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Banks will charge you when you spend or transfer money abroad. We’re not about hidden fees or rubbish exchange rates, and that’s why 7M+ people already use Revolut – this is how Revolut describes bank in 21’st century.
What is Revolut?
Revolut offers a range of digital banking services in a mobile app targeted at young tech-savvy users, including:
- Transferring money abroad in 29 currencies
- A pre-paid debit card that enables cash machine withdrawals in 120 countries
- A crypto-currency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP
- Vaults for budgeting and saving money
- Mobile phone and overseas medical insurance
With standard accounts, users get a free UK current account and a free euro IBAN account. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.
Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cash back, travel and concierge service.
Revolut’s services are currently only available in Europe, but the firm has plans to expand into North America, Australia, Singapore and Hong Kong soon.
It was not a bank when it started, but Revolut announced in December that it had been granted an EU banking licence by the European Central Bank. It still aims to acquire a full UK banking licence.
It has already attained the status of a tech “unicorn” – a term used to describe private start-ups valued at more than $1bn (£740m).
Article: BBC News. 02.04.19. https://www.bbc.com/news/business-47768661. Read 06.10.19.