What is Revolut
Revolut is an Electronic Money Institution that has taken over Europe by storm. The mobile app has 6+ million users across EU and Australia and plans to expand in the USA and Singapore markets. Using the app, users can make tremendous savings when paying in foreign currency or sending money abroad.
Users can exchange or hold 29 different currencies (including all the major ones EUR, USD, GBP) and spend anywhere with no fees. There is also a 200 Euro/GBP per month fee cash withdrawal allowance which can be increased if the user upgrades to premium.
If one chooses to upgrade to a Premium plan, they can get exclusive card designs, overseas medical insurance, £400 free monthly ATM and unlimited FX transfers. The Metal plan offers an exclusive metal card, up to 1% cash back, £600 free monthly ATM and more.
You can set up an account in minutes and get verified by taking a selfie with your passport.
A way to save money by rounding up card transactions to the nearest Euro. Revolut offers the option to store your savings in a vault (which you can withdraw at any time) and even apply a multiplier.
Users can apply a budget per category to better manage their monthly spending. Revolut realizes the type of transaction and matches it to your budget. For example you can set a budget of 300 euro per month on restaurants and 200 euro per month on entertainment. It then allows you to watch your progress and gives a general overview of your spending. If you only spent 100 euro on restaurants by the middle of the month, the app will let you know that you have 200 more to spend, or 17 euro per day.
Revolut offers the fastest way to open a cryptocurrency account. You can buy, sell and store cryptos in the Revolut app and monitor the live price of your wallet.
With a Metal subscription, you get free overseas medical insurance whenever you travel abroad. Free users can also opt-in when they travel abroad from 1 euro per day. The Revolut app will prompt to ask you when you turn on your phone abroad and have the location services open.
Metal and Cashback
You also get free ATM withdrawal limit increases to 600 euro per month.
Revolut Metal is the most premium account where users get a Metal Card.
Most importantly, if you spend a lot in non-euro transactions, including cryptocurrencies, you will get 1% cashback directly into your Revolut account. For euro payments, you get 0.1% cashback.