WHAT IS REVOLUT?
Financial management firm Revolut was founded in the UK in 2015 and debuted in the US in 2020. This banking app is used by over 20 million individuals to send money overseas, swap currencies, get paid abroad, and more.
You may withdraw cash without paying any commission fees using your Revolut card from nearly any ATM, including the 55,000 in-network ATMs. Additionally, the card enables you to switch currencies when the exchange rate is more advantageous, helping you to save more money when traveling.
Your Revolut card comes in both Visa and Mastercard varieties, depending on the nation. For instance, it is a Revolut Mastercard in the US and the UK. Naturally, it makes no difference whatever card you use with Revolut because the best interbank rate determines the conversion rate.
One of the greatest debit cards available for travel is the Revolut card since it is free (shipping costs excluded). The Revolut app allows you to manage all of your transactions, including creating an account and purchasing your card, as it is a financial super-app.
HOW DOES REVOLUT WORK?
You can handle common tasks like ATM withdrawals and currency conversion all in one spot with the Revolut app. Your money is FDIC protected up to $250,000 since partner institutions like Metropolitan Commercial Bank, Member FDIC, supply its banking services.
In order to deposit money into other accounts, Revolut uses SWIFT since its international bank account number (IBAN) is European, namely Lithuanian. This indicates that it often takes one to three days for the money to show up in the account.
Using the Revolut app, you may also add money to the card using a debit or credit card. Revolut delivers immediate spend notifications, and you can always view your current balance to see how much money you have on hand. Revolut employs location-based security, so if it notices that your card was used in an unexpected place, it will notify you and you may immediately freeze and block your card inside the app.
In the parts that follow, I’ll provide you more detailed examples on how to utilize Revolut overseas. But I want to add that we use the Revolut card and the Wise card when we travel so we may withdraw more money each month without going over the restrictions and paying extra fees. Therefore, think about acquiring a second card if you believe you’ll have trouble staying under the monthly withdrawal and transfer restrictions.