Introduction to Revolut
Revolut is a UK-based digital banking and fintech company that has revolutionized the way individuals and businesses manage their finances. Founded in July 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has grown to serve over 40 million customers globally, operating in more than 48 countries.
Key Features and Functionality
Digital Banking and Accounts
Revolut offers a comprehensive digital banking service, allowing users to manage their finances through a user-friendly mobile app. Users can open various types of accounts, including personal and business accounts, and even accounts for minors aged 6-17 through the Revolut <18 service. These accounts enable users to transfer money, make payments, and manage subscriptions efficiently.
Currency Exchange and International Spending
One of the standout features of Revolut is its low-cost currency exchange service, allowing users to exchange money in over 30 currencies with no hidden fees or markups. This makes it an ideal solution for frequent travelers and those who regularly send money abroad. Users can spend money abroad at real exchange rates without additional fees, except for a small percentage fee on high-value transactions.
Cryptocurrency and Stock Trading
Revolut provides a platform for users to buy, sell, and send cryptocurrencies such as Bitcoin and Ethereum, with the ability to trade starting from as little as $1. Users can also invest in stocks and commodities through the Wealth section of the app. Cryptocurrency transactions come with a 1.49% fee, and users can earn interest on their crypto savings in personal vaults.
Savings and Budgeting Tools
Revolut offers several savings features, including Savings Vaults where users can earn up to 3% AER/Gross interest paid daily. The app also includes tools for setting monthly spending budgets, receiving instant spending notifications, and rounding up spare change to save money. Additionally, users can organize their bills and subscriptions into ‘pockets’ to ensure timely payments.
Payment and Spending Management
Users can manage their spending through detailed analytics and categorization features, providing weekly insights into their spending habits. The app supports Apple and Google Pay and offers virtual cards for secure online transactions. Revolut also allows users to split bills with friends or family and set up recurring payments with end-of-trial notifications.
Additional Services
Revolut extends its services beyond basic banking by offering insurance products, including overseas medical insurance, flight insurance, and pet insurance. Users can also book holiday accommodations and experiences directly through the app, earning up to 10% cashback on certain purchases. Other features include early salary payments, on-demand pay for employees, and access to airport lounges.
Security
Revolut prioritizes security with features such as two-factor authentication, biometric identification, and the ability to freeze and unfreeze cards instantly. This ensures that user data and transactions are protected against fraud.
Business Banking
In addition to personal banking, Revolut offers a robust business banking platform. Businesses can manage spending in real-time, send and receive money globally in over 25 currencies, and automate bookkeeping by integrating with accounting software like Xero, QuickBooks, or Sage. The platform also includes invoicing software, payroll management, and a rewards program for business tools.
In summary, Revolut is a “financial super app” that integrates a wide range of financial services, from digital banking and currency exchange to cryptocurrency trading, stock investments, and comprehensive spending management tools. Its user-friendly interface, low fees, and innovative features make it a compelling alternative to traditional banking services.