The Revolut Card Revolution

• 3 February 2020 | 2224 Views | By Mint2Save

Revolut is a prepaid debit card ideated by Nikolay Storonsky in July 2015. These cards were specially designed for traveling purposes. For any international travel, the currency needs to be converted in accordance with the destination country. Being an open market, foreign exchange can be cumbersome, and the conversion rates usually are fairly high. For emergency cases, the ATM card of one country doesn’t work in another. Even UPIs can’t transfer money from one currency to another. 

During travel, there are so many incidents where carrying cash has its own adverse consequences. Hence Revolut card came into the picture.

What is The Revolut Card?

The Revolut Card is very similar to an ATM card which is a prepaid debit card for foreign currency exchange Its user interface is simple too. The card is very helpful during foreign trips. The card converts the currency directly and readily. Without charging any extra amount, you get the currency converted.

Besides, currency conversion, which is the core purpose of the card, it is also useful for cryptocurrencies and peer-to-peer money transfer. You also get the insurance over Revolut Cards.

Who Offers the Revolut Card?

The digital banking service providers offer prepaid debit cards like Revolut. It deals with all the transactions done directly in a foreign country. The banks that support digital services offer the card from the bank itself. UK digital banks were the first to introduce this service. 

Initially, only the UK banks recommended and provided the Revolut cards, but now every other bank is providing the cards. Almost every bank has the facility of digital banking and digital services. Hence you can directly check with your favorite bank for the Revolut card integration. 

How do I get a Revolut card?

Install the Revolut app on your mobile. Order the card and follow the steps mentioned there. You will have your card delivered free of cost. You will be able to recharge your card from the app itself. 

The app will verify your identity and once it is done, you can the card delivered at your doorstep. The process is totally digital and you don’t have to make a trip anywhere to get your physical card activated.

Compatibility of the Card

The card is compatible to use in 130 countries across the globe. There is no necessity of having the same bank branch in the other country. The currency gets converted automatically by locating the machine you are debiting the money from. 

The card can be used at any ATM booth or any shop and store. With this compatibility of the card, you don’t actually need to carry money while traveling abroad. 

Which countries support the Revolut card?

The countries supporting Revolut card are – Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

Can the Revolut card be used in India?

Yes, Indian ATMs do support Revolut cards. You can easily withdraw the money and no cost is charged to get your amount. You have to transfer the currency into INR before withdrawing the amount in India.

Although it is mandatory to change the currency in the app before withdrawing, but some users have faced the issue. So better change the currency in the app before withdrawing from an ATM. 

Features of Revolut card

The revolution in The Revolut is the revolution in the Fintech world. The Fintech era is so rapidly growing and developing that it’s every new application is becoming the milestone. The card is successful in engaging with more than 5 million users so far. 

Conversion without any extra charge

The reason behind the Revolut card success goes to its fee-free conversions of the currencies. Usually banks and some apps that allows online transaction have their rates of conversion very high. Hence, the issue is totally resolved with the charge-less conversion.

Instant Withdrawal

You can withdraw your money from a machine in the form of cash or you can choose to pay via card to the vendors. The transaction happens within seconds and you are good to go shopping.

User-friendly interface

The usage of the Revolut card is no different from any other simple card that is used intra-country. Even the first-time user will find the card extremely simple to use.

Insurance

The Revolut offers insurance for medical health of about 300 pounds and for delayed flights of about 320 pounds. Insurance is also the remarkable feature that led to the success of the Revolut card.

How do I withdraw money back to the bank from the Revolut card?

Withdrawing money to the back is as simple as transferring it from the bank. Your Revolut application has the option to transfer the money back to the bank. You can simply tap on the option and mention the amount to be transferred back. You need to add your bank details for the same. 

Is Revolut completely Free?

No. Revolut card users can withdraw up to £200 per month free of charge. Exceeding this amount, you got to pay some small fee of 2% as of interest. The conversion rate is still very low and applied after the threshold amount. 

The company earns its business by lending your money and getting interest on them, in the same manner as the banks do.

Is Revolut a type of Bank?

Not yet. Revolut just an application providing the physical card. The Revolut is not the bank yet. But some frequent travelers have started using it as their bank. Some of them have even chosen to get their salaries credited directly to the Revolut card. 

However, there are very thick chances of getting Revolut converted into the bank. Tourists and business people will love to see the Revolut bank. 

Can you use a Revolut card at an ATM?

Yes, you can use the Revolut card in any ATM booth or at any store. You will not be charged by Revolut for withdrawing money, however, some ATM centers have their own rates. It is hence recommended to check for the same.  

Indian ATMs are also expected to soon begin serving the Revolut card. 

The Revolut card Security

Revolut Card ensures maximum security and privacy. It is very secure against any type of hacking. 

The card works with the intention of charging less monetary mechanisms. By grasping out 95% of the World Population which is engaged in the abroad travel with an authentic approach. The Revolut a great option to opt for when it comes to frequent foreign travels. Getting the cash converted isn’t a safe and better option anymore.

Through Revolut you can also have a track of all the authenticity of your accounts such as expenses and current balance and many more. In order to get acquainted with all the best features, you need to access the card.

Expansion strategies of the Card

Revolut is engaged with expansion, development strategies over the leading tenure and grasping the attention of maximum users enrolled with their daily schedule. It was started in the year 2015 and wondered out with its success of near about 10 lakh users within a short period. Now it is one of the leading ways to sustain out the traveling aspects. It has successfully incurred about 75% of the transactions ruled in the day. 

It inhibits the process with great security and creates fewer charges of expenses and be likely to work within the customer’s or users’ approach. It holds about 240 employees. The card hereby may be given the lead in order to reach the users through drones as per the regional aspect it will last to about more than five days.

Conclusion

The Revolut card has revolutionized the foreign money exchange system. It was still getting hectic and troublesome of the travelers despite having tremendous development in Fintech. This application of Revolt have changed this scenario to a great extent. Let us know your take on the Revolut card or drop your query regarding the card in the comments section below.