If you travel abroad, you must be dealing with an expensive and troublesome currency exchange. Paying with a debit card for shopping in a foreign country can also be very disadvantageous. In this article, you will learn how Revolut works and why it is so popular in many countries.
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What is Revolut
Banks are very eager to earn money from currency exchange. With the appearance of companies using modern financial technologies, the so-called Fin-Techs, handling foreign currencies is much easier and cheaper for ordinary customers
The introduction of the Revolut service in 2015 caused a lot of panic among commercial bank owners. The free service, available to a wide range of customers around the world, has robbed bankers of considerable profits from foreign exchange.
How Revolut works
The services offered by the British Start-Up are very wide. Therefore, it will be difficult to describe in a few words what exactly Revolut is. It is both a bank account, or actually several accounts in one, and an online currency exchange.
The Revolut application allows you to set up multiple bank accounts, each in a different currency. Currency exchange between accounts takes place in real time. This is just one of the many features of the aforementioned mobile application. Selling or buying a different currency is free of charge, and do not incur any additional costs, and the exchange is made at a very favourable interbank rate.
The account can be topped up with a debit card or by transfer from another bank account. Funds added using a payment card appear in your account immediately after the transaction.
Recently, it is also possible to access your Revolut personal account using a web browser. Previously, this feature was only available for business accounts. The website has full functionality and allows, among other things, to make transfers, exchange currencies and check transaction history.
How Revolut works in the browser
To access the account in a web browser, enter the phone number assigned to the mobile application, and then enter your access code. The next step is to authenticate the user with the mobile application. After clicking the pop-up in the Revolut application, access to the account on the website is granted, and you can use all the functions of the platform.
Two-step verification introduced by the service provider ensures a high level of security. You cannot access an account without having a phone assigned to it. The smartphone application is secured with a special access code.
How to open a Revolut account
Opening a bank account in the Revolut app is very simple and easy. The process of registering a new user can be started on the website or in the application. To create a Revolut account, follow the steps below:
- click the link to go to the official Revolut website
- entry the mobile phone number to which you will receive a link to download the application
- enter data from the identity document,
- confirm your identity by taking a photo of your document and face with your phone
- top up your new account by any amount
- order a payment card
After completing the verification process, your account will be fully functional and can be used immediately. However, it may take a few days for your debit card to be delivered. During the waiting time, you can generate a virtual card in the application, which you can use, among others, for online payments. The Revolut card can also be assigned to your Google Pay account, thanks to which you can pay for purchases in every store using your phone.
You can read the article in Polish at: Jak działa Revolut, i dlaczego jest tak popularny.
If you have any questions how Revolut works, please comment below, or contact us by e-mail.
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