Revolut is an electronic money account – similar to PayPal and TransferWise.
It allows you to transfer money in various currencies, make payments online and you can even order a physical debit card.
I had just set up the Revolut app a few days ago, gone through the verification process and ordered my Revolut debit card.
Inside the app, you can see the estimated arrival date …
Today, I was surprised when I saw this at my doorstep.
The Revolut debit card wasn’t supposed to arrive today – in fact, the delivery was scheduled for next week. Anyway, a pleasant surprise!
Revolut Debit card can be used internationally. I am currently on their free plan.
You can pay online (unlimited) and you can withdraw from any ATM up to €200 per month (free of charge). After that, you are only being charged a small fee.
Revolut is great as an additional card to carry while you are traveling. For example, it would be very useful if you operate a location-independent business.
The other benefit is that you can use it to pay online.
Not only that, there is also a feature that allows you to automatically change your card details for each online purchase, thus nobody can steal your details because they only work for that one single purchase.
Your entire Revolut account is managed via the mobile app. This is where you can set your card limits, block the card entirely or order a new one.
The setup process is very straight-forward. All it takes is an email address, then you verify your identity and you’re done!
Once you add money to your account, you can use it any way you want!
it all depends on how you use them, your specific benefits
1. SAFER ONLINE PAYMENTS
I have never had any issues using my credit/debit card online, but I do have friends who made an online purchase only to be informed by their bank that the card details had been stolen.
With the Revolut app you are able to use your card details which are only valid for the one purchase and then changed automatically. Thus, your account is kept safe. If someone were to record/store your card details, they wouldn’t be able to use them anyway.
2. BACKUP CARD
Needless to say, if you travel, you should do so with at least 2 cards which you can use to withdraw cash from an ATM.
It’s just to easy to lose one ATM card and you’d be stranded in a foreign country with no access to your funds.
You could open another bank account but that process typically takes a while and you might also need pay a monthly account maintenance fee.
Revolut makes that process very easy and you get the account for free – no monthly fee.
3. TRAVEL INSURANCE
There are additional benefits such as being able to purchase travel insurance via the Revolut app; I haven’t personally tested those features.
No REAL negatives if you use Revolut the way it was intended to be used.
Obviously, if you are under the impression that Revolut works just like a real bank account in the sense that you can make investments, are protected under the deposit insurance scheme and more, you are mistaken.
Revolut was never intended to replace all features of a traditional bank account.
Also, if you intent to use Revolut for business activities, there’s identically-named version of Revolut, called Revolut Business.
Revolut e-Residency Estonian Company
Yes, you can use it for your business. In that case, you’d have to go with the Revolut Business version.
Revolut and TransferWise are somewhat similar – it’s a matter of preference which service you decide to go with.
Both can be set up for free and both work in conjunction with your e-Residency Estonian company.