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Internet banking Revolut: advantages and disadvantages

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Revolut is an international payment system that was conceived as a more modern alternative to banking. Users get access to a mobile application through which it is convenient and profitable to make financial transactions. In this article, you will learn about the functionality of the Revolut neobank, you can also improve the management of your funds using the service https://rates.fm/.

What Is Revolute?

Revolut is positioned as a digital alternative to traditional banking. It was created in the UK in 2015. In order to continue operating in the EU, Revolut received a banking license in Lithuania after Brexit. The company later applied for similar licenses in its home country and the US. Most similar startups are aimed at launching a full-cycle bank in the state where they are registered. Revolut has a different mission – global expansion. As of June 2023, Revolut has 30 million retail customers worldwide. Revolut is attracting the attention of clients of such large companies as JPMorgan Chase, Citigroup Inc, as well as Allstate and Aetna.

Revolut’s range of services includes:

  • Internet acquiring;
  • cryptocurrency exchange;
  • the ability to save money in more than 30 currencies;
  • sending funds abroad;
  • booking services for travelers;
  • trading in cryptocurrencies (Bitcoin, Ethereum, or Binance Coin from the Binance crypto exchange, etc; precious metals and stocks);
  • currency exchange at a favorable rate;
  • cost management;
  • the ability to open an account in Revolut Business.

The functionality of the application is constantly expanding. Revolut customers open bank accounts and issue physical and virtual cards as quickly as possible. Revolut does not have offline offices. Account management is carried out through the application.

Account Types

Revolut offers users to choose the type of account depending on the purpose of registration. There are options for opening an account for both personal use and business.

Standard account

Users of such an account have the right to:

  • open a free European account;
  • withdraw from ATMs up to €200 monthly;
  • withdraw cryptocurrency;
  • convert currency at the interbank exchange rate;
  • exchange money in more than 30 fiat currencies for free every month on business days;
  • order a Revolut card for free (paid delivery is provided);
  • create an account for a child;
  • receive 3% cashback for booking through the “Accommodation” function;
  • engage in secure online shopping.

You don’t have to pay to use a standard account. It is suitable for those people who do not trade, do not withdraw large amounts through ATMs, and rarely make money transfers online.

Plus Plan

This plan provides all the functionality of a standard account, as well as the following features:

  • issuance of a card with a customized design;
  • free physical card delivery;
  • round-the-clock support;
  • refund insurance;
  • compensation for the cost of tickets to events (for example, if you were unable to attend a concert due to illness);
  • creation of 2 children’s accounts with full access;
  • protection against theft and accidental damage.

Plus plan users pay €2.99 monthly.

Revolut Premium Plan

This plan gives you access to all the features of the Plus plan and also allows you to:

  • withdraw up to €400 monthly from ATMs without commission;
  • send money abroad with a 20% discount on transfer fees;
  • invest on more favorable terms;
  • receive cards using express delivery;
  • arrange medical insurance abroad;
  • receive increased cashback for booking;
  • get insurance when doing winter sports;
  • pass to airport business lounges at a discount;
  • get insurance against flight delays and baggage claims;
  • have access to business lounges with the SmartDelay function (you can take a friend).

This plan costs €7.99 per month.

Metal Plan

The most advanced plan offers customers everything the same as the Premium plan, plus:

  • release an exclusive Revolut Metal card;
  • create accounts for five children;
  • receive cashback for card payments;
  • make money transfers abroad with a 40% discount on the transfer commission;
  • receive 10% cashback for booking;
  • have access to business lounges with the SmartDelay function (you can take three friends);
  • withdraw up to €800 every month from ATMs without commission.
  • This plan is available for €13.99 monthly. Those who use it have the right to spend, transfer and exchange any amount of funds on weekdays without restrictions. For these transactions, interbank exchange rates are applied.

In addition, neobank offers the Ultra plan for 46 per month, which has a higher ATM withdrawal limit and higher cashback.

What Is Revolut Business?

The target audience of Revolut Business is freelancers and foreign companies. The degree of risk of those activities in which the organization is engaged should be medium or low. Accounts in Revolut Business cannot be opened by businessmen who specialize in:

  • holding auctions;
  • trade in art objects, weapons, cars, precious stones, and metals;
  • cryptocurrency transactions;
  • entertainment for adults;
  • gambling;
  • promotion of illegal content;
  • other areas of activity that are high-risk.

Also, this system does not accept representatives of public companies, political associations, religious communities, and charitable institutions.

All other entrepreneurs can control their company’s finances, manage investments, and issue cards to employees from a mobile device.

Revolut Business account holders will appreciate the following benefits:

  1. Accept payments on the site. The Revolut payment system allows businesses to accept payments online with fees ranging from 1% + £0.20 per transaction.
  2. Mass payments. Create invoices, schedule payment on them, and click on the button to transfer money to recipients.
  3. Virtual cards. In terms of their functionality, they are completely identical to standard banking counterparts. Virtual Mastercard and Visa will allow you to conduct online transactions quickly and securely. They are allowed to be released in any quantity.
  4. Multicurrency accounts. Revolut Business supports 28 currencies. It is extremely easy to exchange them through an intuitive interface. The conversion fee will always be low.

Final Thoughts

Revolut is a system that allows you to conduct financial transactions more conveniently and profitably than traditional banks. It is available as an application that is installed on mobile devices. Through it, you can transfer and receive money from abroad, buy and sell cryptocurrency, and receive cashback and other privileges. For high-quality financial management, we recommend using the Rates service, which provides access to current exchange rates in Ukrainian financial institutions. You can use the service from any US city, be it New York or Los Angeles (California).

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