Revolut: What is it and how does it work?

You probably heard of revolut, probably also have friends, relatives or acquaintances who use revolut. But what is the revolution? Well, it is a new online system through which it is possible to carry out bank transactions that do not involve banks. And the brand is proud of the lack of commissions, taxes for changes and with international coverage that has over 8 million users.

What is the revolution?

Revolut is a system that offers current accounts through a mobile application, completely eliminating banks from the equation. In particular, through the application of Revolut it is possible to carry out many banking operations, such as the transfer of money to 29 currencies, it is possible to withdraw money from the ATM with the prepaid debit card attached to your account, you can exchange between money and cryptocurrencies, you can buy medical insurance directly from the smatphone.

When you open a revolut account, you get a current account in the UK, a free IBAN account. The gearbox is 100% free in 24 currencies and access to cryptocurrencies is instantaneously.

The company was founded by Nikolay Storronsky and Vlad Yatsenko, Russian citizens with residence in the United Kingdom, with vast experience in the banking field, in famous companies such as Lehman Brothers and Credit Suisse.

Exchange of currencies with the help of Revolut

If you periodically change your currency in her (or vice versa), then Revolut is the perfect solution: it offers you the best currency course (from Monday to Friday, London time). The course is dynamic and changes in real time, depending on the supply and demand on the interbank market. Revolut receives information on foreign currency quotations (Morningstar and Currencycloud). The quote offered by Revolut is very close to the BNR course.

If you are looking for the best currency course, it would be advisable to avoid the exchange during the weekend (Saturday and Sunday, London time), because the rates offered are set. In this way Revolut wants to protect themselves from possible great fluctuations that could occur during the weekend.

Here you will find more details, including which commissions can be applied.

How does the revolution work?

The mobile revolut application is free and can be downloaded from the applications of the operating system for smartphones and the account opens directly from the application in a few minutes. Then choose the type of account you want and load your account with the minimum amount of 50 she. This is a mandatory step to open your account, but from this amount the decrease of 25 she who will have to pay if you order your physical card.

In your account, you can monitor the transactions made via the revolut tab, you can budget for various activities or you can save money. Transactions can be made on other revolut accounts, developed immediately and without commissions. You can also receive notifications for each action undertaken in the account.

Revolut Card: how are they used and how do they get it?

With Revolut, you have the opportunity to have an electronic card, exclusively online, but also physical. Virtual paper offers you the advantage of making payments online and if you are not convinced of the safety of a transaction, you can also generate US online cards, which you can use for a single transaction and not offer the possibility of virtual thefts.

You can also benefit from a physical revolution form, which can be ordered directly by the application. Her cost will be 25 she and the time she will reach you is 2-3 weeks. In addition, physical paper will give you the opportunity to pay to the sop, but also save money through the virtual safe from the account.

How do the revolution account feed?

Your revolut account can be powered by various methods, such as bank transfer, through another card or transfer from other people. All you need to do is insert the mobile application, select the currency in which the operation and the desired amount will be performed.
If you want to ask other people money, you can do it from the «payments» section of the Revolut account. The person will receive a notification, obviously in his Revolut account, through which he can send you the required amount.

Revolut is the Fintech company considered «unicorn», with one of the major increases in the category of international start-ups. Founded in 2015, Revolut convinced over 8 million people to use their services and users are undeniable!

You can create a revolut account by inserting their official website.