Revolut is an online banking and finance service that allows users to transfer money from one bank to another, and to exchange currencies with ease. However, there are a number of differences between the way that you can make a transfer with Revolut compared to how you can make a transfer with a traditional bank.
Revolut offers two different types of accounts. The first is called the standard account. This is free to use and is great for making one or two transfers a month. If you wish to make more than this amount of transfers, you will have to pay a fee. The other type of account is the premium account.
Revolut accounts come with both a physical and virtual debit card. Users can use the card at Visa or Mastercard-accepting locations worldwide. It also works as an automatic currency conversion tool. You can purchase and sell major cryptocurrencies from your Revolut account.
In addition to the cards, Revolut also offers a savings vault. These vaults are a simple way of organizing your funds and enabling you to move your money quickly and easily. They also allow you to earn interest.
With Revolut, you can add money to your account with your credit or debit card, or through regular bank transfer. However, the service does not offer telephone or live customer service. As a result, it can be a bit confusing to navigate.
Despite its reputation for competitive pricing, Revolut’s fee structure can be confusing to navigate. Depending on your country, you might end up paying more for your transfers. There are three main fees: a transfer fee, an FX fee, and a currency fee.
The transfer fees are charged based on the interbank rate. Revolut’s exchange rate is typically a mid-market rate, which is a much more competitive rate than the consumer rate. For example, during the week, Revolut’s rate is at least three percent better than the consumer rate. At the weekends, the rate is 1% higher.
If you have a Revolut account, you can deposit your money in GBP and EUR. You can also use your local GBP or EUR bank account to make payments. Additionally, you can receive salaries in GBP, EUR, and many other currencies. When you receive your salary, the funds will be transferred into your account.
Revolut’s business account is designed for modern businesses. Businesses can save time and money by using a single account to manage their finances and pay their employees. Your company can hold up to 28 different currencies on your account. This is an excellent option for international transactions.
To set up a Revolut account, you will need to provide your personal details and an image of your passport. Once you have created an account, you can access the app and make payments. You can transfer money from your bank or brokerage account. You can also make a direct payment from your Revolut account to a client.
Revolut’s services are available to legal residents in the UK, Australia, Canada, Japan, and Singapore. Some countries, like the US and New Zealand, are coming soon.