With 50 million retail customers across the globe, financial app Revolut has been making waves in mobile banking.
The app is best known for its low-fee exchange rate function but Revolut actually has a lot more to offer. From instant and secure money transfers to the ability to stash money in different currencies, Revolut’s features make it an all-in-one solution for managing your money.
Low-cost currency exchange
One of the app’s key features is its ability to facilitate low-cost currency exchange.
You can exchange money based on live foreign exchange rates, with no hidden fees or markups.
This means Revolut’s exchange rates are highly competitive and based on market rates. For example, if you need to exchange New Zealand dollars (NZD) for United States dollars (USD) for an upcoming trip and do the exchange through a bank, you could receive an exchange rate that includes a markup of 2-3% or more on top of the interbank rate.
However, with Revolut’s currency converter, the user can exchange NZD for USD at the Revolut rate, which means they get a great rate with no additional fees or markup Monday-Friday within your plan allowance. This can save you money on exchange fees to get more for your cash when travelling abroad.
Instant, secure international transfers
If you need to send money to someone quickly and securely, Revolut’s money transfer feature is a great option. With the app, you can instantly send money to other Revolut users, although there are some restrictions on what countries you can transfer funds to.
If the recipient does not have a Revolut account, you can still send money to them using the app, although there may be a small fee depending on the currency and location, and the transfer is not instant.
Reach your goals faster with Pockets
The Pockets feature allows you to set aside money for specific goals, such as a holiday, a new car, or a home renovation. Then, you can track your progress towards those goals using the app’s budgeting tools and spending tracking features.
Payments
Revolut’s payments feature allows you to easily send and receive money, make payments, and track transactions. The app offers instant and secure transactions with no hidden fees or exchange rate markups.
You can link your bank accounts and credit cards to the app for even greater convenience and split bills with friends — even if they don’t have the Revolut app.
Save in different currencies
Revolut allows you to set money aside in multiple currencies which is a super useful feature, especially if you’re saving for an overseas holiday.
With the ability to stash cash in other currencies, you can also take advantage of favourable exchange rates and avoid currency conversion fees when travelling or making international purchases.
Shop safely online with disposable cards
You can shop online safely using single use disposable cards that protect your real card information. This feature lets you generate disposable virtual cards with unique details for each transaction, which reduces the risk of fraud and unauthorised charges. You can customise your cards too by allocating a spending limit to each virtual card, colour coding and naming it.
Want to take control of your finances and unlock the full potential of Revolut.