Digital wallets have shaken up how we pay, transfer and save money. So, how is Revolut different from other digital wallets on the market?
What is Revolut?
Revolut is a digital wallet with a difference – it makes paying in a foreign currency as easy as a normal payment. While Revolut is registered as a bank in Europe and the UK, in New Zealand it is not a bank. But Revolut works closely with local banks to allow payment between users and non-users, both overseas and domestically.
How does Revolut work?
Revolut works like a traditional wallet. Back in the day (or now if you’re still a big user of cash) you would withdraw money from your bank account and put it into your wallet. You’d then use that cash for your day-to-day spending.
With Revolut, you withdraw (transfer) money from your bank account and put it into your Revolut account (your digital wallet), and then use that digital currency as you would normal money. Using the Revolut app, you can transfer between friends and family, pay instore or online and make ATM withdrawals. The main highlight, however, is Revolut’s ability to spend in over 150 currencies.
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Why use Revolut?
Every function on Revolut can be completed in just a few taps.
As it says on the Revolut website, “Revolut exists to remove all the friction that stands in the way of your money goals becoming your new reality”.
Transferring money is super simple with Revolut and, unlike other digital wallets, money can be sent directly into a friend or family member’s bank account; they don’t need to have the app.
The Revolut app also features the ability to buy goods online with single-use virtual cards. These allow you to make online purchases securely using a unique card number for each spend, while your real card details remain hidden from fraudsters.
You can pay instore, online and withdraw money with the virtual debit card. Or, if you prefer a physical debit card, that’s available, too! You can even get a metal Revolut debit card if you’re willing to pay a monthly fee.
Other benefits include:
- Easily spend money internationally by making an ATM withdrawal in over 150 types of currency, eliminating the need for a travel money card
- Send and receive payments in real time 24/7 with zero fees among app users
- Keep track of all your financial transactions
- Smart budgeting and analytics
- Send money globally (across 200+ countries)
- Single-use virtual cards
- Split and settle bills without stress
- Make payments easily to other Revolut users using @REVtags
- Set goal amounts and deadlines for savings
- Open a group savings ‘vault’ with friends and family to combine savings
How do I get Revolut?
Revolut can be downloaded from the app store, and is available on both Apple and Android devices. Or you can go to the Revolut website, and scan the QR code to download the app.
Once downloaded, setting up an account is easy and will only take a few minutes. You’ll need to provide the following information:
- Home address
- Birth date
- Email address
- Phone number
You’ll need to verify your identity by submitting a photo of your passport or New Zealand driver licence.
Does Revolut cost to use?
Revolut is completely free to download, and you can use the standard version for free. Revolut is releasing a premium and metal plan soon, which come with extra features (at a cost). Extra features to include:
- Upgrade to a global lifestyle
- Spend, invest and save smarter across the globe
- Exclusive contactless metal card
- Earn up to 1% cashback
Is Revolut safe?
Revolut is very safe. It feature award-winning security and your money is protected by regulated banks. Safety features offered by Revolut include:
- Your money is protected and held with a registered bank in NZ
- Revolut app can only be accessed via a pin/passcode or biometrics, plus a one-time-passcode whenever required
- Users sending money via the desktop app are authenticated by sending a notification to the mobile app
- In-app notification if scam payments are detected
- Virtual single-use cards for online shopping
- Instant freezing of suspicious transactions and the relevant card (customers can instantly unfreeze if they find it safe)
What else should I know?
There are a few things you should be aware off before you sign-up to Revolut:
Limit to ATM withdrawals
Unless you have the premium or metal plan, there is an ATM withdrawal limit of $350 per month
- There is a $9.99 standard delivery fee for all physical debit cards.
- If you lose or have your Revolut card stolen, there is a $8.99 replacement fee (not applicable for virtual Revolut cards)
- You can have up to six active physical, 20 active virtual and one single-use card linked to your Revolut account at one time
Exchange rates are still applicable for international transfers and ATM withdrawals. Revolut will always display fees before the money is sent.
International transfers can take up to three to five business days.
To see all the countries you can send money to with Revolut, click here.
This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.
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