If you are using a higher plan (premium or metal) you’ll get stock and cryptocurrency offerings. When you become a member of Revolut you will have the ability to exchange 30 currencies in real time inside the app and make payments and cash withdrawals in 130 countries. To load funds to your account there are several methods: Bank transfer, Credit/Debit card, Apply Pay and Google Pay. You could use either account as your day to day bank account to take your wages and settle bills. They also give you a Euro IBAN account for making and accepting European payments. The UK bank account comes with a proper account number and sort code. They offer you the ability to create GBP & EUR bank account in seconds. Revolut is an excellent digital bank which is basically a bank on your phone with a connected prepaid debit card (MasterCard or Visa).
#Privacy pro app review license
That won’t be as easy as the Lithuanian license they got in December 2018. In order to overcome this hurdle, Revolut bank would have to apply for a UK banking license. The current license would not be valid once Britain leaves the EU. However, Brexit is trying to play spoilsport.
Overdrafts are one such feature that could be offered when it fully becomes a commercial bank.
#Privacy pro app review full
Once they pass the test and obtain the full license, they can expand their functions to better serve the public. The company’s current license has locked it with some restrictions on banking operations. Then what else is holding it back? Revolut has to undergo a plethora of tests and overcome some hurdles set by the licensee. In what was seen as a turning point for digital banks, in December 2018, the start-up got a European Central Bank license. What we can say, however, is that it is only a matter of time before Revolut becomes a full-fledged bank. If you are travelling Revolut can save you a bunch of money on transaction fees as you get the interbank rate and they don’t charge any foreign transaction fees.Īt the time of writing this Revolut review, it is quite complicated to answer that with a definite yes or no. The purpose of Revolut is a flexible bank that will allow you to easily do your day to day banking, receive payments, seamlessly exchange currency etc. You can also make peer-to-peer instant payments, trade stocks and cryptos (on higher plans) all wrapped up in their well designed, intuitive mobile applications for Google Play and iOS. They offer currency exchange in 30 different currencies in real time at the interbank rate, within the app. Within this Revolut review, you will find everything you would need to know about the system.Ī huge benefit of using it is the fact you can easily transfer money at the interbank rate of up to 5,000GBP/mo and save on transfer fees. This card can be used in ATM machines or wherever bank cards are accepted for payments. You are only allowed to open a UK current account or Euro IBAN account and will also get a physical bank card. You can set up a bank account and operate it on your smartphone without the need for any physical infrastructure.
Revolut is a brilliant digital bank that offers accounts in GBP and EUR with an attached prepaid bankcard.
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