What is Revolut and how to get a Card?

I'm sure at least one friend of yours has a Revolut card and I'm sure he praised it a lot. If you were undecided until now, I invite you to read this article to understand what Revolut is and how easy it is to get a free card.

As you probably already know, Revolut is a banking app, an alternative to banking products, designed for people with a modern lifestyle or anyone who wants the flexibility they can't get from regular banks.

Its goal is to adapt to the needs of customers, to offer global spending and international money transfers without hidden fees. Those who choose to spend their money abroad can easily do so, with nothing hidden.

Revolut was launched in July 2015 and has reached over 4 million users and over 350 million transactions so far. It's backed by some of Europe's best-known investors, the same investors who backed companies like Facebook, Dropbox and Skype.

 

What exactly is Revolut?

If you want to better manage your money, travel without worries, send money easily, all securely, you should already have the app installed and let's follow the registration steps below together. The Revolut card helps you save through the exchange rate for each payment abroad or over the Internet, in stores outside the country.

Revolut is a fintech app that combines today's technology to help you save and spend money more easily. You have many options to have several currencies associated with the same account, have a great exchange rate, bank transfer or with friends and much more.

The Revolut card is both virtual and physical. The physical is like a prepaid card, only it has a name attached to it. However, it is no different from a debit card in everyday use.

With the physical card you can also withdraw cash from any ATM, but the limit amount is limited. A commission for cash withdrawal of 2% is applied on this amount.

I told you it's easy to get a free Revolut account. We will follow the next steps together. But first I have to tell you about the 3 options you have: standard, premium and metal. As you may have guessed, the fee-free withdrawal limit increases to premium and metal, but there are other benefits worth considering.

As you use the Standard card, you will find that the premium will become a viable option. And from here to the metal there is a short way.

The standard card is sufficient as long as you use it as a backup for your personal bank card or if you use it for free currency exchange and money transfer.

I started with the standard part and easily moved to the Metal part just because of a favorable situation for me. If you are a beginner, I really recommend that you create an account and try the standard card and then if you are interested in other functionalities, upgrade.

As you have seen, the premium card has a double withdrawal limit and an insurance plan that is less interesting. It arrives at your home in 1-3 business days. You can even ask for a replacement card.

The Metal Card really is metal, it's elegant, crafted with attention to detail, and created from a single piece of reinforced steel. Plus 3x the fee-free withdrawal amount compared to the standard card and included insurance plan, you get 0.1% back in Europe and 1.0% outside Europe on any card payment in any accepted currency , including Bitcoin, Litecoin and Ether.

It is a card that you wish you had for its elegance. But before you get to it, make sure that you need all these functionalities, because the monthly payment for this subscription is not too small.

I will return to the advantages of the metal card in a future article. Until then, it's important to have a free account and test the app as much as possible.

How I used the Revolut card so far

The place where the Revolut card helped me the most was on vacation. I think for many of those who used Revolut it was fixed for that reason: to have an alternative when they go on vacation.

How I have used the Revolut card for almost 2 years since I have had it:

1. I used it to exchange currency because it is the best option and it has a better rate than banks or exchange houses.
2. I transferred money (euros) to investment accounts. I used it especially for peer to peer investments where I had to invest euros and I needed euros at a very good rate. You can use it to transfer money in any currency, anywhere in the world, with 0 fees.
3. I withdrew Mauritian Rupees in Mauritius and paid wherever I could with the 0% commission card.
4. I made transfers to friends and family residing in another country.
5. All external payments were with the Revolut card.
6. I withdrew money from the ATM without commission when I was in a hurry and I didn't have a bank nearby that I belong to.

It should be noted that the Revolut account is topped up from a bank account. It should be noted that there is no commission to deposit funds into this Revolut account.

The most important benefits of the Revolut account

1. You travel without worries

By far the most important advantage of the Revolut card is the excellent exchange rate. What makes you travel alone in peace and with the thought of relaxation.

I use it every time I'm on vacation because I don't have to exchange money beforehand and everything is counted in the app.

You can also benefit from health insurance if you wish. This option had been enabled until now. Good thing I didn't need it

2. Currency exchange

It is the second important advantage. You can exchange money in 150 currencies at a very good exchange rate.

3. Send and receive money easily, anywhere

If you have a standard card, the transfer limit is 20,000 euro. If you exceed this amount, the commission is 0.5%. Reasonable!

If you're doing larger transfers, I think you'll have to consider upgrading.

Better transfer through Revolut and everything is easier and free.

4. Everything is safe

You can lock the card in the app instantly when you are not using it and unlock it instantly, as long as you have an internet connection to access the app.

It is an extremely good security feature.

5. It helps you manage your money better

If you have convinced yourself that it is worth it, I invite you to obtain your physical card and use it for various purchases. In the payment history you will find details about each individual payment.

That way, at the end of the week or month, you can draw a line and see exactly where your money has gone.

5. Transfers between friends

Another great advantage is the instant money transfers within the application between users. More precisely, you can share a payment with your friends, right from the Revolut app. The transfer is done instantly. You will love this feature.

And don't forget that you can set aside money with each payment if you round the amount.

To trade cryptocurrency, you need a bigger package, you can't with the free one.

But it is a safe place for your cryptocurrencies that you have instant access to.

Disadvantages of Revolut

Of course, we have to point out some disadvantages.

Revolut is not a bank, so you do not have a Euro IBAN account. Therefore, you may encounter the usual risks of an app, such as payments not working or bugs. It has not happened to me so far, nor have I heard from other users.

With the free account, Revolut has a limit of 800 euros/month with 0 withdrawal fee and 2000 euros/month for currency exchange. In general, the quantities may be sufficient, however, it often happens that they are not. That's probably when it's time to go for the premium or metal variants to increase the maximum amounts.

You have to take into account to make transfers during the week, commissions are charged on weekends. But still, you get the best exchange rate.

Why is everything free on Revolut? How is the company maintained?

If you're wondering what Revolut makes money from, the answer is from the Premium or Metal plans. That means a nicer card, faster bank payments or higher transaction limits, and currency exchange or travel insurance included.

Another way to earn money is by limiting ATM withdrawals. Depending on the package, there are some limits to how much money you can withdraw for free. If you exceed the limit, you will have to pay commissions.

How can I create a Revolut Account and Card?

After downloading the app and following the installation steps, you'll come to a place where you need to connect it to an existing bank account.

Attention : Revolut account must be funded from an existing bank account you currently have or you can use it as a new account only salary or income must be received in the Revolut account.

To be able to make a card, you need an initial supply of 50 euros, which you can use immediately after issuing the card number and verifying your identity.

The Revolut account is easily created from the app and you can get a free card with delivery in about 10 days. If you sign up via a promotional link, you could get a free card with standard delivery.

Therefore, after downloading the application, enter the phone number, set a 4-digit password and fill in the required personal data. Then comes card loading and identity verification.

If you want to request a physical card, press "Cards" in the lower right corner of the screen, enter the pin and the desired address and request the card.

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