After a couple of months testing #Revolut, here we are giving you an honest review and a complete guide to how it can be used, together with the advantages and disadvantages…

Just in case you have no idea what Revpolut is… it is banking app and payment card that aims to be an alternative to traditional banking products, designed to fit the lives of those with a global lifestyle, or anyone who wants the flexibility that you cannot get from regular banks. Revolut’s goal is to adapt to the needs of clients, giving them control. There are accounts for businesses and consumers, and Revolut offers global spending and international money transfers without any hidden fees.

What Can You Do with Revolut?

Those who use Revolut can spend their money abroad without having to pay any hidden fees thanks to the contactless Revolut card. It works with more than 130 currencies, giving you the real exchange rate without having to rely on brokers or exchanges which offer bad exchange rates.

Revolut also offers the ability to send money around the world without hidden fees.  This feature also works in more than 130 countries and provides fast, and secure money transfers. It also relies on the real exchange rate, which can let users save as much as 8 percent. You can use this feature to easily split bills with your family or friends or get paid back; they do not even need to download the app for you to receive the money.

Additionally, Revolut makes it easy to buy, hold, or exchange cryptocurrencies. You can swap Ether, Bitcoin, and Litecoin with one of 25 different fiat currencies, and like the other services, you always get the best rate.

Revolut even offers convenient methods for users to save money with ease. You can do this via a recurring payment to your savings or Vault, one-off contributions when you want, or rounding up each transaction. On a related note, users can utilise Revolut to track their spending via instant payment notifications as well as simple-to-understand analytics that categorise transactions, so you can stick to a budget. You can also use Revolut to set up recurring payments and direct debits, as well.

The Benefits of a Revolut Card

So as you may well know, you can either travel with cash or the other common alternative is to use a credit or debit card while abroad, but these too often come with expensive currency-conversion costs, plus fees for using your card abroad. When you’re travelling, you can withdraw money from ATMs without a fee, up to a specific amount.

This is the key reason I chose the Revolut card was because of their exceptional currency conversion rates; they offer the same rates that banks themselves use to exchange currency between one another. In other words you’re getting currency at a “wholesale” price – before the banks mark it up. This has the potential to save you a considerable sum of money while away.

As it turns out, however, the Revolut card also has a surprising number of other benefits for managing your money while away…

  • Rapid Order Fulfilment because transferring money from your bank account to your Revolut card is simplicity itself
  • Hold money in multiple currencies because it lets you hold money in Pounds Sterling, US Dollars and Euros, and it takes moments to transfer money from one balance to another
  • Withdraw cash or pay by card because it allows you either to pay by card (generally the easiest) or to withdraw cash from any standard cashpoint
  • Superior fraud prevention tools because you receive immediate alerts on your mobile phone
  • Built-in budgeting tools because the app shows you the balances left on your card in various currencies but it also includes a handy budgeting tool

Is Revolut safe?

Now let’s all be honest and admit that what worries most of us is the security of using such cards and apps. Well, let me tell you that one element I really like about Revolut is how much attention they pay to fraud prevention. For example, every time I spend money on my card or withdraw cash I get an instant alert to let me know. This is a nice “check” on your funds, ensuring no money is withdrawn without your knowledge.

Even more impressively, however, is that using the Revolut app you can turn on and off various features of your card. You can change the pin, turn off contactless payments and more. This means you can set up the security elements which make you feel comfortable – and change them at a moment’s notice.

Lastly if you’re unlucky enough to mislay your card while abroad you can even block the whole card to prevent fraud. Then, if you find it again, it is simple to re-activate the card via the app. This all helps to protect you and make me feel more confident, especially while away from “home territory”.

How Does the Revolut Card Work?

Using the card couldn’t be much simpler. Sign up using our link (click HERE). Your travel money card will arrive within a week or so – and pleasantly I found that I got continual updates to let me know that the card was being made, was ready for dispatch and had then been posted. In the busy days running up to a holiday this is ideal, and allows you keep on top of your new card with minimum effort.

My own card arrived earlier than expected. From here you’ll want to link up a debit card or bank account, so you can quickly transfer money in. Use the simple conversion window to transfer it into the currency of your choice and you’re all ready to go. Simply keep an eye on your balance while you’re away using the mobile app, and top-up as needed.

How I Use my Revolut Card

Before leaving on holiday we wondered whether to rely on the Revolut card entirely, or whether to grab some cash too. We chose the second option so that we had two forms of payment on our journey. The goal was to reach our destination without having to worry about stopping to find a cashpoint etc. On arrival we could then experiment with withdrawing cash.

The way I use my Revolut card now is to try and keep a balance of 100 Euros or so in cash at all times to cover any eventuality. We then pay pretty much every bill with our Revolut card. We haven’t yet found a cash machine, shop or restaurant that won’t accept the card. So that’s how I use my Revolut card – simplicity itself.

What I like about Revolut:

  • You have a wide range of money transfer and banking services at your disposal at any given time
  • There’s the option to acquire a Revolut card for international spending
  • You have an advanced mobile app with lots of features, and that’s great for financial management
  • Great exchange rates
  • Very adaptable to your needs, it even has cryptocurrency support

What I dislike about Revolut:

  • Some services will require you to pay for a Premium account
  • Regular money transfers are free, but some transfers require a fee
  • Business plans can be very expensive at times

Free Revolut card

Unravel Malta followers can receive a FREE Revolut card by clicking HERE!