| Wednesday, November 29th, 2017

Revolut is considered one of the fastest-growing fintech startups. Founded by former Lehman Bros. banker Nikolay Storonsky, the app and card now have 1 million customers. Plus Revolut has added new offerings including business accounts, loans, loyalty offers, mobile phone insurance, a bill splitting feature, a subscription "Premium" account, a chatbot, and more. It’s raised $66 million in financing and claims to get more than 3,000 new customers every month. And Revolut is now regulated by the Financial Conduct Authority. Revolut is also expecting to obtain a European banking license within the year.

App Overview

For money transfers, the solution includes an app and a card. Money can be sent globally without charge. Exchanging currency does cost money, but Revolut tries to keep the rate as close to the Interbank level as possible. The physical Mastercard which enables ATM access does cost a small fee – different in each country. But accessing the local currency at any ATM in the world is only subject to the very low foreign exchange fee. Overall, travellers find that the long list of fees they usually pay when they go abroad – transfer fees, exchange fees, ATM fees – are not charged when they use Revolut.

Unique Features of Revolut App

  • Fees are extremely low and clearly understood ahead of currency exchanges
  • No fees for transfers
  • Users can send and receive funds in a very large number of currencies
  • Business accounts are available for very low monthly fees
  • Interface is user-friendly and intuitive
  • Transfers are slow and may take several days
  • Customer service is sketchy

Ideal Uses

The app and card combination is ideal for travel. Funding transfers is rapid and simple, and access to local currency is cheap and easy. Those who seek additional financial services at reasonable rates will also appreciate Revolut.


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