Revolut is a company headquartered in London – UK. This company is an electronic money issuer authorized in this regard by the FCA (Financial Conduct Authority) and offers financial services similar to those of a bank – loans, payments, card issuance, etc.
Revolut is a fintech (financial technology) concept, practically a company that wants to provide both business people and clients with the financial services usually offered by Banks, but by using modern technology, applications, “dismantling” the idea of a counter and the physical branch of the Bank, to which you have to queue to perform various transactions on your account.
On their website, Revolut presents itself as “a digital banking alternative that helps you control your money better” – practically a serious competitor of Banks.
When you create an account, it will be a current account opened in the UK, with IBAN in EURO currency.
- Revolut has three types of accounts – and the Standard one is free, so you don’t pay administration fees, payments.
- The account is basically an open current in the UK, with IBAN in EURO currency – for those who wanted to buy something from sites that requested an account opened in another country, to place the order.
- The issue of the Revolut card is Free – you do not have to pay anything for issuing it, and it comes to your address through the Romanian Post.
- You can have only one REVOLUT card, but you have in EURO, Pounds and whatever else you want.
- When you go on holiday abroad, you can pay directly in local currency. So you get a very good exchange rate compared to the banks.
- Quick transfer of money.
- The virtual card for certain transactions where you would not want to use your salary card.
- You can buy or sell cryptocurrencies.
- The REVOLUT application also has all kinds of extra features. For example, Vault helps you save money for a certain purpose. If at the store you pay 15.33 the amount is rounded, and the difference is “put aside” in the application, as a kind of virtual child.