Review Of Revolut: Is It Legit [2024]

Review Of Revolut? Revolut is a fintech company that offers an app-based platform for managing your finances. The platform provides a user-friendly interface and useful features, such as currency exchange, money transfers, invests in stocks, cryptocurrency investments, and budgeting tools. 

Whether you’re travelling overseas or managing your daily expenses, Revolut makes it easy to manage your money. With Revolut, you can also pay bills, and track your spending. 

In this article, we will take a closer look at the Review Of Revolut and discuss many other things related to it.

Also take a look at Review Of Western Union.

Review Of Revolut 

What Is Revolut?

Revolut is a financial technology company that offers a wide range of banking services through its mobile app. It was founded in 2015 and has gained popularity for its low-cost and convenient international money transfers and currency exchange. 

With Revolut, users can access multi-currency accounts, debit cards, fee-free currency exchange, budgeting tools, and cryptocurrency exchange. The platform is often used by travellers, expats, freelancers, and individuals who frequently deal with international transactions.

How Does Revolut Work 

The Revolut app is a digital financial service app that you can access via your smartphone. Here’s how it works in brief:

1. Sign Up: To get started with Revolut, you need to download the app from the App Store or Google Play Store. In order to create an account, you will need to provide basic information such as your name, email address, and phone number.

2. Account Setup: After signing up for Revolut, you’ll set up your account. This includes choosing your preferred currency and linking your bank account or debit/credit card to fund your Revolut account.

3. Explore Features: Revolut has a wide range of features, including:

• Money Transfers: Transfer money domestically or internationally to your friends, family, or business.

• Card Payments: Use your Revolut card, which is linked to your Revolut account, to make purchases in-store or online.

• Currency Exchange: Travelers or anyone dealing with multiple currencies can easily exchange currencies at competitive rates.

• Budgeting Tools: Manage your finances effectively by setting budgets, tracking expenses, and categorizing transactions.

• Savings and Investments: Utilize the app to save money or invest in stocks, cryptocurrencies, and other equities.

• Insurance: The app allows you to access travel insurance, device insurance, and other insurance products.

• Security Features: Revolut prioritizes security by offering PIN protection, biometric authentication, and the ability to freeze/unfreeze cards instantly.

4. Use Your Revolut Card: With a physical Revolut card, you can make payments like any other credit or debit card. You can also use virtual cards for online transactions.

5. Manage Your Finances: The app lets you monitor your transactions, set financial goals, and track your spending.

6. Customer Support: If you need assistance or have questions, Revolut offers customer support via their app or website.

Overall, Revolut is a convenient and flexible way to manage your money. It offers many features that can be found in traditional banking services, all of which are accessible from your smartphone.

Suggested: Xoom Money Transfer Review.

Features Of Revolut

Revolut’s money transfer feature is packed with handy tools to make sending and receiving money a breeze. Here are some key features:

1. International Transfers: Transfer money quickly and securely without worrying about expensive fees or lengthy processing times.

2. Currency Exchange: Exchange currencies at the real exchange rate without any hidden fees, perfect for travellers and businesses who deal with international clients.

3. Split Bills: Easily keep track of group expenses and bill splitting with friends.

4. Scheduled Payments: Make recurring payments for bills, subscriptions, and savings goals to ensure you don’t miss a payment.

5. Instant Notifications: Stay informed and in control of your finances at all times with instant notifications.

6. Request Money: Revolut request money feature helps you remind friends and clients to pay you.

7. Payment Links: Share payment links with others so they can pay you without requiring your bank information.

8. Secure Transactions: All transactions are secured by advanced encryption technology and fraud detection software.

These features make managing your finances easier and more convenient with Revolut money transfer service.

Read also: Remitly Review.

Fees & Exchange Rate Of Revolut

Revolut offers a transparent and clear pricing structure for currency exchange and international payments:

1. A standard currency exchange within your monthly plan limit is free on weekdays. There is a 1% fee that applies on weekends.

2. Revolut charges an additional 0.5% fee per exchange if you exceed your monthly exchange limit.

3. Revolut also charges a flat fee of 1.49% or a minimum flat fee on cryptocurrency exchanges depending on your location.

4. The fee for international payments and non-USD domestic transfers can vary from 5% to $10, depending on the transfer details.

5. Revolut displays real-time exchange rates for all currency exchanges, which you can check in the app before finalizing the transaction. The exchange rate is determined by the current market rate.

6. In addition, Revolut offers a “Pay All Fees” feature that allows you to pay a flat upfront fee instead of the standard international transfer or domestic transfer fee.

Overall, Revolut offers transparent and competitive pricing for currency exchanges and international payments, enabling you to see the full cost before confirming your transactions, including any applicable fees.

Also know about How To Send Money With Xoom.

Speed Of Transfer

The speed of your transfer with Revolut depends on where and how you send the money. Here’s a quick overview:

1. Sending to another Revolut account: The process is usually instant and free.

2. Transferring money within the same country: The amount can be transferred instantly (up to 2 hours) or it can take 3 business days, depending on the transfer method.

3. Sending money internationally: Depending on the countries involved, this can take between 1 and 5 business days.

Before you confirm your transfer, Revolut will always provide you with an estimated arrival time. Also, remember that these are only estimates and international transfers may take longer.

Also read: Review Of Xe Money Transfer.

Pros & Cons Of Revolut

Pros of Revolut:

• Convenient: With Revolut’s mobile app, you can manage your finances wherever and whenever you want.

• Low Fees: Revolut offers competitive exchange rates and low fees when transferring money abroad and converting currencies.

• Multi-Currency Support: The Revolut app allows you to exchange and hold multiple currencies, making it ideal for travellers and international transactions.

• Real-Time Notifications: Get instant notifications about every transaction, which provides transparency and security.

• Budgeting Tools: Users can use these tools to create budgets, analyze their spending, and set savings goals to manage their finances effectively.

• Cryptocurrency Support: This feature enables users to buy, sell, and hold cryptocurrencies within the app, which enhances their investment options.

• Security: Revolut uses biometric login and two-factor authentication to protect your account and the ability to freeze or unfreeze your card instantly.

• Additional Features: It also provides additional features like insurance, stock trading, and virtual cards for extra flexibility.

Cons of Revolut:

• Limited Customer Support: Some users reported difficulties contacting customer support or delays in resolving issues.

• Service Limitations: Certain features and functionalities may be limited based on your account type and location.

• Withdrawal Limits: ATM withdrawal limits and restrictions may apply to standard accounts.

• Complex Fee Structure: Revolut advertises low fees, but its fee structure is complex, with different fees for different types of accounts and services.

• Limited Banking Services: Revolut does not offer full banking services like cash deposits, cheques, or overdrafts, so it may not be suitable for everyone.

• Fees After Limits: If you exchange currency beyond the free limit of your plan, you may be charged.

Is Revolut Legit

Revolut is a legitimate provider of digital financial services with millions of customers globally. It offers innovative tools, transparent fees, and secure transfers. While some negative reviews exist, most customers praise its ease of use, low costs, and effective customer service. It is important to note that Revolut is authorized by the Financial Conduct Authority, but it does not have a banking license in the UK. 

However, the money of customers is still protected by partner banks up to £85,000 per person. Overall, Revolut provides reliable and secure digital financial services.

Read also: How To Send Money Remitly.

Conclusion

Revolut is a trustworthy platform for financial management that provides services to millions of users worldwide. It strictly adheres to regulatory requirements and prioritizes security and compliance. With its user-friendly interface, innovative features, and competitive pricing, 

Revolut is a popular choice among those looking for efficient and convenient banking solutions. Although Revolut has some limitations and fees, but it generally offers a reliable and transparent experience for managing finances.

We hope that in this article you have got a lot of information about the Review Of Revolut.

Suggested: Review Of Wise Money Transfer.

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