You may have heard of Wise, Monzo or even Starling. Surely you must know of Revolut too?
Over the past few years, there has been a notable shakeup in the banking industry brought on by financial technology companies and their unconventional money management methods.
Revolut is among these companies, and it has gained significant attention in the fintech world due to its diverse range of digital financial services.
For people like me who prioritize independence, adventure, and experiential travel, Revolut can be an incredibly useful financial tool.
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The Idea Behind Revolut
Revolut is a financial technology (fintech) company headquartered in the UK, which was established in 2015 by Nikolay Storonsky and Vlad Yatsenko. The central idea behind Revolut was to create a digital platform that could offer a broad range of financial services without the requirement for a conventional bank.
Initially, Revolut’s offerings included prepaid debit cards that allowed users to withdraw cash and make purchases abroad without incurring excessive transaction fees.
Over the years, Revolut has expanded its services to provide a plethora of features that make it an excellent tool for individuals who travel frequently.
Among the most notable benefits of using Revolut is its ability to manage multiple currencies. With Revolut, you can hold and exchange up to 29 different currencies without incurring any hidden fees.
I was offered the opportunity to use the Revolut card back in 2018 and have the Premium plan.
Today, I’ll be sharing my experience with Revolut as a digital nomad and a full-time travel blogger.
Starting with the substantial value aid that Revolut brings into the picture, here’s an overview of Revolut plans along with some key features of Revolut (including my favourite ones).
Check out Revolut here
Revolut Plans, Pricing and Fees
Revolut offers several different account options, including a free account, a Premium plan and a Metal plan that come with additional features such as travel insurance and higher withdrawal limits.
The app also offers a unique feature called Revolut Junior, which allows parents to set up and manage accounts for their children.
In terms of fees, Revolut charges a small fee for certain transactions over the weekend, such as ATM withdrawals and currency exchanges.
However, the app does offer fee-free spending in over 135 currencies, making it a great option for those who frequently travel abroad.
Key Useful Features of Revolut
1. Free Foreign Exchange Fees & ATM Withdrawals
One of the biggest concerns of digital nomads and travel bloggers is accessing their funds while on the go. Traditional banks have limited access and impose hefty charges on foreign transactions. However, with Revolut, users can access their funds instantly and securely from anywhere in the world.
I, as a digital nomad and travel blogger, often face significant foreign exchange fees when withdrawing money or making purchases abroad. However, with Revolut, things have got more efficient and cost-effective.
Revolut offers fee-free foreign exchange in 33+ currencies for up to S$15,000 per month and doesn’t charge any hidden fees. The only fee they charge is when you make these exchanges over the weekend.
Revolut allows you to withdraw from the standard plan up to £200 (or equivalent) per month from ATMs abroad without any fees. After that, a small fee of 2% applies. This can help you save money on ATM fees when you’re travelling.
One thing to note is that they also charge a fee for weekend withdrawals.
This feature is particularly useful for those who travel frequently and need to withdraw cash or make purchases in foreign currencies.
2. Access To Multiple Currencies
One of the biggest challenges for a digital nomad or a full-time travel blogger is dealing with multiple currencies.
Revolut allows users to hold and exchange 35+ currencies at interbank exchange rates, which can help save money on exchange fees and get the best exchange rates possible.
3. Travel Insurance
As a Metal or Premium user, Revolut also offers travel insurance to its users. Travel insurance covers a wide range of issues, including flight cancellations, delays, and baggage loss.
While it may seem to be a really attractive feature, they do present some strong caveats that haven’t allowed me to utilise this feature at all. Note that since this is tied to Singapore travel insurance, some of these criteria may be localised.
First, 50% of your to and fro ticket from Singapore has to be paid for using your Revolut account.
Second, the maximum trip length you can take is up to 90 days. For a digital nomad that travels most of the year, this instantly makes the travel insurance feature irrelevant.
The third thing to note is that medical is covered only in the case of an emergency. Effective to say, it doesn’t cover common colds or illnesses arising from regular illness.
The fourth thing I note, since I’m an active individual, is travel accident coverage. While they do cover Travel Accidents, they only cover it if you sustain an injury from an accident that causes death or permanent disablement. (like a loss of sight, speech, hearing, or limb). Now that severely limits the coverage from travel accidents, doesn’t it?
4. Access To Airport Lounges
Revolut’s premium plan includes access to over 1,200 airport lounges worldwide. This feature is a significant advantage for frequent travellers, as it provides a comfortable space to relax and unwind before or after a flight.
The airport lounge access is available to users who have subscribed to Revolut’s Premium or Metal plan, and at a discounted price of S$44.
Despite having a Premium plan, it’s hard for me to justify paying for this fee to lounge for a half hour to an hour while waiting to board a flight, especially given how most other travel credit cards offer lounge access for free. In addition to that, access to lounges is also subject to availability.
To access the airport lounges, users must present their Revolut card at the lounge reception, along with a valid boarding pass for the same day. The lounge access is available for the primary cardholder and up to 3 additional guests, depending on the lounge’s policy.
5. SmartDelay
This is a nice feature for Revolut to offer, where if your plane is delayed for more than an hour, you get access to lounges for free. It’s a feature I’ve yet to use, but will be curious to utilise it to see if it does offer free lounge access since the lounge perks are still subject to availability depending on your location.
6. Budgeting And Expense Tracking
Revolut mobile app allows you to set budgets and track your expenses in real time. This can be a great way to stay on top of your finances and make sure you’re not overspending, especially when Managing finances while on the go can be challenging.
The app also provides users with weekly spending reports, helping them identify areas where they can cut back on expenses.
7. Revolut Virtual Cards
Revolut’s virtual card feature is particularly for those who need to make online purchases frequently. The virtual card is linked to the user’s main account, and users can set spending limits and freeze the card if it is lost or stolen.
This feature provides an additional layer of security, ensuring that users can make online purchases without worrying about the safety of their funds.
8. Group bills
This feature is probably in an attempt to bring friends onto the platform, but I can acknowledge its merits. You can manage and split costs easily with your friends on one app (provided they’re also on Revolut).
9. Revolut Customer Support
Revolut offers customer support via the app, website, and phone. The app includes a chatbot that can assist with basic queries, while more complex issues can be escalated to a human customer support representative.
Revolut’s customer support is prompt and helpful, although some customers have reported difficulty in resolving certain issues.
I’ve had a couple of encounters having to reach out to them via the in-app chat, and they’ve been responsible for the most part. What I find a little inconvenient is that you have to constantly have the app open to communicate otherwise it’ll show that you’re inactive which causes the support team to leave the conversation prematurely.
10. Revolut Security
Revolut takes security very seriously and uses various measures to protect customers’ data and funds. These measures include two-factor authentication, device-specific authentication, and the ability to freeze and unfreeze the debit card if it’s lost or stolen. Revolut is also a licensed and regulated financial institution, which provides an additional layer of security for customers.
Check out Revolut here
Other Revolut Features
These are other features of Revolut that put them at a competitive advantage but are features I don’t personally see the need to use.
11. Donate To Your Favourite Charities With Revolut
Revolut’s app includes a feature that allows users to donate to their favourite charities easily. This feature is available to all Revolut users, regardless of their plan, and enables them to make donations to a wide range of charitable organizations.
To access the donation feature, users can go to the “Donations” section of the Revolut app and choose from a list of charities. The list includes both local and international organizations covering a variety of causes such as education, health, the environment, and human rights. Once a user selects a charity, they can choose the amount they want to donate and make the payment instantly using their Revolut account.
12. Investing in Stocks and/or Crypto
Revolut provides a one-stop shop for you to trade stocks, ETFs, bitcoin and more from the app and get real-time updates. I personally can’t speak much of it as I don’t utilise this feature.
Overall Ease of Use
Some would say Revolut’s app is user-friendly, and its interface allows users to track their expenses and manage their funds with ease. Revolut also offers instant notifications on all transactions, ensuring that users are always aware of their spending.
You can easily navigate the app to access your account information, make payments, and manage your finances with its clean and modern design
The app also includes useful features such as spending analytics, real-time notifications, and transaction categorization.
For someone who prefers the simplicity of an expense tracking app, the Stocks, Crypto and Vault features provide more complexity which has swayed me more in favour of its counterpart, Wise.
That said, you can also access your account information and make transactions via Revolut’s website.
Overview of Revolut’s Services
Revolut’s user interface is sleek and modern, making it easy to navigate for even the most novice users. The app’s main screen displays a breakdown of your finances, including your current balance, your spending for the month, and your average daily spending. The app also includes useful features such as budget tracking, expense categorization, and transaction notifications.
One of the standout features of Revolut is its ability to instantly exchange and transfer money in over 150 currencies, making it a great option for international travellers and those who frequently send money overseas. The app offers real-time exchange rates and even allows users to hold and exchange cryptocurrencies such as Bitcoin, Litecoin, and Ethereum.
Revolut has also expanded its offerings beyond just banking services. The app now offers users the ability to trade stocks and cryptocurrencies, buy travel insurance, and even access a concierge service. These additional features provide users with more value and make Revolut a one-stop shop for all their financial needs.
Digital nomads like me and anyone can now focus on exploring new destinations and creating content without worrying about financial issues.
With Revolut, managing finances while on the go has never been easier. With Revolut, you can manage your finances efficiently and easily, freeing up more time and resources to focus on your travels and experiences.
Happy travelling and exploring!
