Revolut

What is Revolut

Revolut is a financial technology company that offers a wide range of banking services through a mobile application. Its main purpose is to provide a digital alternative to traditional banks, making it easier for users to manage their money globally. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is headquartered in London, United Kingdom. The core functionality includes multi-currency accounts, fee-free currency exchange up to certain limits, international money transfers, and budgeting tools. Over time, Revolut has expanded its services to include stock trading, cryptocurrency exchange, commodities, and savings accounts, positioning itself as a financial 'super app'. It serves both individual customers and businesses with tailored accounts.

Revolut Features

Revolut provides a diverse set of features designed for modern financial management:

• Multi-currency Accounts: Hold, receive, and exchange over 30 currencies in your account. This is useful for travelers and international business.
• International Money Transfers: Send money to other countries at competitive exchange rates, often much cheaper than traditional banks.
• Budgeting and Analytics: The app automatically categorizes your spending and allows you to set monthly budgets to control your finances.
• Virtual and Physical Cards: Get a physical debit card for daily use and create disposable virtual cards for secure online shopping. These virtual cards can be deleted after one use.
• Cryptocurrency Trading: Buy, sell, and hold various cryptocurrencies like Bitcoin and Ethereum directly within the app.
• Stock Trading: Invest in fractional shares of global companies with a small amount of money.
• Savings Vaults: Create savings 'Vaults' to set aside money for specific goals. You can round up card payments to save spare change automatically.
• Revolut <18: A special account for children and teenagers, managed and controlled by their parents to teach financial literacy.
• Business Accounts: For companies, Revolut offers features like corporate cards, expense management, payroll, and integration with accounting software.

Revolut Pricing Plans

Revolut offers several subscription plans for personal users, each with different features and limits:

• Standard: This is the free plan. It includes a free UK and Euro IBAN account, and allows for a limited amount of fee-free currency exchange and ATM withdrawals each month.
• Plus: A paid tier that adds benefits like everyday insurance (purchase protection, refund protection), and higher limits for fee-free services.
• Premium: This plan offers more benefits, including global travel insurance, higher ATM withdrawal limits, and discounted airport lounge access.
• Metal: A top-tier plan that includes all Premium benefits plus a distinctive metal card, cashback on card payments, and even higher limits.
• Ultra: The most exclusive plan, offering premium benefits, investment features, and extensive travel perks like unlimited lounge access.

For businesses, Revolut also provides tiered plans designed for freelancers, startups, and large enterprises.

Revolut Free Plan

Yes, Revolut offers a free plan called 'Standard'. This plan is quite functional and suitable for many users. It includes:

• A free UK bank account and a Euro IBAN account.
• Spending and sending money abroad in over 150 currencies.
• Exchanging currencies up to a specific monthly limit without any exchange fees on weekdays.
• Free ATM withdrawals up to a certain limit per month.

Limitations of the free plan include fees for ATM withdrawals and currency exchanges that exceed the monthly limits. It also lacks the insurance, cashback, and higher limits found in the paid plans.

How to use Revolut

Getting started with Revolut is a simple process done entirely through your smartphone:

1. Download the App: Get the Revolut app from the Apple App Store or Google Play Store.
2. Sign Up: Enter your phone number and create a passcode. You will then need to provide personal details like your name, address, and email.
3. Verify Your Identity: To comply with financial regulations, you must verify your identity. This usually involves taking a photo of your government-issued ID (like a passport or driver's license) and a selfie.
4. Add Money: Top up your account using a bank transfer or by linking another debit card.
5. Order a Card: You can order a physical card to be delivered to your home. While you wait, you can start using a virtual card for online payments immediately.

Once set up, you can use the app to send money to friends, pay bills, exchange currencies, and track your spending in the analytics tab.

Pros and Cons of Revolut

Pros:

• Low-Cost International Transactions: Excellent exchange rates and low fees for sending money abroad.
• Multi-currency Support: Easily hold and manage money in many different currencies.
• Feature-Rich App: Offers a wide range of services beyond basic banking, including investments and crypto.
• Strong Security: Disposable virtual cards provide great protection for online shopping.
• User-Friendly Interface: The app is well-designed and easy to navigate.

Cons:

• Customer Support: Support for free users can be slow and is often limited to in-app chat.
• Fees on Limits: Exceeding the monthly limits on the free plan can result in fees.
• Account Freezes: Some users report their accounts being temporarily frozen during security reviews, which can be inconvenient.
• Not a Full Bank Everywhere: While it has a banking license in some regions, its status can vary, affecting deposit protection in certain countries.

Revolut integrations

Revolut Business accounts offer several integrations to help automate workflows:

• Xero integration: Automatically sync your Revolut Business transactions with your Xero accounting software to simplify bookkeeping.
• QuickBooks integration: Connect your account to QuickBooks to keep your financial records updated without manual data entry.
• Slack integration: Receive real-time notifications about your account activity, like payments received or team expenses, directly in your Slack channels.
• Zapier integration: Use Zapier to connect your Revolut Business account with thousands of other applications to create custom automated workflows.

Revolut Alternatives

• Wise (formerly TransferWise): A strong competitor focused on international money transfers. Wise is known for its transparent fee structure and its multi-currency account is very powerful. It is less of a 'super app' and more focused on its core transfer service.
• N26: A German digital bank with a full European banking license. It offers a clean, straightforward banking experience and is a great choice for users living in the Eurozone. It does not offer crypto or stock trading.
• Monzo: A UK-based digital bank famous for its user-friendly app and excellent budgeting tools. Monzo has a strong community focus and is great for managing your money within the UK.
• Chime: A popular financial technology company in the United States. It offers checking and savings accounts with no monthly fees and features like early direct deposit. It is focused solely on the US market.

Revolut API

Yes, Revolut provides an API for developers, primarily for its Revolut Business customers. The API allows businesses to automate payments, manage accounts, and integrate Revolut's financial services into their own applications. You can find documentation on the Revolut for Business developer portal.

To get an API key, you need a Revolut Business account. Once your account is active, you can generate your API keys in the settings section of your web dashboard under 'API'.

Here is a simple cURL example to get a list of your accounts:

curl https://b2b.revolut.com/api/1.0/accounts \
  -H "Authorization: Bearer YOUR_API_KEY"

Replace YOUR_API_KEY with the key you generated in your account.

Revolut Affiliate program

Revolut has an affiliate program that allows partners to earn commissions by referring new users. Affiliates are typically given a unique referral link. When a new user signs up through this link, verifies their identity, adds money, and orders a physical card, the affiliate earns a commission.

The commission rates can vary based on the user's country and the specific promotion. To join, you can apply through affiliate networks like Impact or by checking the 'Affiliates' section on the Revolut website. If you are an influencer with a large following, you may also be able to contact their partnerships team directly to discuss a collaboration.