of reinforced steel – with a comprehensive service package around the card.

With Revolut Metal, the Digital Bank is launching its First Class package, thus expanding its existing “Standard” and “Premium” offerings.

In addition to the usual comprehensive and mostly free of charge financial services, the Challenger Bank Revolut creates visual and tactile differences with the metal card. The look arouses desire; some additional services are also on board.

Revolut Digital Banking

Revolut Metal. HNWI – American Express Centurion?

The card weighs 18 grams, looks outrageously good, feels exactly the same, is made of reinforced steel, therefore does not bend and works contactless. It can’t pay better than the standard plastic versions, but the paying feeling is different.

Additional Revolut Metal services

The debit card promises Cashback up to 1 per cent of the expenditures outside Europe and 0.1% within Europe – counted are all payments executed with the card in 29 Fiat currencies – Cashback selectable in Fiat or also in cryptocurrencies.

In addition to the increased exemption limits for free withdrawals at ATMs, the package also includes free insurance for medical emergencies and dental treatment abroad. Insurance for flight and luggage delays included.

The main innovation in the scope of services for Revolut Metal, however, is the free concierge service as with other high priced cards issued by Mastercard, Visa or American Express.

With the Metal Card, Revolut promises “high-quality support for hotel reservations, flight bookings, exclusive events and more” at home and abroad. The availability of the personal concierge and the promised “more” could create additional differences. However, the test has shown that the concierge service responds very late and that you can search for tickets on the Internet yourself. On the other hand, there is a lot of praise for the support.

Conclusion on Revolut

In short, Revolut offers a wealth of possibilities that usually do not cost a cent. The service shows what the future holds for the financial sector, especially for daily needs. Moreover, every transaction is transparent and displayed within a second, Finally, Revolut gives you the feeling of absolute control over your finances despite abstract plastic money – and neither glossy brochures nor the bankers themselves can do that with traditional banks.

We use it for our “pocket money” or at Sézane and Amazon and we love it! 

Note: If you choose to open a full current account with Revolut Bank in the future, any funds you deposit will be protected up to Euro 100,000 under the European Deposit Insurance Scheme.

  • Easy to use App, Foreign Exchange Rate, Physical and Virtual Cards, 24/7 support
  • Limited Free Cash Withdrawals (EUR 200; Metal EUR 600), Debit Card, Foreign Bank

Revolut Account

Open your personal bank account now.

Important: All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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7 thoughts on “Revolut Digital Banking”

  1. Avatar

    Revolut is the new digital banking and will kill stubborn retail banks across Europe. Thank you for your blog.

  2. Avatar

    My experience with revolut is all positive. I have linked my credit card for the top-up. The top-up is instant. Sending money to another revolut account is also instant, and I have used this service at least 50 times. The money transfer to an Indian bank from the UK went well (linked with transferwise). I only contacted customer service once as the petrol pump did not accept the revolut card – and my experience was excellent.

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