Is Revolut a scam? Is it one that can be perceived as one of high-quality? In today’s review, I will help you understand what Revolut is about by looking at what it is in the market for and whether it is achieving its stated objectives. The review will take the following format:
- Is Revolut a scam? (What is it about?)
- What Features of Revolut can you look forward to using?
- How exactly does Revolut work?
- The Revolut Virtual card
- The Revolut app
- Is Revolut genuine?
- Pros and cons
Name of the platform: Revolut
Official Website URL: https://www.revolut.com/
Overall Rating: (4.4 / 5)
Is Revolut a scam? (What is it about?)
Revolut exists as an innovative banking as well as a currency exchange platform that serves its clients through an advanced mobile app, along with other approaches. As a new user on this platform, you can expect to also access some other services such as international money transfers, as well as services that facilitate the effective relationship between businesses and business customers.
This platform actually calls itself a “digital banking alternative”, and it features a combination of companies that are out to transform the way consumers interact with their finances. Revolut came to life in July 2015, as the brainchild of one Nikolay Stronosky. Nikolay had prior to creating Revolut spent some years working at Lehman Brothers and Credit Suisse. Anyone who knows these firms can tell you that they are a big deal, and thus Nikolay’s skills and expertise cannot be put to question as such.
At the time it was being built, Revolut was simply a pre-paid card and app, that made it possible for travelers to do cheap currency exchanges. Stronosky was at the time of building the platform quite frustrated with using other foreign exchange platforms and avenues. Revolut has since then evolved and included other services and products.
As of now, this fintech has more than 5 million users on a global scope and it continues to grow its consumer base.
What Features of Revolut can you look forward to using?
Revolut has a couple of features that make it an app that you’d definitely love to use. Here are some of the main ones:
- Spending analytics– With Revolut, you can expect weekly insights about your spending revealed to you. You can view the spending by categories.
- It allows you to set your monthly spending budget– If you are into budgeting and love to use digital apps to help you maintain this discipline, then Revolut has something for you.
- Instant spending notifications– The app is designed to let you get alerts for the transactions that happen in and out of your money account.
- You can manage your money in one place– Revolut lets you connect all your bank accounts by taking advantage of what is known as Open Banking to enable you to keep track of all your finances from one place.
- Rewards for using the Revolut Card– Revolut rewards yours for every 10th purchase that you make using the Revolut card.
- Split Bills-This is definitely one of the most attractive features of the platform, in that it allows you to split the bills with your family members or your friends.
- International money transfers– You can easily send more than 30 currencies across the world. The Interbank Exchange Rate is used in this case.
- Fee-free spending when in other nations– tired of incurring unnecessary and hidden fees when traveling to other countries? Revolut offers the solution to this problem by letting you do fee-free spending. The limits apply though.
- Earning an interest rate on the money you have saved– A Revolut savings account lets you earn interest on your current balance.
How exactly does Revolut work?
Unlike the regular banks that you know, Revolut allows you to create your current account without requesting you to present your paperwork. According to the creators of Revolut, you can get your sterling or euro account up in about a minute. The first step when you are trying to get started with Revolut is to decide which type of account you want to open. The accounts offered are:
- Free current account
- Premium account- this one costs you £6.99 per month
- Metal account –This one costs you £12.99 per month.
Right after choosing the account type and registering, you will be asked to top it up by adding some money from a bank account that is verified under the names that you have registered under. This is one of the ways through which Revolut ensures that this platform is secure. You will actually be asked to offer proof of your identity by uploading a scan of your ID, after a day. It is only after this verification that you can proceed to send some money to your newly created Revolut account.
The Revolut Virtual card
I have already mentioned that Revolut offers a Revolut Card. You can access the card in the physical form or the virtual form. Either way, the card is usually tied to the bank account whose details you have provided.
Revolut promotes the virtual card on the basis of security. They say that with a virtual card, it is possible to protect your money against online card fraud. One of the security features that Revolut offers to guarantee security is the capability to delete the virtual card after a couple of months and to replace it with a new one.
The Revolut app
Customers usually manage their Revolut accounts using their apps, which they can download for free. You must, therefore, begin to get comfortable with the idea of using your smartphone to manage your finances. The app presented by Revolut is actually very straightforward and one that is easy to use.
This app lets Revolut users pay for items using ApplePay. They can also view notifications on their Apple Watch app. All you need to do is to download the app and use a 4 digit password or fingerprint scan.
The app has a very large collection of features that are aimed at helping you run all your transactions from one place. It is very interesting to note that you can even purchase cryptocurrencies on this app. To be precise, you can exchange a variety of cryptos.
Is Revolut legit & genuine?
Yes. In my humble opinion Revolut is legit. I think it is one that is doing a very great job of making access to money and the way we spend it quite easily. This app currently has a rating of (4.5/5) stars on TrustPilot, based on more than 66,000 customer reviews.
I think the numbers here speak for themselves and there’s not much debate about the genuineness of Revolut, or even its efficiency.
Pros and cons
It is always wise (and recommended) to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- Excellent ratings
- low exchange rates
- Superior app features
- Secure virtual card
- You can pay friends using the split bill feature.
- It is available online only.
- There are fees for foreign money transfers.
- You will be asked to prove where your funds come from.
Final words and verdict:
Overall rating : (4.4 / 5)
Revolut is a one-of-a-kind platform that has actually made the transaction and money exchanges quite easy and effective. The fact that it also allows for crypto exchanges makes it a platform worth signing up for, as we continue to usher in the age of digital currencies.
Want to see my #1 recommended alternative to Revolut instead?
Yes sure, Revolut is great. However, in these uncertain times we are in I am more exited about getting another type of card if you know what I mean. If you do, or don´t know what I mean then you might want to check the page (link) below:
Take the Use of Cryptos to the next level by getting a Crypto Card today (You can even get a free one!)
We have come to the end of my review about whether Revolut is a scam. I hope you got the answer that you were looking for. If you are fully into cryptos, then you can have a look at how you can acquire your crypto card today and set yourself apart through the link above. That’s all for today.