Starling Vs. Revolut: Which One Should You Choose?

Starling vs. Revolut

Starling and Revolut are financial companies that engage in online banking and fund transfers. The daily transactions of these banks meet the various needs of their customers. Their main functions include boosting banking methods and digital financial services.

The UK banking system licensed Starling bank. This license aids the Financial Services Compensation Scheme (FSCS) in protecting funds deposited by customers. Revolut, on the other hand, keeps funds in another bank account that is licensed. Both banks each possess a wide range of features in their mobile apps.

In this guide, we will review the features of each bank and provide a broad look at the services they offer.

Starling vs. Revolut: Comparison Chart

Starling and Revolut are among the highly competitive sectors in the UK banking system. Both banks operate a similar account and offer digital banking services without charging monthly fees. They each provide the following alternatives:

Starling vs. Revolut

  • Their mobile app is easy to use and navigate.
  • A system that allows anyone conducts digital and global fund transfer.
  • A means for receiving online payments.
  • Their transparent banking system could replace your current bank.

The table below offers more comparison between both banks:

FEATURES STARLING REVOLUT
App It offers instant messages, card control, and countless payments. It features affordable banking services and messages.
Fees Do not charge monthly fees. Their charges include small fees for virtual currency and commodities.
Security Their security system includes real-time messages and biometric verification. Their app has customizable features and fingerprint identification.
Interest rates It offers up to 0.05% interest rates on savings. It offers 0.40% interest rates on savings.
Account They offer a free, joint, and premium business account. They offer a free, business, and premium account.

Overview of Starling

Anne Boden founded Starling as a digital-based financial bank in 2014. The company is registered in England and Wales as Starling Bank. This bank operates an app that is available on iOS and Android devices. On the outside, it runs its transactions much like a regular bank but with added benefits.

You can process digital payments, withdraw funds, and deposit money. You also get real-time messages when you deposit, transfer or withdraw funds.

Overview of Starling

There are four main types of account in Starling, namely:

Euro Account: A Euro account is ideal for people who wish to receive euro payments with their UK bank account. The euro account is perfect for UK citizens who own a property abroad or European newcomers based in the UK. There are no monthly fees attached, and it is free to send and receive euros.

Personal Account: It is completely free to open a personal account with Starling. You will not be charged for transfers, ATM withdrawals, or online payments.

Teen Account: The Teen account is explicitly made for teenagers in the UK. A teen account gives a better online banking experience for 16 and 17 years old.

Joint Account: A joint account is ideal for people who share financial obligations like rent, bills, and savings. As long as you have a personal account with Starling, you can open a joint statement in less than 5 minutes.

As long as you’re above 18 and a UK resident, you can easily open an account. Some requirements for opening a personal account with Starling include:

  • UK driving license
  • Your smartphone, and
  • A form of ID card

After getting these requirements, follow the steps below to open an account with Starling:

  1. Log into the app.
  2. Input a valid mobile number.
  3. Verify the number through a code sent to you.
  4. Enter your details in the space provided.
  5. Submit a photo of your ID and a short video of yourself for confirmation.
  6. After this procedure, a quick review is conducted to verify your identity.

Some advantages of Starling’s online services include:

  • You get to save money in a fun and exciting way.
  • You get real-time messages when you send or receive funds.
  • You get to send funds to others without asking for their account details.
  • You can send links to debtors to request payments.
  • You can conduct monthly breakdowns of spending and other transactions.

Overview of Revolut

Revolut is a UK-based banking firm founded in 2015 by Niklay Storonsky and Vlad Yatsenko. It provides currency exchange services, monetary apps, and online banking services. Over 2.2 million people have signed up and currently operate verified Revolut bank accounts. Revolut has also conducted over 149 million transactions at a total cost of up to £14.7billion.

Overview of Revolut

The company operates three main accounts for its customers. These accounts are:

Standard Account: This type of account comes with a few benefits. It includes a free UK account, a free Revolut card, and access to 5 virtual currencies.

Premium Account: A premium account comes with all the features of a standard version. However, it also includes free monthly withdrawals of up to £450 and a virtual card for global fund transfer.

Metal Account: The metal account comes with all the standard and premium account privileges. This account also comes with access to overseas medical insurance.

Some of the steps in opening a Revolut account include:

  • Download the app.
  • Enter your details correctly.
  • Verify your identity by uploading a photo of your driving license or passport.
  • After your information is confirmed, you can order a debit card.

Some advantages of a verified Revolut bank account include:

  • Ability to conduct global fund transfers in over 28 currencies.
  • You receive real-time messages for any money you send or withdraw.
  • You can exchange any of the 28 currencies into Bitcoin.
  • The mobile app has a various facial ID, password, and fingerprint recognition options.

Cons

  • Revolut imposes weekend charges which can be expensive.
  • The signing-up and onboarding process can be slow due to document uploads.
  • The app can be challenging to use on different devices.

 Starling Vs. Revolut: What Are The Differences?

The standard accounts of Starling and Revolut do not have monthly prices. However, Revolut does have different other fees. You can avoid additional charges even if you’re not exchanging an amount greater than £1,200.

Starling Vs. Revolut

We will compare the differences between them based on the following factors:

  • Features
  • Cost
  • Card Option
  • Apps Features

FEATURES

  1. Starling:

Below are some features of Starling bank:

  • You get instant real-time messages whenever you transfer, withdraw or receive funds.
  • You can create or download account statements each month.
  • You can conduct deposits with the mobile app.
  • You can connect your debit card with others.
  • You have access to the digital marketplace to choose from various services.
  1. Revolut:

Below are some features of Revolut:

  • They offer instant access to virtual currencies.
  • Free global delivery to over 180 countries.
  • They offer free overseas medical insurance.
  • Access to premium cards for free.
  • Access to disposable virtual cards.

COSTS

  1. Starling: 

The personal account for Starling users is free of charge. However, additional fees are attached to its other unique features. These extra features and their charges are as follows:

  • UK transfers cost around £20 per transfer.
  • United States dollar account costs around £6 per month to maintain.
  • A Business account costs around £8 per month.
  • A Euro account costs £3 per month.
  1. Revolut:

The additional costs of Revolut banking services are as follows:

  • The cost of running the Business Enterprise account depends on the features used.
  • The Business Grow account costs £25 per month.
  • The Business Scale account costs £100 per month.

CARD OPTIONS

  1. Starling:

You can order a MasterCard debit card with the app once your account is opened. This process usually takes between 3-5 working days for the card to arrive.

  1. Revolut:

The card options supported for a Revolut account are Visa and MasterCard debit cards.

APP FEATURES

  1. Starling:

Some features of the Starling mobile app include:

  • Contactless payments
  • Instant messages
  • Saving spaces
  • Connected cards
  • Card controls
  1. Revolut:

Some features of Revolut include:

  • Stock trading
  • Freezing and Unfreezing debit card
  • Real-time messages
  • Support from Apple and Google Pay
  • Crypto purchase

Starling vs. Revolut: Which One Is Right For You?

Online companies like Revolut and Starling have capitalized on other banks’ failure to provide excellent banking services. The free business accounts from Revolut and Starling are similar. Both are managed using an app. They each have budgeting features and can be used to make global transfers.

These features usually make it hard to pick one above the other. However, if we had to pick one to open an account, it would likely be Starling bank.

Final Words

On balance, Revolut is more extensive in card spending and digital banking. It also comes with some helpful bonus features attached. You can also pick Starling if you like to see them as a reliable brand. Their financial savings alternatives and less expensive services are beautiful contributors to their industry.

Ultimately, each of these digital banks has its strengths and weaknesses. The proper preference will rely on what you’re searching for in a bank.

Monese vs. Revolut: Which One Is Right For You?

Monese vs. Revolut

Monese and Revolut are two banks founded in London’s financial district that boost digital financial services and banking methods to meet the needs of their customers. Both are financial companies that engage in fund transfers and other online banking activities.

Monese and Revolut give you physical access to a debit card, an account, and a global fund transfer. Both have easy-to-use mobile apps, direct debits, budgeting, multi-currency summaries, and financial planning. It is a way of opening a new bank account for anyone that just arrived in the UK.

In this review, we will look at the features of each company and decipher which is better at money transfer.

Monese vs. Revolut: Comparison Chart

Both companies came into existence in 2015 and have overgrown quickly. Over 1.3 million people are using Monese in the UK and Europe. While over 8 million customers have signed up for Revolut. They each offer superb alternatives for:

Monese vs. Revolut

  • Making and receiving payments
  • Overseas change transactions
  • Placing up direct deposits
  • Money transfers and more.

Below is a comparison table between Monese and Revolut:

MONESE REVOLUT
Card Type Master Debit Card Debit Card
Mode of operation Conducts both international money transfers and regular transfers. Conducts only international money transfers.
Transparency Registered as a company in England and Wales. Provides services in the UK, the US, the European Union, and Australia.
Supported transfer destinations Allows you to transfer money to over 30 countries. Allows you to send money to 28 countries.
Exchange rates Provides a competitive exchange rate for international money transfers. Provides interbank exchange rate for international money transfers.

Monese vs. Revolut: Which One Is Better?

With so many digital payment options available, choosing which one to use can be tricky. Both Monese and Revolut have advantages and limitations. So we have carried out the research and compared two of them below. To begin off, we’ll give you a quick overview of each of them. We will then discuss their charges and provide a detailed review of both.

Monese vs. Revolut

  • Online & Offline Payments: Revolut supports online and offline payments, savings plans, and a debit card. You can also send money to other Revolut users with your phone. Both platforms operate on a location basis and are active in 90+ countries worldwide.
  • Global Withdrawals with their ATMs: Monese and Revolut both charge identical amounts for global withdrawals with their ATMs. The initial $200 monthly cash withdrawal no longer comes with a fee attached. However, there are charges for 2.00% of any amount withdrawn above that.
  • Fees & Charges: Both Revolut and Monese provide a broad range of services that makes managing your finances quick. However, their fees & charges may decide which platform is suitable for you. Revolut would be ideal as they provide free cash withdrawals at local ATMs.
  • Global Fund Transfers: Unlike Revolut, Monese charges way less for global fund transfers. Revolut charges are way costlier depending on the currency you send and the recipient’s location.
  • Total Banking Experience: Monese and Revolut offer their customers unique accounts, free plans, and a debit card for fund withdrawals. You also have access to global cash transfers and a range of other services.

On balance, Revolut is more progressive in card spending and digital banking. There are also some helpful bonus elements thrown in. Monese direct savings options and less expensive credit cards are unique contributors to their industry. Ultimately, both of these digital banks have their strengths and weaknesses. The right choice will depend on what you’re looking for, mainly from a bank.

Monese Overview

Monese is a UK-based monetary science association founded in 2015 by Norris Koppel. Monese provides digital banking services to new migrants and worldwide students. It processes payments, savings and also owns an app to make repayments and control your money. This app is reachable on iOS or Android devices.

Monese Overview

Pros

  • Monese mobile app is quick and easy to use, with a beautiful user interface.
  • Newcomers can easily open a UK-based Monese account without submitting credit card history or proof of residence.
  • Monese online services offer exceptional support and premium subscription selection.

Cons

  • Monese does not offer any savings assurance or license for banking activities.
  • Monese account has a monthly limit on fund transfers, purchases, and withdrawals.
  • The Monese customer support is poor and often prolonged.

How are a few ways you can send funds globally with Monese:

  • Through Bank Transfer: With a Monese account, you can send funds to friends and family members. This transfer usually takes between 1-3 hours to go through.
  • Through Overseas Transfer: Monese enables you to send cash in different denominations overseas at the interbank rate. This transfer process usually takes between 1-4 working days. Although, the time for transfer arrival depends on how fast the receiving bank processes the transaction.
  • Through Eurozone switch: A Monese account helps you send funds to anyone who owns a Euro account. This transfer process is fast and takes just a day for the recipient to get the money.
  • Through quick card charges: You can send money and pay for services and other utilities through credit card charges. Setting up a credit card charge limit will enable you to perform all the necessary transactions you need.
  • Through Outstanding orders: With the Monese mobile app, you can set up payment orders to settle different debts.
  • Through Contact list: Monese is ideal for sending funds to family members and friends from your contact list. This process also helps you know which of them are using Monese accounts.

Revolut Overview

Revolut is a financial banking institution founded by Nikolay Storonsky and Vlad Yatsenko in 2015. They provide banking transactions, currency exchange services, and budgeting apps. A customer has three account options when signing up for Revolut:

Revolut Overview

  • Free Account
  • Plus Account, and
  • Premium Account.

The free account comes with no fees attached and includes everything needed to use a Revolut account. The Plus account charges £6 per month or £60 per year but offers cash-back options. It also provides ticket bookings and travel insurance discounts. Finally, the Premium account offers all of Plus’s advantages. Premium also provides more significant financial savings through interest rates on deposits.

Revolut has more than 2 million customers. These clients have carried out over 148 million transactions at a combined cost of over £14 billion. Due to its exchange rates, Revolut has helped save over £556 million in total costs. Revolut is regarded as highly safe and secure and permits users to be in control at all times. Some of its advantages are:

  • Revolut mobile app lets you freeze your debit card remotely if it is lost or stolen.
  • This mobile app also helps you turn off certain online payments and ATM withdrawals.
  • Revolut keeps funds safely by holding the cash and bills in automated fences.

Pros

  • The company makes provision for both physical and virtual payment cards.
  • You can hold funds in over 28 currencies through the Revolut currency exchange.
  • Access to approval flows on expensive tiers.

Cons

  • Revolut can be expensive due to weekend charges.
  • Sign-up and onboarding can be slow because of document uploads.
  • Revolut mobile app can be challenging to use on different devices.

In Which Countries Are They Available?

Monese:

Today, you can be anywhere and still open an account with Monese in less than 20 minutes. Monese is also available in 20 European countries. Some of these countries include:

  • The UK
  • Spain
  • The Netherlands
  • Greece
  • France
  • Slovenia
  • Estonia
  • Germany
  • Portugal
  • Cyprus

Revolut:

Revolut is accessible to companies and people within the UK. It is also for people in the United States of America, the European Economic Area, and Switzerland. Other countries include the following:

  • Japan
  • Singapore
  • Norway
  • Gibraltar
  • Finland
  • Denmark
  • Austria
  • Poland
  • Italy
  • Isle of Man

How Does Money Transfer Works?

Monese:

Here are the steps on how to transfer funds with the Monese app:

  • Download the app and sign up for a Monese account.
  • Pick the ‘Pay’ option at the bottom menu.
  • Enter the details of the recipient you’re sending the funds to by tapping the ‘New Payment’ option.
  • Input the amount you wish to send.
  • Ensure that the currency matches the destination you’re sending.
  • Check the details to know if they are correct, then approve your payments.

Revolut:

To transfer funds using Revolut, use the following steps below:

  • Tap on ‘Payments’
  • Go to ‘Transfers’
  • Click on ‘Send’ and tap the ‘+ New’ button to ‘Add a bank recipient.’
  • You’ll be requested to add the bank transfer details for either a person or a business if you’re paying a company.
  • Once you have added the payee, tap on it, pick out the currency you wish to send, and enter the amount.
  • Below the currency, you can select from which balance to send. There’s also an option to add a reference if you favor it.
  • After sending the money, tap on ‘Continue’ to review your transfer details and estimated arrival time.

What Card Options Are Available?

  • Monese: Monese offers a contactless Mastercard debit card. This card is capable of withdrawals anywhere in the world. Monese also offers real-time messages to track your spendings easily.
  • Revolut: The Revolut debit card is one of the company’s essential products. This card is ideal for making purchases in different nations across the globe. You get automatic cash conversion at baseline exchange rates and send funds in more than one currencies. This debit card simplifies and speeds up global transactions.

Which Currencies Are Available?

Monese:

The fund transfer page implies that clients can only transfer funds from three currencies. These currencies are:

  • British pounds.
  • Romanian leu

Revolut:

With a fully verified Revolut account, you can send and receive funds with a debit card in over 28 currencies. Some of them include:

  • Pound sterling
  • Bulgarian Lev.
  • Swiss franc
  • Danish krone
  • Australian dollar
  • Canadian dollar
  • Croatian Kuna

What Are the Rates Offered?

Monese:

You get a 2% charge when exchanging the funds with the fundamental account. There ought to also be some hidden markup of the rate. Therefore, the expenses might add up quickly. However, it’s worth noting that there are no extra costs when changing money when you purchase the “Premium” account type.

Revolut:

As of 5th January 2022, Revolut always uses accurate exchange prices. They do not charge hidden fees for delivering their services. It works for users in more than 130 global locations and is accessible for Android and Apple devices.

What Are the Costs & Fees Charged?

Monese:

The type of account the customer holds determines the transfer fees to be charged by Monese.

  • Classic Account – Customers with a similar account pay 0.5% of the transfer amount. These charges come in when transferring money to a non-Monese account.
  • Simple Account – When sending money to a non-Monese account, customers with a simple account pay 2% of the transfer fee.
  • Premium Account – Customers with a premium account can send funds free of charge.

Revolut:

Revolut charges a single, fixed charge for crypto conversions. This fee is 2.5% for Standard customers (and 1.5% for Premium and Metal users). They do not charge you any other costs for this service. As always, the app will show you the rate, the fee, and the total value earlier than you make any exchange.

Is Business Account Available?

  • Monese: Monese is a UK-based corporation that offers current accounts for people and businesses. The Monese Business account is exclusively for UK-registered companies. Companies can sign up and manage their funds via a mobile app and a prepaid MasterCard for a monthly fee.
  • Revolut: Groups must be physically present in Europe or the UK to open a fully verified Revolut account.

Do They Provide Other Services?

Monese:

As of 6th December 2021, Monese does not currently provide additional services or packages.

Revolut:

Revolut presents the following benefits on top of the general plan:

  • Savings account
  • Free Purchase Protection
  • Full Access to Junior Revolut accounts
  • Free Refund Protection
  • Quick support

Which One Should You Choose? Monese or Revolut?

If you just moved to a new country, then Monese is ideal for a new banking account. Monese is best in this situation because they don’t require proof of residence or credit checks. That said, Monese is the best bet for Britians and Europeans. Especially those who are looking for reduced costs and extra awesomeness in their banking transactions.

What places Monese on top are the offers available for new account customers.

Final Words

On balance, Revolut is more extensive in its approach to card spending and digital banking. It also comes with some helpful bonus features attached. And their customer service isn’t entirely outweighed by their features. You can also choose Monese If you like their style and see them as a dependable brand. Monese direct savings alternative and cheaper savings are notable contributors to their industry.

Ultimately, each of these digital banks has its strengths and weaknesses. The right choice will depend on what you’re searching for in a bank.

Revolut vs TransferWise: What’s the Difference Between These?

Revolut vs TransferWise

Revolut and TransferWise (now known as Wise) offer almost the same kind of services. Both are known to offer their customers cheap currency exchange when transferring money outside the country of their residence. How do you then decide the difference between these two?

Well, many people have both Revolut and TransferWise cards but they either use Revolut or TransferWise cards mostly. And because of this, many of our users have been asking the difference between them.

Today in this post, I will answer the question, for you to know the difference between these two money transfer services.

Let’s dive in.

Revolut vs TransferWise: Comparison

Both help you to save money on currency exchange during your international money transfer. However, there are differences in their offers and fees, and that’s what we will discuss shortly.

Revolut vs TransferWise

1. Credit card

TransferWise and Revolut have credit cards their users use to withdraw their funds at any ATM. With both cards, you can purchase items online and at any brick and mortar store.

But how do you know which card is better? Let’s compare both cards to know.

TransferWise

TransferWise issues only MasterCard to their users. With this card, you can pay for items using the currency in your account, with no transaction fees but affordable conversion fees.

The card is available to people in:

  • United Kingdom
  • United States
  • Singapore
  • Australia
  • Switzerland
  • EEA countries

However, there are limits on the amount you can withdraw at no charge, which is based on your card location:

  • Europe or UK: 2 free months withdrawals of 200EUR/GBP. After the 2 months, you’ll be charged 1.75% for over 200EUR/GBP withdrawals. Also, there’s a 50p/withdrawal fee for over 2 ATM withdrawals you make in a month
  • New Zealand, Singapore, or Australia: 2 free months withdrawals of 350NZD/SGD/AUD. After which, you’ll be charged 1.50NZD/SGD/AUD + 1.75% for withdrawal over 350NZD/SGD/AUD
  • United States: 2 free months withdrawal of up to 100USD you do. After which, you’ll be charged 1.50USD + 2% for withdrawal over 100USD.

You can use TransferWise debit cards to purchase things in places where debit cards are accepted. Also, it can be used for online payment, and in some cases, you need to verify your transaction through SMS, phone call, or their app.

Revolut

Revolut offers their customers 4 different types of cards. These cards vary according to your type, which may be any of the following:

  • Standard free account with Standard plastic card
  • Plus account (£2.99/month) with Plus card
  • Premium account (£6.99/month) with Premium card
  • Metal account (£12.99/month) with Metal card

You can use Revolut cards anywhere Visa and MasterCard are accepted, which means you can buy online or in brick mortar stores with their card without any fees charged.

Moreover, the card you get is dependent on your country of residence and you can withdrawal at any ATM and card payments in over 140 countries.

Revolut doesn’t charge for converting your money to another currency at the mid-market rate.

Recently, Revolut implemented an exchange fair use policy, allowing customers whose primary currency is GBP to exchange £1,000 or the equivalent currency free every month.

While Standard free account customers who exchange over £1,000 are charged 0.5% on any amount that exceeds the free limit.

Revolut allows you to have 5 virtual cards and three active physical cards attached to your account. However, understand that Disposable virtual cards are not counted even if you use them multiple times.

2. Fee

Here, we will concentrate on fees incurred during the process of international money transfer, including the currency conversion cost, service charges, and exchange rates.

Revolut

Revolut transfer fees differ for business and personal. The fees of Revolut include:

  • International payments outside of SEPA (Single Euro Payment Area) are £0.30 – £5.00 depending on the size of the transfer.
  • Currency exchange is between 0.5% – 1% depending on the size of the transfer.
  • Transfers done on UK bank holiday and weekends is charged 1%
  • Payments more than £1,000 per month are charged a 0.5% fair usage fee

TransferWise

TransferWise gives their customers the exact mid-market rate, which means they make a profit through added fees. However, these fees vary depending on the currency pairing. Both credit and debit fees are within 0.15% – 2%.

Moreover, TransferWise has a pricing tool that allows its customers to calculate the fee before any money transfer, which ensures transparency.

3. Security

Revolut

Revolut is not covered by FSCS (Financial Services Compensation Scheme) which protects you in case if Revolut fails, or they go out of business and can’t pay you your claim.

However, they are considered safe as they have acquired a European Banking License in 2018. If you’re considering moving all your money into your Revolut account, understand there’s no physical branch of Revolut anywhere.

TransferWise

TransferWise is not also covered by FSCS and they don’t have any banking license but are protected by FCA (Financial Conduct Authority).

They are known as the self-proclaimed “low-risk financial institution” that helps you save money on your international money transfers.

4. Refund

Revolut

Revolut offers refunds to their customers and it’s received directly to their cards, even if the card has been canceled or deleted.

However, bear in mind that this refund takes between 7 and 15 days to receive your refund in your account after the merchant has approved it.

TransferWise

TransferWise’s customers are offered their refund. Although, you will have to provide your account details to them if you paid through your credit or debit card. The money is refunded within fourteen days.

5. Support

Revolut

As a company, Revolut has an impressive support section on their website that explains fees, features and provides answers to frequently asked questions. Also, you can contact their customer service through phone call or chat.

Your chat session starts with Rita, the bot. But you can be transferred to a live agent if you’re not satisfied with Rita’s help. Moreover, they can be contacted on their social media pages or join the Revolut community.

TransferWise

TransferWise’s detailed help sections and complete guides will help you find answers to your questions. Also, you can contact their customer support through live chat, phone call, or email.

Why is TransferWise Better than Revolut?

TransferWise’s concentration on being the best at one thing, which is handling international money transfers, makes them better than Revolut. They are not trying to accomplish everything at the same time, unlike Revolut that is handling everything at the same time.

Why is TransferWise Better than Revolut

You can check our verified Revolut account features and you’ll notice that it has cryptocurrency trading, stock trading, communities, perks for travelers, and more.

TransferWise has low fees, despite covering more countries than Revolut. It has amazing higher ratings and Trustpilot reviews, which helps in its legitimacy and usefulness to its customers.

Which is Better than TransferWise?

It depends on what you want from TransferWise or others and what you’re using it for. But bear in mind that TransferWise (now as Wise) is a transparent and easy-to-use money transfer service provider.

However, if you’re the type that makes international money transfers and buys online frequently, it’s worth looking at PayPal rather than TransferWise.

PayPal

PayPal is one of the popular payment systems to buy items online. Also, it’s a convenient way to do money transfers, both to people within your country and internationally.

Final Thought

Revolut and TransferWise are good in their respective areas. Revolut has a list of banking features available to their customers and an easy way of setting an account without paperwork.

TransferWise is known as an authority when it comes to money transfers. So it depends on you to choose either Revolut or TransferWise for money transfer because both are good at what they do.

Can Revolut Be Used as a Credit Card?

Can Revolut Be Used as a Credit Card

Yes, Revolut can be used as a credit card depending on the account you open with them. Revolut is a renowned financial service that offers many prepaid debit cards virtually and physically. Opening an account with Revolut is easy using their app which you can get on IOS and Android in a minute.

A Revolut credit card offers many benefits and comes so recommended by various tech gurus. Presently, more than 16 million account holders have access to the many Revolut credit cards you can get access to.

How Many Types of Credit Cards are Available in Revolut?

Revolut fintech company offers many credit cards which include, standard cards, Revolut plus cards, Revolut Premium and Revolut Metal cards.

How Many Types of Credit Cards are Available in Revolut

Revolut Standard card

There are the normal cards issued to all their customers who have free accounts. This card enables you to make transactions globally without paying any charges.

It also removes all types of fees during exchange rates of over 100 countries. The standard card offered by Revolut is a basic card that aligns with all interbank exchange rates.

Revolut Plus card

This classic card is offered to Plus customers and costs £2.99 monthly. The plus card is 2FA enabled and insured by the FDIC. When it gets missing, you can get it replaced for free.

It is available in physical and virtual forms. You are allowed to use this plus card for transactions in more than 140 countries. It comes with a monthly limit of £120,000.

Revolut Premium card

This exclusive Revolut card provides customers with better limits. You will also get free ATM withdrawals and a juicy travel insurance benefit. Its monthly fee is around £6 to £7 which hinges on the Revolut card you want to get. However, if you pay yearly, you will get a 15% discount.

It is recommended for those who are into the cryptocurrency business and deal in numerous transactions. Please note that this Revolut card is only available to customers with permanent residence in about 30 countries in the EU.

Revolut Metal card

The latest card is offered by the top fintech company. It is designed with steel and weighs about 16 grams. It comes in 5 colors which are Silver, gold, black metal, rose gold and space gray.

While the first two are MasterCard, the latter are Visas. It is recommended that customers Buy Verified Revolut account because it offers the best features on all financial services.

Some interesting features about the Revolut Metal card are a nice cashback bonus which is around 0.01% and a good security chip. If you are searching for a card with flexible travel insurance and free withdrawal, this is a good choice.

Benefits and Drawbacks of Revolut As a Credit Card

The Revolut credit card is a great option for customers involved in financial services. Let’s look at some merits and demerits of the Revolut card.

Revolut credit card

Pros Of Revolut

Access to Junior accounts

When using the Revolut card, you can use both your account and junior account without requiring another card.

Can be used on all online transactions

Revolut cards are good for any purchases online as they are accepted for virtually all e-commerce stores or e-platforms.

Free replacement

Unlike other credit cards, where you pay for replacing your lost or damaged cards. All Revolut cards come with two free replacements anytime you request them.

Transactions Protection

The Revolut cards come with free protection from all transactions. This means if you encounter any problem during online and offline dealings, you are covered.

Free and affordable

For those who use the Revolut Standard card, they get the cards free of charge. However, if you want other exclusive cards, you pay a nominal fee for a great card.

Free delivery

Once you download the app and apply for your card. Your card will be delivered to any European address free. This will save you some funds and make it easy to get m

Free health insurance for travelers

Those who are travelling for health and medical issues can get health insurance free when they have the card.

Quick access to crypto trading

If you aim to deal in cryptocurrency, then this card is a nice choice. The currency rates are cheap, and all transactions are safe.

Cons Of Revolut

Monthly withdrawal limitations

The Revolut card comes with some limits, especially for standard cardholders. These limits might not be favorable to those who are into huge transactions.

No cash back options

Unless you are a revolut cardholder, you don’t get cashback options. This might not be favorable to customers with other cards.

Phone support unavailable

Many Revolut cardholders have complained that they don’t get phone support. When in dire need, you need to go online to tender your complaints.

 In-app chat features lagging

While their chat options on the app work, sometimes it’s slow and affects customer support. Limited to European countries. Except if you are in Europe, you won’t be able to have access to the excellent features of these cards.

Is Revolut Credit Card Worthy?

Yes, the Revolut credit card is worthy and should be accessed because it provides customers with great financial services. Some of which are:

Is Revolut Credit Card Worthy

Make global payments

The Revolut cards allow clients to transfer and withdraw funds in more than 32 currencies at good exchange rates. Payment with Apple or Google pay. Using Revolut pay, you can purchase all Google and Apple stores.

Easy payments for bills

The Revolut card allows you to pay for all bills easily without incurring charges. Allows card management. You have better control of your account with Revolut cards by locking cards, easy monitoring of your card amongst others.

Pay for travel extras is easy

All Revolut cards can be used to pay for travel cards and book accommodations easily.

Final Thought

When considering banking with a fintech service like Revolut, you should look at their credit card types and the advantages you can get when using them. Revolut credit cards remain the best choice for customers involved in financial transactions in Europe, while it has many benefits, it does come with a few cons.

How To Make A Payment In Foreign Currency With Revolut

How To Make A Payment In Foreign Currency With Revolut

With more than 15 million users and supporting more than 35 currencies, Revolut is making a true revolution. With that much going on, this fintech company is the best digital-only full-form bank right now, working across the globe. However, as Revolut offers a ton of in-app features, regarding financial services, figuring out a particular one can be overwhelming.

One of the primary concerns across the Revolut users that has been around ever since for new users is cross-currency transfers. So, if you’re wondering how to make a payment in foreign currency with Revolut, you’re not alone. Hence, we’ll get through the process today in this article and put an end to this dilemma.

Let’s see how you can transfer money in different currencies using your Revolut account without complications.

Is Revolut Safe For International Transactions?

Simply put, Revolut is one of the most secure payment systems with a significant security system in the world. Their anti online card fraud technology is even better than high street banks. As of the quick transaction, Revolut gets the money through in no time, given that there are conversions to make in international payment.

In fact, you can set a base currency for your Revolut bank account and withdraw in other currencies in foreign ATMs. If you send money to another country or currency other than yours, Revolut gets it there just fine. Besides, Revolut does this foreign currency transaction with utmost safety measurements, they’re also authorized by FCA UK for that.

How to add money to Revolut

Before you can send money abroad using Revolut, you must have a Revolut account with money in it. Let’s see how to add money to Revolut account or card to spend or send it in another country or currency:

How to add money to Revolut

Use Bank account or Card to add money

You can use a local bank account, credit, or debit card to add money (top-up) to your Revolut account. Here are the steps you’d follow:

Step 1: Log into your Revolut account and navigate to the “Accounts” tab to find the card or bank account.

Step 2: Click on the “Add” button and that will take you to an interface to put in all your financial info whether it’s bank or card.

Step 3: Once you have all the info in, add the money to your Revolut account by clicking the “Add Money” button.

Since you get prepaid multi-currency card(s) with the Revolut account, the amount you’re adding is one time. And the best part is, you have full control over the physical card (or virtual) from freezing transactions to limiting the spending.

How To Make A Payment In Foreign Currency With Revolut

Making an international transaction with Revolut is as easy as sending money within the same country. Revolut has multiple banking partners to take care of the conversions and transactions across countries and currencies.

How To Make A Payment In Foreign Currency With Revolut

1. Paying directly from Revolut account

Here is how to make a payment in foreign currency with Revolut account once you have your Revolut bank account ready:

Step 1: Open up the Revolut banking app on your phone or log into your account from the Revolut homepage.

Step 2: If you don’t have a balance to spend or send already, you can top up as much as you want to send off.

Step 3: Add your bank account or card and top up your desired amount to your Revolut account.

Step 4: Once the money is in your Revolut account, go to the “Payments” tab in the Rvolut app or their web interface.

Step 5: Input the amount you’re trying to transfer, followed by your currency as well as the destination country.

Step 6: For the last step, add your beneficiary account details, and tap on send money to begin the transaction.

2. Paying while buying an item online

If you’re paying for an item online and using Revolut as your payment method, here is how you do that:

  • First, if you want to pay with a distinct Revolut card, set up the amount and name it as you want.
  • Now, go to the online store or the vendor’s website you’re shopping from and go for card payment.
  • Here, choose the card type (Mastercard/Visa) you have on your Revolut account accordingly.
  • Now fill up the card details as you have got on Revolut app or previously set up for a specific use (in case of VCC).
  • The payment will draw the money from your Revolut account and do the transaction, conversion, and others, all automatically.

Is Revolut the Best Way to Pay Abroad?

Paying or sending money abroad can be an easy thing if you choose Revolut as your payment method. Depending on the type of account you’re holding, you can even earn rewards in a fun way. Besides, since Revolut gives you the ability to exchange currencies effortlessly, you can pay across borders using all the major currencies.

Is Revolut Safe For International Transactions

If you have something to buy from another country, it can be super easy if you choose Revolut as your payment getaway. Not just that, if you’re traveling abroad and doing some shopping, you can use your Revolut prepaid card to pay in stores. Besides, as you have the option to virtual card generation service, paying online can be anonymous.

However, international transfer limit abroad with Revolut as such:

To do what Charges you’ll get
Delivery charges Revolut app will add that depending on the vendor you’re using
Physical Revolut card £5 with savings for Revolut Premium (Metal customers)
International non-Revolut transfer 0.3% Revolut international transfer fee of the amount (same currency) and $4 for USD, GBP, Swiss Francs or Euros. $6 for other currencies.
ATM withdrawal Free (up to 5 withdrawals per month) for up to £200. 2% thereafter.
Spending abroad Free up to £1000, per month and 5% thereafter.
Foreign exchange rate Foreign currency exchange rates will apply on the weekend (effective from Monday to Friday). Revolut uses interbank exchange rate in supported currency bank transfer.

You can have a look at this full list of fees and charges on Revolut’s official legal disclosure.

Conclusion

Now that you know how to make a payment in foreign currency with Revolut, you should be able to go abroad worry-free. Keep in mind that you cannot go beyond £200 of ATM withdrawal abroad if you’re not willing to pay a 2% charge afterward. However, with payments, it’s way more than £200, and faster to do the transactions as well. Best of luck with your Revolut account and spending abroad with it.

Is Revolut Safe for Large Amounts?

Is Revolut Safe For Large Amounts

Revolut, being one of the most popular payment financial service provider, is often called the digital bank. It doesn’t only make banking a lot easier, but also a lot convenient in terms of charges and ease of use.

Well, no worries regarding smaller amounts, what about large amounts, above $10,000 or more? Is Revolut safe for large amounts than 10,000 bucks or more? Can you get a seamless transaction while sending or receiving a large sum of money?

Let’s find that all out in this article, and decide if Revolut makes a good money transfer service or not.

Is Revolut A Bank?

Revolut is not a formal bank as we know it, well, unless you consider its banking license in Lithuania, from 2018. It’s an electronic money institution headquartered in the UK, with European banking license under FCA in Ireland.

Is Revolut A Bank

As they work with e-money, nothing goes physical on their system, they use an app to do everything. You can use the Revolut Account app to transfer, exchange, and have other facilities, with or without paying subscriptions.

Revolut is both free and premium

You can do international money transfers, do online payments, bank transfers, like any street banks and typical banking features. They use the e-money license to transfer cash from an account to other bank(s), and one currency to another. You’ll get both a physical card alongside disposable virtual cards with foreign currency exchanges in Revolut Premium.

They have a free and a paid version of their service, whereas exchange is free with 28 currencies. And the paid subscription (staring at £2.99/month) will give you much more facilities than its free version. Be sure to read all the Revolut terms and conditions before signing up. And know about the current cryptocurrency exchange rates if you’re into crypto.

Fees and risks associated with Revolut

Revolut is primarily a free service that doesn’t charge you up to a mark. It has an array of benefits like less ATM withdrawal, 1% cashback on the premium Revolut metal card, and contactless payment. The best part about Revolut is its easy transfer between currencies, without charges up to €1000.

With well over 15 million active customers in the bucket, Revolut is doing very well, and for good reasons. First off, they’re registered under the FDIC, which will give you money security for up to $250,000. Besides, Revolut works under the compliance of the European Deposit Insurance Scheme (EDIS), keeping the user protected for up to €100,000.

Is Revolut Safe For Large Amounts?

Because of Revolut’s reasonable transaction and exchange fees, people often use it for their daily transactions. But, considering people use it for businesses, the obvious question is: is Revolut safe for large amounts?

Well, Revolut has gained a reputation of not being a fast transfer processor for large sums of money. Since the anti-money laundering (AML) act is a strict one, and it works with a bot that halts suspicious transactions. However, in terms of security for your money in the hands of Revolut, you’re safe for sure.

Revolut Safe For Large Amounts

Bottom line is: Revolut seems to have a hard time complying with both the customers and AML in terms of fast transactions. If you’re doing a transaction for a large sum of money, let’s say $50,000, be warned. Be sure to have a few days/weeks spare in hands to have it arrive its destination.

Simple Tips To Be Safe On Revolut

Using Revolut for current accounts can keep things easy for you as it works with a simple banking app with debit card. However, just like any other financial services, there could be security issues where you have to pay attention to.

Here are a few crucial safety tips to keep in mind when you’re trying to use Revolut with utmost security:

Keep your credentials safe

Revolut is an online-only banking service that uses its app to provide what it does. All your financial data and money are in that app, which you access with your login credentials. If you somehow get those credentials compromised, you’re at grave risk. So, memorize them, and never write them down anywhere, not even on your PC or notebook.

Don’t share the account or card details

Keeping your Revolut account safe from fraudulent activities also needs you to have it safeguarded from sharing elsewhere. Don’t trust a messaging app to keep it safe when you’re sharing your login or card details with somebody. Even if you have to share it with your wife or son, make sure the credentials have no written versions.

Use contactless/swipe payment wisely

Revolut offers contactless payment option as well as card swipe feature where you’re subject to typical card scams. Global payment card loses are on the rise, cutting over $27.85 Billion, and increasing. Freeze the cards (including the virtual cards) when you’re not using them from the app. Go to your account security setting, select the card, and freeze it until the next use.

Stay out of phishing emails and scams

Hackers and scammers often plan a trap using a phishing link with a deceptive anchor or landing page. Beware of what URL you’re clicking on while opening a URL from an email. Revolut will never ask you for personal details or login credentials. If you get an email asking for these, even from the official mail address of Revolut, contact the customer service.

Watch your balance closely

You never know when you get busted with a wrong click on a fishy URL in this deceptive online world. If your account gets hacked somehow, the hackers won’t move the entire balance out at once, they’ll drip draw it. Therefore, you must keep a sharp eye on your account balance, even to the pennies. If the previous balance mismatches the current one, report to Revolut.

Conclusion

Revolut has been around for a while, with a good market cap and an array of good features. They operate in 150+ countries with 29+ currencies, and is no physical bank, operating online only.

Keep things in control, even through you’re backed up by the European central bank, especially for large amounts of money. Is Revolut safe for large amounts? Yes, with some sketchy reports here and there, Revolut is pretty safe to transfer large amounts with.