Revolut is a digital-only alternative bank founded in London by Nikolay Storonsky and Vlad Yatsenko. It was launched in 2015, aiming to allow users to use and manage their money around the world by offering Interbank currency rates. The bank became a ‘unicorn’ (a privately owned startup valued at more than $1billion) in April 2018 and hit 2 million registered users in June.
Revolut Products and Services
Revolut customers are sent a pre-paid debit card (MasterCard or VISA) that can be topped up using their debit card. Customers can then, if they choose, exchange that amount into a foreign currency to be spent abroad or leave it in their home currency.
Revolut also supports cryptocurrency exchange for the following cryptocurrencies:
Peer to peer payments
Of these cryptocurrencies, Revolut offers instant access to Bitcoin Cash, Ripple, Ethereum and Litecoin by exchanging to and from 25 flat currencies. All cryptocurrencies are locked into the Revolut app and cannot be moved to another app or wallet.
The Revolut current account was introduced in early 2017 and offers full current account facilities including direct debits, payments and transfers. Customers can also set up direct debits in Euros if they wish and can use the EUR IBAN to receive payments in other currencies.
Revolut Premium, costing £6.99 per month, offers customers unlimited foreign exchange and doubles the value of free ATM withdrawals abroad from £200 to £400 (a 2% charge is applicable over this amount).
Revolut introduced a further premium service, called Metal, in August 2018. So named because the card is mostly made of steel, it costs £12.99 per month and includes benefits such as a concierge service that makes bookings on a customer’s behalf, cashback and travel insurance.
Security at Revolut
Revolut has a range of security settings that can be adjusted by the customer in-app. Customers can disable or enable functionality including magstripe payments, ATM withdrawals and contactless payments if they choose, or enable GPS locators that can find their card in the event it is lost or stolen.
Revolut Contact Details
Revolut Limited 4th Floor 7 Westferry Circus London E14 4HD