In today’s article we will let you know about Revolut, we will explain what it is about and tell you some advantages about using this platform.
Let’s start by explaining what Revolut is about.
Revolut is a digital alternative to traditional banking, offering a set of low-cost solutions that still allows you to have an exclusively online account and an associated debit card.
This service is present in countries like the United States, Canada, Singapore, Japan, Australia, New Zealand and also in Portugal.
Revolut allows you to create and upload an online account. From this account you can make payments and online purchases abroad.
You have access to your digital account through the mobile app.
Through the app you can perform all types of transactions, from transfers to payments. If you want to make payments in the traditional way, through the app, require a physical card.
But what are the advantages of using Revolut?
– Transparency in exchange rates. It is possible to automatically convert the balance from one currency to another and without exchange fees (at the real exchange rate);
– The biggest savings in exchange rates are within the app itself. That is, imagine that you are going to travel, before withdrawing money you must convert the amount you want to withdraw, from euros to the currency of that country, for example, dollars. Only then should you withdraw from an ATM. In this case you will save a lot of money just by the exchange rate used;
– You can withdraw money without making a prior exchange on the app, as this is done automatically when needed. Of course, if the exchange rate has worsened in the meantime, it would have yielded more to make the exchange earlier, in the app. But, on the contrary, if the exchange rate is evolving favorably, the later it is done, the less it is spent (and the later it is possible when the card is passed);
– There is no charge for fees and commissions on payment transactions for purchases, national and international transfers, between different currencies;
– Make withdrawals at ATMs abroad without costs;
– Through the application you can lock and unblock the card immediately, in case of loss or theft;
– In case of loss or theft of the card during the trip, you can request a duplicate to the address where you are at the moment;
– Transfers between Revolut accounts are immediate;
And what are the disadvantages?
– Loading the Revolut account via bank transfer can take up to 3 days and depending on your bank, it may have associated costs;
– In international bank transfers, money can take between two or three business days to be available;
– There are limits on withdrawal amounts, for non-payment of fees, of 200 € in the free account, 400 € in the Premium account and 600 € in the Metal account. From these values a fee of 2% is charged (even though, lower than the fee charged by other banks);
– Although it is not necessary to master English (as the company already offers a Portuguese version of the application), in case something goes wrong, you still have to be prepared to contact a customer support line, in English;
Register at the button below and start using these and other advantages of Revolut today: