Revolut is a modern banking app that allows you to manage your finances using your smartphone and transfer money in various currencies at low cost.
Founded in 2015, Revolut, based in England, has the status of an issuer of electronic money and is regulated by the British FCA (Financial Conduct Authority). Revolut itself is not a bank and does not yet have a banking licence.
Revolut cooperates with English banks, such as Barclays and Lloyds, with which your Revolut account is deposited. When you open a Revolut account you will receive an English IBAN (UK). Your money is protected by the British deposit insurance up to an equivalent of 75,000 GBP.
The company has around 2.5 million customers throughout Europe and was founded by ex-banker Nikolay Storonsky. In comparison to German banking apps, the Revolut Banking app is particularly distinguished by its flexibility and user-friendliness.
Revolut has also expanded its activities to Germany in 2018. The banking app is aimed at young adults who are good with smartphones and prefer to manage their finances digitally.
The Revolut-Card in combination with the Revolut-App is especially suitable for those who travel abroad a lot. Because of the low fees for international assignments, Revolut is the preferred card for travellers.
Revolut offers three different models: Revolut Standard, Revolut Premium and Revolut Metal. While you can use Revolut Standard for free, the Premium and Metal cards have monthly fees.
You will find all required information on the upgrades of your card once you have installed revolut.
I am personally using the metal card upgrade.
If you want to test Revolut as well click here.
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