With over 25 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 in over 30 currencies based on the real-time foreign exchange market rates, with no hidden fees or markups.
This means Revolut’s exchange rates are highly competitive and based on market rates, which are typically similar to the interbank rate. 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 interbank rate, which means they get the real exchange rate with no additional fees or markups. 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 Financial Vaults
The financial vault 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.
You can earn interest higher than a traditional savings account and choose from various vaults, each with its own interest rate and savings goal. You can also round up transactions to the nearest whole number and deposit the difference into a chosen financial vault.
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 Revolt app.
Save in different currencies
Revolut allows you to set money aside in 29 different major 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.
Manage your money with Pockets
The app’s “Pockets” feature is a nifty tool that allows you to create sub-accounts within your main account, which you can use to categorise your spending and allocate money for specific purposes.
For example, you can set up a pocket for bills, and schedule automatic payments from that pocket. You can also invite other Revolut users to join your pockets, making it a convenient way to share expenses with friends and family.
Shop safely online with disposable cards
With Revolut’s “Revolut Shopper” feature, you can shop online safely using virtual 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.