Exploring Revolut: The Ultimate Financial Companion for Your Trips
USEFUL PLATFORMSINSIGHTS GAINEDINCOME
5/25/20245 min read
What is the Revolut App?
Revolut is a financial technology company that offers a digital banking app designed to simplify money management. Founded in 2015, Revolut has rapidly grown to become a popular alternative to traditional banking, providing users with a range of financial services through a mobile app.
With Revolut, users can manage multiple currencies, make international transfers, track spending, and even invest—all from their smartphones.
The app is available on both iOS and Android platforms, making it accessible to a wide audience.
How to Use Revolut
Getting Started
Download the App: Download the Revolut app from the Apple App Store or Google Play Store.
Sign Up: Open the app and sign up by providing your email address and phone number. You'll also need to create a password.
Verify Your Identity: To comply with regulatory requirements, Revolut will ask you to verify your identity. This typically involves uploading a photo of a government-issued ID and a selfie.
Set Up Your Account: Once your identity is verified, you can set up your account. You’ll be prompted to choose a plan—Standard, Plus, Premium, or Metal—each offering different features and benefits.
Add Funds: You can add funds to your Revolut account via bank transfer, debit card, or credit card.
Using Revolut
Currency Exchange: Revolut allows you to hold and exchange over 30 currencies within the app. You can exchange currencies at the interbank exchange rate, which is often better than the rates offered by traditional banks and exchange bureaus.
International Transfers: Send money to bank accounts in over 150 countries at the interbank exchange rate. Revolut offers free international transfers up to a certain limit, depending on your plan.
Spending: Use your Revolut card to spend in over 150 currencies without incurring foreign transaction fees. You can also use the app to generate virtual cards for online shopping.
ATM Withdrawals: Withdraw cash from ATMs worldwide. The amount you can withdraw for free each month depends on your plan.
Budgeting and Analytics: Track your spending in real-time, categorize expenses, and set budgets within the app.
Security Features: Freeze and unfreeze your card with a tap, set spending limits, and get instant notifications for every transaction.
Benefits of Using Revolut, Especially on a Trip
1. Competitive Exchange Rates
One of the standout features of Revolut is its ability to offer competitive exchange rates. Traditional banks and currency exchange services often add a markup to the interbank exchange rate, resulting in higher costs for currency conversion.
Revolut, on the other hand, provides access to the interbank exchange rate, which is typically much more favorable. This can save you a significant amount of money, especially if you are traveling to multiple countries or need to exchange large sums of money.
2. Fee-Free Spending Abroad
When using traditional credit or debit cards abroad, you often incur foreign transaction fees. These fees can add up quickly, making your trip more expensive than anticipated.
With Revolut, you can spend in over 150 currencies without incurring foreign transaction fees, allowing you to make purchases and pay for services at a much lower cost.
3. Convenient ATM Withdrawals
Accessing cash while traveling is essential, and Revolut makes it easy and cost-effective. Depending on your plan, you can withdraw a certain amount of cash from ATMs worldwide for free each month.
This is particularly useful in destinations where card payments are not widely accepted, ensuring you always have access to local currency when needed.
4. Real-Time Spending Notifications
Revolut provides real-time spending notifications, allowing you to keep track of your expenses as they happen. This feature is incredibly useful when traveling, as it helps you stay within your budget and avoid any unexpected surprises.
The app categorizes your spending, making it easy to see where your money is going and identify any areas where you might need to cut back.
5. Enhanced Security
Traveling often means exposing yourself to higher risks of card loss or theft.
Revolut offers enhanced security features that give you peace of mind. You can instantly freeze and unfreeze your card through the app if it gets lost or stolen.
Additionally, you can set spending limits and enable location-based security, ensuring that your card can only be used in your current location.
6. Travel Insurance
For Premium and Metal plan users, Revolut offers complimentary travel insurance.
This can include coverage for overseas medical expenses, delayed flights, and lost luggage.
Having travel insurance integrated into your banking app simplifies the process and ensures you're protected without having to purchase separate insurance policies.
7. Simplified Money Management
Managing multiple currencies and keeping track of exchange rates can be challenging when traveling.
Revolut simplifies this by allowing you to hold and exchange multiple currencies within the app. You can quickly exchange money at competitive rates and even set up automatic exchanges when rates reach your preferred level.
This makes it easy to manage your finances and ensure you always have the right currency on hand.
Other Details and Features
Revolut Junior
For families traveling together, Revolut offers a feature called Revolut Junior, which is designed for children aged 7-17.
This allows parents to create a separate account for their kids, providing them with a prepaid card and enabling them to manage their spending.
Parents can monitor and control their children’s spending through the app, teaching them financial responsibility while ensuring they have access to funds when needed.
Cryptocurrency Trading
For those interested in investing, Revolut also offers cryptocurrency trading. You can buy, sell, and hold various cryptocurrencies directly within the app. While this feature might not be directly related to travel, it adds another layer of functionality for users who want to manage all their financial activities in one place.
Stock Trading
In addition to cryptocurrencies, Revolut allows users to trade stocks. You can buy and sell shares from a range of companies, making it a convenient option for those looking to invest while managing their day-to-day finances.
Rewards and Cashback
Revolut provides various rewards and cashback offers, which can be particularly beneficial when traveling. Depending on your plan, you can earn cashback on purchases made with your Revolut card, and take advantage of special offers and discounts with partner retailers.
Conclusion
Revolut is a versatile and powerful financial app that offers a wide range of features designed to simplify money management and enhance your travel experience.
From competitive exchange rates and fee-free spending abroad to real-time spending notifications and enhanced security features, Revolut provides everything you need to manage your finances efficiently while traveling. Whether you're a frequent traveler, a digital nomad, or simply looking for a better way to handle your money, Revolut offers a comprehensive solution that can save you time, money, and hassle.
With additional features like travel insurance, cryptocurrency trading, and rewards programs, Revolut stands out as a valuable tool for anyone looking to take control of their financial future.