Revolut (ion) in banking. Do you still give away money? The startup from London attracts numerous new customers with a modern app and many sophisticated, free services.
A small piece of plastic with a chip 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 an absolute rip-off!
Pressure on traditional banks
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 convincing 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 very comfortable and quick service handling because it omits a credit check. Hence, the papering work 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.
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, and 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 foreign exchange
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.
In short, Revolut offers a wealth of possibilities that usually do not cost a cent. The service shows the future 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 revolut for instance for our metaverse adventure on upland via paypal.
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