Your days of googling ‘where can I get the best exchange rate’ are now over! You can sign up to Revolut here. Sign up using this exclusive link and you’ll get the charge for the physical card removed! Read on for my Revolut Review…
What is Revolut?
Revolut is an app available on Apple and Android devices and it’s taking the foreign currency market by storm. It boasts the fact that it can provide currency at interbank rates, quickly and easily. These rates are the rates at which banks lend to each other which are generally vastly superior to the Post Office / M&S rates.
When I signed up in August 2016, the sign up process was a breeze. I had to take a photo of my driving license along with a selfie (technology these days!) and they were able to verify my identity fairly quickly. I ordered my physical Revolut MasterCard for free but it’s now £5. However, it’s free if you use this link. You get your virtual card straight away and you’re good to use it on anywhere online instantly.
The app has so many options available to you too. It allows you to disable your card, order a new virtual or physical card, change your pin, enable security protection or set a monthly spending limit. These options give it a major advantage over conventional banks as you’re able to react quickly if your card was stolen for example.
Revolut also boast fast credit at rates 50% cheaper versus the average bank. You can request a maximum of £25,000 over 60 months at rates between 6.9% and 9.9% representative APR. The rate offered to you may be different to this as it’s based on personal circumstances. They also have insurance and investment options coming soon too which are definitely areas to watch.
Next up is depositing money via the app. You’re able to top up by card, bank transfer, Apple pay or even by setting up an automatic top up facility. Once deposited you can change your initial currency in to one of 15 other currencies. These currencies include Great British Pounds, Euros, US Dollars, Australian Dollars, Swiss Francs and South African Rand. The deposit limit per year is £25,000 on the free membership but you can verify the source of funds to deposit more each year if you’re a big spender!
Topping up isn’t the only way of getting money in to the app. You’re able to send and receive money to and from other Revolut users fairly quickly. You can also request money from others using the bill splitting functionality. No more arguments with those pesky mates that order the steak! The app also gives you account details including account number and sort codes (for UK accounts) and IBAN and BIC details (for all accounts) so you can accept bank transfers.
I have spent €2,149 in 10 European countries and $826 in 4 countries around the world since signing up in 2016. I’ve never had one issue and you get a notification every time you use it too so you can stay on top of your balance. Hence the positive Revolut Review!
Another good aspect of Revolut is if you don’t have that currency available on the app it will just use a balance in a currency that you do have available. This also works for currencies that aren’t even available on the app too.
What I’d recommend doing is topping up Revolut and then withdraw some of the currency you need when you’re in that country. This is definitely my top tip in my Revolut Review.
£300 to Euros Example
Revolut: £300 = €335.55
No1 Currency: £300 = €328.53
Post Office: £300 = €327.69
Marks and Spencers: £300 = €321.99
Revolut Review Conclusion
Revolut is a great way of getting your travel money. You get the best rates and it’s just so simple to use. This is definitely the future of banking and I’d recommend people keep an eye on Revolut to see where they go next. I’ve used it all over the world and loved the experience and notifications. It really lets you keep track of your money and also get the best travel rates. What’s not to like?!
Let me know below if you agree with my Revolut Review and also if you sign up!