Revolut is a new digital bank that offers a range of services. The service can help you transfer money overseas, as well as receive and send money to others. It also lets you manage your money in an easy way. You can open a free account or upgrade to a paid one.
Depending on which currency you want to transfer, you can choose to add money using a credit card, debit card, or cash. Alternatively, you can fund your account by checking into your local bank or using your MasterCard or Visa debit card. In addition to transferring money, you can also use your Revolut card to make purchases in Revolut countries.
Using the Revolut app, you can view and manage your transactions. If you want to check the amount of your payments, you can tap on the “Instant Transfers” thread, which shows a graph of how much has been received and sent. To cancel a payment, you need to send a request to the Revolut customer support team. You can do this in-app or by calling the phone number.
When you are transferring money abroad, it’s important to keep track of your fees. Some banks charge an exchange rate for foreign currency transfers, while other banks take a fee for every transaction. These fees can reduce how much you get back. However, you can avoid these fees by checking the interbank exchange rate before transferring money.
While most Revolut accounts are located in Lithuania, the United States, and UK, customers can open a currency account in other countries. For example, a US user can open a currency account in CAD or GBP. Likewise, a UK user can open a currency account in AUD or USD.
Revolut customers are generally satisfied with their experience. They say the service is fast, convenient, and secure. Their customer support is available 24/7. Many customers have found it useful to use the in-app chat.
You can withdraw your money from an ATM in your home country for a small fee. Your money may take a day to be visible on your account. However, if you are in the United Kingdom, you can transfer up to GBP 5000 per month without incurring a fee. As for international money transfers, it can take up to 3-5 days for money to arrive. This is due to the fact that Revolut uses the Interbank exchange rate to determine the cost of your transfers.
You can pay with the Revolut debit or credit card or through an online payment service. Revolut does not report VAT on your transactions, but your local tax authority might. There is a limit on the number of transfers you can make each day. Once you reach your limit, you will be charged a fair usage fee.
One of the main advantages of Revolut is its low-fees. Unlike most other services, Revolut doesn’t report taxes to HMRC or other governmental bodies. However, if you are sending money from abroad, you will have to pay an extra mark-up on higher-value transactions. Generally, the rate is between 0.5% and 1%.