Looking for a bank that’s built for cryptocurrency users? Revolut is the best crypto-friendly bank for users in the UK. Check out our comprehensive review of everything Revolut offers, along with its pros and cons.
What is Revolut?
Revolut is a digital banking platform that provides users with a convenient way to manage their finances. It offers features such as money transfers, budgeting tools, and more. Revolut has an intuitive user interface, making it easy for new users to get started quickly. Additionally, it offers competitive rates on its services and products, making it an attractive option for those looking for a cost-effective banking solution.
Revolut is an excellent choice for anyone who wants to stay on top of their finances without worrying about traditional banking fees or inconvenient locations. It is a reliable and secure platform that helps users manage their finances on the go. With its range of features and competitive rates, Revolut provides an excellent service for those looking to stay in control of their money.
Revolut also offers travel insurance, currency exchange, and international transfers. These services make it easy for users to move money around the world. The company also provides a range of financial tools, such as budgeting, tracking expenses, and more which provide users with an overview of their finances. Furthermore, Revolut is constantly innovating and adding new features to its app to make it even easier for users to stay on top of their finances. With its intuitive user interface and comprehensive suite of features, Revolut is an excellent choice for anyone looking to manage their finances from anywhere in the world.
Overall, Revolut is a great banking platform that provides users with an intuitive way to stay on top of their financials. In addition, the company offers competitive rates on its services and products, along with various features that help users keep track of their money. With its intuitive user interface and feature-rich platform, Revolut is an excellent choice for both new and experienced users looking to manage their finances on the go.
Revolut Cryptocurrency support
Revolut is rapidly expanding its suite of features to include cryptocurrency trading and storage as part of its digital banking platform. The service allows users to buy, sell, store and exchange major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple XRP, and more. Users can also use cryptocurrencies to pay for goods and services at merchants worldwide that accept cards.
The cryptocurrency trading feature of Revolut is powered by a partnership with Britain’s largest retail and commercial bank – Barclays. This agreement allows Revolut customers access to the same institutional-grade liquidity and regulatory oversight as Barclays customers. Cryptocurrency features are also continuously monitored by its compliance team, which helps ensure user safety when dealing with cryptocurrencies.
In addition to the trading feature, Revolut has introduced a new crypto wallet, making it easier for users to store their digital assets on the platform. The wallet supports all major coins such as Bitcoin, Ethereum, Litecoin, Ripple XRP, and more. Furthermore, it is built with multiple layers of security, such as two-factor authentication (2FA) and biometric authentication, which adds an extra layer of protection for users’ funds.
Revolut also ensures that its crypto wallet is compliant with all applicable laws in the countries where it is available so that users do not have any legal issues when using the platform to trade or store cryptocurrencies. Furthermore, Revolut offers competitive rates on its crypto services and products, which makes it an attractive option for those looking for a cost-effective solution for managing their digital assets on the go.
Overall, Revolut’s cryptocurrency features provide users with an easy way to manage their digital assets without having to worry about traditional banking fees or inconvenient locations. With its intuitive user interface and innovative features, Revolut provides a secure platform that helps users take control of their money while on the go in an efficient manner.
Revolut Features
Setting up Budgets
Revolut offers users a range of budgeting tools to help them keep track of their money and manage it better. The platform allows users to create budgets for different categories, such as groceries, travel, and entertainment. Users can set spending limits within each budget and monitor their expenses in real-time. This feature helps users stay on top of their finances and ensure they are not overspending in specific categories.
Vaults
Revolut also offers its users an innovative way to save money with its Vaults feature. With the Vaults feature, users can set aside funds for specific purposes such as vacations, gifts, or retirement. They can also set up standing orders which are recurring payments and can be used to save for a specific goal. Revolut also allows users to transfer funds between different Vaults at any time, making it easier for them to manage their savings goals.
Instant Notifications
Revolut provides its users with instant notifications when their account activity is updated. This feature helps users keep track of their finances in real time and ensure that nothing slips through the cracks. The notifications are also customizable, which allows users to select what type of information they want to receive.
Extensive card Controls
Revolut offers a range of card controls that give users complete control over their finances. These controls allow users to manage their spending and help them keep track of their finances. They can also set spending limits and enable or disable certain features such as online payments, transfers, and international payments.
Virtual Card
Revolut’s Virtual Card allows users to generate a single-use virtual card number to make online purchases or use in stores. This virtual card number is linked to the user’s Revolut account and can be used for secure payments without sharing sensitive financial information.
Insurance
Revolut offers a variety of insurance products to provide users with an extra layer of protection. Its comprehensive insurance plans cover different aspects such as travel, health, and device protection. This helps users manage their finances better by providing them with an extra level of security in case of any unexpected events.
Benefits of using Revolut
- Secure authentication with an extra layer of security for user funds
- Competitive rates on crypto services and products
- Easy way to manage digital assets without traditional banking fees or inconvenient locations
- Range of budgeting tools to help users keep track of their money and manage it better
- Variety of insurance plans offering an extra layer of protection
Cons of Revolut
- Limited customer support
- High international transfer fees
- Some features are not available in all countries
- Can be difficult to use for novice users
- Could have higher quality security measures
How to open a Revolut account
To open a Revolut account, users need to download the app and create an account by providing personal information such as an address, birthdate, and identity document. After creating an account, users will have access to their digital wallet to add funds, track spending and make payments. Users can also link their bank accounts or credit/debit cards to make deposits or withdrawals. Once all these steps are completed, users can start using Revolut’s services right away!
How to use Revolut for your everyday transactions
Using Revolut for everyday transactions is simple and straightforward. To make payments, users can link their bank account, debit card or credit card to the app and use it to pay at stores or online securely. Users can also transfer funds with just a few taps in the app and track their transactions in real-time. Lastly, Revolut’s virtual cards provide an extra layer of security when making online purchases without having to share any sensitive financial information. All these features make Revolut ideal for managing all kinds of everyday payments with ease and complete security.
Fees and limits associated with using Revolut
Revolut offers competitive fees and limits for its users. To use Revolut, users must pay a fee of €2.50 per month or €24.99 annually and are subject to different limits depending on their account type and country of residence. For standard accounts, the maximum daily limit for ATM withdrawals is £400, and the maximum daily limit for card payments is £5,000. International transfers in euros are free up to €6,000 per month with a maximum monthly limit of €30,000.
Cryptocurrency transactions are also free up to £1,000 per month or equivalent in other currencies before any fees apply. However, there is a commission fee of 1% when buying crypto from Revolut and a 0.5% conversion rate when exchanging cryptocurrencies between supported currencies.
Card payments come with a fee of 1%, but it can be waived if the payment is made in a supported currency (EUR, GBP, USD). There is an additional cost of 0.4% for international transfers outside EUR zone. If you choose to withdraw money from ATMs abroad, you will have to pay an extra 2%.
Finally, deposits via bank transfer are generally free, provided they come from an approved source such as another bank account or cryptocurrency wallet. However, it’s important to note that deposits made through unsupported sources may incur additional charges, such as cash advance fees or credit card interest rates, depending on your provider’s policies and limitations.
It’s also worth mentioning that there is no charge for setting up direct debits via Revolut. However, it’s recommended that customers check their individual bank’s policies beforehand, as some may charge for this service. Additionally, customers should ensure that they understand the specific limits associated with each transaction to avoid any unexpected surprises down the line, such as insufficient funds or unjustified charges by both banks involved in the transaction process.
Customer service and support available from Revolut
Revolut offers excellent customer service and support to its users. The company has a dedicated help center that provides comprehensive information on getting started with Revolut and troubleshooting any issues that may arise. Additionally, the Revolut app has an in-app chat support feature for customers who need immediate assistance with their accounts or have any questions about payment services and features.
The support team is available 24/7 and can be contacted via phone or email for more complex inquiries. The team is highly knowledgeable and experienced in dealing with all kinds of financial issues, from resetting passwords to resolving fraud disputes. Customers can also contact Revolut via social media if they need quick answers to their queries or have feedback regarding the service.
In addition to these options, Revolut also offers a variety of online resources such as helpful articles, tutorials, FAQs, and even interactive webinars to provide customers with a better understanding of their digital banking services. These materials are regularly updated with new information to ensure that customers stay up-to-date with the latest developments in the world of finance.
Regarding security, Revolut utilizes sophisticated encryption technology and two-factor authentication as an extra layer of protection against potential fraudsters or hackers. It also offers an in-app insurance policy to reimburse customers if they ever experience unauthorised transactions due to fraud or other suspicious activities.
Overall, Revolut’s customer service and support team are highly reliable and efficient when it comes to helping their customers manage their financial needs in a safe and secure environment. With its comprehensive range of features and services as well as its robust security systems, Revolut is undoubtedly one of the top choices for digital banking today!
Conclusion
Revolut is an excellent choice for UK cryptocurrency users looking to manage their finances safely and securely. The service offers a comprehensive range of features such as low-cost international transfers, access to multiple currencies, free deposits via approved sources, 24/7 customer support with knowledgeable staff members, sophisticated encryption technology, and two-factor authentication. Additionally, Revolut provides helpful online resources such as articles, tutorials and webinars to ensure that customers stay up-to-date on the latest developments in finance. With its wide array of services and robust security systems, Revolut is certainly one of the best options available today!
Overall, Revolut offers its customers an excellent digital banking experience with plenty of features and security measures in place to protect their finances. If you’re looking for other bank options, check out our comprehensive guide on crypto-friendly banks in the UK.
FAQs
- What cryptocurrencies are available through Revolut?
Revolut offers users access to multiple cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, and Zcash. Customers can easily purchase and trade these cryptocurrencies through the Revolut app.
- Is there an option to receive cryptocurrencies in Revolut?
Yes, Revolut offers users the ability to receive cryptocurrencies from other wallets. The service also supports cryptocurrency withdrawals and deposits into approved sources, allowing customers to easily manage their finances without incurring costly fees.
- How do I buy and sell cryptocurrency with Revolut?
You can buy and sell cryptocurrency through the Revolut app. Log into your account, and select the Cryptocurrency you want to buy. Then, enter the amount and hit buy.
- Are there any fees associated with buying/selling cryptocurrency on Revolut?
No, buying and selling cryptocurrency on Revolut is free of charge. However, the exchange rate used may vary from time to time and may be different from the rate offered by other providers. Revolut also does not charge any additional fees for cryptocurrency transfers.
- Is my cryptocurrency safe when stored in a Revolut account?
Yes, Revolut takes security very seriously and provides a secure environment for customers to store their cryptocurrency. The service utilizes advanced encryption technology and two-factor authentication as an extra layer of protection against potential fraudsters or hackers. Revolut offers an in-app insurance policy to protect customers from unauthorised transactions due to fraud or other suspicious activities.
- Can I use my cryptocurrency in Revolut to make payments?
Yes, you can convert your cryptocurrencies within the Revolut app to make purchases. Additionally, you can use your cryptocurrency to make online payments as well.
- Are there any withdrawal limits for cryptocurrency?
Yes, Revolut has a daily withdrawal limit of $1,000 for cryptocurrency transactions. However, you can increase the daily limit by setting up daily spending limits on cards issued by the service. Additionally, there is no limit on the amount of cryptocurrency you can receive in a single transaction.