Traveling is mostly fun and adventurous, yet when it comes to unfamiliar currencies and all the money conversion fees, it may go as unnecessary trouble and additional expenses. RevolutApp is one of this years rising fintech startups that tries to revolutionize way we plan our expenses in foreign currency and bring fairness to money exchange.
In Latvia we have some good mobile payment apps like Mobilly and newcomers Monea, so I did some research before giving a try to Revolut. While Apple Pay and similar payment services are still on the way to Europe and massive usage, so I found Revolut a promising service being similar, yet in particular way different to apps mentioned before. Here are 3 main reasons why this card will be worth to have in your next travel:
It’s not just an mobile app – you’ll also get Mastercard*
*if you want one. You can still use just a mobile app. As for Mastercard – it’s free and sent out to any country. There’s no service fee (at least for first 12 months of use, yet they haven’t decided if there will be any fee later. If anything, you’ll be able to cancel your account before paying anything). Just read the next reason and you’ll be sold.
No hidden fees
It’s always suspicious when someone offers you something for free. But Revolut keeps their promise with feature I find killer one – you can top up your card with 3 major currencies (EUR, GBP, USD). As for a travelers – card offers money exchange to 90 most popular currencies, using interbank foreign exchange market for best possible rates. Did some calculations between my current bank and Revolut currency exchange rates and found out that on every €10 exchanged by Revolut I’ll have at least €0,5 economy. Not much, yet it’s done easily.
You may ask where profit and the business are for Revolut. As they have explained in their website – they’re receiving some small fee from merchants, so that’s their current business model.
Instant money transfer
Something offered by many services, yet still Revolut offers some wider options here in everyday use. You can send money to another RevolutApp user (money transferred instantly) or send a link to any Facebook, WhatsApp, email user or via SMS. Receiver will be asked to fill his bank details and then money will be transferred (note that it may take a longer period, from 2-4 days as there’s UK bank transfer involved).
Ohh, and they know how to do their card packaging.
Note: it’s still reasonable to have one more card with you on your travels in case something goes wrong and you can’t use one or another.
Give it a TRY yourself.