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The number of different ways for good exchange currency.

The most critical advantages of using Revolut are the ability to exchange currency at the highest possible rates, move money for free abroad, and spend money without any fees across the globe.

If you take the occasional trip abroad or you are a frequent international traveler, one thing you know is for sure, at some point you will have to use a foreign currency.

In doing so, it means either swapping your cash at an elevated rate into the local currency or using your credit card and hoping for the best.

Well, a better way is there. I’ll include an overview of  Revolut in this post, a new app that claims to have saved over $160 million in fees for its users.

What is Revolut and is it good exchange?

As a result of financing from some of the founders behind companies like Facebook and Skype, Revolut was officially launched in 2015. It’s a business that helps you to invest cash at market foreign exchange rates in other nations.

You can link your domestic bank account with the app and convert deposited funds at wholesale rates into various currencies. In order to make purchases in other countries, you then use the Mastercard they offer you (Premium only).

How does this good exchange work?

After you have downloaded the software, you can begin using Revolut right away. You will sign up for an account easily, connect to a domestic bank account, and start transferring funds.

From the app, it’s possible to:

  • Paying bills
  • Transferring money in another currency to someone
  • With a balance in a foreign currency, load your account.

You will get a Mastercard in the mail shortly after you sign up if you have signed up for Premium (more on this below). You will have it, regardless of your venue, in around three working days, the Revolut website says. Revolut can also provide you with updates to your card, such as when it is built and delivered.

Cost and features of good exchange: Revolut Standard vs. Revolut Premium

Two pricing variants, Regular and Premium, are currently offered by Revolut. Here’s how they break down, bearing in mind that pounds are their present pricing structure:

Standard

Cost: £0/month

Features:

  • Free USD checking account
  • Free Euro IBAN account
  • Interbank FX rates
  • Free bank transfers in 25 currencies
  • £200/€200 Free ATM withdrawals per month

Premium

Cost: £6.99/month

Features:

  • Free USD checking account
  • Free Euro IBAN account
  • Interbank FX rates
  • Free bank transfers in 25 currencies
  • £400/€400 Free ATM withdrawals per month
  • Free unlimited FX volumes
  • exclusive Premium cards free
  • Free overseas medical insurance
  • Free global express delivery
  • Exclusive priority 24/7 customer support
  • Exclusive Premium promotions

Why use Revolut, a good exchange?

Instead of your travel credit card, you may be wondering why you should use Revolut or just swap money at a currency exchange. Here are some of the advantages of using Revolut:

Choices for payment

You have a few different payment choices between the Revolut app and the Mastercard you will receive: cash, card, or switch.

The Mastercard (Premium only) will allow you to withdraw cash internationally at most ATMs, so you can get it if you need local currency. Like any normal credit card transaction, you can also swipe your debit card. Finally, as you can with PayPal or Venmo, you can pass funds through the app.

Conversion Rates for Currency

The impressive currency exchange rates are one of the biggest pros of using Revolut. The bank would mark up the price if you usually swap currency, so that they can benefit from the trade. When you use Revolut, you get the same currency exchange rate that banks pay, which amounts to big savings.

You can keep multiple “accounts”

If you’re someone who travels often abroad, you’ll love it. As long as you like, you can keep balances in various currencies on the Revolut app.

For instance, if you go overseas and convert dollars into pounds, the next time you go back, you can retain your remaining balance in pounds (instead of converting it back to dollars).

If you like, you can continue to do this for different currencies, or you can convert all of them back (beware of fluctuating exchange rates, though).

Fraud prevention

few of the items with the app you can do:

  • Whenever you spend money on the card, get updates. Anytime you use your card, you can set up the app to send you a warning. I do this for my credit card, and while it can get irritating at times when a fee shows up, I can handle it instantly if I don’t know the expense. When you are traveling abroad, a warning feature like this would be useful for you.
  • Change your number on a pin. To withdraw cash, you will need a pin number, and you can change this number through the app at any time. If you feel the number has been compromised or if you lose the card, this feature provides an extra layer of protection.
  • Blocking of Cards. Speaking of losing the card, if you lose it, you can shut off all the features of the card through the app. That means they can’t use it if anyone discovers it. Blocking your card is a nice function, as when traveling, it is easy to lose anything, and once you find it, you can turn the card back on.

It’s fast

If you’ve ever used PayPal, you know you can almost instantaneously load funds into your account. Revolut is no different from him.

You can attach your bank account and load funds to the app once you have downloaded the app and signed up for an account. From there, within seconds, you can convert it into 25 different currencies (US users). (For this, though, there may be a fee, see more below).

Awesome Premium features

If you decide to pop for Premium, as I described above, you’ll get some great characteristics. For you here, I’ll break them down a little bit more.

  • With a premium card. Wherever you are, you can get a Mastercard sent to you to use for international transactions. This feature alone makes it worth the price of the Premium. You’ll also get a spare card that you can activate on your app by tapping a button. Plus, there are four different colors you can choose from.
  • International insurance for drugs. You will have access to a comprehensive medical center network and will be protected by emergency medical and dental care when traveling abroad. You’ll get easily reimbursed for your medical costs with this insurance with your Revolut app.
  • 2X cap for withdrawal. The Basic Plan only allows you to withdraw £ 200/€ 200 each month for free. That doubles when you have Premium, so you can withdraw up to £ 400/€ 400 for free per month (keep in mind exchange rates when you withdraw funds as Revolut uses pounds/euros as the baseline).

What are the drawbacks of Revolut, a good exchange?

But what’s the disadvantage? Well, there’s a few.

Increased weekend rates

On weekends, Revolut will mark up the exchange rate, adding between 0.5% and 1.5% to the Friday rate on Saturday and Sunday (when usage is higher). Obviously, by taking out cash or making more important transactions during the week, you will prevent this.

Charges for quick transfers

You can save penalties if you can wait two business days for a move to happen. But Revolut will charge you a fee to “turbo-boost” it if you need your switch to happen instantly. This fee is waived by Revolut for Premium users.

Cash usage

You’ll benefit from much of what Revolut offers if you fly fairly heavily, but not if you use cash. And with the Premium account, before you start having ATM fees, you can only withdraw £ 400/€ 400 for free.

Limited usage

Paying for the Premium product might be worth it for a single trip if you don’t fly enough, but after that, it’s probably not worth the cost.

Market fluctuations

A great feature is the ease of conversion between currencies, but you still need to watch the currency rate shifts, as you would everywhere else. You can convert dollars to Thai bahts with the click of a button, but you won’t get the highest conversion rate if you happen to do it on a day when the market has fluctuated.

This will be averaged for you by certain other systems (like credit cards) to give you a more stable rate. This isn’t a deal breaker, it’s just something to be mindful of.

Summary of good exchange currency

The most critical advantages of using Revolut are the ability to exchange currency at the highest possible rates, move money for free abroad, and spend money without any fees across the globe.

And the best credit cards for travel won’t do that.

The only reason I can see why you wouldn’t get Revolut if you’re doing some foreign travel is that you want to rack up more points on your amazing travel credit card. But even then, you’ll be saving more by using this software to get the lowest possible currency conversion rate.

Do what’s best for you in the end. But if this year you are trying to take a foreign trip, I recommend you at least give Revolut a try.

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